Accounting question and answers for November 16, 2023
- Q A company issued $300,000, 10-year, 10% bonds at 105. Use the information above to answer the following question. What is the issue price of these bonds? A) $300,000 B) $315,000...
- Q The Devlin Company wants you to establish a petty cash fund and replenish it at the end of the month. You are provided with the following amounts: 02-Jul $200 petty...
- Q Julia's taxable income for 2022
- Q A friend of yours has asked for your assistance in determining the gross profit for her new promotions company that distributes branded refillable water bottles to her only client. The...
- Q Discuss the concept of Pragmatism in accounting standards development. How does the consideration of pragmatic factors balance theoretical frameworks with practical application?
- Q Case 7: The Future of Drug Salespeople Some of the most highly trained, skilled, and best-paid salespeople in the United States work for pharmaceutical companies. They are called...
- Q This year Jack intends to file a married-joint return. Jack received $173,600 of salary, and paid $6,950 of interest on loans used to pay qualified tuition costs for his dependent...
- Q Henkes Corporation bases its predetermined overhead rate on the estimated labor-hours for the upcoming year. At the beginning of the most recently completed year, the company estimated the labor-hours for...
- Q Beacon Company is considering automating its production facility. The initial investment in automation would be $7.78 million, and the equipment has a useful life of 6 years with...
- Q The following information applies to the questions displayed below.] Near the end of 2011, the management of Simid Sports Co., a merchandising company, prepared the...
- Q You purchase a new car that costs $25,000. You finance the car through the dealer who is charging you 2% interest with monthly compounding. What will your monthly payments be...
- Q How to devise an overall audit strategy?
- Q (d) Briefly explain five (5) circumstances where the application of ABC is deemed appropriate as opposed to absorption costing
- Q Bearer animals held solely for the produce that they bear shall be accounted for as * 2 points a. Inventory b.Agriculture c. Property, plant and equipment d. Investment property
- Q The single most important factor in drawing a useful conclusion in an engagement report is: Group of answer choices Internal auditor judgment. Auditee management assurances. Senior management interest in...
- Q JOURNAL ENTRIES - DEC 31, 2004 Equipment acquired by MYSTERYSCOT MANUFACTURING for P30,000 on June 30, 2002 was sold for P26,000 cash on July 1, 2004. The proceeds from the...
- Q Explain why some companies would choose to install a distributed computer system rather than a centralised one. Can you please give me a clear explanation with at least two references...
- Q Transaction Analysis and Financial Statements Just Rolling Along Inc. was organized on May 1 by two college students who recognized an opportunity to make money while spending their days at...
- Q Activity-based costing (ABC) a. uses only one overhead rate. b. is less complex than traditional costing systems. c. allows companies to allocate overhead perfectly with no use of...
- Q Question 31 The Dividend Yield is especially important to? a. investors b....
- Q Which of the following includes only product costs? a. Factory maintenance, sales clerks' salaries, sales commissions b. Administrative expenses, indirect labor, factory machine depreciation c. Direct labor, indirect...
- Q 2. How are self-employment taxes calculated? How is it different from employment income?
- Q For 4 - 5 use the following Best Incorporated Balance Sheet (partial) At December 31, Year 6 Stockholders' Equity: Preferred stock (par $100) $400,000 Common stock (par $0.01) 1,000...
- Q 2. The _______ equation states that assets minus liabilities equal _______
- Q Parent Company owns 100% of ABC Company's 100,000 shares. ABC issues 25,000 new shares to the public for $9 cash per share and Parent Co. acquires none of the shares....
- Q Motivations to smooth net income over time include each of the following except: A) Maximize bonuses and stock option values B) Steady increase in earnings each year C) Minimize overall...
- Q Sandhill Corporation earned net income of $390,950 in 2020 and had 111,000 shares of common stock outstanding throughout the year. Also outstanding all year was $850,000 of 9% bonds, which...
- Q In year 1 (the current year), LAA Inc. made a charitable donation of $115,500 to the American Red Cross (a qualifying charity). For the year, LAA reported taxable income of...
