Accounting question and answers for November 16, 2023
- Q Mark Martin has just been appointed manager of a production team operating the 11pm to 7am shift in a large manufacturing firm. Mark is concerned that the team members really...
- Q Megatronics Corporation, a massive retailer of electronic products, is organized in four separate divisions. The four divisional managers are evaluated at year-end, and bonuses are awarded based on ROI. Last...
- Q Q9. Explain the concept of inventory valuation. Compare and contrast the FIFO, LIFO, and weighted average methods.
- Q The records of ABC Company showed the following: Units Unit Cost Total Cost January 1 Beginning 10,000 60 600,000 ...
- Q What is true for converting a traditional IRA to a Roth IRA? Select one: a. An IRA to ROTH conversion is a taxable event when the traditional IRA basis is...
- Q X Company currently makes a part and is considering buying it next year from a company that has offered to supply it for $17.67 per unit. This year, total costs...
- Q Windsor, Inc. sold $2,600,000, 6%, 10-year bonds on January 1, 2022. The bonds were dated January 1 and pay interest annually on January 1. Windsor, Inc. uses the straight-line method...
- Q Hannah is the regional manager for a national chain of ice cream shops based out of Cedar City, Utah. When the company opens a new store in Coffee City, Texas,...
- Q Target Corporation prepara sus estados financieros de acuerdo con los US GAAP. Los estados financieros y las notas informativas de Target para el ao finalizado el 3 de febrero de...
- Q On January 1, 2013, Powell Company purchased a building and equipment that have the following useful lives, salvage value, and costs. Building, 25-year estimated useful life, $4,000,000 cost, $400,000...
- Q 9) An individual owns 15% of the stock of an S corporation. At the beginning of the year, the basis for that share of...
- Q Wallys Widget Company (WWC) incorporated near the end of 2011. Operations began in January of 2012. WWC prepares adjusting entries and financial statements at the end...
- Q Schedule BDuring the year, Joseph earned and received $12,500 from clients related to this business.His expenses were as follows:Advertising $175Supplies $500Legal Fees $750Liability Insurance $600The couple have the following additional expenses for the year:Health...
- Q Deirdre sold 100 shares of stock to her brother, James, for $2,400. Deirdre purchased the stock several years ago for $3,000. Note: Loss amounts should be indicated by a minus...
- Q what is the most recent filing on target? what is the date? What other recent SEC filings are available for my viewing on target?
- Q all of the following statements describe how individual taxpayers may choose to deduct state and local general sales taxes except: a. a general sales tax imposed on retail sales of...
- Q Part 1: Financial Statements 1). Prepare the consolidated balance sheet. 2). Prepare the indirect cash flow statement. Use the case information and...
- Q If the candles are homemade, and are created in different designs and colors depending on customers' requirements, which costing system will be suitable for the manufacturing? Explain.
- Q Gabe, who is married, operates a skateboard shop as a sole proprietor. He is the sole employee of the business. His Schedule C net income from the business for the...
- Q Are auditors responsible for identifying and assessing the risk of material misstatement? What does the term material misstatement mean? Support your answer with an example from Annual report of Central...
- Q For a qualifying transfer of property to a corporation in exchange for stock under Section 351 deferral, property includes: money, tangible assets, services, and intangible assets. True...
- Q A company's income statement showed the following: net income, $118,000; depreciation expense, $32,000; and gain on sale of plant assets, $6,000. The company's current assets and current liabilities showed the...
- Q Caesars Income Statements (in millions USD) Source: Based on 2017 4Q Report and other company data. Income Statement 12/31/16 12/31/17 Percent Change Revenues $3,877 $4,852 25.15% Cost of Goods Sold...
- Q Problem 2 The following were taken from the records of Junathan Corporation: Gain on sale of equipment P 150,000 Sales revenue 2,800,000 Cost of goods sold 1,250,000 Purchase discount lost...
- Q Serene Corporation had 31,000 units of brake calipers on hand at the end of 2015. The company's inventory policy was to maintain an ending inventory equal to 20% of the...
- Q The FASB uses 75% as the guideline to determine if the present value of the lease payments is reasonably close to the fair value of the asset under the present...
- Q In 2011, due to a change in marketing forecasts, Sticky Corporation reduced the projected life of its patent for producing round dice. The cumulative patent amortization prior to 2011 would...
- Q Q4.Discuss the significance of the accrual basis of accounting compared to the cash basis of accounting. What are the advantages and disadvantages of each method? Don't use chat...
- Q BAM YEAR 2 HYDROQUAL Could we get a list of all maintenance contracts and their terms please? We need this information as a basis for disclosing any major customers. ...
- Q Statement no. 1: A capital investment decision represents a long-term investment decision. Statement no. 2: Accounting earnings rather than cash flows is normally used in computing for capital investment decisions....
- Q Break-Even Sales Currently, the unit selling price of a product is $1,350, the unit variable cost is $900, and the total fixed costs are $810,000. A proposal is being evaluated...
- Q The accountant for Sysco Company is preparing the company's statement of cash flows for the fiscal year just ended. The following information is available: Net income for the year 275,000...
- Q During the year, Lisa went from Cedar City, Utah to Quito (Ecuador) on business. She spent four days on business, two days on travel, and four days on vacation. The...
- Q Is depreciation of machinery a indirect cost when it comes to inventoriable cost or is it direct since we are using it to make a product?
- Q When buying a stock in a publicly-traded company, you should be able to answer the following questions first: What are you trying to accomplish? What is your time frame? How...
- Q On March 15, 20,000 shares of $10 par common stock were issued at $32, On May 22, 8,000 shares of $40 par preferred stock were issued at $90. Journalize the...
- Q What is the sellars gain on repossessed property with a fair market value of 17,000 on the date of repossession, where the sellers basis is13,000, and the costs of repossession...
