Accounting question and answers for November 18, 2023
- Q Walker Manufacturing Company reported the following materials data for the month ending June 30: Materials purchased $157,300 Materials inventory, June 1 49,700 Materials inventory, June 30 41,400 Determine the cost...
- Q On November 1, 2020, Norwood borrows $420,000 cash from a bank by signing a five-year installment note bearing 6% interest. The note requires equal payments of $99,706 each year on...
- Q An asset that is NOT physical in nature is called A.Intangible asset B. Liquid asset C.Current asset D.Fixed asset
- Q Select a B to C business ( better in supermarkets ) and then choose a company operating in this sector in USA Select a company, mention its name and...
- Q Maple Co. provides for bad debts expense at the rate of 2.78% of credit sales for the period. On Jan 1, 20X1, the Allowance for Bad Debts was $9,000. There...
- Q The Lecturer will provide each student with four case scenarios. Students will have the opportunity to analyse and write four 625-word responses to the four case study questions. During writing...
- Q Required information Skip to question [The following information applies to the questions displayed below.] Oscar's Incredible Eatery ($ thousands) Income Statement...
- Q i want delete the post
- Q Account for a sequence of voucher packages. Identify the type of audit test. A. Test of control. B. Analytical procedures. C. Substantive test of transactions. D. Test of details of...
- Q Please answer with reason for all why the option is correct and why the other options are incorrect 80. Secret reserves may result by: A. O creating general reserve B.O...
- Q During May at Landreth Corporation, $81,000 of raw materialswere requisitioned from the storeroom for use in production. Theseraw materials included both direct and indirect materials. The indirect materials totaled $7000....
- Q Below are extract statements of H Ltd and its wholly owned subsidiary S Ltd. On 1 January 20.4, the date H Ltd acquired S Ltd, the net assets...
- Q Discuss advantages and disadvantages of both retirement plans: defined benefit and a defined contribution. If you were allowed to only select one plan for your retirement among...
- Q 1. Explore General Mills segments - product line and geographical segments. Categorize possible responsibility centers, investments, costs and profit center for General Mills. 2. Do the same exercise for...
- Q Please answer with reason for all why the option is correct and why the other options are incorrect 80. Secret reserves may result by: A. O creating general reserve B.O...
- Q 33. In which of the following interim dividend is treated? A.In profit and loss account B.In profit and loss appropriation account C.on the asset side of the Balance sheet D....
- Q Doug and Sue Click file a joint tax return and decide to itemize their deductions. The Clicks' income for the year consists of $89,600 in salary, $1,800 interest...
- Q Which of the following boiler works on a forced circulation of water? aLa-mont boiler bBenson boiler cLoeffler boiler dall of these
- Q Meredith Cleaners has the following balancesheet items. AccountsPayable Accounts Receivable Cash Notes Payable CleaningEquipment Salaries Payable CleaningSupplies Karin Meredith, Capital Instructions: Classify each item as an asset, liability, or owner's...
- Q Respond to the following in a minimum of 175 words: Consider the control environment. Asses why it is important for auditors to understand a clients control environment. What are...
- Q 8-9A Calculate and analyze ratios (LO8-6) Selected financial data regarding current assets and current liabilities for ACME Corporation and Wayne Enterprises, are as follows: ACME Wayne ($ in millions) Corporation...
- Q Question 3(30 marks) You are working on the audit of Playboy (Pty) Ltd, a company which wholesales computer play stations such as Nintendo...
- Q Govind, Hari and Pratap are partners. On the retirement of Govind, the goodwill already appears in the balance sheet at Rs. 24,000. The goodwill will be written off by A....
- Q true or false Double entry accounting requires that every entry must include at least one debit and at least one credit.
- Q The equipment that was bought had a fair market value of $450,000, but the actual purchase price was $400,000. They signed a 5-year 6% note payable and paid $150,000 cash....
- Q On the 6th January 2008 Mr. Olu received his bank statement for the month 31 December, 2007. The bank statement contains the following details: ...
- Q Maple Co. provides for bad debts expense at the rate of 1.68% of credit sales for the period. On Jan 1, 20X1, the Allowance for Bad Debts was $22,000. There...
- Q How much is Gina's total Child and Dependent Care Credit? $600 $2,000 $3,000 $7,100
- Q Are you resilient? Why or why not? Provide specifics! Explain. This is about what you think... -Who is the most resilient person you've ever known? What made them so...
- Q Write a short justification, identifying four reasons for your recommendation.
- Q DO IT! 13.1 (LO 1), C Moss Corporation had the following transactions. Issued $160,000 of bonds payable. Paid utilities expense. Issued 500 shares of preferred stock for $45,000. Sold land...
- Q As part of the audit you select a sample of purchase orders from the supporting files and trace them into the Purchases Journal. Which assertion does this test? Occurrence/Existence Completeness
- Q Measures of liquidity, Solvency and Profitability The comparative financial statements of Marshall Inc. are as follows. The market price of Marshall Inc. common stock was $ 71 on December 31,...
- Q Caleb offers all dirt bikes currently owned and hereinafter acquired as collateral to purchase a building for his dirt bike repair shop. This is an example of a...
- Q employee total deductions salary tax cpCPP ei Bert lamont $2,600
- Q Benjamin Company issues one hundred $800 ten-year bonds at 5%. The market interest rate is 5%. Tlerefore, the bonds are sold at the face value. Interest is paid semi annually....