- Q Central Division for Chemical Company has a rate of return on investment of 24% and an investment turnover of 1.56. What is the profit margin? Round the percentage to two...
- Q Determining cash payments to stockholders The board of directors declared cash dividends totaling $1,100,000 during the current year. The comparative balance sheet indicates dividends payable of $220,000 at the beginning...
- Q Sales returns are allocated so the allocated sales are reduced. True False
- Q What is the value in year 12 of a $2,800 cash flow made in year 6 if interest rates are 9 percent?
- Q For the month ended January 31, 2022, Laker Bakery reported $90,000 of sales revenue and $60,000 of total expenses. The company paid a $10,000 dividend during January 2022. Assuming January...
- Q Question 2 Comprehensive problem: Scoops Ahoy, Inc. is a manufacturer that produces ice cream. Its relevant range of production for 2019 is 101,000 to 106,000 pints of ice cream....
- Q identify and explain the additional accounts that the merchandising company. likely to use as comparing to those of a service company
- Q Osewa Inc., planned and actually manufactured 170 comma 000 units of its single product in 2020, its first year of operation. Variable manufacturing cost was $ 19 per...
- Q On January 26, Vibrant Co. borrowed cash from Conrad Bank by issuing a 30-day note with a face amount of $58,800. Assume a 360-day year. a. Determine the proceeds of...
- Q On April 10, XYZ acquired land with a current market value of $100,000 in exchange for 100 shares of $20 par common stock. a)The Fair market value of the...
- Q 7.Explain free cash flows. Describe which types of cash flows are free and which are not. (CH12) 8. Discuss under which scenario it is appropriate to use free cash flows...
- Q Marvel Parts, Incorporated, manufactures auto accessories. One of the companys products is a set of seat covers that can be adjusted to fit nearly any small car. The...
- Q Wellness House (Pty) Ltd purchased a local olive oil manufacturing factory. The purchase of the factory was made to optimise its operations, and it...
- Q The IASB's conceptual framework's qualitative characteristics of accounting information include: A. Full disclosure. B. Relevance. ...
- Q Stockton Company Adjusted Trial Balance December 31Cash6,207Accounts Receivable2,493Prepaid Expenses790Equipment14,447Accumulated Depreciation11,772Accounts Payable1,518Notes Payable4,068Common Stock1,000Retained Earnings3,753Dividends916Fees Earned7,465Wages Expense3,132Rent Expense766Utilities Expense486Depreciation Expense256Miscellaneous Expense83Totals29,57629,576Determine the total assets. a. $12,165 b. $29,576 c. $4,753 d....
- Q Rhonda, a calendar-year taxpayer, uses the cash method of accounting for her sole proprietorship. In late December she received a $20,000 bill from her accountant for consulting services...
- Q Use the information given below to complete the following financial statements: 1.1 Statement of Comprehensive Income for the year ended 29 February 2024. (12 marks)...
- Q Question 12 What is EBITDA? Select an answer: Earnings before interest, taxes, depreciation, and amortization Earnings before income, taxes, debt, and amortization Earnings...
- Q 7. The _______ principle requires that financial statements be prepared under the assumption that a business will _______ to operate indefinitely
- Q Question 14 Why does a company use "leverage"? Select an answer: To maximize the amount of assets it can buy with equity To maximize the Asset-to-Debt...
- Q Cash budget The controller of Bridgeport Housewares Inc. instructs you to prepare a monthly cash budget for the next three months. You are presented with the following...
- Q Kenny and Shawn form the equal KS Partnership. Kenny contributes cash of $360,000. Shawn contributes property with an A/B of $380,000 and a FMV of $360,000. a. How much...
- Q Cloud Recesses Inc. factors $5,000,000 of its accounts receivable with recourse for a finance charge of 3%. The finance company retains an amount equal to 10% of the accounts receivable...
- Q EXAMPLE: Figure 2.3 Time Card No. 312 Pay Ending October 17, 20-- ...
- Q Keynes, disagreeing with Classical economists, argued that wages and prices would adjust rather quickly, returning our economy to full employment automatically. downward wage stickiness may leasd to prolonged periods of...
