Accounting question and answers for November 18, 2023
- Q 1. Which of the following is not a type 1. Which of the following is not a type of auditors' opinion? a. adverse b. qualified c. unmodified d....
- Q Gifts and Inheritances (LO 2.11) Charlene receives a gift from her boyfriend of $10,000. He knows she is having financial problems and wants to help...
- Q On Aug 3, 2019, Gamma Co. enters into a forward contract to buy 50,000 Euros (EUR) for $ 7,600 Canadian (CAD) on September 1, 2019. On August 31, 2019, 50,000...
- Q a. Compute Shareholders' Equity for the next fiscal year based on the projections for assets and liabilities.167558millionb. What accounting assumption supports the use of a fiscal year?Time period...
- Q Do expenses related to a straight line depreciation asset be included in the cash flow budget
- Q Parkovash, Incorporated, obtained 100 percent of Salerno Companys common stock on January 1,2023, by issuing 8,300 shares of $10 par value common stock. Parkovashs shares had...
- Q on march 1,2013 Pyne Furniture co. issued $700,000 of 10% bonds to yield 8%. interest is payable semiannually on Feb 28 a of nd august 31. the bonds...
- Q Kubin Companys relevant range of production is 17,000 to 26,500 units. When it produces and sells 21,750 units, its average costs per unit are as follows: ...
- Q Bailey Corp. has the following information: Beginning Inventory (Jan 1) Ending Inventory (Dec 31) Raw Materials...
- Q 9. The matching principle requires that: a) Revenue be recorded when received in cash b) Expenses be recorded...
- Q What are reasoned explanations for the observed sign on the cost driver variable in the maintenance cost regression? Select all that apply. A. Vehicles might...
- Q Which of the following sells goods that it purchases in finished form for resale? Multiple Choice non-profit business manufacturing business merchandising...
- Q Smith Inc. reports a beginning balance and their supplies count of $7200. During the accounting period they purchased additional supplies of $3650. If physical count of inventory at...
- Q Which of the following taxpayers is potentially eligible to use the IRS's Direct File Pilot Program? A taxpayer who: Itemizes deductions. Earned the majority of their...
- Q The T-accounts below summarize transactions of Nippon Technology from February 22 to February 25,2024: Cash Balance 13,700 12 85 67 11 45 7 PP&E,...
- Q When an internal service fund sends a bill to the general fund, which account should the internal service fund debit? a.) expenditures - vehicle usage b.) due from general...
- Q The accrual basis of accounting recognizes revenues when: a) Cash is received b) Goods are shipped c) Services are performed d)...
- Q retail co. has two dept's, indoor and outdoor. The co.'s most recent monthly contribution format income statement is below: TOTAL OUTDOOR INDOOR Sales: 4,900,000 1,500,000 3,400,000 Variable Exp's: 2,200,000 800,000...
- Q An inexperienced accountant prepared this condensed income statement for Wright Company, a retail firm that has been in business for a number of years. ...
- Q Which of the following statements concerning the documentation of compliance with ISAs is correct? (i) All professional judgment made, in an audit, must be documented (ii)...
- Q At the beginning of the year, manufacturing overhead (MOH) for the year was estimated to be $270,250. At the end of the year, actual direct labor-hours for the year were...
- Q A baker had a certain number of boxes and a certain number of cakes with him. Initially he distributed all the cakes equally among all the boxes and found that...
- Q Question 6 (10 Points) In 2014, Byron was granted 4,000 stock options by his employer, Buxton Corporation. The options vested at the date of grant and must be exercised within...
- Q A firm expects to sell 25,000 units of each product at $11 per unit income is projected to be $60,000 if the variable Cost per unit are 5$...
- Q Multiple Choice Question Which account is credited in the journal entry to record labor costs? Direct labor Manufacturing overhead Wages payable Work in process inventory
- Q Which of these wages paid to employees would be included in calculation w-2 wages for the qbi deduction? wages paid to a
- Q There are 3 separate sections to the following Part: section a, section b, and section c. (all need to be answered) 1. Section a: You have been hired...
- Q Why, in your opinion, is it important for a travel professional to know about a country's physical geography?
- Q Allocation bases that do not drive overhead costs Blank______.Multiple choice question.are difficult to keep track ofcannot be used to calculate overheadwill not accurately measure costs used by jobswill...
- Q Case A. Kapono Farms exchanged an old tractor for a newer model. The old tractor had a book value of $22,000 (original cost of $48,000 less accumulated depreciation of $26,000)...
- Q 5-12 Components of Ending Work-in Process The Oxford Company uses a job order cost system and applies factory overhead to jobs on the basis of direct Job labor...
- Q The assets of the company are $175,000 and and liabilities are $40,000. Stockholders' equity should equal $215,000 $135,000 $175,000 $40,000...
- Q Problem 2-46(LO 2-1)(Static) Molto Stancha Corporation had zero earnings this fiscal year; in fact, it lost money. Must the corporation file a tax return?
- Q Required information Skip to question [The following information applies to the questions displayed below.] Morganton Company makes one product and it provided the following information to...
- Q Which of the following are characteristics of management accounting information? (Select all that apply.) Multiple select question. oriented toward the past needs...
- Q Match the following using the following terms CREDIT, DEBIT, CREDIT, DISCOUNT, PREMIUM, INCREASE, LESS, DECREASE The amortization of the bond ___________ will result in...
- Q The types of legacies that may not be provided by a will include all of the following except: Question 35 options: a) parallel b) residual c) specific d) general
- Q The amount of cash that is actually expected to be collected on accounts receivable is referred to as:
- Q True and false. The essentials of budgeting are (1) establishment if specific goals for future operations and (2) the periodic comparison of actual results with these goals.. The budget...
- Q Metro Services, Inc. reported the following information for the year 2019. Based on the following information, calculate the rate of return on total assets for Metro Services, Inc. (Round the...
- Q The following data pertain to an investment proposal (ignore income taxes): cost of the investment $34,000 Annual Cost savings $10,000 Estimated salvage value $5,000 life of the project 5 years...
- Q Assume a company sold a piece of equipment that had an original cost of $15 million and accumulated depreciation of $10 million. The cash proceeds from the sale were $8...
- Q Goodwill is generally considered the excess of the value of an ongoing business over the value of its Customers ' loyalty Gross assets Net assets Foreign direct investment...
- Q Entries for Costs in a Job Order Cost System Royal Technology Company uses a job order cost system. The following data summarize the operations related to production for March: Materials...
- Q American Food Services, Incorporated leased a packaging machine from Barton and Barton Corporation. Barton and Barton completed construction of the machine on January 1,2024. The lease agreement for...
- Q Stober Corporation had 8 million shares of common stock outstanding during the current calendar year. On July 1, Stober issued ten thousand $1,000 face value, convertible bonds....
- Q Problem 2 The Dunbar zoo operates a drive-through tourist attraction in hamilton. The selected accounts appearing below reflect balances on January 1 , 2017. Prepaid Rent (expires on Nov 30,2017)...
- Q the amount of interest income a taxpayer recognizes when he redeems a US savings bond is
- Q if weekly production is 13,000 units , what is estimated weekly production costs for thrsusmaster when it is not season.
- Q Operating Leverage Income statements for two different companies in the same industry are as follows: Trimax, Inc. Quintex, Inc. ...
- Q Can u explain about this Debt Equity Ratio = 2 : 1 = Total liabilities/Total Equity 2Equity = total liabilities Total liabilities + equity = 900000 2Equity + equity =...
- Q Assume that Merrylands Markets had an inventory balance of $32 570 at the close of the last accounting period. The following sales and purchase transactions are for the current period....
- Q Appolo Healthcare Solutions provides preventive health check-up packages for men and women over 40 years of age and charges $12,500 per package on an average. The average variable costs per...
- Q A firm purchased a new piece of equipment with an estimated useful life of eight years. The cost of the equipment was $65,000. The salvage value was estimated...
- Q 1. Selected current year company information follows: Net income ...................................$ 15,953 Net Sales.........................................712,855 Total liabilities, beginning-year...............83,932 total liabilities, end-of-year..................103,201 total stockholders' equity, beginning-year....198,935 total stockholders' equity, end-of-year........121,851 Total...
- Q Which of the following methods for estimating the variable and fixed elements of a mixed cost relies on an evaluation of factors such as production methods, materials specifications,...
- Q Jordan, Inc., is a leading manufacturer of sports apparel, shoes, and equipment. The companys 2015 financial statements contain the following information (in millions): 2015 2014 Balance sheets: Accounts receivable, net...
- Q (Assigning Accounts Receivable) On April 1, 2022, Prince Company assigns $500,000 of its accounts receivable to the Hibernia Bank as collateral for a $300,000 loan due July 1, 2022. The...
- Q Which of the following is included as a component of stockholders' equity? Select one: A. Buildings B. Retained earnings C. ...
- Q Berol corporation sold 20 year bonds on January 1,2010. The face value of the bonds was 100,000 dollars, and they carry a 9% stated rate of interest, which is paid...
- Q A sales invoice included the following information: merchandise price, $5,000; delivery expense, $300; terms 1/10, n/eom, FOB shipping point. Assuming that a credit for merchandise returned of $600 is granted...
- Q 4. Which of the following accounts is classified as a liability? a) Accounts Receivable b) Prepaid Expenses ...
- Q Code of Ethics for Professional Accountants: Fundamental Principles The International Ethics Standards Board for Accountants (IESBA) is an independent standard-setting body that develops the Code of Ethics for Professional Accountants...
- Q Choose "YES" or "NO" for each of the following items to indicate whether the account is part of contributed capital. a. Common stock [Y/N] b. Preferred stock [Y/N] c. Contributed...
- Q The process of bringing the balance of the bank statement and balance of the checking account into agreement is called: In QBO, an up-to-date record of inventory is...
- Q Which soil classification system is commonly used in the United States? A) Unified Soil Classification System (USCS) B) AASHTO Soil Classification System C)...
- Q The most recent financial statement for Reston Company is given below: RESTON COMPANY Income Statement For the Month ended March 31, 2015 Sales.......... $900,000 100.0% Less...
- Q . NEED NEW ANSWER ASAP / ANSWER NEVER USED BEFORE Why do you think it is important to consider only relevant costs when conducting a differential analysis for a major...
- Q Financial information for Accessories Unlimited includes the following selected data: Net income (in millions) $150 Shares outstanding (in millions) 300 Stock price $20.00...
- Q Emmett and Sierra formed a partnership dividing income as follows: Annual salary allowance to Emmett of $44,000 Interest of 8% on each partner's capital...
- Q which one of the following is in contra account to an asset account balance? 1) depreciation expense 2)accumulated depreciation 3) cost of goods sold 4) sales discount ...
- Q When Mary Potts arrived at her store on the morning of January 29, she found empty shelves and display racks; thieves had broken in during the night and stolen the...
- Q ccrual basis accounting: Multiple Choice Increases the comparability of financial statements from period to period. Is flawed because it gives complete information about cash...
- Q Bonds issued by corporations and exposed to default risk are classified as A . corporation bonds B . default bonds C...
- Q Jasper Fruits Corporation wholesales peaches and oranges. Barbara Jasper is working with the companys accountant to prepare next years budget. Ms. Jasper estimates that sales will increase 6 percent for...
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