Accounting question and answers for November 16, 2023
- Q While James Craig and his former classmate Paul Dolittle both studied accounting at school, they ended up pursuing careers in professional cake decorating. Their company, Good to...
- Q 1. Explain substantive tests of transactions what do we mean by this term? How does it apply to auditing? 2. Describe the process of designing tests of balances.
- Q he balances in Labelled Accounting Services' office supplies account on February 1 and February 28 were $1,200 and $375, respectively. If the office supplies expense for the month is $1,900,...
- Q Average operating assets are $400,000; the minimum rate of return is 5%; operating income is $100,000; and sales are $800,000. The margin is _____. A) 12.5% B) 25% C) 50%...
- Q when looking at my 1040 tax which line or which sentence is the most important that shows: 1) How much i made? 2)...
- Q Sensible Shoes Case Study 21-8C Consider the facts above and the key identifiers in the excerpt of the leasing data from the Companys leasing system (Handout 1). To assist in...
- Q Two competitors in the construction supply industry report the following selected financial data: Company A Company B Sales $ 46,420 $ 66,876 Net income 1,733 2,680 Operating cash flows 3,864...
- Q 1. Why do managers of a motel or food service operations need financial statement? Give examples 2. In a departmental organization what is the difference between direct expenses and...
- Q Records at the Farnsworth Corporation contained the following data for the most recent period of activity: Actual total direct labor cost $ 468,100 Actual direct labor-hours worked 15,100 Standard direct...
- Q What effect does intraperiod tax allocation have on reported net income? What is the basis for distinguishing between operating and nonoperating items? What major types of items are reported in...
- Q Which one of the following statements is correct with regard to the child tax credit? a. The credit is $500 per qualifying child for tax years beginning in 2017. b....
- Q Adjustment for acorued expense City Realty C0. pays weekly salaries of $34,500 on Monday for a six-day workweek ending the preceding Saturday. Joumalize the necessary adjusting entry at the end...
- Q You are required to design an audit program for Brambles Limited Company for 2021 financial report. Your audit program steps should be clearly written in sequential order, that is, steps...
- Q If the sale of merchandise is upstream, where should the workpaper entry for unrealized profit in beginning inventory be accounted for S's beginning retained earnings only True False
- Q Analyzing Effects of LIFO on Inventory Turnover Ratios The current assets of Exxon Mobil Corporation follow: $ millions Year 3 Year 2 Current assets...
- Q John Ltd, an ultimate parent reporting entity, controls 75% of the ordinary voting shares of Echidna Ltd. Echinda Ltd has recently acquired a 10% interest in Wick Ltd. John...
- Q Does including an estimated number on a tax return say, a deduction claimed in an estimated rather than precise dollar amount mean that special disclosure to the IRS...
- Q 4. Discuss the most common cost recovery methods in use this year.
- Q BULL Market V. BEAR market. please explain
- Q Gentlemen Company expects the total costs of goods sold to be $38,000 in November and $68,000 in December for one of its young adult suits. Management also wants to have...
- Q Mary Jones just received the following statement. Can you help her calculate (A) the average daily balance and (B) the finance charge, if finance charge is 1 % on the...
- Q Accounting for Securitization under SFAS No. 140 (2000) is a limited attempt to describe complex transactions that are structured to yield desired economic and accounting outcomes. This accounting raises...
- Q ella, a non-VAT taxpayer sold to Millie, a VAT taxpayer, his goods for P 50,000. The next day, Millie sells the same goods to Bimbie, a VAT taxpayer for P...
- Q A company is considering the purchase of a new machine for $87,000. Management predicts that the machine can produce sales of $21,500 each year for the next 10 years. Expenses...
- Q On 1/1/19 XYZ issued $300,000 in 5 year bonds payable for $322,684. The stated rate of interest on the bonds was 12% while the market rate of interest was...
- Q Refer to the following trial balance. Debit Credit Cash ...
