Accounting question and answers for November 17, 2023
- Q 1. A truck cost $60,000 when purchased and has a $60,000 balance in the accumulated depreciation account. If the truck is discarded, we will record: a. credit to accumulated depreciation,...
- Q Which of the following best describes materiality in financial reporting? Select one: a. The value of reported financial information outweighs the costs incurred to report it. b. Information is free...
- Q Real Options, Inc. is a company not required to provide periodic reports to investors under the Securities Exchange Act of 1934 (i.e., it is not a publicly traded company). ROI...
- Q Dallas and Weiss formed a partnership to manage rental properties, by investing $128,000 and $192,000, respectively. During its first year, the partnership recorded profit of $450,000. ....
- Q You should also respond to anyone who has responded to you. Your Discussion should be a minimum of 250 words in length and not more than 450 words. Please include...
- Q PART TWO -TRUE or False 2 points each.- you may explain your answer if you wish. 1. __________Employers who establish pension plans for their employees...
- Q Portions of the financial statements for Parnell Company are provided below. PARNELL COMPANY Income Statement For the Year Ended December 31, 2016 ($ in 000s)...
- Q Jeremy earned $100,600 in salary and $6,600 in interest income during the year. Jeremys employer withheld $11,000 of federal income taxes from Jeremys paychecks during the year. Jeremy has one...
- Q Accounting information systems. In reading Appendix A of this chapter, you may have been struck by the fact many governmental accounting information (GAI) software systems appear to be incapable of...
- Q Laiho Industries's 2020 and 2021 balance sheets (in thousands of dollars) are shown. Laiho Industries: Balance Sheets as of December 31(thousands of dollars) ...
- Q Terry works for Fly by Night CPAs. He was under pressure to complete as many returns as possible and did not complete Form 8867 to determine whether head of household...
- Q FreshPak Corporation manufactures two types of cardboard boxes used in shipping canned food, fruit, and vegetables. The canned food box (type C) and the perishable food box...
- Q Elegancy Jewellers Ltd specialises in the manufacturing and sell of Wedding Rings. Variants produced are below: 1. Gold produced and coated with real gold as...
- Q On December 31, 2017, Sheffield Inc. has a machine with a book value of $1,015,200. The original cost and...
- Q Product X has a standard direct material cost as follows 30 kilograms of material A at $20 per kg During a period of production, 50 units of X were manufactured,...
- Q Question One--Sum of the Year's Digits On March 31st,2018, Flores Flowers buys a delivery truck for $40,000. The delivery truck will have a...
- Q The December 31 inventory count of computer supplies shows $610 still available. Three months have expired since the 12-month insurance premium was paid in advance. As of December 31, Lyn...
- Q Saved A payment of a portion of accounts payable will Multiple Choice O not affect total assets. O not affect shareholders' equity. O Increase liabilities. O decrease net earnings
- Q Gabriel Corporation tiene costos fijos de $180 000 y costos variables de $8.50 por unidad. Tiene un ingreso objetivo de $268,000. Cuntas unidades debe vender a $12 por unidad para...
- Q In 2019, Sue exchanges a sport-utility vehicle (adjusted basis of $16,000; fair market value of $19,500) for cash of $2,000 and a pickup truck (fair market value of $17,500). Both...
- Q Which of these is required for the California Child and Dependent Care Expenses Credit, but not the federal credit? Reporting nontaxable funds received, including child support and public assistance....
- Q Which of the following best explains why an organization would enter into a capital lease contract? A. To increase the ability to borrow additional funds from creditors B. To reduce...
- Q Why would a firm choose the Process cost method of accounting for production costs?
- Q Universal Foods issued 10% bonds, dated January 1, with a face amount of $150 million on January 1, 2018. The bonds mature on December 31, 2032 (15 years). The market...
- Q Judith Vending Company has invested $1,290,000 in a plant to make vending machines. The target operating income desired from the plant is $322,500 annually. The company plans annual sales of...
