Accounting question and answers for November 20, 2023
- Q Montreal Leather Company manufactures high-quality leather goods. One of the company's main products is a fine leather belt. The belts are produced in a single, continuous process in its Quebec...
- Q On January 1, 2020, JWS Corporation issued $600,000 of 7% bonds, due in 10 years. The bonds were issued for $559,231, and pay interest each July 1 and January 1....
- Q Income Statements, Variable and Absorption Costing The following information pertains to Vladamir, Inc., for last year: Beginning inventory, units1,500 Units produced100,000 Units sold101,000 Variable costs per unit: Direct...
- Q P1 Fix-It Co. wishes to maintain a growth rate of 9.89 percent a year, a constant debt-equity ratio of .42, and a dividend payout ratio of 40 percent. The ratio...
- Q You are the Chief Accountant of Reckon Plc and are supposed to advise the board of Reckon Plc on the following. (a) Reckon Plc had decided to expand its business...
- Q Theory of Constraints; StrategyColton Furniture Co. is a small but fast-growing manufacturer of living room furniture. Its two principal products are end tables and sofas. The flow diagram for the...
- Q Water Wonders, Inc., makers of custom-made Jet Skis, the company has been in operations since May 2, 1987. Due to increase acceptability the company has also started to take customized...
- Q NNH&V Cable TV operates cable TV systems in larger cities in the northern two-thirds of New Hampshire and The franchise agreement with the cities requires an annual reporting to each...
- Q Johnson Inc. is a job-order manufacturing company that uses a predetermined overhead rate based on direct labor hours to apply overhead to individual jobs. For the current year, estimated direct...
- Q The following information is available from the Oils Division of Glasgow Corporation for December. Conversion costs for this division were 80 percent complete as to beginning work-in-process inventory and 50...
- Q Macy's debt to equity ratio for the year ended January30,2016,was3.84,calculated as($20,576-4,253)4,253.Some analysts argue that long-term deferred tax liabilities should be excluded from liabilities when computing the debt to equity ratio....
- Q 10. Accrued Revenue A law firm allows its clients to pay on the tenth of every month for services rendered rather than for each visit. Since the last billing cycle,...
- Q With most companies, some customers are more valued or profitable for the firm than others. This is valuable information for a companythey can then better direct marketing and other efforts...
- Q Bank HSBC Islamic Berhad entered into a Musharakah agreement with Umar, a Muslim entrepreneur providing capital of RM700,000 on 1st of Muharram 1422. Umar provided a capital of...
- Q Green Company uses weighted average process costing to determine the cost of units.They produce their finished product in two processing departments:Refining and Packaging.The following information is available for the month...
- Q Pharmacy Company produces three main products which share joint costs from a joint process, Altor, Loral, and Hycor.A hazardous waste product called Dorzinox is also produced from the process. The...
- Q Tasty Beverage Co. produces soft drinks, specializing in fruit drinks. Tasty produces 3,600 cans of product per batch. Setup cost for each batch is $50 and each drink costs $0.50...
- Q The accountants of Tdex group, an international firm, provide you with the following notes and require you to answer the questions related to ARO: 1. Leased land from Alberta...
- Q Sales department predicts that market demand for March is 1000 and recommends the safety stock level is at 40% of the market demand. Suppose there are 23 working days in...
- Q Perrette Motor Company rebuilds automobile engines that have been damaged or are in need of extensive repair. The rebuilt engine has a 100,000-mile warranty and is purchased by auto shops,...
- Q A company manufactures 5000 units of a product per month. The cost of placing an order is Rs. 100. The purchase price of the raw material is Rs. 10 per...
- Q On 1 July 2019 Sugar Ltd acquired 90% of the shares of Glider Ltd for $565 240. At this date the equity of Glider Ltd consisted of share capital of...
- Q Pharma Inc. has two product lines organized as divisions (Pain Reliever and Weight Loser) and spends heavily on research and development (R&D) activities. The following information is related to Pharma...
- Q Abigail Corporation is a distributor of a sun umbrella used at resort hotels. Data concerning the next month's budget appear below: Selling Price P25 per unit Variable expense P15 per...