- Q Oslo Company prepared the following contribution format income statement based on a sales volume of 1,000 units (the relevant range of production is 500 units to 1,500 units): Sales $...
- Q SMC, Inc. Post-Closing Trial Balance December 31,2023 Debits Credits Cash ......................................................................................................... $34,500 Accounts Receivable............................................................................... 25,000 Inventory ..................................................................................................10,000...
- Q 40. Calista is allocated a 20,000 loss from her partnership. Calistas basis in the partnership before considering the loss is 22,000 (outside basis). Her at-risk amount is 12,000. Calculate the...
- Q Marathon Sports had inventory of $8,000 on Jan 1, 2017, and $12,000 on Dec 31, 2017. Sales for 2017 were $250,000 and the company's gross profit ratio was 35%. What...
- Q Swifty Company reports the following operating results for the month of August: sales $364,800 (units 4,800), variable costs $258,000, and fixed costs $95,000. Management is considering the following independent courses...
- Q A company had the following cash flows for the year: (a) Purchased land, $60,000 (b) Borrowed from a local bank, $100,000 (c) Increase in salaries payable, $50,000 (d) Issued common...
- Q Which of the following is not a benefit of secondary research? Money Research Control Efficiency Time
- Q Oceanview Marine Company ASSIGN 9+10 Just the full assignment please.. time is running 22-1, 22-6, 22-7, 22-15, 22-18 (Excel), 22-19 1-1, 1-2, 1-3, 1-4, 1-5 (all Excel), 3-1, 3-2, 3-3...
- Q Gateway Graphics is considering an investment in new printing equipment costing $534,000. The equipment will be depreciated on a straightline basis over a fiveyear life and is expected to generate...
- Q The financial statements for Tyler Toys, Inc. are shown below: Tyler Toys, Inc. Income Statement for Years Ending December 31, 2013 and...
- Q The Company sells 400 shares of common stock being held as an investment. The shares were acquired four months ago at a cost of $60 a share. The Company sold...
- Q The Assembly Department of Fly High Drone Company has the following production and cost data at the end of May, 2023. Production: 27,920 units started into production; 24,360 units transferred...
- Q Skysong Corporation wishes to exchange a machine used in its operations. Skysong has received the following offers from other companies in the industry. 1....
- Q Which of the following statements is correct regarding relevant and irrelevant costs and benefits for decision-making? a) Variable costs should always be considered relevant costs for decision-making. b)...
- Q The following information for ZHOU Co. is for the Month Ended January 31, 2018. Sales revenue, $370,000, Sales returns and allowances, $20,000, Sales discounts, 8,000, Cost of goods sold, 212,000,...
- Q Alto technologies produces audio switch equipment for aircraft. The direct materials are added at the start of the production process, while conversion costs are added uniformly throughout the production process....
- Q Liohkaya Corp. purchased a muluzulu machine for $45,000 on January 1, 2018. The machine is expected to have a four-year life, with a residual value of $5,000 at the end...
- Q Exercise 9-21 Presented below is information related to Sheridan Company. Cost Retail Beginning inventory $307,645 $285,000 Purchases 1,397,000 2,106,000 Markups 95,200 Markup cancellations 15,700 Markdowns 33,500 Markdown cancellations 4,800 Sales...
- Q Oslo Company prepared the following contribution format income statement based on a sales volume of 1,000 units (the relevant range of production is 500 units to 1,500 units): Sales $...
- Q Consider yourself at top managerial position of a plastic producing organization, where you are not legally accountable. How you are going to be ethically responsive and why? (600 words)
- Q Solution Assets = Liabilities + Equity ...
- Q JOURNAL ENTRIES FOR DEC 31, 2004 MYSTERYSCOT MANUFACTURING purchased a machine on January 1, 2000 for P50,000. At the time, it was determined that the machine has an estimated useful...
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
- Unlimited Question Access with detailed Answers
- Zin AI - 3 Million Words
- 10 Dall-E 3 Images
- 20 Plot Generations
- Conversation with Dialogue Memory
- No Ads, Ever!
- Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!