- Q Agnes is 66 years old. In 2023, she received OAS payments of $8,250, CPP payments of $10,000 and investment income of $65,000. No federal income tax was withheld. Her total...
- Q Riverbed Corporation sells DVD players. The corporation also offers its customers a 4-year warranty contract. During 2020, Riverbed sold 20,000 warranty contracts at $96 each. The corporation spent $187,000 servicing...
- Q When bonds mature, a journal entry is recorded on the books of both the investor and the investee (issuer). However, when bonds are sold by the investor prior to maturity...
- Q The direct material price variance can be found using which of the following formulas: A. (Actual...
- Q UrLink Company is a newly formed company specializing in high-speed Internet service for home and business. The owner, Lenny Kirkland, had divided the company into two segments: Home Internet Service...
- Q The issuance of long-term bonds and the issuance of common stock are similar in that: A. both activities require interest payments to investors. B. both activities are...
- Q Suponga que es gerente de una tienda minorista, por ejemplo, GAP o Stop & Shop. Qu tipo de decisiones necesita tomar cuando administra la operacin diaria de su tienda? Qu...
- Q An employee whose regular hourly rate is $12 and whose overtime rate is 1.5 times the regular rate worked 44 hours in one week. In the payroll register, the employer...
- Q You are provided with the following information for Sunland Inc. Sunland Inc. uses the periodic system of accounting for its inventory transactions. March...
- Q Continuing Payroll Project: Prevosti Farms and Sugarhouse (Algo) Skip to question [The following information applies to the questions displayed below.] Prevosti...
- Q T5: CASH signed a contract with a local carpenter to build a fence to enclose the backyard. The carpenter charges $250 per hour and expects the fence to take 10...
- Q Which of the following is not true regarding normal costing?- At the end of the year, any under or over allocation is typically closed out to COGS. -More than one...
- Q 6. Using a perpetual inventory system, the entry to record the sale of merchandise on account includes a a. debit to Sales b. debit to Inventory...
- Q Complete the following payroll register for Thorndike Manufacturing Company. All workers receive time and one-half for hours worked in excess of 40 hours per week. Compute Social Security using 6.2%...
- Q 1. Aquamarine, the managing partner of Inter-Color Partnership, was driving the delivery truck of the firm when he rammed it into an electric post resulting in damages to the vehicle...
- Q The matching principle is also called the ________.A. adjusting entry concept B. time period concept C. revenue recognition principle D. expense recognition principle
- Q Define materiality as it is used in Chapter 7 ( Earnings Management) . How does materiality come into play when assessing financial statement restatements? Other than materiality, what is the...
- Q 9. When a buyer returns merchandise purchased for cash, the buyer will record the transaction as a a. debit to Inventory; a credit to Cash b. debit to...
- 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 Medicare tax?
- Q Swanson & Hiller, Inc., purchased a new machine on September 1 of the current year at a cost of $108,000. The machines estimated useful life at the time of the...
- Q A gift tax return must be filed when which of the following payments was made? Question 4 options: ...
- Q Sock Market's corporate charter allows it to issue 9,000,000 shares of common stock. In its first year of business, Sock Market sold 700,000 shares of common stock in January, Year...
- Q High Desert Potteryworks makes a variety of pottery products that it sells to retailers. The companys job-order costing system uses departmental predetermined overhead rates to apply manufacturing...
- Q Digamos que los Monster Trucks de Malcolm tienen un capital accionario total de $4,560,000. La compaa tambin tiene 250.000 acciones en circulacin. Cul es el valor contable y...
- Q Create your own pay cycle scenario for an Ontario employer (with a company name) who has four employees (with each employees name), two of them are paid annual salaries, and...
- Q Question 10: The ________ point is the level of production or sales where total revenue equals total and -profit is maximized. Don't use Chat GTP, It gives wrong answer. Don't...
