Accounting question and answers for November 21, 2023
- Q Africa Traders is a registered VAT vendor and uses the periodic inventory system. Africa Traders buys and sells furniture and equipment for cash or on credit. On 1 March 2021,...
- Q Describe the factors that a retailer should take into account while selecting a location for a retail store. How do facilities such as adequate parking and easy access to public...
- Q OBJECTIVE 1 Use the tax formula to compute an individual's taxable income ADDITIONAL COMMENT The IRS estimated taxpayers would spend an average of 4 hours preparing Form 1040 for 2017....
- Q Required information The Foundational 15 (Algo) (LO4-1, LO4-2, LO4-3, LO4-4, LO4-5] [The following information applies to the questions displayed below] Clopack Company manufactures one product that goes through one processing...
- Q 39 9. What level of fair value assets and liabilities would require estimates from KO's management (choose the best answer)? Level 1 None of the above Level 2 O Level...
- Q Remaining Time: 1 hour, 20 minutes, 33 seconds. Question Completion Status: Moving to another question will save this response. Question 10 Gulf Company issued bonds with a par value of...
- Q In maintaining the accounts receivable, the method that applies a customer's remittance (payments) to the total outstanding balance without matching it to invoices they are paying is: O Lock box...
- Q 4. On January 1, 20A, two individuals invested $300,000 each to form Gaudium Corporation. Gaudium had total revenues of $80,000 during 20A and $300,000 during 20B. Total expenses for the...
- Q Record $7,700 of services performed for customers who paid immediately in cash. Note: Enter debits before credits. General Journal Debit Credit 7,700 7,700 Date January 10 Cash Accounts Payable Record...
- Q Financial planning helps us: O a. control inflation. O b. control unemployment rates. Oc. have flexibility to handle job loss. O d. decrease national debt. O e. obtain a Social...
- Q 13 4 pts List and briefly discuss the 5 steps pertinent to revenue recognition. 12pt Paragraph O words B
- Q Moving to another question will save this response. Question 9 XYZ Inc. issued 6,000 shares of $100 par value stock for $700,000 cash. The total amount of contributed capital in...
- Q Product costs are distinguished from Period Costs by: Otheir being recorded first to the Statement of Cash Flows O their being recorded first as Fixed Assets on the Balance Sheet...
- Q 8. Sussex Opportunists Ltd manufacture alcohol-based hand sanitiser from fermented cows milk. It uses a process costing system and has provided the following information for the month of June: 4,500...
- Q PS Property Maintenance writes off the $250 balance for customer Nancy Cole after it decides the amount is uncollectible. One month later, Nancy reaches out and offers to pay her...
- Q 2: Uncertainty Uncertainty is when the outcomes are not certain and you are unable to estimate probabilities, but you use your psychological orientation to make decision. If you are optimistic...
- Q You are the accountant of Zurich Company. The board would like to know the advantages of the multiple- step income statement as opposed to the single-step income statement. Briefly, in...
- Q Which of the following is least likely to be a mixed cost? O Telephone Expense O Depreciation O Electricity O Car rental fee
- Q Biden and Harris will pay an annual dividend of $3.50 a share next year with future dividends increasing by 2.0 percent annually. What is the market rate of return if...
- Q Current Attempt in Progress Skysong, Inc. had the following accounts and balances: Accounts payable $29700 Equipment $35400 Accounts receivable 4750 Land 34600 Buildings 71400 Unearned service 10500 revenue Cash 14650...
- Q 1. TMC Qu. 18-67 Static Managerial accounting O O 2. MC Qu. 18-59 (Batic) which of the following tam does not. O O
- Q An investment will pay $8,000 at the end of the first year, $36.000 at the end of the second year, and $54,000 at the end of the third year FV...
- Q Arlington Company sold equipment for $35,000 cash. The equipment had an original cost of $90,000 and accumulated depreciation of $35,000 as of the date of sale. Which of the following...
- Q 2-32A (Algo) Recording events in a horizontal statements model LO 2-1, 2-2, 2-5, 2-6, 2- 7 The following events pertain to Super Cleaning Company: 1. Acquired $15,200 cash from the...
- Q *P17.10 (LO 5, 6, 7) (Long-Term Contract with Interim Loss) On March 1, 2025, Pechstein Construction Company contracted to construct a factory building for Fabrik Manufacturing Inc. for a total...
