Accounting question and answers for November 21, 2023
- Q Mr. McBride, a retired individual whose only source of income was pension receipts, dies on August 15, 2019. By what date must Mr. McBride's final tax return be...
- Q XYZ Ltd proposes to invest $15 million in a new financial calculator-making plant. Fixed costs are $3 million per year. A financial calculator costs $10 per unit to manufacture and...
- Q Cost 1) The master budget at Western Company last period called for sales of 240,000 units at $11.00 each. The costs were estimated to be $5.00 variable per unit...
- Q Use the confidence interval to find the estimated margin of error. Then find the sample mean. A biologist reports a confidence interval of (2.1,3.3) when estimating the mean height(in centimeters)...
- Q Springfield Nuclear Energy Inc. bonds are currently trading at $1,423.12. The bonds have a face value of $1,000, a coupon rate of 11% with coupons paidannually, and they mature in...
- Q Wang Company makes and sells artistic frames for pictures. The controller is responsible for preparing the master budget and has accumulated the following information for 2017
- Q [ Regulation D Exemptions ] Two Rules (504 and 506) under Reg D relate to the (a) amount of offerings and (b) number of investors. Match Rules 504, 506, or...
- Q Dakota Security Systems (DSS) is a decentralized organization that evaluates divisional management based on measures of divisional contribution margin. Residential Division and Commercial Division both sell security and monitoring equipment....
- Q Allstar Company signed a $100,000 mortgage on July 1, 2021 for the purchase of their new garage building. The mortgage entailed equal monthly payments of $2,800 at the end of...
- Q What is the relationship among property rights, corruption, and economic progress? How important are anticorruption efforts in the effort to improve a country's level of economic development?
- Q Sky Castle Manufacturing Company has total underapplied overhead variance of P2,582.50. The budget variance had been P2,662.50 unfavorable. Efficiency variance, then, was P137.50 favorable. Upon review of operations, it was...
- Q Gigal Inc. makes industrial solvents. Planned production in units for the first 3 months of the coming year is: January 43,800 February 41,000 March 50,250 Each drum of industrial solvent...
- Q The Sky Inc, manufactures plastic lawn ornaments. Currently the firm manufactures three items: reindeer, snowmen and flamingos. For each reindeer , two snowmen and four flamingos are sold. Reindeer Snowmen...
- Q An existing machine in a factory has an annual maintenance cost of P40,000.A new and more efficient machine will require an investment of P90,000 and is estimated to have a...
- Q Breckenridge Corporation manufactures a part in a single production process in Department B. The company reports the following information about conversion costs for June: Units Conversion Costs...
- Q On October1,2015,Holt Company places a new asset into service.The cost of the asset is$80,000with anestimated5-year life and$20,000salvage value at the end of its useful life. What is the depreciation expensefor2015if...
- Q Samsan Technology Bhd is a company that involved in artificial intelligent (AI) engineering. The company and its subsidiaries developed the application based on Al, manufacture the application devices and distribute...
- Q Question MATERIALS AND MANUFACTURING LABOR VARIANCES, STANDARD COSTSDunn, Inc., is a privately held furniture manufacturer. For August 2018, Dunn had the following standards for one of its products, a wicker...
- Q In estimating the cost of product, manufacturers usually identify direct material, direct labour and manufacturing overhead costs. What modifications may be made to these classifications in estimating service costs?
- Q If a company has the following data related to an item of inventory: Inventory march 1 400 units @ $2.10 Purchase march 7 1,400 units @ $2.20 Purchase march...
- Q Loisworks for Jefferson Movers inAlbertaand earns an annual salary of$51,258.00paid on abi-weeklybasis. She contributes4%of her gross earnings to a Registered Retirement Savings Plan each pay.Loispays$27.00bi-weeklyfor union dues and receives a...
- Q Qhadeeja operates a health food bakery that uses a special type of ground flour in one of its high-margin products. The bakery operates 365 days a year. Qhadeeja finds that...
- Q the following 2013 information is available for leffingwell industries: average assets invested $8,200,000; sales $31,400,000; and expenses $27,600,000. A) calculate return on investment B) calculate profit margin...