- Q On January 1, 2015, a machine was purchased for $94,500. The machine has an estimated salvage value of $6,300 and an estimated useful life of 5 years. The machine can...
- Q During the month the company completed 60,000 widgets, including the 5,000 widgets 50% complete of work in process at the beginning of the month. The ending work in process was...
- Q Question 1 Tout de Suite plc (TdS plc) is a manufacturer of electric bikes and scooters in a burgeoning market. It is composed of three divisions: X, Y and Z....
- Q The following unadjusted trial balance is for Ace Construction Company at its June 30 current fiscal year-end. The credit balance of the V. Ace, Capital account was $55,500...
- Q Un extracto bancario muestra un saldo de $9,585 al 30 de junio. Se prepara la conciliacin bancaria e incluye cheques pendientes de $2,075, depsitos en trnsito de $1,430 y un...
- Q During 2021, Barry (who is single and has no children) earned a salary of $13,100. He is age 30. His earned income credit for the year is: ...
- Q Sargent Corporation bought equipment on January 1, 2020. The equipment cost 540,000 and had an expected residual value of 90,000. The life of the equipment was estimated to be 6...
- Q Kingbird Limited purchased a patent for $81,600 on June 1, 2019. Kingbird has a calendar fiscal year end. Straight-line amortization is used for the patent, based on a five-year useful...
- Q Write a 700- to 1,050-word paper that analyzes the differences between generally accepted accounting principles for public and private colleges and universities. Explain why it is important...
- Q A callable bond pays annual interest of $55, has a par value of $1,000, matures in 20 years but is callable in 10 years at a price of $1,100, and...
- Q Maximizing shareholder wealth means maximizing the..
- Q oot Auto Supply distributes new and used automobile parts to local dealers throughout the Midwest. Toots credit terms are n/30. As of the end of business on October 31, the...
- Q Indicate which financial reporting element the following account belongs in. Service revenue Question 3 options: 1) equity 2) assets 3) revenues 4) liabilities 5) expenses
- Q Companies are often organized into departments by functions, such as operations, marketing, sales, corporate headquarters, etc. Typically, each one of these departments is then assigned specific responsibilities and referred to...
- Q Let R be the ring of all functions from the closed interval [0,1] to the real numbers. Let I be the set of all functions in R that are zero...
- Q DFG Company is 100% owned by Sharon. On January 1 of the current year, DFG makes a loan of $27,000 to Sharon. The loan carries interest at the rate prescribed...
- Q The CFO of the local hospital wants to understand how many FTEs are expensed each year to the Cardiovascular Unit. The following data contained in the productivity management system shows...
- Q Comparing Three Depreciation Methods Dexter Industries purchased packaging equipment on January 8 for $753,800. The equipment was expected to have a useful life of four years, or 7,600 operating hours,...
- Q A grocery store is considering the purchase of a new refrigeration unit with an initial investment of $412,000, and the store expects a return of $100,000 in year one, $72,000...
- Q Jude, a resident of New York, purchases realty for $500,000 listing title as "Jude and Tony, joint tenants with right of survivorship." Tony predeceases Jude when the realty is worth...
- Q P9-5A Journalize a series of equipment transactions related to purchase, sale, retirement, and depreciation At December 31, 2015, Grand Company reported...
- Q 1. The future value of an investment that pays interest will always be: A.equal to the interest rate. B.equal to the investment. C.greater than the investment. D. less...
- Q Harding Company Line Item Description Amount Accounts payable $40,000 Accounts receivable 65,000 Accrued liabilities 7,000 Cash 30,000 Intangible assets 40,000 Inventory 72,000 Long-term investments 110,000 Long-term liabilities 75,000 Marketable securities...
- Q Al 31 de diciembre de 2018, Hancock Company tena 500 000 acciones ordinarias emitidas y en circulacin, 400 000 de las cuales haban sido emitidas y en circulacin durante todo...