- Q Suppose a firm has the following information: Operating current assets 5 $2.7 million; operating current liabilities 5 $1.5 million; long-term bonds 5 $3 million; net plant and equipment 5 $7.8...
- Q REQUIRED Use the information provided below to answer the following questions: 1.1 Explain why the following items are incorrectly disclosed in the Statement of Financial ...
- Q (Answer only d and e) As a new analyst at an investment firm that specialises in alternative investments, your first assignment is to advise the investment committee on a potential...
- Q Solve for X Corporation is a manufacturer of learning aids for high school and college aged children struggling with algebra. They reported the following information for the period just completed....
- Q Sugar, Inc. sells $469,300 of goods during the year that have a cost of $398,600. Inventory was $29,783 at the beginning of the year and $34,038 at the end of...
- Q sophie is a single taxpayer. For the first payroll period in October 2017, she is paid wages of 2,900.00 monthly. Sophie claims two allowances on her Form W-4. Pay period....
- Q Nueva Company reported the following pretax data for its first year of operations. Net sales 7,520 Cost of goods available for sale 5,730 Operating expenses 1,578 Effective tax rate 20%...
- Q The following selected data were taken from the accounting records of Metcalf Manufacturing. The company uses direct-labor hours as its cost driver for overhead costs. ...
- Q On November 1, 2020, Schumpeter Conglomerates sold $260,000,000 20-year bonds with a coupon rate of 4% paid semi-annually. The market rate for a security of similar risk and maturity is...
- Q which phrase best describes the current role of the managerial accountant?
- Q A company is planning to purchase a machine that will cost $24,600 with a six-year life and no salvage value. The company expects to sell the machine's output of 3,000...
- Q On January 1, 2023, Martineau Corp. issued a 5-year, 3% installment note payable for $128,000 to finance upgrading its current equipment. The companys year end is December 31. The...
- Q . The amount of the average investment for a proposed investment of $70,000 in a fixed asset, with a useful life of four years, straight-line depreciation, no residual value, and...
- Q Lucas Chang and Kaia Nash are a married couple and they equally own and operate ABC Inc. Lucas's sibling, Teagan, is starting a new company, XYZ Co., and has asked...
- Q Which of the following does not appear on the QuickBooks Online Navigation Bar? 2 points A) Accounting...
- Q Debt Equity Ratio We look at an example that applies to both, individuals, such as ourselves, and companies. We will assume that we own a piece of real estate. This...
- Q Machine Replacement Decision A company is considering replacing an old piece of machinery, which cost $597,700 and has $347,700 of accumulated depreciation to date, with a new machine that has...
- Q Can someone explain to me how to create appropriate notes as year-to-year documentation for managing depreciation, supplies, and inventory.
- Q Assume that on December 31, 2016, Stark Company has outstanding 10,000 shares of $25 par, 6% cumulative, preferred stock and 100,000 shares of $5 par common stock. Stark was unable...
- Q CBSY 2306 Sage 50 Assignment 1 - 90 Marks Total 1. Downloadandthenrunthefile04C4-2Kojokaro.exe. 28Marks This will extract the 04 C4-2 Kojokaro.SAJ folder and 04 C4-2 Kojokaro.SAI file. Do the Challenge Exercise...
- Q McWherter Instruments sold $450 million of 10% bonds, dated January 1, on January 1, 2021. The bonds mature on December 31, 2040 (20 years). For bonds of similar risk and...
- Q Parent Company P owns 70% of the outstanding shares of Subsidiary Company S. The following information is available for both companies:Parent Company P:Net Income: $500,000Dividends Declared: $100,000Subsidiary Company S:Net Income:...
- Q Ron Smith reported a loss of $325,000 during 2020 from farm operations. Ron is married and files joint with his spouse .The farm is their only trade or business.What is...
- Q NUK Company is a relatively new firm that is still in a period of rapid development. The company plans on retaining all of its earnings for the next five years....
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