- Q Saved Question 22-Final Help Save & Exit Sub Dorcan Corporation manufactures and sells T-shirts imprinted with college names and slogans. Last year, the shirts sold for $10.50 each, and the...
- Q A1. The analysis of which costs does not receive emphasis in companies adopting a product differentiation strategy? a. Marketing costs b. Advertising costs c. Customer profitability d. Manufacturing costs
- Q [The following information applies to the questions displayed below] Note: Assume all raw materials were used as direct materials. Inventories Raw materials inventory Work in process inventory Finished goods inventory...
- Q Trillium, Inc. reports the following information for April: Alpha Beta Units sold 5,800 units 800 units Sales price per unit $420 $800 Variable manufacturing cost per unit 270 600 Sales...
- Q Cullumber Cash, Ltd. operates a chain of exclusive ski hat boutiques in the western United States. The stores purchase several hat styles from a single distributor at $22 each. All...
- Q ABC Co. uses the gross method for discounts of inventory purchased. ABC Co. has the following transaction for December, 2021. December 1- Purchase inventory for $10000 on account 2/00, n/30....
- Q 4. How do companies report a long-term note receivable? a. At the present value of the cash expected to be collected At the future value of the cash expected to...
- Q 62 MPa, 9.8 An extruded beam has the cross section shown and a uni- form wall thickness of 5 mm. Knowing that a given vertical shear force V causes a...
- Q Remaining Time: 31 minutes, 57 seconds. A Question Completion Status: 782.80 13 19 QUESTION 13 Lulu Hypermarket plans to open a new branch in Sitra. The branch will initially cost...
- Q If investors believe inflation will be increasing in the future, the prevailing yield curve will be downward sloping. True False
- Q Remaining Time: 1 hour, 28 minutes, 42 seconds. Question Completion Status: Moving to another question will save this response. Question 7 In bond financing, if the interest on bonds (contract...
- Q Pinnacle Corp. budgeted $269,170 of overhead cost for the current year. Actual overhead costs for the year were $265,280. Pinnacle's plantwide allocation base, machine hours, was budgeted at 52,230 hours....
- Q INSTRUCTIONS: Katelyn's Catering ("Katelyn") provides food services for corporate events. In the month of December 2019, she was very busy with catering events and didn't have time to keep up...
- Q 5 Problem 8-67 (LO 8-3) (Algo) 01:05:27 Kyle, a single taxpayer, worked as a freelance software engineer for the first three months of 2021. During that time, he earned $64,000...
- Q parentheses or a minus sign when entering a net cost.) Expected benefits Expected costs Net benefits (costs) 1,220,000 1,145,000 75,000 Because the benefits exceed the costs a cost-benefit analysis justifies...
- Q One: (CLO4) (5 marks) With reference to your selected company, identify major threats in the revenue cycle, and evaluate the adequacy of various control procedures for dealing with those threats
- Q prepared lack of time, Helen goes ahead with the consolidation of th 25-21 (OBJECTIVES 25-5, 25-7) Each of the following situations involves possible violations of the AICPA Code of Professional...
- Q 16 Not yet answered Marked out of 5.00 Flag question Advertising stimulates distribution. How? Explain. (Answer in 50 words) (5M)
- Q Common-Sized Income Statement Revenue and expense data for the current calendar year for Tannenhill Company and for the electronics industry are as follows. Tannenhill's data are expressed in dollars. The...
- Q (Cost of common equity) Falon Corporation is issuing new common stock at a market price of $28.08. Dividends last year were $1.36 and are expected to grow at an annual...
- Q 7. Green Glass Ltd makes lamps using a Just-in-Time approach and uses backflush accounting to record costs. Green Glass Ltd In November Green Glass Ltd made and sold 40,000 lamps....
- Q Kemaining 33 10 points What is the Depreciation Expense in Year 1 given the following information assuming double-declining balance method of depreciation: Beginning book value: $2,500 Salvage value: $1,000 Useful...
- Q Bawa company is authorized to issue 780,000 shares of $7 par value common stock. Prepare journal entries to record the following selected transactions that occurred during the company's first year...
- Q Required information [The following information applies to the questions displayed below.] Hemming Company reported the following current-year purchases and sales for its only product. Date January 1 January 10 March...
