Accounting question and answers for November 17, 2023
- Q Brad is a partner is the BCD Partnership. Brads basis in his partnership at the beginning of the year was $25,000. The partnership incurred an operating loss during the year....
- Q Banks are finding more ways to charge fees, such as a $31.00 overdraft fee. Sue McVickers has an account in Fayetteville; she has received her bank statement with this $31.00...
- Q Revenue on the income statement was $141,000. Accounts receivable were $3,400 on January 1 and $3,560 on December 31. Unearned revenue was $1,200 on January 1 and $1,500 on December...
- Q An available-for-sale debt security is purchased at a premium. The entry to record the amortization of the premium includes a credit to the bond premium account. debit to the bond...
- Q Wheeling Company is a merchandiser that provided a balance sheet as of September 30 as shown below: Wheeling Company Balance Sheet ...
- Q Which would constitute a non-cash form of a kickback? A trip to Hawaii given to the top salesperson for reaching the company's annual sales goals....
- Q Dix, Inc., a calendar-year corporation, reported the following operating income (loss) before income tax for its first three years of operations: 2014 $100,000 2015 (200,000) 2016 400,000 There are no...
- Q At the date Giant bought Minor, Minor had an asset on its books for goodwill. True/False: When Giant allocates the consideration for the deal to Minors assets and liabilities,...
- Q Which of the following is not an advantage of using standards costs? A. Can create cost benchmarks ...
- Q Terrence worked for ABC Construction Company and earned $14,150. Determine the unemployment tax (FUTA) that would be paid by his employer.
- Q A Firm produces consumer goods and it is planning to make a new investment in new production lines. The Firm is planning to introduce a new product. There are two...
- Q 1. Capital Gains Tax. David is in the 35% tax bracket making $360,000 per year as an account executive. Recently, he sold stock that he had...
- Q At the end of a short term program how should an offer be presented to a client?
- Q Use the following forward and spot prices for Canadian dollars (C$) to answer the question below. The prices are in U.S. dollars ($/C$). Spot...
- Q Harry and Alaine are married and file tax return jointly. In 2023, their adjusted gross income before social security benefits is $30,000. They dont have tax-exempt interest but their social...
- Q QUESTION HAS BEEN UPDATED How would the following transactions be recorded on the bank reconciliation? 1) A check drawn by a company for $750 in payment of a liability was...
- Q Rights of stockholders C1 Indicate which activities of Stockton Corporation violated the rights of a stockholder who owned one share of common stock. 1. Did not allow the stockholder to...
- Q Which asset class has the shortest conversation time
- Q a. If Canace Company, with a break-even point at $520,000 of sales, has actual sales of $800,000, what is the margin of safety expressed (1) in dollars and (2) as...
- Q Davis Company presupuesta un costo general total de $3,600,000. Si la empresa asigna costos indirectos sobre la base de 200 000 horas de mano de obra directa presupuestadas, la...
- Q Which of the following is a function of the Board of Inland Revenue? Select one: a. To publish Departmental Interpretation and Practice Notes. b. To issue tax returns to the...
- Q If a company has made arrangements with a bank to borrow money in the months when they have a negative cash balance, this arrangement is a bank overdraft. demand loan....
- Q Intra-group transactions between entities in a group are necessary adjustments as part of consolidation process so that the: a. consolidated revenues are earned from both transactions with entities external to...
- Q An auto repair company needs a new machine that will check for defective sensors. The machine has an initial investment of $224,000. Incremental revenues, including cost savings, are $120,000, and...
- Q Analyzing, Forecasting, and Interpreting Both Income Statement and Balance Sheet Following are the income statements and balance sheets of General Mills, Inc. Income Statement, Fiscal Years Ended...
- Q What is the future value, five years from now, of sixty $100 cash flows using a periodic interest rate of 0.7% compounded monthly? The cash flows are made at the...
- Q SHOPIFY: 1) current assets and current liabilities 2020 2) closing stock and cost of goods sold 2020 3) Total debt and shareholders equity 2020 4) Net income and average assets...
- Q Question 2: The analysis compares the additional benefits, costs, and profits of various options to make informed decisions. Don't use Chat GTP, It gives wrong answer. Don't give wrong answer,i...
- Q Which of the following statements about share benefits is TRUE? Select one: a. Share awarded by employer to employee without vesting period are taxable when the employee is entitled to...
- Q Yowell Company began operations on January 1, Year 1. During Year 1, the company engaged in the following cash transactions: 1) issued stock for $54,000 2) borrowed $32,000 from its...
- Q trenton Consuling
- Q Listed below are the transactions that affected the shareholders equity of Branch-Rickie Corporation during the period 20242026. At December 31,2023, the corporations accounts included: ...
- Q Lugo & Associates purchased machinery on January 4, 2013, for $438,000. The straight-line method is used, and useful life is estimated to be 12 years with a $42,000 salvage value....
- Q (20%) The global financial crisis of 2008 increased uncertainty over whether capital markets are efficient. As a consequence, behavioral finance has become a topic of considerable interest. Contemporary issues reviews...
- Q Need answer fast. Assume a companys estimated sales for January, February, and March are 25,000 units, 26,000 units, and 24,000 units, respectively. The company always maintains ending finished goods inventory...
- Q Company D purchased equipment for 110,000 on 1/1/2020. The equipment has a useful life of 4 years and a residual value of 10,000. Using the double declining balance method of...
- Q Pascal, Inc. planea vender 800 000 unidades a $1.50 por unidad. El coeficiente de margen de contribucin es del 20%. Si Pascal alcanzar el punto de equilibrio con este nivel...
- Q Exact Photo Service purchased a new color printer at the beginning of 2018 for $42,700. The printer is expected to have a four-year useful life and a $1,708 salvage value....