- Q Problem 8-29 (Algorithmic) La Jolla Beverage Products is considering producing a wine cooler that would be a blend of a white wine, a rose wine, and fruit juice. To meet...
- Q On January 1,2020, Concord Corporation, which follows IFRS, issued a series of 500 convertible bonds, maturing in five years. The face amount of each bond was $1,000. Concord received $536,000...
- Q Harnett Corporation has two manufacturing departments--Molding and Assembly. The company used the following data at the beginning of the period to calculate predetermined overhead rates: MoldingAssemblyTotalEstimated total machine-hours (MHs)4,0006,00010,000Estimated...
- Q Lynsay Detz is examining customer-service costs in the southern region of Clancey Products. Clancey Products has more than 200 separate electrical products that are sold with a 6-month guarantee of...
- Q Brand managers know that increasing promotional budgets eventually result in diminishing returns. The first one million dollars typically results in a 26% increase in awareness, while the second million results...
- Q Check my work Check My Work button is now enabled Item15 Franklin Delivery is a small company that transports business packages between New York and Chicago. It operates...
- Q 14. Colil Computer Systerms, Inc., manufactures printer circuit cards. All direct materials areadded at the inception of the production process. During January, the accounting department noted that there was no...
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- Q If bank depositors hold more cash and fewer deposits, the monetary base does not change, only the composition of it does. Explain why.
- Q In Astra Company Pte Ltd. all supplier payment requests will be routed to the Finance Department for processing on a daily basis. The requests for payment may originate from any...
- Q Volume based and ABC allocations, manufacturing (LO2). Cesar Ablang is a product manager for a Malaysian firm. His product is made in batches of 2,500 units each. In past years,...
- Q Master Inc. is a manufacturer of T-shirts imprinted with names and slogans. Based on last year figures, the shirts sold for $7.50 each, and the variable cost to manufacture them...
- Q FDP Company produces a variety of home security products. Gary Price, the company's president, is concerned with the fourth-quarter market demand for the company's products. Unless something is done in...
- Q BEST Co., uses process costing in its production of its product known as "Ebony". The process is divided into three dept. process Process 1,2 and 3. The following production cost...
- Q A pension fund manager is considering three mutual funds. The first is a stock fund, the second is a long-term government and corporate bond fund, and the third is a...
- Q RG Co is an investee company which has annual general meetings where decisions to direct the relevant activities are made. The next scheduled annual general meeting is in eight months....
- Q The School of Accounting (SOA) at State University is planning its annual fundraising campaign for accounting alumni. This year, the SOA is planning a call-a-thon and will ask Beta Alpha...
- Q .Normal operating capacity of Richardson, Inc. is 100,000 machine hours per month, the level used to compute predetermined factory overhead application rate. At this level of activity, fixed factory overhead...
- Q Adams Rentals can purchase a van that costs $84,000; it has an expected useful life of four years and no salvage value. Adams uses straight-line depreciation. Expected revenue is $35,028...
- Q Gracious Inc. issued $6,000,000 of 8% bonds on October 1, 2020, due on October 1, 2025. The interest is to be paid twice a year on April 1 and October...
- Q Cassidy Manufacturing Corporation has a traditional costing system in which it applies manufacturing overhead to its products using a predetermined overhead rate based on direct labor-hours (DLHs). The company has...
- Q 7) Fortify, Inc. uses a predetermined manufacturing overhead rate based on direct labor hours to apply its indirect product costs to jobs. The following information has been collected...
- Q 14. Colil Computer Systerms, Inc., manufactures printer circuit cards. All direct materials areadded at the inception of the production process. During January, the accounting department noted that there was no...
- Q Need help with this please. Problem 6-20A Variable and Absorption Costing Unit Product Costs and Income Statements; Explanation of Difference in Net Operating Income [LO6-1, LO6-2, LO6-3] High...
- Q Micro Products Inc. has developed a very powerful electronic calculator. Each calculator requires three small chips that cost $3 each and are purchased from an overseas supplier. Micro Products has...