- Q Tulsa Company, (a merchandising co.) has the following data pertaining to the year ended December 31, 2019: (CPA adapted) Purchases $450,000 Beginning inventory 170,000 Ending inventory 210,000 Freight-in 50,000...
- Q Honesty Company produces a single product. During the year, Honesty Company's net operating income under absorption costing was P8,500 higher than under variable costing. The company sold 25,000 units during...
- Q Manager should consider only additional revenue and separable cost when marketing decision about selling at split off or processing future, do you agree?
- Q Mo, Lu, and Barb formed the MLB Partnership by making investments of $81,000, $315,000, and $504,000, respectively. They predict annual partnership net income of $529,500 and are considering the following...
- Q Assume that a firm has the following activities and associated cost behaviors: ActivitesCost Behavior Assembling components$10 per direct labor hour Setting up equipmentVariable: 100 per setup Step-fixed: $30,000 per step,...
- Q 1. CZ is a merchandising company engaged in the purchasing and selling of electrical appliances. You as a management accountant have been asked to prepare a complete master budget for...
- Q Historically, your company has calculated bad debts using an aging of accounts receivable.Near the end of the fiscal year, the company is in a cash crunch and needs to borrow...
- Q a) Xavier's Yellow Zippers Corporation (XYZ Corp) sold 2,200 zippers in 2020 for $6 apiece. Xavier buys the zippers for $2 each and it costs $1 to paint each zipper...
- Q Accustartproduces a hard disk drive that sells for $176per unit. The cost of producing25,000drives in the prior year was: Direct material $725,000 Direct labor 450,000 Variable overhead 225,000...
- Q Baltimore Company uses a job order cost system and applies overhead based on estimated rates.The overhead application rate is based on total estimated overhead costs of $255,000 and direct labor...
- Q Ronnie's Repair Company provides repair services for small engines and uses time and materials pricing. The company has budgeted the following costs for next year: Mechanics' wages and benefits $900,000...
- Q If Crossroads International has $3,000,000 in total sales (75% on credit) and receivables of $500,000, what is its average collection period? Assume a 360-day calendar year.
- Q A stock will pay a dividend of $1 next quarter, growing at 2% per quarter for ten years, after which the dividend will stay constant forever. What is the...
- Q For the year 2018, the gross margin of Melody Co. was P96,000; the cost of goods manufactured was P340,000; the beginning inventories of work in process and finished goods were...
- Q Lev Corp issued $200 in principal of 4-year bonds with a 6.0% stated interest rate and semi-annual interest payments. At the time of the issuance, the discount rate equaled the...
- Q Describe three alternative ways to dispose of under-or overallocated overhead costs
- Q Malaysian Kitchen Restaurant uses the periodic order method, placing orders every two weeks. Determine the quantity of canned peaches to order today based on following information: i) Normal usage is...
- Q Information regarding Maxwell's direct labor cost for the month of January follows: Direct labor hourly rate paid$29.00Total standard direct labor hours for units produced this period11,500Direct labor hours actually...
- Q 1. You invest $4,000,000 in a commercial building that you place into service on 5/21/2020.How much can you deduct in depreciation for 2020? And for 2021 According to...
- Q total fixed costs are $130,000 per year.The company's break-even point in sales dollars is $250,000.If sales are $350,000 next year, what will operating income be
- Q Bluefish Machine Shop is a manufacturer of motorized cars for golf clubs. Leona Pez, the plant manager of Bluefish, obtained the following information for Job #99 in July 2018. A...
- Q Star Leisure Group owns and operates a small relaxation hotel with numerous sporting facilities, residential accommodation, a cafeteria and a sports shop. The summer season lasts...
- Q eBook Income Statement FedEx Corporation had the following revenue and expense account balances (in millions) for a recent year ending May 31:
- Q 6. You want to purchase a truck for $25,000 and you have $3,450 to put down. a. How much will your payments be if you financed the...
- Q Having difficulty solving the problem, need a step-by-step explanation for the calculations please. The manager of the Personnel Department at City Enterprises has been reading about time-driven ABC...
- Q On Dec 6, 2021, Holly purchased a residential apartment building. The cost basis assigned to the building is $800,000. Holly also owns another residential apartment building that she purchased on...
