Accounting question and answers for November 16, 2023
- Q 1. Apply to actual companies the basic knowledge and analytical techniques learned from our course. 2. Prepare common-size financial statements, comparative financial statements, and various profitability and risk...
- Q Additional income - Base on income per sq ft Additional revenue Alternative 1 Alternative 2 Current income $180,000 $220,909 $261,818 ...
- Q Mr. Baris wants to export hunting cartridges from Izmir to Prague via Frankfurt. Mr. Bar will deliver the hunting cartridges as FOB on board, in accordance with the agreement he...
- Q what are the three options of dealing with the difference between actual and applied capacity overhead costs
- Q Garden Sales, Incorporated, usually has to borrow money during the second quarter to support peak sales of lawn care equipment during May. It gathered the following information to...
- Q Waterway Industries had accounts receivable of $119000 at 1/1. The only transactions affecting accounts receivable were sales of $1110000 and cash collections of $1056000. The accounts receivable turnover is
- Q A Fortune 500 company changed its stance on fraud from "The CEO is to be informed when someone is prosecuted for fraud" to "The CEO is to be informed when...
- Q Milea Incorporated experienced the following events in Year 1, its first year of operations: Received $12,500 cash from the issue of common stock. Performed services on account for $45,000. Paid...
- Q Cul de los siguientes costos disminuye el inventario de Artculos Terminados ("Finished goods')? Select one: O a. Costos administrativos. O b. Costo de los materiales...
- Q Additional information (dollar amounts expressed in full units): 1. Equipment with an original cost of $500 000 was sold during...
- Q A) Rajvi invests $5,700 in an account that pays 5.75% simple interest. How much money will she have at the end of ten years. Show calculations in detail (5...
- Q During the past year, the companys financial results reflected the following: Selling, general, and administrative expenses of $200,000 Net sales of $1,200,000 Interest expense of $100,000 Research & development expense...
- Q Hugo Long rented ground floor shop premises for his takeaway store from Sunlight Pty Ltd. He lived in a unit on the second floor of the property. When the lease...
- Q A method of accounting in which investment account is not adjusted to net income earned by the subsidiary is called the a. cost method b. Simple equity method c....
- Q The income statement of Dara Company for 2025 included the following items: Interest revenue $150,000 Salaries and wages expense 190,000 Insurance expense 25,300 The following balances have been excerpted from...
- Q Explain the financial scandals of Freddie Mac (2003) ?????
- Q Stellar Corp is analyzing two new projects. The company requires a 14% return on its investments.Project 1:Initial Investment: $(200,000)Year 1: $70,000Year 2: $75,000Year 3: $80,000Year 4: $90,000Project 2:Initial Investment: $(220,000)Year...
- Q Stellar Corp is analyzing two new projects. The company requires a 14% return on its investments.Project 1:Initial Investment: $(200,000)Year 1: $70,000Year 2: $75,000Year 3: $80,000Year 4: $90,000Project 2:Initial Investment: $(220,000)Year...
- Q You have just received a $1,400 stimulus check and have decided to save the entire amount for your retirement. If you plan to retire 44 years from now and put...
- Q Fox Company has just received an order from a customer for 1,000 units of a product with total variable costs of $15.00 per unit. Fox Company will have to rent...
- Q What percentage of the retained earnings reported in the consolidated balance sheet is assigned to the non-controlling interest at that date?On January 1, 2020, Z Company acquired 75 percent of...
- Q On January 1, 2021, IMBROGLIO Co. leased equipment to COMPLICATION, Inc. Information on the lease is shown below: Cost of equipment ? 1,200,000Useful life of equipment 5 yearsLease term 4 yearsAnnual...
- Q Equipment with a cost of 50,000. Accumulated Depreciation of 8,000 was sold on Jan 1 for 32,000 cash.What is the amount of gain or loss from this transaction?
- Q The organization is also involved in a lawsuit. The case is with the Environment Protection Agency EPA. The EPA sued the company for$2,000,000 in damages. The lawsuit claims that the...
- Q Consider the following financial statements for Waverly Company. During the current year, management obtained additional bond financing to enlarge its production facilities. The company faced higher production costs during the...