- Q A company purchased a computer system at a cost of $32,000. The estimated useful life is 7 years, and the estimated residual value is $6,000. Assuming the company uses the...
- Q Superior Markets, Incorporated, operates three stores in a large metropolitan area. A segmented absorption costing income statement for the company for the last quarter is given below: Superior Markets, Incorporated...
- Q Waterways Corporation is preparing its budget for the coming year, 2020. The first step is to plan for the first quarter of that coming year. The company has gathered information...
- Q Budgeted breakdown of professional labour for the job - X Professional Labour Category Budgeted Rate per Hour Budgeted Hours Director Partner Associate Assistant $ 198 4 101 17 49 42...
- Q 15 (3 points) Calculate the following fractions. Simplify the result or write it as mixed number if necessary. a. 1/2 + 1/4 + 5/8 = b. 3/4 + 5/12 -...
- Q Ashley inherited all of the property of her aunt Elena, who died last year. Elena's adjusted basis for the property at the date of death was $1,760,000. The property's fair...
- Q Moving to another question will save this response. Question 3 Question 3 of 15 1 points Save Am ABC Inc. has bonds outstanding with a par value of $100,000. The...
- Q 2. Explain the audit risk model as suggested in International Standards of Auditing 400. [10 marks]
- Q An internal report that helps management compare actual performance and budgeted performance based on actual activity level is called a(n): Multiple Choice Sales budget performance report. Flexible budget performance report....
- Q 5 of 8 view runcies Current Attempt in Progress Peterson Papers makes personalized stationery of the highest quality. The company maintains a stock of blank note cards, calling cards, stationery,...
- Q Proactivity is not a trait that can be associated with creative individuals. Select one: True False
- Q On June 10, Pharoah Company purchased $8,500 of merchandise on account from Flounder Company, FOB shipping point, terms 2/10, n/30. Pharoah pays the freight costs of $520 on June 11....
- Q s 6. Determine the future value at the end of June for the following cash flows using a periodic interest rate of 1% compounded monthly. These cash flows 2 occur...
- Q Comparative financial statements for Weller Corporation, a merchandising company, for the year ending December 31 appear below. The company did not issue any new common stock during the year. A...
- Q Why do children in Kohlberg's conventional moral reasoning take the perspective of the community at large? O Because they are worried about being punished for not following the rules Because...
- Q Patent 375,000 Customer list purchased 75,000 Copyright 105,000 Deposit to advertising agency to promote 60,000 goodwill Bond sinking fund 195,000 Goodwill 600,000 Trademark 135,000 Research and development 300,000 What total...
- Q Star Co. acquires Vine Co. on January 1, 2019, by paying $1,000,000 in cash. On the date of acquisition, the price is allocated as follows: Fair value of Vine's identifiable...
- Q 3. Income statement The income statement, also known as the profit and loss (P&L) statement, provides a snapshot of the financial performance of a company during a specified period of...
- Q Chuck Wells is planning to buy a Winnebago motor home. The listed price is $185,000. Chuck can get a secured add-on interest loan from his bank at 7.45% for as...
- Q Periodic inventory by three methods The beginning inventory for Midnight Supplies and data on purchases and sales for a three-month period are shown below: Date Transaction Number of Units Per...
- Q Entries for Factory Costs and Jobs Completed Collegiate Publishing Inc. began printing operations on March 1. Jobs 301 and 302 were completed during the month, and all costs applicable to...
- Q s 6 and 7 refer to the following information The following balance sheet is for X Company: Assets Cash Accounts Receivable. Inventory Prepaid Rent Equipment Total Assets Balance Sheet January...
- Q The following selected transactions relate to cash collections for a firm that maintains a $100 change fund at all times. Present entries to record the transactions for each of the...
- Q View Policles Current Attempt in Progress At the beginning of the year, Blossom Ltd. had total assets of $892.800 and total liabilities of $520,800. Use this information to answer each...
- Q Use the Following Information to Answer the Questions Below The JWOL Corp is preparing their Cash Budget for the Upcoming Month of JUNE. Given the Following; 1. The Corp Estimated...
- Q Happy Bean Inc operates a chain of doughnut shops. The company is considering two possible expansion plans. Plan A would open eight smaller shops at a cost of $8,840,000 Expected...
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