- Q A cost keeping system, that simply records costs for the purpose of fixing sale prices, has accomplished only a small part of its mission. What are the other functions of...
- Q Adriana Corporation manufactures football equipment. In planning for next year, the managers want to understand the relation between activity and overhead costs. Discussions with the plant supervisor suggest that overhead...
- Q Michael Green, CPA, is considering audit risk at the financial statement level in planning the audit of National Federal Bank (NFB) Companysfinancial statementsfor the year ended December 31, 20X1. Audit...
- Q The ABC Company manufactures several different products. Unit costs associated with Product Job 27 are as follows: Direct manufacturing labor$ 7 Variable manufacturing overhead10 Fixed manufacturing overhead37 Direct materials35...
- Q Social Media, Inc. (SMI) has two services for users. Toot!, which connects tutors with students who are looking for tutoring services, and TiX, which can be used to buy, sell,...
- Q In a recent year, the average daily circulation of theWall Street Journalwas2,276,207. Suppose the standard deviation is 70,940. Assume the paper's daily circulation is normally distributed. (a)On what...
- Q Capital expenditures are part of the analytical hierarchy process where the decision to buy is assessed at the cash flow level even if these are uneven. The capital risk and...
- Q Having a difficult time with the calculations of this problem, could someone show me a step-by-step explanation Miller Outdoor Equipment (MOE) makes four models of tents. The model...
- Q You bought your house for $350,000 ten years ago and now it needs repairs (you pay property taxes of $3,000 per year). You consult a renovations company and it quotes...
- Q A florist carries an average inventory of $12,000 in cut flowers. The flowers require special storage and are highly perishable. The florist estimates capital costs at 10%, storage costs...
- Q What factors should management consider in determining the amount of investment in materials?
- Q The Matsui Lubricants plant uses the weighted-average method to account for its work-in-process inventories. The accounting records show the following information for a particular day: Beginning WIP...
- Q On August 15, 2020, Japan Ideas consigned 800 electronic play systems, costing $100 each, to YoYo Toys Company. The cost of shipping the play systems amounted to $1,400 and was...
- Q Schister Systems uses the following data in its Cost-Volume-Profit analyses: TotalSales$350,000Variable expenses210,000Contribution margin140,000Fixed expenses110,000Net operating income$30,000 What is total contribution margin if sales volume increases by 20%?
- Q Construct the cash flow diagrams of the following scenario. Five equal receipts of $2,000 at beginning of period starting in year 3. Two equal receipts of $6000 at end of...
- Q Intercontinental, Inc., provides you with the following data for its single product: Sales price per unit $ 52.00 Fixed costs (per month): Selling, general, and administrative...
- Q Costing details to use for the assignment, all are Canadian dollars- #You are a Toronto based tour operator with a series of flights starting up from Halifax to St. Lucia...
- Q Question Two McGee Enterprises operates in the leisure and entertainment industry and one of its activities is to promote concerts at locations throughout the world. The company is examining the...
- Q The Finishing Department had 5,200 incomplete units in its beginning Work-in-Process Inventory which were 100% as to materials and 30% as to conversion costs. 15,400 units were received from the...
- Q There are two things we know will be true about specific balances in the consolidated column of the balance sheet even before we add our rows and columns. What are...
- Q Ken Potman is the sole shareholder in Brickbase Enterprises Ltd., a Regina-based construction company. He is also a 25% partner in a retail kitchenware store, although he does not actively...
- Q For The Ages inc. produces solid-oak umbrella stands. Each stand in handmade and hand finished using the finest materials available. The firm has been operating at capacity (2,000 stands per...
- Q Project Evaluation (LO4). Consider the cash flows for the two projects below: Project A Project B Initial cash outlay $10,000 $50,000 Net cash inflowsyear 1...
- Q Lemon Ltd. offers executive training seminars using, in part, recorded lectures of a well-known speaker. The agreement calls for Lemon to pay a royalty for the use of the lectures....
- Q The lead time for the delivery is 4days on average, with a standard deviation of3.5days. You use Carrier ABC, which charges $6 per motor, with a minimum shipment of 2000motors...
- Q Copy Center is considering replacing one of its copiers. The new copier will cost $90,000; it has an expected life of three years with zero salvage value. The company expects...
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