Accounting question and answers for November 17, 2023
- Q PHP uses job costing. Manufacturing overhead is applied to production at a predetermined overhead rate of 60% of direct labour cost. Other information relating to the company's inventories and production...
- Q 1) The partner who died. 2) Fee paid by the member of Not for profit concern' for acquiring membership 3) Expenses which are paid before they are due 4) Name...
- Q FIFO and LIFO Costs Under Perpetual Inventory System The following units of an item were available for sale during the year: Beginning inventory 49 units at $46...
- Q Dustin would like to organize LFTS as either an LLC or as a corporation (taxed as a C corporation) generating a 12 percent annual before-tax return on a $300,000 investment....
- Q I need help with the entries to the Trial Balance for below please: The company uses straight line depreciation for book and MACRS depreciation for the tax return MACRS...
- Q Globo Gym Services management have been actively pursuing clients who fail to pay invoices when they fall due. Based on the experience of Globo Gym Services in the 2021 financial...
- Q Little Flowers in Peterborough received a Bank Statement from Bank of Montreal indicating a bank Balance of $7,100. Based on Cos GL cash account, the balance was $5,700. a) Prepare...
- Q A $535,000 bond issue on which there is an unamortized discount of $38,000 is redeemed for $464,000. Journalize the redemption of the bonds. If an amount box does not require...
- Q On January 1st 2000 Froto Company acquired 100% of the voting stock of Bilbo Company at book value. Froto uses the initial value method (cost) and Bilbo doesn't pay...
- Q 2. First, distinguish between the balance sheet statement and a flow-of-funds statement. Second, from the following information regarding the revenues, expenses, assets and liabilities of a hypothetical Canadian chartered bank,...
- Q Silver Products has presented the following information for the past eight months operations: Month Units Total Cost April 8,450 $ 28,300 ...
- Q Majer Corporation makes a product with the following standard costs: Standard Quantity or Hours Standard Price or Rate Standard Cost Per Unit Direct materials...
- Q Mira Mesa Appliances makes and sells kitchen equipment for offices and hotel rooms. Mira Mesa management believes that a new model of refrigerator made out of a synthetic material would...
- Q You are contemplating leaving your full-time employment to concentrate your ability on the marketing of a new low-energy portable heater. You have spoken to a group of manufacturers of similar...
- Q Selected transactions for Tina Louise Company during its first month in business are presented below. Sept. 1 Invested $20,000 cash in the business. 5 Purchased equipment for $17,000 paying $6,000...
- Q Q1) DEF Pte Ltd incurred the following capital expenditure during accounting year 2020: (i) Accounting software system costing $90,000. (ii) Office sofa costing $3,000. (iii) Private plated car costing $150,000....
- Q Time Remaining 2 hours 40 minutes 55 seconds\ 02:40:55\ Item 7\ Time Remaining 2 hours 40 minutes 55 seconds\ 02:40:55\ \ Diversified Systems, Incorporated reports consolidated financial statements this year...
- Q Don, a resident of the UK has sold and gifted the following assets during the tax year 2020/21: a) 10 April 2020, Don sold his Residential house for 70,000, which...
- Q This is the book of Mr. Lindsay Kidd Jan 1 started business with $6000 in the bank and $500 cash in hand Jan 2 bought $2500 goods on credit...
- Q Southern Industries: A Realistic Simulation of Substantive Testing for Accounts Receivable A STEP-BY-STEP GUIDE TO AUDITING ACCOUNTS RECEIVABLE This guide was prepared by...
- Q A) ABSA net income after tax in 2021 was K60, 000 and was K50, 000 in 2020.The Company had 10,000 ordinary shares outstanding on January 1, 2020 and has preference...
- Q A consulting firm has two departments, Corporate and Government. Computer support is common to both departments. The cost of computer support is $11.29 million. The following information is given: Gigabytes...
- Q On January 1,2024, Wright Transport sold four school buses to the Elmira School District. In exchange for the buses, Wright received a note requiring payment of $528,000 by...
- Q Compute the component percentages for Trixy Magics income statement below. (Enter your answers as a percentage rounded to 2 decimal place (i.e. 0.1234 should be entered as 12.34). Enter all...