- Q On January 1, 2021, Lumine Retailer Corporation purchased 30,000 shares of Aether Rice Miller Inc. 30 each. During March 2021, 5% stock dividends were declared and distributed. The fair value...
- Q Major competitor of Asia Builders, Inc. has just folded up its operations and the company has found itself operating at peak capacity. The following data were on hand regarding its...
- Q In your opinion, what is the most important skill that a manager should possess? Explain why?Max Weber defines bureaucracy as the exercise of control on the basis of knowledge, expertise,...
- Q Niharika has been a salesperson for Rebecca Products since January 2005. She is paid solely by 10% commission. Her four sales were made in the last 52 weeks were:Sales Qrt...
- Q Adams Company can now purchase a $750,000 machine that will benefit the company for the next 8 years. Annual cash operating cost savings are expected to total $140,000. If the critical...
- Q In November 2021, you pay Bruno, your ex-employee, a retiring allowance of $50,000. He worked for you from 1986 to 2021 (35 years, including part-years of service). He did not...
- Q Negros Company is a Philippine Corporation operating in the Bacolod City area. Its functional currency is the Philippine peso. It entered into the following transactions in 2020. Negros' accounting year-end...
- Q During 2009 audit, Sara Adam made clear to Craig Fronkiewicz that distrusted James Hudgins and believed he was misrepresenting the company’s ETR and net income. What should the Ernest & Young...
- Q Determine the likely effect, increase, OR decrease, on the extent of control testing for the following eleven (11) situations. SituationsIncrease or decrease1. The control is performed less frequently than other controls.2. The...
- Q Boris and Bela buy a special 18-month bond with face and redemption.Value of $100 and coupon of $2, $5, and S3. If they pay $100 for this bond thenFind the...
- Q Janice and Paul file a joint tax return for 2022. They pay the following non-business taxes in 2022:$17,000 in taxes on your primary residence$15,000 California state income tax$3,000 sales tax...
- Q Rabbit Inc. has an asset with an FMV of $450,000 that it wishes to lease. Rabbit's wants to recover its net investment in the leased asset and earn 8%. The...
- Q You are a financial analyst with an investment bank and are examining XYZ company. The yield on 10-year government bonds is 3% and the market risk premium is 5%. XYZ...
- Q Westway Company pays Suzie Chan $3,100 per week. Assume Social Security is 6.2% on $128,400 and 1.45% for Medicare.Requireda. By the end of week 52, how much did Westway deduct...
- Q Mathew has worked for Colta Gas in Alberta. His employment is terminated on April 13th of the current year.The following amounts are to be included in Mathew's final pay:Regular bi-weekly...
- Q You have been bearish on Tesla for some time and after watching this stock go up substantially, you feel is time to be more bearish. You have decided to Sell...
- Q Based on the following information, calculate Mary's income taxes. Her income tax rate is 10%. Earned wages of $10,000 Had $600 casualty loss that did not occur in a federally declared disaster area Paid...
- Q Discuss in detail that why is an increase in net working capital. Treated as a cash outflow whenever a new project is adopted by a company? Give logical reasoning and also...
- Q What is the present value of a perpetuity of $10 per year if the first payment.Will be received one year from now.The appropriate interest rate is 8 percent per year?
- Q Phonefun Limited signed a contract with Telecomy Leasing Co on 1 January 2023 to lease a machine. The agreement consists in 10 equal annual payments of $300,000 at the beginning...
- Q HiStock Corp's stock is now at $380 per share. Management is proposing to have a stock split of 9:1 in order to get the stock price down to a more...
- Q The following questions concern the OE/S process:a. What are the 3 major processes? Describe in some level of detail the subsidiary processes of each major process?b. What three or more exception...
- Q Suppose that you would like to purchase a 5-acre parcel at a price of $200,000 per acre.Your goal is to subdivide the parcel into 20 individual lots, install the necessary...
- Q You are the audit partner in Bright and Young, Chartered Certified Accountants, linked to an international Network of accounting firms. You have received an invitation to accept an audit engagement...