- Q Explain how to calculate earnings per share and how it is used for analysis of a company's financial status.
- Q Selected current year-end financial statements of Cabot Corporation follow. (All sales were on credit; selected balance sheet amounts at December 31 of the prior year were...
- Q Chavez Company most recently reconciled its bank statement and book balances of cash on August 31 and it reported two checks outstanding, Number 5888 for $1,014 and Number 5893 for...
- Q The basic defefinition of auditing state it is process to
- Q Revenues 950,000 Variable costs 575,000 Traceable fixed costs 336,500 Average invested capital 350,000 Imputed interest rate 10% The ROI is a. 4% b. 10% c. 11% d. 37%
- Q what is the present value of $30,000 to be received at the end of each of 12 periods, discounted at 12%? (Round answer to 2 decimal places, e.g. 25.25)
- Q Merrick and Steel are directors ice creamery incorporated as ColdChoco. Merrick is the head cream maker and Steel is the business manager. Merrick has recently been experimenting with different flavours...
- Q The following facts pertain to a noncancelable lease agreement between Blossom Leasing Company and McKee Electronics, a lessee, for a computer system. Commencement date October...
- Q Selected current year-end financial statements of Cabot Corporation follow. (All sales were on credit; selected balance sheet amounts at December 31 of the prior year were...
- Q What is your opinion on Estate Taxes? Do you think it is a good idea to tax estates? Discuss in 200-250 words
- Q Ward Company estimates its uncollectible accounts expense to be 2% of credit sales. Wards credit sales for 2017 were $5,000,000. Wards allowance for uncollectible accounts has a $35,000 credit balance...
- Q Break-Even Sales and Sales to Realize Operating Income For the current year ending December 31, McAdams Industries expects fixed costs of $1,860,000, a unit variable cost of $105, and a...
- Q ) The total cost on job cost sheets for all jobs in process equals the amount in the ________ Inventory account. ____________, or customized production, produces products in response to...
- Q Choose a depreciation method and describe how it is used. Explain how depreciation is calculated using the method and whether or not you feel the depreciation method gives a good...
- Q Q6. What are internal controls in accounting? Discuss their importance in preventing fraud and ensuring the accuracy of financial data. Don't use chat gpt I will give dislike...
- Q During the year, a firm reported a decrease in assets of $ 34,700. For the year, revenues were $196,700, expenses were $131,800, and dividends were $73,000. During the year, $17,000...
- Q Were Martha Stewart's actions ethically wrong? Did the prosecutors "engage in a witch hunt" as the defense attorneys suggested? Given that Martha Stewart's crime boosted her bank account by $46,000,...
- Q The standard materials cost to produce 1 unit of Product R is 9 pounds of material at a standard price of $54 per pound. In manufacturing 6,400 units, 55,400 pounds...
- Q The concept of materiality is fundamental to financial statement preparation. Therefore the IASBs proposed practice statement on materiality should have the status of a financial reporting standard. Discuss this viewpoint
- Q 22 of 25 Melissa bought a snowboard for $520, including 13% of HST. What was the selling price of the snowboard before taxes
- Q How might an increase in the quantity and size of data breaches affect CrowdStrikes revenue?
- Q A quality control activity analysis indicated the following four activity costs of an administrative department: Redesigning a form to reduce errors $ 15,000 Responding to customer complaints 75,000 Verifying the...
- Q Contribution Margin Ratio a. Matzinger Company budgets sales of $10,400,000, fixed costs of $1,100,000, and variable costs of $6,656,000. What is the contribution margin ratio for Matzinger Company? %_________ b....
- Q Oslo Company prepared the following contribution format income statement based on a sales volume of 1,000 units (the relevant range of production is 500 units to 1,500 units):Sales$ 100,000Variable...
- Q Easy Limited purchased a plant on 1 January 2017 for R300 000 on credit. Depreciation is provided over its useful life of 5 years to a nil residual value using...
- Q On January 1, 2016, Woodstock, Inc. purchased a machine costing $40,700. Woodstock also paid $1,350 for transportation and installation. The expected useful life of the machine is 5 years and...
- Q Create a Common-Sized Balance Sheet and Income Statement for T-mobile for 2020. Describe what types of assets, revenues and expenses are the most important. Look at what makes up the...
- Q Q2. The following Trading and Profit and Loss Account of Daisy Dee Ltd. for the year \( 1-3-2020 \) is given below:
- Q A person who receives stock in return for services generally has compensation equal to the fair market value of the stock received. True or False
- Q Question 1: Marginal accounting helps businesses in assessing the ______ benefits, ______ costs, and ______ profitability associated with different decisions or actions. Don't use Chat GTP, It gives wrong...
- Q Discuss the concept of Pragmatism in accounting standards development. How does the consideration of pragmatic factors balance theoretical frameworks with practical application?
- Q A cutting tool supplier (Repton) is considering a project with the following annual cash flows: Year Cash Flow 0 ($145,000) 1 71,000 2 68,000 3 52,000 A. What is...
- Q Elena Chavez is founder and CEO of Willowbank, Inc., which owns and operates several assisted-living facilities. The facilities are apartment-style buildings with 25 to 30 one- or two-bedroom apartments. While...
- Q Q8. What is an invoice, and why is it important in accounting? Don't use chat gpt I will dislike
- Q Freiman Corporation's most recent balance sheet and income statement appear below: Balance Sheet December 31, Year 2 and Year...
- Q A firm has completed their 5-year horizon forecast. Their weighted average cost of capital is 12%. Beyond the end of the horizon period they conservatively estimate that growth will continue...
- Q I have one question regarding accounting Now is there a difference in the Recognition rules in IFRS and US GAAP
- Q NVM
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