- Q Cost function; breakeven; quality of information; relevant range Oysters Away picks, shucks and packs oysters and then sells them wholesale to fine restaurants across the state. The statement of profit...
- Q James De Walp is a senior buyer of fruit products for FreshFoods, a major U.S. multinational food processing company. This company, based in California, uses a wide variety...
- Q Pesci Limited acquired 45% of Excel Corporation's 58,000 common shares for $17 per share on January 1, 2021. On June 15, Excel declared a dividend of $126,000 and Aurora received...
- Q Guitarra Inc is a worldwide wooden musical part manufacturing firm based in North America. After many years in the market, the Peterborough division, which produces one product called "Guitarra Stand"...
- Q In a time before Netflix, Prime, Crave, etc. In the last century movies were distributed one-way only: through theatres. The accounting would certainly be simpler with one outlet than it...
- Q CullumberProducts Company uses a job order cost system. For a number of months, there has been an ongoing rift between the sales department and the production department concerning a special-order...
- Q How is the control over prime costs achieved in job-order costing system?
- Q This year, Leron and Sheena sold their home for $952,000 after all selling costs. Under the following scenarios, how much taxable gain does the home sale generate for Leron and...
- Q The following data relate to a manufacturing department for a period: Budgeted data for the coming year are as follows: Direct labour hours 60,000 hours Machine hours 55,000 hours Direct...
- Q Performance evaluation, profit center (LO3). Lori White is the chief executive of a division of Visions, Inc. Lori's division makes high-quality frames that sell for premium prices. For the most...
- Q A $20 million cost plus fixed fee contract has been awarded to DEZ, Inc. for engineering modifications.The decision was made during pre-award to require certified cost or pricing data.The owner...
- Q Al-Rajhi Bank provides a murabaha financing facility to purchase construction equipment for AZHRB Construction at a price of RM3,000,000. The price increase (mark-up) is agreed at 10% per annum on...
- Q Three entrepreneurs were looking to start a new brewpub near Sacramento, California, called Roseville Brewing Company (RBC). Brewpubs provide two products to customersfood fromthe restaurant segment and freshly brewed beer...
- Q Edgar uses the cash method to report the income from his software consulting business. A large publicly held corporation has offered to invest in Edgar's business as a limited partner....
- Q Juniper Company manufactures a single product in two departments, Cutting and Finishing. Units of product are started in the Cutting Department and then transferred to the Finishing Department, where they...
- Q Connolly Enterprises manufactures tires for the Formula 1 motor racing circuit. For August 2017, it budgeted to manufacture and sell 2,900 tires at a variable cost of $73 per tire...
- Q Standard costing concepts can also be applied to services. Standard service costs are similar in concept to standard product costs. In the medical field, costs of caring for a patient...
- Q Mike purchases a new heavy-duty truck (5-year class recovery property) for his de livery service on April 30, 2018. No other assets were purchased during the year. The truck is...
- Q XYZ Co. has 1 million shares outstanding and $5 million in earnings after taxes. The stock trades at a P/E of 10. XYZ Co. has $4 million in excess cash....
- Q Mary's Landscaping uses a job order cost system. The following debits (credits) appeared in Work-in-Process Inventory for August: Description Amount August 1 Balance $14,000 For the...
- Q On January 1, 2018, Vegegreen Inc. entered into a forward contract to purchase U.S. $6,000 for $6,336 Canadian in 30 days. On January 20, the fair value of the contract...
- Q The production data for Department I for August 2015 are as follows: WIP, August 1 (1/4 done as to conversion costs) 100,000 units Started in August ...
- Q Outose Concept manufactures small tables in its Processing Department. Direct materials are added at the initiation of the production cycle and must be bundled in single...
- Q Consider two companies (A and B) competing with each other on a product attribute. The market's and the company's differentiation on this attribute is as follows: The market is...
- Q Godiva Chocolate company (Godiva) was founded in 1919, in Brussels, Belgium, and produces fine chocolates.Godiva's mixing department produces the bulk chocolate, some of which is sold to other high-end chocolatiers,...
- Q An effective budget converts the goals and objectives of an organization into data. The budget serves as a blueprint for management's plans. The budget is also the basis for control....
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