- Q Consider the optical fiber shown in the drawing below. The innermost layer (the core) is made of OptoFlex, with an index of refraction 2.48. The cladding surrounding the core is...
- Q Dimsum Corporation's total assets increased by $50,000 and total liabilities decreased by $20,000 during the year. If no additional investment was made by the investors during the year and dividends...
- Q Who are the company's primary stakeholders and what are their information needs based on their specific interests in the company's activities and performance? Use the corporate reports and apply Mitchell et...
- Q Sonny Corporation acquired Cher Products on January 1, 2015 for $8,000,000, and recorded goodwill of $1,500,000 as a result of that purchase. At December 31, 2015, Cher Products had a...
- Q There is one other thing that Tony has asked for your help with. He has just received a call from a Canada Revenue Agency (CRA) auditor that plans to audit...
- Q Jane and Tom get married in 2018. Each brings property worth $100,000 into the marriage. They mix commingle this separate property. They decide in 2019 to get a divorce.How will...
- Q A financial institution gives a loan to a manufacturing company to buy equipment worth $5500000 at an interest rate of 25% compounded annually. This amount should be repaid in 18...
- Q A manufacturer can choose between two options: - Investing $10000 in upgrades today and earn $20000 per year for the next three years. Do nothing and earn $16500 per yearfor...
- Q Given dataThe target profit is $100,000; Fixed overhead costs are $120,000 andFixed selling and administrative costs are $50,000. If total variable cost is $675,000, what is the variable cost markup percentage using...
- Q Erik Lies paper, titled On the Timing of CEO Stock Option Awards, as published in Management Science in 2005, documents that, relative to the reported dates of CEO stock option...
- Q How important is intercompany activity on decisions to form business combinations? We see intercompany transfers quite often between companies involved in a business combination. Why do you feel that this...
- Q Music Teachers, Inc., is an educational association for music teachers that has 20,000 members. The association operates from a central headquarters but has local membership chapters throughout the United States....
- Q Elegant Decor Companys management is trying to decide whether to eliminate Department 200, which has produced losses or low profits for several years. The companys 2017 departmental income statements show...
- Q Pirates Incorporated had the following balances at the beginning of September. PIRATES INCORPORATED Trial Balance September 1 Accounts Debits Credits ...
- Q Genentech Corporation, by analyzing its weekly balances in its checking account, has determined that the variance of cash flows is $3,000,000. Further, the cost of transferring money from the checking...
- Q Hi-Tek Manufacturing, Inc., makes two types of industrial component partsthe B300 and the T500. An absorption costing income statement for the most recent period is shown: ...
- Q What is the Importance of Ratio Analysis in Financial Planning? What are Advantages of a Financial Statement Analysis?
- Q On January 1, 2021, Rival grants 100,000 stock options to employees. Each option entitles the employee to purchase one share of Rivals $1 par common stock for a $12 exercise...
- Q Indicate whether the following statements are "True" or "False" regarding the tax effect of business versus nonbusiness bad debts. a. Nonbusiness bad debts are deducted as ordinary losses, while business...
- Q Tamarisk Corporation follows IFRS. The companys fiscal year end was December 31, 2020. Following the end of the companys fiscal year, but prior to the release of financial reporting for...
- Q All of the following items are separately reportable items for electing large partnerships except Tax-exempt interest. Taxable income or loss from passive loss limitation activities. Section 1231 gains and losses....
- Q Question 13: The ______ cost is the cost of producing one more unit, while the ______ cost is the total cost incurred for producing a certain quantity of units. The...
- Q On May 28, 2019, Mary purchased and placed in service a new $60,000 car. The car was used 60% for business, 20% for production of income, and 20% for personal...
- Q Over the past year Company "X" experienced the following: had a net income of $220,000; bought $650,000 of new equipment; had depreciation of $70,000; increased inventories and accounts payable by...
- Q Mr. Kumara started a business, Araliya Enterprises by investing Rs. 100,000 on 1st January 2019. Following transactions were occurred during the month of January 2019. Show how following business...
- Q Question: Please explain on the definition of trade discount and cash discount supported with judgement for providing those discounts. Definitions must be supported with relevant citation.
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