Accounting question and answers for November 18, 2023
- Q Explain the conventional accounting concept of depreciation accounting, and b. Discuss its conceptual merit with respect to (1) the value of the asset, (2) the amount(s) expensed, and (3) the...
- Q The following data relates to the Fiona Hwang Lotus Hotel that provides overnight accommodation but no other services: Fixed costs: $240,000 per annum; Variable cost per room night...
- Q Galaxy Cruise line provides cruises to Hawaii. Galaxy Cruise provided Gershwin cruise to Hawaii for $6,500. On the way back from the cruise Gershwin got sea sick. Gershwin complained to...
- Q Tom acquires a 7-year class asset on November 1, 2019 for $100,000. Tom does not elect immediate expensing under Section 179. He does not claim any available additional first-year depreciation....
- Q QUESTION 2 Warona Co gives warranties at the time of sale to purchasers of its products. Under the terms of the warranty, the manufacturer undertakes to make good, by repair...
- Q Se form una compaa con $61,800 en efectivo aportados por sus propietarios a cambio de acciones ordinarias. La compaa pidi un prstamo de $31,800 a un banco. La compaa compr...
- Q True or False: Cost behavior is the most important characteristic of costs for managerial decision making. True or False: The quality of the cost equation depends on collecting appropriate data....
- Q Explain how or why comparing annual profit values for two different companies may be difficult. Use examples to illustrate your points where necessary. (5 marks)
- Q 1) A company's board of directors votes to declare a cash dividend of 75 per share. The company has 15,000 shares authorized, 10,000 issued, and 9,500 shares outstanding. The total...
- Q a payment from one parent to another is not considered alimony if
- Q A business, which started trading on 1 January 20X7, adjusted its doubtful debt provision at the end of each year on a percentage basis, but each year the percentage rate...
- Q After completing this learning objective, you should be able to define the objective of financial reporting, the elements of the balance sheet, and the related key accounting...
- Q Englehart Co. provides the following information about its postretirement benefit plan for the year 2011. Service cost $94,300 Prior service cost amortization 6,690 Contribution to the plan 66,690 Actual and...
- Q Gear finishing operation is called____.I am not satisfy give downvote shaping milling hobbing burnishing
- Q Juan acquires an oil and gas property interest for $500,000. Juan expects to recover 100,000 barrels of oil. Intangible drilling and development costs are $125,000 and are charged to expense....
- Q In the 30 June 2021 annual report of Neeta Ltd, the equipment was reported as follows: Equipment (at cost) 400,000 Accumulated depreciation 120,000 280,000 The finance manager determined that the...
- Q You have just been hired as a new management trainee by Earrings Unlimited, a distributor of earrings to various retail outlets located in shopping...
- Q Which principle involves reinforcing a behavior every time it occurs? a) Partial b) Continuous c) Fixed d) Variable
- Q Show me the steps to balance a T-Cash account
- Q Exercise 20-11 (Part Level Submission) Sage Company sponsors a defined benefit pension plan for its employees. The following data relate to the operation of the plan for the year 2017...
- Q Ahmed Corporation makes a mechanical stuffed alligator. The following information is available for Ahmed Corporations expected annual volume of 500,000 units: Per Unit...
- Q A Canadian engineering company just bought a bending machine for $50,000. Its service life is 10 years, and afterwards its salvage value will be $2,000. Services provided by the machine...
- Q Which of the following is included as a component of stockholders' equity? Select one: A. Buildings B. Retained earnings C. ...
- Q The sheridan theater, owned by meg vargo
- Q The Sauron Companys accounting information system shows the following information: May 31 Work in process inventory, Direct materials Dr $ 140,000...
- Q 6. The BookStore, Inc.s 2020 income statement lists the following income and expenses: EBIT = $550,000, interest expense = $80,000, and net income = $415,000. Calculate the 2020...
- Q Six months ago, a company purchased an investment in stock for $65,000. This investment is considered available-for-sale. The current market value of the stock is $68,500. The company should record...
- Q 4.1 REQUIRED Use the information given below to calculate the cost (as a percentage, expressed to two decimal places) to Sunol Stores...
- Q Jasmine is a very successful sales person and is employed by a large Canadian public company. For 2020, her base salary is $122,000. However, $8,200 of her salary will...
- Q Company uses a predetermined overhead rate based on direct labor-hours to apply manufacturing overhead to jobs. On Sept 1, the estimates for the month were: Manufacturing overhead $21,235 Direct labor-hours...
- Q Presented below is information for Novak Company. Beggining of the year accoutns receivable balance was $25,100. Net sales ( All on account) for the year were $108,800....
- Q Buying multiperiod activity capacity is often done by paying cash up front and is always: Select one: a. relevant because it is a variable cost. b. relevant because it could...
- Q Sweet Acacia Co. uses a standard job cost system with a normal capacity of 25,500 direct labour hours. Sweet Acacia Co. produces 12,400 units, which cost $211,500 for direct...
- Q Which of the following steps can help a business avoid embezzlement? Group of answer choices Use independent auditors. Investigate promptly any employee whose lifestyle suddenly changes. ...
- Q Manteniendo todos los dems factores constantes, indique si cada uno de los siguientes cambios generalmente indica buenas o malas noticias sobre una empresa. Explica tu respuesta. (a) Incremento en la...
- Q El Sr. Blochirt est creando un fondo de inversin para la universidad de su hija. Pondr $1,000 por ao durante los prximos 15 aos a partir de un ao a...
- Q An error in the physical count of goods on hand at the end of a period resulted in a $10,000 overstatement of the ending inventory. The effect of this error...
- Q QUESTION 3 An asset is purchased at a cost of P110 000 on 1 January 2016. The asset has a useful life of 10 years. The company expects to sell...
- Q Caldor Health accrued $140,000 for a warranty liability related to sales made in 2020. Warranties cover defects for 2 years from the date of sale. Claims in 2020 were $60,000...
- Q 67. Earnings that are not paid as dividends to stockholders and have cumulative amount are classified as A. non-paid earnings B. common earnings C. retained earnings D. preferred earnings
- Q Chapter 6 Inventories 1. How ownership of inventory is determined 2. How to calculate the cost of goods sold and ending inventory using the specific Identification, FIFO, LIFO and...
- Q Use the following information to answer questions 7 & 8: Cola Co. manufactures a product with a standard direct labor cost of two hours at $24.00 per hour. During July,...
- Q Calculate the interest amount and current yield for the following $1,000 bonds. (Round your interest amount answers to 2 decimal places. Enter the current yield answers as a percent rounded...
- Q What is the effective, compound rate of interest you earn if youenter into a repurchase agreement in which you buy a Treasury bill for $76,789 and agree tosell it after...
- Q List the objectives of the auditor's engagement letter and the management representation letter and the differences between them.
- Q During the year, a company produced and sold 75,000 units of product at a sale price of $6.50 per unit. What is the operating income? 118500, 94500, 46500, (28500)
- Q what is a statutory merger?
- Q QUESTION 5 Compare and contrast the cash flow statement and the statement of comprehensive income. (10 marks)
- Q 2. Conor Company manufactures one product. On December 31, 2019, Conor adopted the dollar-value LIFO inventory method. The inventory on that date using the dollar-value LIFO inventory method was $800,000....
- Q Net income 65,000 Plnned production 20,000 Sales 18,000 Variable manufacturing cost 20 Budgeted fixed manufacturing overhead 100,000 How much is net income under variable cost?
- Q Belkin Inc. tiene 109,000 acciones ordinarias de valor nominal de $3 en circulacin. Belkin declara un dividendo en acciones del 49% el 2 de marzo cuando el valor de...
- Q At the end of April, Hernandez company had a balance of $37,910 invacations benefits payable account. During May, employers earned anadditional $2,790 in vacation benefits, but some employee usedvacation days...
- Q A business issued a 60-day, 7% note for $15,000 to a creditor on account. Illustrate the effects on the accounts and financial statements of recording (a) the issuance if the...
- Q suponiendo un dividendo de 1,13 por accin con 4,22 millones de acciones en circulacin, calcule el EPS y las adiciones a las ganancias retenidas. Las adiciones de la empresa a...
- Q Please answer with reason for all why the option is correct and why the other options are incorrect 62. Drawing is a type of A. O Expense B.Withdrawal of capital...
- Q b) Mary wood is an architect working for New Horizons. She makes every month a salary of 5500. i What is her annual income? ii What is her...
- Q In accounting: What is earnings per share (EPS)? What does it measure? Is it better to have a higher or lower EPS? Why? Is it better to...
- Q Federal Tax Bills typically begin in the House of Representatives. What is the name of the Committee, in the House, that handles these matters?
- Q Yarbow Corporation has a normal gross profit on installment sales of 30%. A 2006 sale resulted in a default early in 2008. At the date of default, the balance of...
- Q What is one of the weaknesses in the accounting system relative to designation of contributions?
- Q Write a 3 chapter research Proposal on accounting or how covid 19 has affected accounting. Chapter 1 must include, introduction, background of study, personal interest/description, academic themes/definition of terms, Theoretical...
- Q Lomax Company Comparative Balance Sheet This Year Last Year Assets Current assets: Cash and cash equivalents $ 98,000 $ 71,600 Accounts receivable...
- Q when doing adjusted gross income is a roth ira contribution deductable from someones gross income when doing their 1040
- Q How can having a bonus system based purely on sales goals create an environment that encourages unethical behavior?
- Q uick ratio Adieu Company reported the following current assets and current liabilities for two recent years: Dec. 31, 20Y4 Dec. 31, 20Y3 Cash $920 $1,090 Temporary investments 1,100 1,500 Accounts...
- Q Oriole Co. uses a perpetual inventory system and both an accounts receivable and an accounts payable subsidiary ledger. Balances related to both the general ledger and the subsidiary ledgers for...
- Q b) The concept of Value for Money (VFM) in the public sector has been associated with the SEs. The relevant elements of the VFM can be applied as...
- Q The operating activities section of the statement of cash flows reflects the cash flow that affects current assets and current liabilities. True or false?
- Q When a company creates overhead rates based on the actions it performs, it is employing an approach called - costing. (Enter only one word per blank.) ...
- Q Segment reporting requires disclosure of each customer that accounts for more than 5% of total enterprise revenue. Group startsTrue or False
- Q a. Eloise received $150,000 in settlement of a sex discrimination case against her former employer. b. Nell received $10,000 for damages to her personal reputation. She also received $40,000 punitive...
- Q The Controller of a company asks the credit department to estimate the allowance for doubtful accounts. The credit department uses a formula for this that produces a range...
- Q You are the manager of a department within a large company. $80,000 has been budgeted for computer upgrades in your department next year. Cost control is important, so...
- Q A _____________ inventory system is one that is continually updated to reflect inventory purchases and sales. Multiple Choice perpetual periodic transitional...
- Q VineyardVineyard Test Laboratories does heat testing(HT) and stress testing(ST) on materials and operates at capacity. Under its current simple costing system, VineyardVineyard aggregates all operating costs of $...
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