Accounting question and answers for November 17, 2023
- Q Some recent financial statements for Smolira Golf Corp. follow.SMOLIRA GOLF CORP.2014 and 2015 Balance SheetsAssetsLiabilities and Owners’ Equity2014201520142015Current assetsCurrent liabilitiesCash$24,116$24,800Accounts payable$23,884$27,800Accounts receivable13,14815,900Notes payable17,00011,500Inventory26,39227,800Other12,27115,700Total$63,656$68,500Total$53,155$55,000Long-term debt$76,000$94,000Owners’ equityCommon stock and paid-in surplus$40,000$40,000Accumulated retained...
- Q Ms. James owns an insurance policy on her life. The policy has a cash surrender value (csv) and the insurance company allows its customers to borrow against the available (csv)....
- Q Novelties, Inc., is considering the purchase of new electronic games to place in their fun houses. The games would cost a total of $392,000, have a useful life of fifteen...
- Q Nardzie Stone was the youngest sibling of a family whose parents owned and operated a small manufacturer of flocculant equipment, Stone Pound Inc. (SPI). Nardzie was part owner and executive...
- Q Donald & Hanes LLP's capital account balances as of January 1, 2015 were as follows:Donald, capital - $200,000Hanes, capital - $100,000Donald and Hanes share a 3:2 net profit/loss ratio respectively. The...
- Q The Four Stars has after tax income of $62,000 for the year just ended. The company has a residual dividend policy and a target debt-equity ratio of 0.5. The firm...
- Q All public employees pay 2% of their annual income to the pension fund. This is money you gradually get back as a pensioner. Ole has an annual income of NOK...
- Q Four years ago, ABB purchased an asset for $300,000 with an estimated salvage of $60,000. Depreciation was $60,000 per year. The following annual gross income and expenses were recorded. The asset was...
- Q Consider the following information for the percentage of sales approach: Sales = $3M, NI = $0.4M, Retention ratio = 0.75 Total Asset = $4MCurrent Liability $0.2M Long-term debt = $1M Equity = $2.8M If sales increase...
- Q You are seeking to finance the purchase of a new equipment through loan financing from the bank. The equipment cost is estimated at $5,000,000. The bank is offering a 12%...
- Q Mancrester United plc is a major company in the hospitality sector. It has been considering the building of a new stand at its football ground and it recently commissioned a...
- Q Anna and Kristoff are married and both are 35. Kristoff works as the manager in a shipping company earning $60,000 a year. He has no group benefits. Anna is self-employed,...
- Q ABC Company's trial balance shows the following data at year-end:Accounts Receivable - $400,000.00Bad Debt Allowance - $2,500.00Sales - $1,200,000.00Bad Debt Expense - $10,000.00If Company ABC uses the Percentage Receivable Method...
- Q You are considering the purchase of a machine which would cost $105,000. If you purchase this machine, it would increase cash flow for the company by the following amounts: Year...
- Q A 100-room business hotel had an ADR of $90.00 with occupancy of 70.00% every day in 2011. Assume that the hotel’s annual FC is $400,000 and its VC is $512,000...
- Q Moretown, Inc. completed the following transactions in 2017, its first year of operations:1. Issued 35,000 common shares. The shares have a par value of $1.00 per share and were issued at...
- Q Nieman Inc., a local retailer, has provided the following data for the month of March:Merchandise inventory, beginning balance$ 42,700Merchandise inventory, ending balance$ 42,100Sales$268,300Merchandise inventory purchases.$ 134,800Selling expenses$ 16,800administrative expenses$ 57,600Calculate...
- Q What is the partial pressure of sea-level nitrogen at the height of a cruising jet ( Approximately 11.5km )? Round to the nearest whole number.The death zone is at 8,000m...
- Q On January 2, Lem Corp. bought machinery under a contract that required a down payment of $10,000, plus 24 monthly payments of $5,000 each, for total cash payments of $130,000....
- Q The Smith Company had $1,200 in office supplies at the beginning of the fiscal year. At the end of the fiscal year, the Smith Company took an inventory of office...
- Q Plaza, Inc., acquires 80 percent of the outstanding common shares of Stanford Corporation on January 1, 2018, in exchange for $912,900 in cash. At the acquisition date, the total fair value...
- Q Initial Investment: $100,000 Sampex Co. Ltd. has a MARR of 11% per year. The details of its investment in the new packaging system is shown below; Annual Saving: $30,000 per year Salvage Value: $0 Life:...
- Q Krisps Chips Ltd owns a snack food vending machine, and is undertaking the impairment test. Krisp Chips Ltd needs to determine the asset’s Value in Use. The following information is...
- Q You are trying to create a stock index using three stocks. To recap, DJIA is a price-weighted index and S&P500 is a value-weighted index.Each stock's data at t=0 (begin of...
- Q Fast Company has established the following overhead cost pools and cost drivers for the month of May:Cost PoolOverhead CostsCost Driver LevelsPurchase orders$ 19,08030ordersMachine setups42,000100setupsElectricity20,00020,000kilowatt hoursThe following information pertains to the...
- Q An investor decides to deposit an amount of $27,000 into an account to save for retirement. He is currently 47 years old, and he plans to retire at age 60....
- Q The shares of Amalgamator and Consolidator are both trading at multiples of 2.5 times book value per share. Shareholders’ equity is $200 million at Amalgamator and $60 million at Consolidator....
- Q The following question is on the amortization of capital assets. a. A piece of machinery was purchased for $10,000 on January 1, 2016. The machinery is expected to have a useful...
- Q The following is information related to the inventory of Sarasota Inc.skisBootsParkashistorical cost$332.50$185.50$92.75Sale price371.00253.75129.06cost of sale33.2514.004.38cost to complete56.0050.7537.19Determine the following: The net realizable value of each item under LCNRV.The book value of...
- Q Last week, you sold 300 shares of ABC stock for $6,300. The sale was a short sale with an initial margin requirement of 70%. The maintenance margin is 40%. Some...
- Q On January 7, 2018, Rey Co. acquired a 40% interest in Joanne Co. for P4,800,000. Rey already held a interest which had been acquired for P1,600,000 but which was valued...
- Q On April 1, 20x1, ABC Company acquired as a long-term investment a 20% ordinary share interest in DEF Company. ABC paid 7,000,000 for this investment. For the year ended December...
- Q Company: Boeing Data for the year ended December 31, 2023:ItemAmountRevenue$1,300,000,000Cost of Goods Sold$800,000,000Operating Expenses$400,000,000Income Tax Expense$50,000,000Net Income$50,000,000Requirements:Calculate Boeing's gross profit margin.Determine Boeing's operating profit margin.Discuss the effect of operating expenses on...
- Q Using the number on the table below determine the tax treatment to the partner who receives the distribution indicated, and then assuming the partnership has made a Section 754 election,...
- Q The following independent situations relate to inventory accounting. Answer the following questions about inventories. Skysong Co. purchased goods with a list price of $185,700, subject to trade discounts of 20%...
- Q Hey I'm looking through my professors lecture and I can't seem to find out how he calculated "fair value of net assets acquired." To record Purchase of Net assets: Cash...
- Q Primare Corporation has provided the following data concerning last months manufacturing operations. Purchases of raw materials $ 32,000 ...
- Q The payroll register for Rice Company is summarized below for the month of April Employee Total Salary Tax CPP EI Medical Union Dues Net Pay Chq.No Bob Roberts 3,250...
- Q 3) What are the classifications (types) of ratios (List them and explain what information they provide) (15pts) 1. Liquidity ratio- This determines debtors ability to pay...
- Q ACC2014 FINANCIAL ACCOUNTING QUESTION On 1 November 2020, Asdion Furniture Bhd sells 20,000 tables to Akea Bhd at RM100 per unit. Cost per unit is RM60. Akea Bhd pays Asdion...
- Q Periodic Inventory by Three Methods The units of an item available for sale during the year were as follows: Jan. 1 Inventory 17 units at $29 Feb. 17 Purchase 14...
- Q 3. COSO is the framework relied upon by the SEC and for the fulfillment of requirements under the SARBANES OXLEY ACT of 2002. There are five internal control...
- Q Frecoso Company uses the gross profit method to estimate inventory for monthly reporting purposes. Presented below is information for the month of May. Inventory, May 1...
- Q You are auditing the revenue for a wholesale company for the year ended on 30 June 2021. In your conversations with management, you find that the customers are less keen...
- Q The journal entry to record applying manufacturing overhead to work in process inventory is: A. ...
- Q 1- Which of the following statements regarding Roth IRA conversion is true? a. If you are over the age of 70 and a half years and receiving minimum distributions from...
- Q For the following scenarios, do the following: 1) Determine their residency status for the current year. 2) Determine what components of their income, if any, are subject to taxation in...
- Q Sunspot Beverages, Ltd., of Fiji uses the weighted-average method in its process costing system. It makes blended tropical fruit drinks in two stages. Fruit juices are extracted from fresh fruits...
- Q "Martin S. Albert (Social Security number 111-11-1111) is 39 years old and is married to Michele R. Albert (Social Security number 123-45-6789). The Alberts live at 512 Ferry Road, Newport...
- Q The auditor must have a good understanding of the risks associated with the client, the type of business, and the clients accounting system. For each of the following factors, indicate...
- Q 13.Cost pools are defined as groupings of individual cost items which can range from broad, company-wide categories to very narrow categories. TRUE - FALSE 14.A cost allocation base is...
- Q Use Excel or Numbers to complete both problems and submit them in the Assignments folder in the Assignments section of this course. This assignment is due by the end of...
- Q X Company currently buys a part from a supplier for $13.24 per unit but is considering making the part itself next year. This year, they purchased 3,200 units of this...
- Q Your firm is planning to invest in an automated packaging plant. Harburtin Industries specializes in this business and you have decided to use Harburtin as a comparable company. All Harburtins...
- Q On December 31, 2021, Yard Art Landscaping leased a delivery truck from Branch Motors. Branch paid $37,000 for the truck. Its retail value is $79,982. The lease agreement specified annual...
- Q TB MC Qu. 24-73 (Algo) A project requires... A project requires a $39,000 initial investment and is expected to generate end-of-period annual cash inflows as follows: ...
- Q The Lee Corporation uses a job-order costing system. The following data were recorded for June: June 1 Added During June Job...
- Q You are planning to retire in 30 years with $750,000. You can earn 10.0% compounded quarterly. How much do you need to invest today? ...
- Q Billingsworth Corporation has the following net capital gains and losses for 2018 through 2021. Billingsworth' marginal tax rate is 21% for 2018 through 2021. ...
- Q ABSTRACT: Owens-Illinois (OI) restated its financial statements for the year 2015 due to a disagreement with the Securities and Exchange Commission (SEC) regarding how the firm accounted for unasserted claims...
- Q Course: Auditing ABC Inc. ("ABC") is a toy retailer with stores located in Toronto, Mississauga, London (ON), Ottawa and Kingston. ABC has been in business for five years and has...
- Q On Dec. 31, 2020, Geth Co. had total sales of $857,490 and costs for the year of: Beginning raw material balance $ 9,000 Ending raw material balance $ 21,000 Beginning...
- Q ACCT 215 (CT) Accounting Cycle Problem The John Marshall Company, Inc., which provides consulting services to major utility companies, was formed on January 2 of this year. Transactions completed during...
- Q Sims Company began operations on January 1. Its cost and sales information for this year follow. Direct materials $ 30 per unit ...
- Q Quality Inc. generated $2.75 million in credit sales during the current year. The balance of the allowance for doubtful accounts at December 31 is $2,500 debit. Accounts receivable at December...
- Q E9.3 (LO 1), AP The following are two independent situations. Instructions On January 6, Brumbaugh Co. sells merchandise on account to Pryor Inc. for $7,000, terms 2/10, n/30....
- Q Which of the following is true of the burden of proof in a criminal trial? Multiple Choice It must be...
- Q Q-1) Following inventory and cost data relate to a manufacturing company for 2017. Calculate the Cost of Goods Sold as at December 31, 2017. Item January 1, 2017 December...
- Q Case Study: The Role of Managerial Auditing in Organizational Governance Introduction: Organizational governance encompasses the processes, structures, and systems by which an organization is...
- Q March 1, 201, Dorchester Company's beginning work in process inventory had 8,000 units. This is its only production department. Beginning WIP units were 50% complete as to conversion costs. Dorchester...
- Q On January 1, 2020, Pronghorn Corporation erected a drilling platform at a cost of $5,405,400. Pronghorn is legally required to dismantle and remove the platform at the end of its...
- Q Golden Corporation's current year income statement, comparative balance sheets, and additional information follow. For the year, (1) all sales are credit sales, (2) all credits to Accounts Receivable...
- Q TAX RETURN PROBLEM ONE Mike E. Smith and Jean A. Field, each age 42, married on September 7, 2018. Mike and Jean will file a joint return for 2020. Mikes...
- Q Samuel is the sole shareholder of Small, Inc. (an S-corporation). Small, Inc. elected S-Corporation status in 2015 after 10 years of operation as a C-corporation. As of December 31,...
- Q It will cost $3 million to develop the show. There are eight performances per week (on Saturday there is a matinee) and we expect the show to run for 52...
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