Accounting question and answers for November 17, 2023
- Q For overhead and inventory, what do you think about all of this? Many people struggle with the concept of costs flowing throughout inventory:1. Does absorption costing make sense to you? 2....
- Q Emma Corporation reports the following numbers:Total sales $4,000,000Invested capital $1,000,000Net operating profit less adjusted taxes $200,000Net operating profit $260,000Interest expense $100,000Lease expense $200,000Total long-term debt $1,200,000Total Assets $3,000,000Market price per...
- Q Our inventory levels can have a huge impact on lots of things. Spoilage, holding costs, whether or not we meet customer delivery dates, and so much more. When it comes...
- Q For the company Amazon, please answer the following questions with equations:What is the cost of equity?What is the cost of debt?What is the after-tax cost of debt?What is the cost...
- Q Larry is a self -employed insurance salesperson.He decides to take his best customer to a Pacers basketball game . Larry is able to buy two floor seat tickets for $500...
- Q Assume you decided to go with the Loan from Maryland Bank but you cannot afford to pay more than $300,000 per period (semi-annually). You are willing to negotiate the interest...
- Q Mortgage payments. An investor is looking at a $475,000 home. If 25% must be put down and the balance is financed at 9% over the next 15 years.What is the...
- Q Fred Corporation reports the following numbers:Operating assets $2,000,000Financial assets $1,100,000Total assets $3,100,000Operating current liabilities $500,000Financial liabilities $700,000Stockholder’s equity $1,900,000Total liabilities and equity $3,100,000RequiredWhat is the dollar value of Fred’s net...
- Q Purchase order between Barneys & Fred for vacuums. Terms are n/90. Barneys obtains legal rights to goods at the point of delivery.Barneys is not allowed to discount the vacuums to...
- Q Describe the following;- I. Auditing around the computer II. Auditing through the computer b) Airtel Ltd is a big company which is a telecommunications service provider which is encountering unusual fluctuations in its...
- Q The USD/KWD spot exchange rate is 0.3162. The current 6-month T-bill is 3.10% and the 6-month interest rate in Kuwait is 2.65%. What is the 6-month currency forward price?
- Q XYZ Company's bank statement shows a balance of $8,500, while its internal records indicate a balance of $9,200. During the bank reconciliation process, the following information is discovered:Outstanding checks total...
- Q Fortune Company purchased Dairy cattle at an auction for P300,000 on July 1, 2014. Cost of transporting the cattle back to the company's farm was P3,000 and the company would...
- Q The retired mayor of Enid, Oklahoma, Ernst Currier, had a job as a loan officer and then as a senior vice president at Security National Bank. In his bank job,...
- Q The CPA firm you work for insists that the partners join the AICPA; for all other staff members the firm does not encourage membership, nor will it pay dues if...
- Q While performing the audit, the team identifies.Five errors related to the valuation or the disclosure of the items in the financial statements. What is the impact of the identified errors on...
- Q Company is preparing its production budget for the coming month. pects to sell 4,875 units of its product. It starts the month with an inventory of 760 units and wants...
- Q Milky a retailer started a business on 1st June 2017 .on 31st 2018 the trial balance extracted by an accountant failed to balance by credit amount of $800. the following...
- Q One of your temporary administrative office professionals, Martie Evans, is upset because she saw a memorandum written by a staff member in the Human Resource Department recommending that all temporary...
- Q A firm that purchases electricity from the local utility for $400,000 per year is considering installing a steam generator at a cost of $310,000. The cost of operating this generator...
- Q The following transactions occurred during the month of January for XYZ Company:Received $10,000 in cash as investment from the owner.Purchased inventory on credit for $5,000.Sold inventory for $8,000 in cash.Paid...
- Q Assume on November 2, 2020, Pinay Cosmetics, Inc. ordered merchandise from a foreign company for delivery to Pinay on January 31, 2021 at a price of FC1,000,000. Also on November...
- Q This year child tax credit has a double phaseout amount that reduces the credit. For Head of Household filers, at what amount of their AGI does the first phase out...
- Q A company has a target of earning $60,000 profit for the year:Cost price per unit= $25Selling Price per unit= $30How many units company need to see to achieve targeted profit?
