Accounting question and answers for November 18, 2023
- Q In May 2020, the budget committee of Big Jim Stores assembles the following data for preparing the merchandise purchases budget for the month of June: 1. ...
- Q Hi-Tek Manufacturing Incorporated Income Statement Sales Cost of goods sold Gross margin Selling and administrative expenses Net operating loss [$1","755","900],[1","218","952],[536","948],[570","000],[$(33","052)] Hi-Tek produced and sold 60,400 units of B 300 at...
- Q Penelope, who needs a service animal due to a medical condition cannot use form 2106
- Q 5.Honeysuckle Manufacturing has the following data: Top of Form ...
- Q Bryant Oil Company produced a total of 1,000 barrels of oil in June 2022. The expected selling price was $120/bbl. The purchaser pays the severance taxes and the royalty interest...
- Q The balance sheet for Tactex Controls Inc., provincially incorporated in 2021, reported the following components of equity on December 31,2022. Tactex Controls Inc....
- Q A sporting equipment store expects to purchase $7100 of ski boots in October. The store had $3100 of ski boots in merchandise inventory at the beginning of October, and expects...
- Q The home office expense deduction is limited to A) gross income from the trade or business. B) taxable income of the taxpayer. C) net income from the trade or business....
- Q which of the following capital budgeting techniques provides the decision maker with answer expressed in dolars
- Q Gideon currently has a fixed annual cost of $880,000, variable cost of $22 per unit, and a selling price of $50 per unit. What is Gideons current breakeven point?
- Q The company uses constant gross margin percentage NRV method to allocate the joint costs of production. The Brital Company processes unprocessed milk to produce two products, Butter Cream and Condensed...
- Q Recognize when gifts trigger income taxes for the donor. Recognize when using a trust to share wealth triggers income tax. Compare both and use examples and primary sources...
- Q Ember winston (19) is a full time college student, and she expects to earn 14,500 during 2024.ember still lives at home, her parents continue to claim her as...
- Q During 2024, its first year of operations, Platform Construction provides services on account of $134,000. By the end of 2024, cash collections on these accounts total $97,000. Platform estimates that...
- Q 2. Merger valuation with multiples Tyler Processings current stock price is $33.00 per share. Tyler is 100% equity financed and has been targeted by several potential acquirers. One of these...
- Q La cuenta de efectivo en el libro mayor de la empresa es un(a) a. activo con saldo acreedor. b. activo con saldo deudor. C. pasivo con saldo deudor. d. pasivo...
- Q On December 1, 2021, Barden Company issued 10% bonds with a face amount of $20 million. The bonds mature in 5 years. For bonds of similar risk and maturity,...
- Q Waco Company was started on January 1, 2011 when it issued common stock for $15,000 cash. Also on January 1, 2011 the company purchased office equipment that cost $15,000...
- Q The audit procedure of vouching down from financial statement to supporting documents can be used to test which type of error? overstatement understatement either overstatement or understatement neither overstatement nor...
- Q Depreciation Expense Using the Straight-Line Method The Pack Company purchased an office building for $11,250,000. The building had an estimated useful life of 40 years...
- Q Durante el ao, Tucker tuvo las siguientes ganancias y prdidas por hechos fortuitos personales (despus de deducir el piso de $100): Perodo de tenencia de activos Ganancia o...
- Q On April 23, 2020, Auk Corporation acquires 100% of the outstanding stock of Amazon Corporation (E & P of $750,000) for $1.2 million. Amazon has assets with a fair market...
- Q Lubbock Air es una gran compaa area que le paga a un representante de relaciones con el cliente $19,250 por mes. Se espera que el representante, que proces...
- Q Parks, Incorporated paid $10 per share for 80,000 of the 100,000 shares of KO, Incorporated, when KO's net assets had a total fair value of $950,000. During the...
- Q Pregunta 2 A continuacin se presentan los saldos de cuenta seleccionados de Tamarisk Co. al 31 de diciembre de 2017. Inventario 31/12/17 $60,050 ...
- Q Explain if you agree or disagree that budgets should be the final approval for an organization to spend money. Do you feel differently about a personal budget? Explain how...
- Q Seel Manufacturing produces a single product, LED lighbulbs. They reported the following information from their operations last period: Cost of Direct Materials used in...
- Q Which of the following should not be included in the introductory section of a city's ACFR? Management's discussion and analysis Letter of transmittal Government Finance Officers' certificate of achievement...
- Q Accounting Class : Revenues are recorded as soon as services are rendered; and expenses are recorded as soon as the amount of consumption is determined. In either situation, payment...
- Q Oscar Clemente is the manager of Forbes Division of Pitt, Inc., a manufacturer of biotech products. Forbes Division, which has $4.18 million in assets, manufactures a special testing device. At...
- Q On May 1, a commercial baking company purchased a commercial oven on account. The oven costs $40,000, has a life of 5 years, and has no salvage value. The company...
- Q Willy keeps a 3-column Cash Book for his business. The following information referred to the month of July 2020. 2020 July 1 Balances of Cash and Bank were RM100 and...
- Q When an entity recognizes revenue before it has received cash for the sale, it records an increase in a(n)_______. liability such as 'Advances from customers'...
- Q StarStar Golf Products is considering whether to upgrade its equipment. Managers are considering two options. Equipment manufactured by HeatherwoodHeatherwood Inc. costs $ 900 comma 000$900,000 and will last...
- Q Which of the following is true regarding changes in fair value of equity investments accounted for under the equity method? Changes in fair value are reported as part...
- Q Westan Corporation uses a predetermined overhead rate of $25.20 per direct labor-hour. This predetermined rate was based on a cost formula that estimated $315,000 of total manufacturing overhead for an...
- Q Explain the revenue recognition principle and the matching principle. Discuss their application the closing of an accounting period, particularly with reference to Cost of Goods Sold and Revenues. (the answer...
- Q A seaI firm Trodents customers expects to decrease downtime by 0.3 as a result of the new seal design. If Iost production would have cost the company $110,000 per year...
- Q Shamrock Company tuvo una utilidad neta de $30,000. El 1 de enero, el nmero de acciones ordinarias en circulacin era de 8.000. Cul es la ganancia por accin? Pregunta 22...
- Q On January 1, 2018, a U.S. company established a subsidiary in Canada, having the following balance sheet (shown in Canadian dollars, or C$): Cash C$ 100,000 Liabilities C$ 200,000 Fixed...
- Q Which of the following is the main advantage of using the accrual basis of accounting? A) A deduction may be taken for an expense not yet paid. B) Income is...
- Q ABC Manufacturing produces two products, per the cost structure below. Fixed manufacturing costs are allocated at a rate of $1.00 per machine hour. Cost per unit: Product A Product B...
- Q Ahmed is employed on 6 July 2020 by B&B Ltd on a one year contract on a annual salary package of $104,000. This consists of cash $93,600 and car perks...
- Q During 2022, Baltic Company incurred operating expenses amounting to $260,000, of which $160,000 was paid in cash; the balance will be paid during 2023. Which of the following...
- Q Refers to the concept of accounting infrastructure, which encompasses the various environmental factors affecting the issues concerning auditing in a particular country. Required: Explain the environmental factors that affect the...
- Q Los siguientes elementos han sido identificados para una empresa adquirida. Cules son capitalizados por separado por la empresa adquirente, segn FASB ASC 805? a. Tecnologa desarrollada, nombres de...
- Q True or false (explanation isn't needed) 1.Management by exception is a management strategy in which managers will only step in when there are significant deviations from planned outcomes. 2.Life cycle...
- Q The following data relate to factory overhead costs for the production of 3,000 computers. |Actual: | |Variable factory overhead |$81,500 |Fixed factory overhead |35,000 |Standard: | |3,000 hrs, at $35|105,000...
- Q Large businesses, especially, have the ability to reduce information risk. Which of the following is not a way for a large business to reduce information risk?
- Q From the following, calculate the cost ratio and the cost of ending inventory to the nearest cent under the retail method. (Round the "cost ratio" to the nearest...
- Q formula for cost of good sold of a manufacturer
- Q Assume a companys activity-based costing system included three expenses: Vehicle operating expenses, $300,000; Vehicle depreciation, $120,000; and Customer service salaries, $175,000. These costs were consumed by four activities as follows:...
- Q Cline Company has two manufacturing departments--Drafting and Welding--and the company started, completed, and sold only two jobs during the month (A and B). The following information is available for the...
- Q Required information Skip to question [The following information applies to the questions displayed below.] The following are transactions for the Sky Blue Corporation:...
- Q True or False: Depreciation and amortization are both noncash charges against income.
- Q Which of the following provides the best explanation for why accounts receivable are normally classified as current assets in the balance sheet?
- Q what is the difference between production cost and conversion cost
- Q Direct materials$12,500Direct labor31,000Factory overhead7,750Total$51,250Job 302Line Item DescriptionAmountDirect materials$18,750Direct labor42,200Factory overhead10,550Total$71,500Job 303Line Item DescriptionAmountDirect materials$9,940Direct labor16,500Factory overheadJob 304Line Item DescriptionAmountDirect materials$14,310Direct labor17,100Factory overhead
- Q Part 1 BITCO has three products B1, B2, and B3, and its fixed costs are $115,200. The sales mix for its products are 30% of B1, 40% of B2, and...
- Q campus cycle shop: A business papers practice set booklet procedures, business documents booklet b journals, booklet c general ledger, subsidiary ledgers, booklet d checkbook need solutions etc.
- Q Company provides lawn care services. Following are data for a recent week: Service Revenue $1,300 Variable Costs 780...
- Q he financial statements of Sierra Ltd are presented as follows: Sierra Ltd Statement of Financial Position as at...
- Q Each of the following is added to net income in computing net cash provided by operating activities except a. amortization expense. ...
- Q On December 31, 2020 Desert Co. had bonds payable outstanding in the amount of $3,000,000. The bonds pay 9% interest on June 30 and December 31. During 2021, $1,000,000 of...
- Q Mastery Problem: Cost-Volume-Profit Analysis Cost Behavior Cover-to-Cover Company is a manufacturer of shelving for books. The company has compiled the following cost data, and wants your help in...
- Q Explain the current rate method and the temporal method for translating accounting financial statements.
- Q Issued common stock $42,000.+=++-=(2) Paid rent $4,500.+=++-=(3) Received $3,000 invoice for advertisting expense. +=++-=(4) Borrowed $90,000 cash from bank. +=++-=(5) $7,200 cash received for services. +=++-=(6) Billed clients...
- Q Following is a random list showing the account balances of various assets, liabilities, revenues, and expenses for Spiffy's Garage at December 31, 2019, the end of its first year of...
- Q XYZ is a calendar-year corporation that began business on January 1, 2021. For the year, it reported the following information in its current-year audited income statement. Notes with...
- Q Your company will match 50% up to 13% of your annual salary. If you make $52897 and plan to contribute the maximum that your company will match....
- Q Indigo Corp. uses the direct method to prepare its statement of cash flows and follows IFRS. Indigos trial balances at December 31, 2020 and 2019, were as follows: ...
- Q Categorize this account What account type is this T-account? Cash Date Debit Jul 01 10,600 Jul 21...
- Q In regards of timing, when the test of controld should be carried? Three months before the end of the year, after financial statement , after financial statement is...
- Q ???????????isacomponentoftotalstockholdersequity. Multiple Choice Long-term debt Deferred taxes Property, plant and equipment Accumulated retained earnings
- Q Financial information for Accessories Unlimited includes the following selected data: Dividends (in millions) $75 Shares outstanding (in millions) 300 Stock price $20.00 ...
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