Accounting question and answers for November 18, 2023
- Q Net income under accrual basic and net cash are the same. Do you agree with this opinion. Why?
- Q 1. The T. H. King Company has introduced a new product line that requires two work centers, A and B for manufacture. Work Center A has a current capacity of...
- Q transformation limited is one of the largest to manufacturing companies in the country. the company requires significant funding to expand its operation. management have been torn between whether to issue...
- Q Johnny Lee Incorporated produces a line of small gasoline-powered engines that can be used in a variety of residential machines, ranging from different types of lawnmowers, to snowblowers, to garden...
- Q Which of the following statements would most likely be included among a set of financial statements prepared in conformity with a special purpose framework? Select one: a....
- Q Sonja Nayak has adjusted gross income of $40,000. She paid $4,700 in property taxes during the year. How much of the tax can she include as an itemized deduction?
- Q Player Flooring, located in BC has a weekly pay period. France Lavergne works in the shipping/receiving department, earns $ 18.50 per hours and works 40 regular hours per week. France...
- Q Cost-Volume Profit Analysis Hailstorm: Company sells a single product for $28 per unit. Variable costs are $22 per unit and fixed costs are $60,000 at an operating level of 7,000...
- Q Debt Interest Rate Current Balance Minimum Payment MasterCard 19.9% $600 $22 Visa 23.95% $2,545 $60 Car 4.8% $16,800 $465...
- Q A taxpayer, age 64, purchases an annuity from an insurance company for $56,000. She is to receive $467 per month for life. Her life expectancy is 20.8 years from the...
- Q The communication circuit is successful when the receiver decodes the message. T b) F 2. Only a few select fields, such as the...
- Q ABC Company has a cash balance of 9 $000 on April 1. The company must maintain a minimum balance of $6,000. In April, expected cash inflows are $45,000. Expected disbursements...
- Q Which of the following is true if an owner entrusts the possession of goods to a merchant who deals in goods of that kind? Group of answer choices The merchant...
- Q Sanchez Company engaged in the following transactions during Year 1: 1) Started the business by issuing $12,700 of common stock for cash. 2) The company paid cash...
- Q A company purchases a 10,000 square foot commercial building for $400,000 and spends an additional $65,000 to divide the space into two separate rental units and prepare it for rent....
- Q Please show all work On January 1, 2021, Alamar Corporation acquired a 40 percent interest in Burks, Inc., for $223,000. On that date, Burkss balance sheet disclosed net assets...
- Q if the revenue is more than expenses,it is called profit.if the expenses are more than revenue it is called loss.this is what exactly has been done by applying...
- Q I just read about a "convertible" bond. I know that a bond is, but I am not familiar with a "convertible" bond. Convertible into what?
- Q Outdoor Luggage, Incorporated, makes high-end hard-sided luggage for sports equipment. Data concerning three of the companys most popular models appear below. Ski Guard...
- Q Suppose $100 is invested at the end of each year for the next 5 years into an account paying an interest rate r% p.a. How much can be drawn...
- Q The basic equation that governs accounting is: Answer: A. Assets = Liabilities + Equity B....
- Q A company that uses a periodic inventory system provides the following information: Beginning Inventory $18,000 Net Purchases $102,000 At the end of...
- Q The following selected account balances appeared on the financial statements of the Franklin Company. Use these balances to answer the question that follow. Accounts Receivable, Jan. 1...
- Q Elabore un ensayo escrito donde exponga la siguiente informacin: Describa cuatro beneficios de la contabilidad para centros de responsabilidad. Discuta las condiciones necesarias para que un sistema de...
- Q 1-Farris Billiard Supply vende todo tipo de equipos de billar y est considerando fabricar su propia marca de tacos de billar. Mysti Farris, el gerente de produccin, est investigando actualmente...
- Q A taxpayer operating a sole proprietorship and filing on a Schedule C pays $65,000 in health insurance premiums for himself and his employees. $15,000 of that amount is...
- Q An owner withdrawal of $20 000 cash would Select one: a. decrease owner's equity and increase assets by $20 000. b. increase owner's equity and decrease liabilities by $20 000....
- Q The following data relate to Company A. Retained earnings 500 Paid-in capital 200 Long-term liabilities 1,050 Current assets 400 Current liabilities 600
- Q Why would a multinational corporation enter into an agreement to purchase or sell currency at a rate in the future that is different from the current spot rate?
- Q AtlantaAtlanta Office Equipment manufactures and sells metal shelving. It began operations on January1,20202020. LOADING... (Click the icon to view the costs incurred during 20202020.) ...
- Q Harwood Company uses a job-order costing system that applies overhead cost to jobs on the basis of machine-hours. The company's predetermined overhead rate of $2.60 per machine-hour was based on...
- Q 1. A manufacturing company prepays its insurance coverage for a three-year period. The premium for the three years is $2,700 and is paid at the beginning of the first year....
- Q Structural Approaches to Conflict Management Resolving conflict is an especially important skill. Our personal conflict resolution styles help us understand how we individually approach conflict resolution. But effective...
- Q Kulp Corporation has two major business segments-East and West. In July, the East business segment had sales revenues of $900,000, variable expenses of $441,000, and traceable fixed expenses of $171,000....
- Q Chapter 5: Applying Excel Data Unit sales...
- Q Lewis Incorporated and Clark Enterprises report the following amounts for the year. Lewis Clark Inventory (beginning) $22,000 $48,000 Inventory (ending)16,00058,000...
- Q Record each of the following transactions. Note: Use 360 days in a year. Round to nearest whole dollar. January 10, Paid $190,000 cash to purchase Kia 120-day short-term notes at...
- Q Problem 8-31A (Static) Purchase and use of tangible asset: three accounting cycles, straight-line depreciation LO 8-2, 8-7, 8-8 The following transactions relate to Academy Towing Service. Assume the transactions for...
- Q Which is incorrect about Depreciation Measures the decline in market value of an asset. ...
- Q he direct labor budget of Yuvwell Corporation for the upcoming fiscal year contains the following details concerning budgeted direct labor-hours: 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Budgeted direct...
- Q You have taken out a 3/1 ARM (the teaser rate is locked for the first 3 years, and after this 3-year initial period, interest rate begins to adjust per year)...
- Q The retail storestorefront + onlinepaid in real timemaintains inventoryWhich is the best accounting method for this client?(a) Accrual method(b) Cash-basis method(c) Modified cash-basis
- Q Fill in the Blank Question Fill in the blank question. When a company guarantees the payment of debt owed by a supplier, customer or another company, the guarantor usually discloses...
- Q Albertsons sells different brands of Cookies that occupy high value shelf space.lt has 3 different brands of product with the following data: Honey Animal Sugar Grahams Cookies Cookies Selling Price...
- Q Cable television franchisesFilm contract rightsMusic copyrightsCustomer listsResearch and development costsPrepaid expensesGoodwillCovenants not to competeCashBrand namesDiscount on notes payableNotes receivableAccounts receivableInvestments in affiliated companiesProperty, plant, and equipmentOrganization costsInternet domain...
- Q On July 1, 20X0, DEF paid 500 in cash to UVWs shareholders in exchange for 80 percent of UVWs shares. Prior to July 1, 20X0, ABC did not own any...
- Q Derk owns 250 shares of stock in Rose Corporation. The remaining 750 shares of Rose are owned as follows: 150 by Derk's daughter, 200 by Derk's aunt, and 400 by...
- Q On January 1, 2024, Tennessee Harvester Corporation issued debenture bonds that pay interest semiannually on June 30 and December 31. Portions of the bond amortization schedule appear below: ...
- Q Omicron Inc. reported net income of $120,000 for 2020. In addition, the income statement reported $12,000 of depreciation expense and a $15,000 loss on the disposal of equipment. The current...
- Q Budgetary Fund BalanceReserve for Encumbrances (current year) in excess of a balance of Encumbrances Control indicates: Multiple Choice a recording error. an excess...
- Q Baldwin Golf Co. produce equipos de golf que incluyen una bolsa de golf que se vende a $200. Aunque la capacidad de produccin de la empresa es de 5.000 sacos...
- Q When a taxpayer includes an economic benefit and gross income he has said to have blank the income
- Q Historically, Nike presented its Income Statement using the single step presentation approach. Eventually, Nike came under tremendous pressure to change the presentation of its Income Statement to the multiple step...
- Q Discuss how well the historical cost concept satisfies the fundamental characteristics of relevance and faithful representation.
- Q Is cash at bank included in the general journal?
- Q Which of the following is an accurate statement regarding accounts payable confirmations?A.Accounts payable confirmations may be used by the auditor if monthly vendor statements are not available from...
- Q Peter's contributory earnings it $1,500.00, calculate the total CPP that the employer will have to remit to CRA for employer and employee. Assume CPP rate is 4.95%. ...
- Q P12.1(LO 1,2,3,5)Groupwork(Correct Intangible Assets Account) Reichenbach Co., organ-ized in 2019, has set up a single account for all intangible assets. The following summary discloses the debit entries that...
- Q Alfonso Inc. acquired 100 percent of the voting shares of BelAire Company on January 1, 2020. In exchange, Alfonso paid $357,000 in cash and issued 100,000 shares of its own...
- Q Sam has $6,596.43 in her bank account. Sam wants to know how much per month she must contribute to her bank account to achieve $40,000 in five years. The APY...
- Q On June 1, farmer Lima approaches his neighbour about buying 100 acres of his neighbours land at $2,000 per acre. M. Lima is pretty sure that he wants the land...
- Q Ivanhoe Company manufactures basketballs. The first step is the production of internal rubber bladders. Materials are added at the beginning of the production process and conversion costs are incurred uniformly....
- Q when uncollectible acciunts expense is recognized, the balance in uncollectible accounts expense
- Q DOMENICI CONSULTING Balance Sheet July 31, 2016 ...
- Q Three identical units of merchandise were purchased during May, as follows:DateMagnesium XPUnitsCostMar. 3Purchase1$13010Purchase113619Purchase1142Total3$408Assume that two units are sold on May 23 for $313 total. Determine the gross profit...
- Q In 2017 Mary and Mario, a married couple filing jointly, have one child and AGI of $128,900. What is their child tax credit? Select one: a. $0 b. $2,000 c....
- Q Mrs. Theron is the CEO of Pretty Petunia Inc, she owns three (3) flower shops in the greater Durban area. The business has been rather successful during the festive season,...
- Q Larry Lambda, the owner of a small engineering company, approached Gloria Jean, a partner in a small audit firm, to conduct an audit of the companys records. Larry told Gloria...
- Q El valor de hoja de balance del inventario de una empresa es de $50,000. Suponga que la empresa compra suministros a un costo de $4,000 y los agrega al inventario....
- Q ABC Inc. bought 40% of XYZ inc for $3,000,000 (10,000 shares) on May 1st 2020. XYZ pays a $5 per share dividend on July 1st 2020. ...
- Q EACH MCQ IS WORTH .5 Which of the following would not be relevant in a make-or-buy decision? Direct materials Factory depreciation Direct labor Variable overhead...
- Q Determine if the gollowing account are permanent or a temporary account. Capital stock, advertising expense, and accumulated depreciation, equipment
- Q NestEgg Inc. is a Canadian controlled private corporation. It is associated with two other CCPCs and has agreed that its share of the annual business limit for 2022 will be...
- Q a. The following has been extracted from the books of Toronto (Pty) Ltd as at end of 30th June 2022. Market Price Shares Outstanding Market Value $000 Debt (Book Value)...
- Q El tratamiento incorrecto de los arrendamientos financieros como arrendamientos operativos en los estados financieros ayuda a las empresas a A. Exagerar la rotacin de activos y sobreestimar el apalancamiento...
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