- Q Parent Company P owns 80% of the outstanding shares of Subsidiary Company S. The following information is available for both companies:Parent Company P:Net Income: $500,000Dividends Declared: $100,000Tax Rate: 30%Subsidiary Company...
- Q Assume that an organization charges $5,000 for its services, but only collects $3,250 for the year 1. The remainder will be collected in the year 2. The organization's only cost...
- Q Your are the new auditor for Beauty Blend Cosmetics Co (BBCC) for its December 31, 2020 year end. The business distributes its products to beauty stores in Canada and the...
- Q You are considering the audit of Better Beauty (BB), a firm specialising in cosmetic surgery with around ten branches across Australian cities. The CEO of BB is Sid Red, who...
- Q The cash in bank of AA Company in BB (Bank) had a balance per book of P1,920,000 as of December 31, 2022. The details below are related to BB Bank...
- Q Discovery & KYC:A new client comes in to see you to discuss trading stocks, male: age 45. He tells you he has 1.5 million net worth, and hates his old...
- Q On November 15, 2019, Tim, a cash basis taxpayer, gave his Daughter Nancy 1000 shares of JP Morgan common stock, which Tim purchased on June 30, 2015 for $60,000. On...
- Q 11) (Annuity FV Table Required) Jennifer recently earned a degree in accounting and her first employment opportunity is an accountant at a major corporation. The 401K portion of her employment...
- Q In the current year E attended university full time and received a scholarship of $2,000 that covered most of her tuition. She also received support payments of $45,000 from her...
- Q Problem 5-35 Sunland Products, a rapidly growing distributor of home gardening equipment, is formulating its plans for the coming year. Carol Jones, the firms marketing director, has completed the following...
- Q A personal account earmarked as a retirement supplement contains $242,100. Suppose $200,000 is used to establish an annuity that earns 4%, compounded quarterly, and pays $6000 at the end of...
- Q Three transactions for Cullumber Gifts are presented here. On October 2, Cullumber Gifts purchased $46,000 of merchandise from Sea Toys, terms 2//10,n//30. On October 6, Cullumber Gifts returned $2,400 of...
- Q Assume a company with two divisions (A and B) prepared the following segmented income statement: A B Total...
- Q True or False; Under the Accrual Basis of Accounting, revenues are recorded in the financial records of an organization when incurred, and expenses are recorded when earned.
- Q Blank is the excess of current assets over current liabilities
- Q Clothing Company has two service departments purchasing and maintenance, and two production departments fabrication and assembly. The distribution of each service department's efforts to the other...
- Q On November 7, 2017, Mura Company borrows $280,000 cash by signing a 90-day, 10% note payable with a face value of $280,000. (Use 360 days a year. Do not round...
- Q Bill earned a gross commission of $2551.05 during August. What were his gross sales if his rate of commission is 14.5% of net sales and sales returns and allowances for...
- Q forensic accounting and fraud examination
- Q If a company is trying to boost its profits in the prospectus ready for the share issue, is recording the service revenue received in cash in the current year (ending...
- Q A CCTV project for a company commenced on January 2018 and was expected to be complete by December 2018. A review done in October 2018 revealed the following information. Budgeted Cost...
- Q 1. ABC Company uses a calendar year and purchases a fixed asset on March 5. Under the one-half year convention, when will ABC begin depreciating the asset? a.July 1 b.January...
- Q Explain Rule-based vs. Principle-based approach in setting accounting standard - Show the benefits of each approach - Any kind of problem in adopting those approaches.
- Q Under IFRS, revenue should be recognized only when: Question 44Select one: a. a performance is substantially complete. b. a sale or service transaction has occurred. c. each performance obligations is...
- Q The following particulars relating to the year ended 31 March 20X8 have been extracted from the books of a trader. Debtors' ledger control account balance on 1 April 20X7...
- Q 1. FINAL ASSIGNMENT - SUPPLY CHAIN ACCOUNTING Review module readings and viewings studied thus far in the course. When complete, answer the following questions thoroughly and completely. 1. Describe the...
- Q On January 1, 2021, Silver Company acquires 80% of Wonderland Company for $2,400,000 in cash consideration. The remaining 20 percent noncontrolling interest shares had an acquisition-date estimated fair value of...
- Q Summary information from the financial statements of two companies competing in the same industry follows. Barco Company Kyan Company ...