- Q Analyzing Change in Plan Asset Balance The Blackhawk Company implemented a defined benefit pension plan for its employees. The following data are provided for 2021. Account Balances,...
- Q Entries for bond (held-to-maturity) investments Gillooly Co. purchased $48,000 of 7%, 10-year Lumpkin County bonds on May 11, Year 1, directly from the county, at their face amount plus accrued...
- Q Until recently, hamburgers at the city sports arena cost $1.98 each. The food concessionaire sold an average of 2754 hamburgers on game night. When the price was raised...
- Q Exercise 14-10(Static) Cost of goods sold computation for a merchandiser and manufacturer LO P1
- Q During the year, X Company sold 62,800 units of one of its products for $19.00 each. The following cost functions are for these regular production and sales levels: ...
- Q You have just finished meeting with Paul and Christine, a married couple, who have come to you for some tax advice. They brought along information about Paul's employment income for...
- Q QUESTION 1 (i) The current Conceptual Framework document defines equity as the residual interest in the assets of the enterprise after deducting all its liabilities. Identify the shortcomings in this...
- Q Contract Identification and Formation in Telecommunications Revenue Recognition In the telecommunications industry, the process of revenue recognition begins with the identification and formation of...
- Q Intercontinental Clothing Distributors has paid cash dividends every year since the company was founded in 1990. The dividends have steadily increased from $0.05 per share to the latest dividend declaration...
- Q 1. On January 1, 2016, the Legion Company sold $220,000 of 6% ten-year bonds. Interest is payable semi-annually on June 30 and December 31. The bonds sold for $165,166, with...
- Q Since the grades are low, the professor decides to grade on a curve, giving an A to the top 7%, and a C to the top 55%.What is the cutoff...
- Q Today, your manager asked you to provide information on three of the most common business services provided by the local public library. She has advised you that she needs this...
- Q The Regal Cycle Company manufactures three types of bicyclesa dirt bike, a mountain bike, and a racing bike. Data on sales and expenses for the past quarter follow: Total Dirt...
- Q Momz Corporation was authorized to issue unlimited preferred shares, $0.30, no-par value, and unlimited common shares, no-par value. During the first year, the following transactions occurred: a....
- Q Berry Company purchases a patent on January 1,2024, for $47,000 and the patent has an expected useful life of five years with no residual value. Assuming Berry...
- Q Sunrise Coffee Company roasts and packs coffee beans. The process begins in the Roasting Department. From the Roasting Department, the coffee beans are transferred to the Packing Department. The following...
- Q Murray plc has a defined pension scheme and the following details are provided to you for the year ended 31 December 2018: There is a net defined benefit pension surplus...
- Q Gomez, Inc. began work in 2010 on contract #3814, which provided for a contract price of $7,200,000. Other details follow: 2010 2011 Costs incurred during the year $1,200,000 $3,675,000 Estimated...
- Q Selected accounts included in the property, plant, and equipment section of Sarasota Corporations balance sheet at December 31, 2019, had the following balances. Land...
- Q chapter 16 Current position analysis The following items are reported on a company's balance sheet: Line Item Description Amount Cash $635,700 Marketable securities...
- Q Entries for Stock Dividends Senior Life Co. is an HMO for businesses in the Portland area. The following account balances appear on the balance sheet of Senior Life Co.: Common...
- Q The bank statement for Company X Inc., as of October 30, 2020, shows a balance of $14,500.77. The general ledger shows a balance of $12,879.89 Other data: 1) A debit...
- Q King Companies, Inc. (KCI) is a private company that owns five auto parts stores in urban Los Angeles, California. KCI has gone from two auto parts stores to five...
- Q note: This is only one problem. So, please solve b and c part completely. Don't solve a part. In c part please also mention impacts in details. Mouskori Limited purchased...
- Q A business operated at 100% of capacity during its first month and incurred the following costs: Production costs (19,900 units): ...
- Q John and Sandy Ferguson got married eight years ago and have a seven-year-old daughter, Samantha. In 2018, John worked as a computer technician at a local university earning a salary...
- Q Lydia and Ellen own the LE Partnership. Lydia takes care of daily operations and receives a guaranteed payment for her efforts. What amount and character of income will each partner...
- Q Your parents are considering investing in Apple Inc.'s common stock. They ask you, as an accounting expert, to make an analysis of the company for them. Financial statements of Apple...
