Accounting question and answers for November 21, 2023
- Q Use the Redwood City Pet Shop October 31, 2022, Unadjusted Trial Balance to complete the required adjusting journal entries. Note: there is a template included in the instructions. Redwood City...
- Q Three (CLO6) (5 marks) a. Define fraud and describe the process your selected organization can adopt to reduce the frauds. (3 Marks) b. Who perpetrates fraud and why it occurs?...
- Q The cutting department of Chan Manufacturing has the following production and cost data for August. Production Costs 1. Started and completed 7,860 units. Beginning work in process $0 2. Started...
- Q Deepak Ltd. forfeited 200, 8% preference shares of 100 each issued at a premium of 5 per share for non- payment of final call of 30 per share. Out of...
- Q If an individual taxpayer's net long-term capital losses exceed the net short-term capital gains, the excess may be offset against ordinary income up to $3,000 per year. Any excess losses...
- Q Waterway Industries manufactures and sells solar chargers for $70 each. Variable costs are $30 per unit, and fixed costs total $120000. How many solar chargers must Waterway sell to earn...
- Q Cost of the project Cash flow 1 2345 8,000,000 2,346,000 4,120,000 5,044,000 4,134,000 3,361,500 Required rate of return Payback Accounting Rate of Return NPV PI IRR 10% Must show your...
- Q For a restaurant, how does inventory on the balance sheet become an expense on the income statement, and what is this expense called
- Q Elon Motors produces electric automobiles. In recent years, they have been making all components of the cars, excluding the batteries for each vehicle. The company's leadership team has been considering...
- Q 2-Journal Entries (Ch. 2) Adam Wisdom is a dentist who practices under the business name Wisdom's Teeth Care. During December 2021, the dentistry business had the following transactions: Dec 2...
- Q PA9. LO 14.3 Aggregate Mining Corporation was incorporated five years ago. It is authorized to issue 500,000 shares of $100 par value 8% cumulative preferred stock. It is also authorized...
- Q Martin Realtors, a real estate consulting firm, specializes in advising companies on potential new plant sites. The company uses a job order costing system with a predetermined overhead allocation rate,...
- Q n 2 pts Question 31 A regression model has been developed to demonstrate the relationship between travel time (in hours) and miles traveled, where the intercept coefficient is 1.2739 and...
- Q Blazing Bike reports the following data for its first year of operation. Work in process inventory, beginning Work in process inventory, ending Manufacturing overhead Direct materials used Direct Labor Finished...
- Q 14 3 pts Explain briefly why the choice of transfer price method was a good or bad idea in your view
- Q Concord Corporation's direct materials budget shows direct materials purchases for January $275000, February $335000 and March $425000. Cash payments are 60% in the month of purchase and 40% in the...
- Q Required information Exercise 6-4A Calculate inventory amounts when costs are rising (LO6-3) [The following information applies to the questions displayed below.] During the year, TRC Corporation has the following inventory...
- Q Lansing, Inc. provides the following information for one of its department's operations for June (no new material is added in Department T). WIP inventory-Department T Beginning inventory (8,700 units, 20%...
- Q 2. n. Prepare journal entries (some of these are regular entries during the year and some are during 2021. You must use the amounts from computer problem #1 and this...
- Q Selected financial information for Blossom as at December 31, 2021, follows: Accounts payable $208,000 Land $103,000 Accounts receivable 190,000 Licences 57,000 Accumulated depreciation-building 75,000 Long-term equity investments 44,000 Building 253,000...
- Q Chapter 5 Homework i ! 4 Part 2 of 2 1.11 points eBook Print Saved Required information [The following information applies to the questions displayed below.] Data for Hermann Corporation...
- Q 1 2 Dec. 31, 20Y2 Dec. 31, 20Y1 Assets 3 Cash 4 Accounts receivable (net) 5 Inventories 6 Prepaid expenses 7 Land 8 Buildings 9 Accumulated depreciation-buildings $918,330.00 $965,220.00 828,620.00...
- Q 8 00 1.91 points eBook Print References Jessica Pothier opened FunFlatables on June 1. The company rents out moon walks and inflatable slides for parties and corporate events. The company...
- Q Required information [The following information applies to the questions displayed below.] Textra produces parts for a machine manufacturer. Parts go through two departments, Molding and Trimming. The company budgets overhead...
- Q Prepare journal entries to record the following merchandising transactions of Lowe's, which uses the perpetual inventory system and the gross method. Hint: It will help to identify each receivable and...
- Q Tim and Menard are partners with capital balances P60,000 and P20,000, respectively. Profits and losses are divided in the ratio of 60:40. Tim and Menard decided to form a new...
- Q Where does unearned revenue go on the financial statements? O a. Property, Plant, and Equipment Ob. Current asset O c. Current liabilty O d. Long-term Liabilty Oe. It belongs on...
- Q At the start of 2021, X Company developed the following budgeted total cost function: $10.47X + $222,000, where X is number of units produced. Budgeted production for the year was...
- Q Sheffield Corp. has collected the following data concerning one of its electronic keypad deadbolts: Unit selling price $155 Total sales 15000 units Unit cost $105 Total investment $2500000 The ROI...
- Q The following data were included in a recent Apple Inc. annual report ($ in millions): In millions Net sales 2014 $182,795 Net property, plant, and equipment 20,642 2015 $233,715 22,471...
- Q Sales Cost of goods sold Accounts receivable 2021 $ 601,025 308,923 29,150 2020 $ 390,276 200,691 22,753 2019 $ 307,304 160,075 21,050 2018 $ 212,667 110,460 12,462 2017 $ 159,900...
- Q James Bond Inc. is thinking of developing a new spy tool for mass production because everyone is going to want one! Expected total unit cost Estimated investment Desired ROI $25...
- Q On the first day of the fiscal year, a company issues a $940,000, 10%, 5-year bond that pays semiannual interest of $47,000 ($940,000 x 10% x 1/2), receiving cash of...
- Q Elodie is paid her commissions together with her bi-weekly salary of $1,000.00. This pay period her commissions are $4,300.00. Calculate her Qubec Pension Plan contribution for this pay period. