Accounting question and answers for November 17, 2023
- Q on January 12, at the end of the second weekly pay period of the year, a company's payroll register showed that its 45 employees had earned $23,400 of sales salaries...
- Q cjgwe MY Autobodys adjusted trial balance on December 31, 2023, appears in the work sheet as follows: No. Account Debit ...
- Q Amatra Inc. has the opportunity to invest in new equipment that will cost $1,130,044. The net cash inflows for ten years equal $200,000 per year. What is the internal rate...
- Q 1. CMA does a horizontal analysis on Jones CO historical data. Restults are in millions. Year 1 Year 2 Year 3 Year 4 sales 250 275 280 285...
- Q During the year ended December 31, 2022, Blueberry Inc. received $250,000 cash for sales from customers. The company began the year with a balance in accounts receivable of $37,000, all...
- Q The accounting records of Walls China Shop reflected the following balances as of January 1, Year 3: ...
- Q Amy and Brian were investigating the acquisition of a tax accounting business, Bottom Line Incorporated (BLI). As part of their discussions with the sole shareholder of the corporation,...
- Q A comparative balance sheet for Oriole Company appears below: ORIOLE COMPANY Comparative Balance Sheet Assets Dec. 31,2020 Dec. 31,2019 Cash $47,000 $17,500 Accounts receivable 31,00019,500 Inventory 38,00023,500 Prepaid...
- Q Lauras Planning reported the following Budgeted Income Statement for the months of July,August, September and October, 2023. Note that July 2023 was the first month of thecompanys existence,...
- Q On January 15, Tools 4U sells $7,200 worth of inventory for $15,000 on account. The sale of inventory is recorded using two Journal entries. Show them below.
- Q A company is considering the purchase of a new machine for $75,660. Management predicts that the machine can produce sales of $20,000 each year for the next 10 years. Expenses...
- Q Tinkers cost of goods sold in the year of sale (2016) was $760,000 and 2015 cost of goods sold was $780,000. The inventory at the end of 2016 was $189,000...
- Q Scholastic Brass Corporation manufactures brass musical instruments for use by high school students. The company uses a normal costing system, in which manufacturing overhead is applied on...
- Q In the current year J gifted shares of a public corporation to her son who is 16 years old. The shares, that originally cost $20,000, had a market value of...
- Q Murphy es un plomero autnomo. Recibe efectivo o cheque de algunos de sus clientes con un total de $6500 en su libro mayor y un formulario 1099-K del procesador de...
- Q Which of the three sections of the Statement of cash Flows really ought to be positive? In most years to help assure investors of long-term viability?
- Q Patterson, Inc. has provided details of its actual cost data for the month. The Controller has asked you to compute the basic variances and the impact of those variances...
- Q forensics accounting - write up a case study from your own thoughts or imagination. It should be totally fictitious in nature. You may get ideas from real-life cases. and solve...
- Q Question 8: The cost is the cost incurred for producing one additional unit, while the is the total cost incurred for cost producing a specific quantity of units. The cost...
- Q The Miller Company earned $111,000 of revenue on account during Year 1. There was no beginning balance in the accounts receivable and allowance accounts. During Year 1, Miller collected $76,000...
- Q Marshall Company purchases a machine for $840,000. The machine has an estimated residual value of $40,000. The company expects the machine to produce four million units. The machine is used...
- Q On May 3, Zirbal Corporation purchased 7,000 shares of its own stock for $84,000 cash. On November 4, Zirbal reissued 1,600 shares of this treasury stock for $20,800. Prepare the...
- Q Question 6: Job Costing (15 marks) Answer each of the following questions: 1. List the steps in estimating a cost function using quantitative analysis...
- Q The individual financial statements for Abbey Company and Bellstar Company for the year ending December 31, 2024, follow. Abbey acquired a 60 percent interest in Bellstar on January 1, 2023,...
- Q Accounting personal code of ethics .
- Q Mr. Robert Rhodes is provided with an automobile that is owned by his employer. The automobile was purchased by the employer in 2021 for $63,000, plus $3,150 in GST. In...
- Q What are two examples of qualitative performance measurements that you think would be useful for a company to use when assessing how well their business activities are performing?
- Q What are the advantages and disadvantages of the Cash Payback Methods?
- Q The following selected financial information is available for Best, Incorporated. Amounts are in millions of dollars. Required Enter the missing amounts in the following table. (Enter your answers...
- Q What do retained earnings represent? Dividends are sometimes said to have been paid "out of retained earnings." What is the error, if any, in this statement? For what reasons might...
- Q Net Income is $100k. If materiality is determined to be 5% of net income and the auditor discovers unadjusted differences / misstatements of $6k in the account balances being audited,...
- 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 Which of the following is a measure of the liquid position of a corporation? a. Earnings per share b. Inventory turnover c. Current ratio d. Number of times interest charges...
- Q jamacia company issues $1,000,000 face value, 8%, 5-year bond on march 1,2023. interest is paid semiannually each August 31 and febuary 28. the bond sells at a price of 95;...
- Q Troy, a cash basis taxpayer, is employed by Eagle Corporation, also a cash basis taxpayer. Troy receives a salary of $60,000 per year. He also receives a bonus equal to...
- Q In 2019, Miranda records net earnings from self-employment of $146,000. She has no other income. Determine the amount of Miranda's self-employment tax and her for AGI income tax deduction. In...
- Q n your opinion, what are the differences in the cost of goods sold of a manufacturing company versus a service company? Pick one company from each industry as an example...
- Q GQ04 (Z+,24") w1,W2(0,0)4(E)=2 w ECZ+ KEE (Z+,22*) u {u(E): E C Z+}=[0,1]
- Q The relationship of $225,000 to $100,000, expressed as a ratio, is a. 2.0 to 1. b. 1.8 to 1. c. 1.5 to 1. d. 2.25 to 1.
- Q Analyze a selected company, its operations, and its associated industry and evaluate these areas for development of a business plan for growth to increase revenues by 10% over the next...
- Q Given that FV = 40t + 200, for what annual interest rate r (as a percent) is this the equation of future value (in dollars) as a function of time...
- Q A company is considering purchasing a machine for $27,500. The machine will generate income of $3,600 per year. Annual depreciation expense would be $1,400. What is the payback period for...
- Q Standards that are based on ideal conditions allow for waste in the production process, machine breakdown, or other inefficiences that might occur during production. True False
- Q Emerald Inc. reported the following information for Year 1 and Year 2: Year 1 Year 2 Cash $ 20,000 $ 29,000 Noncash current assets 150,000 162,000 Cash flows from financing...
- Q Airon Company recently completed 10,600 units of its single product, consuming 32,000 labor hours that cost the firm $480,000. According to manufacturing specifications, each unit should have required 3 hours...
- Q PA5-5(Algo) Predicting Cost Behavior, Calculating Contribution Margin and Contribution Margin Ratio, Calculating Profit [LO 5-1,5-5] Presidio, Incorporated, produces one model of mountain bike. Partial information for the...
- Q Problem 20-8(Algo) Accounting changes; six situations [LO20-1,20-3,20-4] Described below are six independent and unrelated situations involving accounting changes. Each change occurs during 2024 before any adjusting...
- Q plz help. accounting info systems
- Q Concord Company purchased machinery on January 1, 2020, for $84,000. The machinery is estimated to have a salvage value of $8,400 after a useful life of 8 years. Compute...
- Q From this question, would you please to calculate the Net Present Value for each project? If it is possible, show the calculation using the PV table, please.
- Q Sweet Acacia Manufacturing incurs unit costs of $7.50 ($5.50 variable and $2.00 fixed) in making a sub-assembly part for its finished product. A supplier offers to make 20,000 of the...
- Q On January 1, 2016, Wasson Company purchased a delivery vehicle costing $50,710. The vehicle has an estimated 8-year life and a $4,700 residual value. Wasson uses the units-of-production depreciation method...
- Q CPPREP4125 Transact in trust accounts - VIC item 20
- Q Shahia Company bought a building for $91,000 cash and the land on which it was located for $111,000 cash. The company paid transfer costs of $15,000 ($5,000 for the building...
- Q ACCOUNT Work in ProcessBaking Department ACCOUNT NO. Date Item Debit Credit Balance Debit Balance Credit August 1 Bal., 6,600 units, 3/5...
- Q Assume that Toy Craft makes ragdolls. Each ragdoll requires 12 square feet of fabric. If the number of dolls to be produced during the quarter is 19,100, the...
- Q A mining firm spent $200,000 to purchase the rights to explore for gold on a parcel of land. They then spent $100,000 exploring the land, and discovered gold. Then then...
- Q Each year, Tom and Cindy Bates (married filing jointly) normally have itemized deductions of $22,000(which includes an annual $4,000 pledge payment to their...
- Q according to ian redpath and julie welch which of the following has burden of proof with respect to factual issues related to imposition of tax for compensation issues
- Q Use the following information to answer the question that follow: Net Income : $205,000 Profit margin : 7.80% A/R : $151,642 Credit sales : 60% of total sales Compute the...
- Q JK Company can sell all of the plush and supreme products it can produce, but it has limited production capacity. It can produce 4 plush units per hour or 2...
- Q Learning Objective 3: Describe the direct write-off method of accounting for uncollectible receivables. How do you record transactions for uncollectible accounts under the direct write-off method? ...
- Q On March 31st, all interest due was paid and the note was paid. What are debit and credit accounts?
- Q On April 12, Hong Company agrees to accept a 60-day, 10%, $5,700 note from Indigo Company to extend the due date on an overdue account. What is the journal entry...
- Q Terrence worked for ABC Construction Company and earned $14,150. Determine the unemployment tax (FUTA) that would be paid by his employer.
- Q Which of the following is a true statement regarding financial instruments? A. inherent risk will be higher for companies investing in less liquid securities B. the majority of financial instruments...
- Q Question 11: In marginal accounting, the cost is the cost incurred for producing an additional unit, while the cost is the total cost incurred for producing a specific quantity of...
- Q Which of the following is not true of a contra asset account? A. It is reported in the net income statement B. It normally has a credit balance C. It...
- Q A product has a sales price of 20 dollars. Based on 15,000 unit production level, the variable costs are 12 dollars per unit and the fixed costs are 6 dollars...
- Q A foreign company offers to buy 2,700 units at $14 per unit. In addition to variable manufacturing and administrative costs, selling these units would increase fixed overhead by $2,160 for...
- Q 2. LeMond Incorporated, a Wisconsin corporation, runs bicycle tours in several states. LeMond also has a Wisconsin retail store and an Internet store that ships to out-of-state customers. The bicycle...
- Q Calculate the cost of goods sold dollar value for A74 Company for the sale on March 11, considering the following transactions under three different cost allocation methods and using perpetual...
- Q your CFO has asked you to determine if an expense should be booked in the current year or in the next year. what questions would you ask the CFO to...
- Q When a public corporation offers an employee an option to acquire shares at a specific price that is below those shares' present fair market value, the employee will be...
- Q Crimson Inc. and Coral Inc. form the Two Cs Partnership on January 1 of the current year. They are both 50% partners. Crimson uses a fiscal year with an October...
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