- Q Which of the following statements is true? I. If Ellen transfers her insurance policy into an ILIT, she will owe gift taxes on the transfer. II. If Ellen passes away...
- Q A company is considering two mutually exclusive investment proposals. Their expected cash flow streams are given as follows: Year Proposal X (Rs.) Proposal Y (Rs.)0-5,00,000-7,00,00011,45,0001,00,00021,45,0001,10,00031,45,0001,30,00041,45,0001,50,00051,45,0001,60,00061,45,0001,50,0007-----1,20,0008-----1,20,0009-----1,10,000 ...
- Q It costs Sunland Company $26 per unit ($18 variable and $8 fixed) to produce its product, which normally sells for $38 per unit. A foreign wholesaler offers to purchase 7200...
- Q The Southern Division of Knucklehead Company has a rate of return on investment of 15% and an investment turnover of 1.2. What is the profit margin? a.12.5% b.6.67% c.0.67% d.1.5%
- Q Your company sells $50,000 of bonds for an issue price of $52,000. Which of the following statements is correct? A) The bond sold at a price of 52, implying a...
- Q The Johnny Pickles Brewing Company sells barrels of beer for $110. The variable expenses for each barrel of beer are $52. Fixed expenses for the brewery are $3,211 per month....
- Q the fixed overhead budget variance is not controllable by managers because fixed costs are not controllable ? true or false
- Q James has a mortgage of 94500 at 8% interest for 30 years. The property taxes are 3900 per year. The hazard insurance premium. It's $754.50 per year. Find the monthly...
- Q A company estimated 109,946 direct labor hours and $649,154 in overhead. The actual overhead was $732,350, and there were 174,003 direct labor hours. What is...
- Q 1) In 75-100 words, describe the circumstances in which you, a CPA, properly may recommend a tax return position say, a certain kind of deduction to a client...
- Q You pay $1,000 each year into an ordinary annuity for 5 years at a rate of 8% real (compound) interest rate. What is the present value of the money of...
- Q Weaver Corporation had the following stock issued and outstanding at January 1, Year 1: 106,000 shares of $10 par common stock. 4,500 shares of $140 par, 5 percent, noncumulative preferred...
- Q Problem 3 WinterSports Company revenues and cost data for 2020 are presented in the following gross margin format: Revenues Cost of goods sold (all...
- Q Using JMP, fit the data below to its best distribution. Write a short summary of the process. Use screen captures to document all steps taken and explain how...
- Q Cash received from the owner of a business reported on the income statement.
- Q The following information applies to the questions displayed below.] Pacific Ink had beginning work-in-process inventory of $890,960 on October 1. Of this amount, $358,200 was the cost of direct materials...
- Q Mack Precision Tool and Die has two production departments, Fabricating and Finishing, and two service departments, Repair and Quality Control. Direct costs for each department and the proportion of service...
- Q Suppose O'Reilly Corp.'s breakeven point is revenues of $1,500,000. Fixed costs are $660,000. Required 1. Compute the contribution margin percentage. 2. Compute the selling price if variable costs are $14...
- Q Sentinel Company is considering an investment in technology to improve its operations. The investment will require an initial outlay of $257,000 and will yield the following expected cash flows. Management...
- Q 8. The _______ of goods sold is calculated by subtracting the _______ inventory from the cost of goods available for sale
- Q Form 1040 Schedule A. [The following information applies to the questions displayed below.] Read the following letter and help Shady Slim with his tax...
- Q Assume that Wal-Marts warehouse store (Sams Club) sells tables on account to a local business for $500 with payment terms of 2/10, n/30. The tables cost Wal-Mart $270. Analyze...
- Q Quan Corp. manufactures construction equipment. Feb. 2 Purchased for cash 5,200 shares of Celeste Inc.s common stock for $19 per share plus a $120 brokerage commission. Celeste Inc. has 80,000...
- 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 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...
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