- Q Trey Monson starts a merchandising business on December 1 and enters into three inventory purchases: Purchases on December 7 18 units @...
- Q Grays Company has the following purchases and sales during the month of August. Using the FIFO perpetual inventory method, what amount will be reported as cost of goods...
- Q Goodwill Impairment TestAfter Adoption of FASB ASU 2017-04 Assume the equity method Equity Investment account relating to a subsidiary has a reported balance of $2,950,000, including $150,000 of Goodwill....
- Q Internal Audit Head Scott Tensor's concern that he needs more staff to keep up with the growth in the company.The CFO seems to understand Tensar's dilemma, and notes that he,...
- Q Weighted Average Cost Flow Method Under Perpetual Inventory System The following units of a particular item were available for sale during the calendar year: Jan. 1 Inventory...
- Q What is the interest deducted in advance and the proceeds for the P30,000 bank discount note at 14.4% interest in advance from April 16 to December 16, 1983?
- Q In November 2015, Apple Township received an unexpected state grant of $100,000 to finance the purchase of school buses, and an additional grant of $5,000 was received for bus maintenance...
- Q You will receive the following stream of cash flows:Year 1 = 600Year 2 = 1,000Year 3 = 0Year 4 = 200a.) Calculate the present value if the interest rate is...
- Q Allison has 78 brood cows averaging 1,100 pounds, 32 yearling savers aging 700 pounds, and 72 calves averaging 250 pounds. She used a pour-on pesticide for internal worms and lice...
- Q 1. Investors require a 12 percent per year return on the stock of M Company. Yesterday M Company paid a $2 dividend (dividends are paid annually). The dividend is expected to...
- Q Vine Limited is involved in the wine industry and during the last month, has had the following transactions: 1 Payment of €800 to B Bottlers Limited for the purchase of glass...
- Q Suppose you are planning for your retirement in 45 years’ time. You currently have $1,000 invested in a money market account and $1,000 in a share market fund. The money...
- Q Determine the firm's EVATax = 34%WACC = 11%Revenue 1.500.000 COGS - 900.000 Operating Expenses - 300.000 Financial income 8.000 Financial expenses - 85.500 Taxable profit 222.500Cash 80.000 Short term debt 95.000 Clients 125.000 Suppliers 37.500 Inventory 150.000 Taxes 21.250 Fixed assets...
- Q Let say a person have bought a bus worth of Rs 7,300,000 to rent it out in the market. The bus is said to bring an inflow of Rs.240, 000...
- Q Below is a summary of the estimates of a firm’s cash flow from a certain project with an initial investment of one million dollars.a. complete the table belowYear1Year2Year3Year4Year5Sales$1,000,000$1,100,000$1,210,000$1,331,000?Less: Variable Cost$500,000$550,000?$665,500$732,050Fixed...
- Q When you purchase a book from an online bookstore, you exchange money (in the form of credit) for a book. If your credit is good, a series of related operations...
- Q Manvi Motors of Malaysia produces cars under an agreement with Suzuki of Japan and trucks under an agreement with General Motors of the USA. The company was established in 1972...
- Q Siew Lan uses the allowance method to record bad debts expense. When accounts receivable is aged at the end of December, it is estimated that 2% of Siew Lan's accounts...
- Q You are on your way to a meeting and are trying to decide if you should try to park in the lot across the building, or to park far away...
- Q Lenore, a single California taxpayer, has taxable income before capital gains of $78,000 and a long-term capital gain of $5,000 from the sale of RSS stock. What is the total amount...
- Q The following information was extracted from the books of the Jordanian Angry Factory: to produce 4000 units of crying product: Supervisors' wages 700 dinars, Supplies used in production 1000 dinars, Depreciation of...
- Q Assume a series of monthly cash flows. The next (upcoming) cash flow is CF1 = $550. The cash flows will grow at a rate of 12% per year into the foreseeable future (i.e.,...
- Q You have the following information Direct labor $50000 Direct material $70000 Manufacturing overhead $30000 WIP jun1 $25000 WIP jun 30 $30000 Finished goods jun1 $15000 Finished goods jun30 $25000 Sold unite 10000 Unit unit selling price $30 Selling expenses 30000 Demonstrative...
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