- Q MFRS 16 Leases permits certain assets to be exempt from the recognition treatment for right ofuse assets. Which of the following assets leased to an entity would be permitted to...
- Q Volunteer Brewery's shareholders equity included the following accounts at December 31, 2020: Shareholders' Equity Common stock, 1 million shares at $1 par $ 1,000,000 Paid-in capitalexcess of par 14,000,000 Retained...
- Q Inferring Purchases Using Cost of Goods Sold and Inventory Balances Geiger Corporation, a retail company, reported inventories of $66,000 at the beginning of the year, and $73,000 at the end...
- Q Discuss the motivations for measuring noncontrolling interests at fair value. Why is fair value treatment required under Generally Accepted Accounting Principles (U.S. GAAP)? What is (are) the primary objectives of...
- Q Motorcycle Manufacturers, Inc. projected sales of 53,100 machines for the year. The estimated January 1 inventory is 6,730 units, and the desired December 31 inventory is 7,480 units. What is...
- Q In late 2016, Vonki Waves Limited established a defined benefit pension plan for its employees. At the inception of the plan, it was decided that both the interest expense accruing...
- Q QUESTION 15 The net income reported on the income statement for the current year was $245,000. Depreciation was $40,000. Account receivable and inventories increased by $8,000 and $15,000,...
- Q Present value tables are required.) Karpets Industries is investing in a new high-speed loom for weaving its rugs and carpets. The new loom will have a useful life of 7...
- Q You are required to design an audit program for Brambles Limited Company for Year ended 2020-2021. Your audit program steps should be clearly written in sequential order, that is, steps...
- Q Munoz Joy Company makes two types of rugs, seasonal and all-purpose. Both types of rugs are handmade, but the seasonal rugs require significantly more labor because of their decorative designs....
- Q Northwood Company manufactures basketballs. The company has a ball that sells for $25. At present, the ball is manufactured in a small plant that relies heavily...
- Q 10. If the buyer is to pay the freight costs of delivering merchandise, delivery terms are stated as a. FOB shipping point b. FOB destination ...
- Q Bhekisizwe (Pty) Ltd, a micro business, registered its business at the commencement of the 2023 year of assessment and started trading immediately. Its cash turnover for the period was R650...
- Q During an audit, an agent looks to the companys financial statements to verify that the same accounting practices were used in the tax return for a certain expense. Would the...
- Q Illustrate the effects on the accounts and financial statements of the following related transactions of Bigsur Inc. If no account or activity is affected, select "No effect" from the dropdown...
- Q On January 3, 20X9, Pleat Company acquired 80 percent of Stitch Corporation's common stock for $344,000 in cash. At the acquisition date, the book values and fair values of Stitch's...
- Q Highland Company produces a lightweight backpack that is popular with college students. Standard variable costs relating to a single backpack are given below: ...
- Q A company is considering investing in a new machine that requires a cash payment of $47,907 today. The machine will generate annual cash flows of $19,946 for the...
- Q d. Thad is worried about the selling price. Rumors are circulating that other retro brands of cycles may be revived. If so, the selling price for the...
- Q Create Financial Statement Analysis about these five company (I have attached the link for 10-k on SEC) Exxon Mobil https://www.sec.gov/ix?doc=/Archives/edgar/data/34088/000003408820000016/xom10k2019.htm Chevron https://www.sec.gov/ix?doc=/Archives/edgar/data/93410/000009341020000010/cvx12312019-10kdoc.htm Marathon Oil https://www.sec.gov/ix?doc=/Archives/edgar/data/101778/000010177820000023/mro-20191231x10k2019.htm Spindletop Oil https://www.sec.gov/Archives/edgar/data/867038/000101738620000095/sog_2019dec31-10k.htm Cabot Oil...
- Q Tough Guy Corporation has a debt to total assets ratio of 65%. This tells the user of Tough Guys financial statements that: a.Tough Guy is getting a 35% return on...
- Q Northwood Company manufactures basketballs. The company has a ball that sells for $25. At present, the ball is manufactured in a small plant that relies heavily on...
- Q When a reporting entity is not a legal entity and does not comprise only legal entities all linked by a parent-subsidiary relationship, the boundary of the reporting entity can contain...
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