- Q Builder Products, Inc. manufactures a caulking compound that goes through three processing stages prior to completion. Information on work in the first department, cooking, is given below for May: ...
- Q Exercise of a conversion option Book value method Market value method Which method do you think is better for management and why? Which method do you think is better for...
- Q Ethics Case What should he do? Tobias Ivanov, a senior accountant, has just completed his third year at a large accounting firm. During this time, Tobias has been...
- Q acob is a member of WCC (an LLC taxed as a partnership). Jacob was allocated $65,000 of business income from WCC for the year. Jacob's marginal income tax rate is...
- Q In your own words, explain how stock ownership relates to control for another company. Is some level of stock ownership automatically enough to give control? Why or why not? Also...
- Q Phoebe and Parker are equal members in the Phoenix Investment Group LLC. Phoebe contributed land with an A/B of $25,000 and a FMV of $90,000. Parker contributed $90,000 cash. They...
- Q Partner bonuses, statement of partnership equity The partnership of Angel Investor Associates began operations on January 1,20Y5, with contributions from two partners as follows: ...
- Q what is Julia's tax liability?
- Q How long will it take $2,000 to reach $3,400 when it grows at 10 percent per year?
- Q Asset turnover A company reports the following: Sales $1,075,100 Average total assets 827,000 Determine the asset turnover ratio. If required, round your...
- Q Emmett and Sierra formed a partnership dividing income as follows: Annual salary allowance to Emmett of $43,600 Interest of 8% on each partner's capital balance on January 1 Any remaining...
- Q Page |7 The following additional information is available at June 30,2022: (i) Store Supplies on hand at June 30,2022 amounted to $80,000. ...
- Q From the perspective of a financial manager, briefly explain why the growth of the asset accounts receivable can be perceived as a desirable event and then explain why the growth...
- Q A company reports the following income statement and balance sheet information for the current year: Line Item Description Amount Net income $178,130 Interest expense 31,430 Average total assets 3,380,000 Determine...
- Q Create the amortization schedule for a loan of $20,000, paid monthly over three years using an APR of 8 percent. Enter the data for the...
- Q Windsor Company purchased a computer for $8,640 on January 1, 2019. Straight-line depreciation is used, based on a 5-year life and a $1,080 salvage value. On January 1, 2021, the...
- Q Diego Company paid $185,000 cash to acquire a group of items consisting of land appraised at $42,000 and a building appraised at $168,000. Allocate total cost to these two assets...
- Q John and Patricia, who are married and live in Missouri own a second home in Arizona. They have defaulted on their payments and a foreclosure is imminent. What is the...
- Q Use the appropriate information from the data provided below to calculate operating income for the year ended December 31, 2014. Cost of Goods Sold $117,000 Inventory $125,000 General & Administrative...
- Q Franklin Co. leased its manufactured equipment to Parker Inc. for a 4-year term. Franklin Co. reported a book value of $60,000 for the equipment in its inventory account. The lease...
- Q Puget Sound Divers is a company that provides diving services such as underwater ship repairs to clients in the Puget Sound area. The companys planning budget for...
- Q Aging of receivables schedule The accounts receivable clerk for Evers Industries prepared the following partially completed aging of receivables schedule as of the end of business on...
- Q Squid Roe, Inc., sold its $16,000 equipment with accumulated depreciation of $14,000 for $6,000. What is the amount of the gain or loss on this sale Squid Roe would record?...
- Q evaluate the role of stakeholders in greenwashing using the below case study. ford sustainable finance report: Ford Motor Company is committed to sustainability and accelerating the electrification...
- Q Jeremy gan $100,800 en salario y $6,800 en ingresos por intereses durante el ao. El empleador de Jeremy retuvo $11,000 de impuestos federales sobre la renta de los cheques de...
- Q Amethyst is the managing director of VitC Ltd, a company which produces organic juices. The company has a constitution, which states that the company only purchase oranges and lemons. Further...
- Q Moodle Workshop 2-purchase budget assignment. Please complete PARTS 1A to D. Your Workshop submission is based on 1C - Purchase Budget and 1D - Purchase Disbursements. Once...
- Q Al preparar una previsin de ingresos de referencia para el proceso presupuestario, el analista: a. incluye el efecto de la legislacin fiscal propuesta sobre las recaudaciones. b. nunca...
- Q Soar Incorporated is considering eliminating its mountain bike division, which reported an operating loss for the recent year of $7,000. The division sales for the year were $1,043,000 and the...
- Q In preparing a company's statement of cash flows using the indirect method, the following information is available: Net income $ 65,000 Accounts payable increased by 19,300 Accounts receivable decreased by...
- Q Changes in Current Operating Assets and Liabilities-Indirect Method Blue Circle Corporation's comparative balance sheet for current assets and liabilities was as follows: Dec. 31, 20Y2...
- Q An employee works 38 regular hours and earns $10.50 per hour. He contributes 8% to a 401(k) plan. What is the amount of this employee's taxable pay for federal income...
- Q If you do not know whether a new worker is an employee or an independent contractor: a) you must treat the worker as an employee. b) you must treat the...
- Q Ayanna acquires a building for $291,000. She completes renovation of $628,000 and sells the building for for $825.000. Based on the 2-4-10 Model, is this a good deal?
- Q Novak Corp. began the year with retained earnings of $325000. During the year, the company issued $412000 of common stock, recorded expenses of $1290000, and paid dividends of $77700. If...
- Q uantitative Problem: Andrews Corporation has income from operations of $237,000. In addition, it received interest income of $23,700 and received dividend income of $30,900 from another corporation. Finally, it paid...
- Q Frieden Company's contribution format income statement for last month is shown below: Sales (42,000...
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