- Q An asset that is NOT physical in nature is called A.Intangible asset B. Liquid asset C.Current asset D.Fixed asset
- Q what is the current ratio in this case. current assets : $10000 Current liabilities : $5000
- Q x
- Q Explain which method is preferable for the health care organizations- accrual or cash-basis accounting.
- Q 2.Newland Company reported retained earnings at December 31, 2018, of $350,000. The following transactions occurred during 2019. An error was discovered. In 2017, depreciation expense was recorded at $45,000, but...
- Q A company issues $25100000, 9.8%, 20-year bonds to yield 10% on January 1, 2019. Interest is paid on June 30 and December 31. The proceeds from the bonds are $24669306....
- Q Heidebrecht Design acquired 30% of the outstanding common stock of Blossom Company on January 1, 2020, by paying $844,000 for the 42,200 shares. Blossom declared and paid $0.20 per share...
- Q Question: What is the primary focus of managerial accounting? a) Compliance with external reporting standards b) Providing information for internal decision-making c) Auditing financial statements d) Ensuring tax compliance
- Q Which of the following is not deductible? Assume that the deductions are not phased-out because of high income. Group of answer choices Interest paid of $2,200 on...
- Q In the absence of market imperfections and swap externalities, swaps are a zero-sum game such that the QSD cannot be exploited for economic gain, that is, the QSD cannot be...
- Q Management accounting should not fit the straitjacket of financial accounting." Explain and give an example.
- Q Forest is a full-time employee in Marlboro, South Dakota, who earns $58,450 annually, paid biweekly. His federal income tax is $287.00. What is the maximum amount that may be withheld...
- Q Calcutron Company is contemplating introducing a new type ofcalculator to complement its existing line of scienticcalculators. The target price of the calculator is $75,annual sales volume of the new calculator...
- Q Which of the following boiler works on a forced circulation of water? aLa-mont boiler bBenson boiler cLoeffler boiler dall of these
- Q The matching principle is best demonstrated by a. Offsetting the can receipts of the period with the cash payment made during the period b. The equation asset = liabilities +...
- Q 3.27 Improvements to the runways at a regional airport are expected to cor $1.7 million. To pay for the improvements, the airport authority will increase the landing fees of commercial...
- Q Kyle, a single taxpayer, worked as a freelance software engineer for the first three months of 2022. During that time, he earned $80,000 of self-employment income. On April 1, 2022,...
- Q Private colleges and universities are required to provide fund reports as part of the external financial reports. True or False
- Q Your aunt is planning to invest in a bank CD that will pay 8.5 percent interest semiannually. If she has $7,500 to invest, how much will she have at the...
- Q Please show all work: Part 2 contains 3 Decision making recommendations that are independent of each other. Covers material in Module 17 ...
- Q Weigs Market produces and sells a single product. For the upcoming year, TWeigs originally budgets a per unit selling price of $61 per unit, variable cost of $49 and total...
- Q In what way may the footnote disclosures relating to income taxes found in a companys annual report help in an equity valuation that relies upon DCF or a forecast of...
- Q Which of the following is true about Section 125 cafeteria plans? Multiple Choice All items in a cafeteria plan are exempt from Social security and Medicare...
- Q Why does financial accounting have a positive impact on our society
- Q On July 1, TruData Company issues 9,800 shares of its common stock with a $5 par value and a $50 fair value in exchange for all of Webstat...
- Q Con base en los siguientes datos para el ao en curso, cul es la rotacin de inventario? Ventas netas a cuenta durante el ao $700,000 Costo de la...
- Q Which of the following expenses is deductible for the current year (after 2017)? Group of answer choices Tax return preparation fees of $300. Gambling losses to the...
- Q An investment offers to pay you $10,000 a year for five years. ifit costs $33,520, what will be your rate of return on theinvestment?
- Q In 2021, he had sold his car, which he bought 5 years ago for RM45,000. He made a gain of RM15,000. He plans to use the gain to marry...
- Q Minority interest includes A. share in share capital B. share in capital profit C. share in revenue profit D. all of the above
- Q At December 31, 2020, Helium Corp. had 650,000 common shares outstanding, 500,000 of which were issued and outstanding throughout the year and 150,000 of which were issued on October 1,...
- Q x
- Q in the case of loans between related parties without proper documentation the lender faces the risk that the IRS will reclassify the loan as a. inheritance b. bonus c. an...
- Q Discover motor co. uses a standard cost system to collect costs related to the production of its toothpick motors. The direct labor standard for each toothpick motor is 1.25 hrs...
- Q Tyler Tooling Company uses a job order cost system with overhead applied to products on the basis of machine hours. For the upcoming year, the company estimated...
- Q Started in process, 9,200 units, Completed and on hand, 700units, in process at end of period, 1,000 units, complete as tomaterials and labor & factory overhead 4/10. Transferred 7,500units to...
- Q When possible ,avoiding classification as a partnership for federal income tax purposes is often a worthy goal which of the following reasons: a. Simplified tax filings and ability to make...
- Q Please select one of the following answers below: Transfer pricing is: a. The cost of transferring flights when travelling overseas. b. The way income is allocated between related parties in...
- Q If a father wants to have $100,000 to send a newborn child tocollege, how much must he invest annually for 18 years if he earns9 percent on his funds? (any...
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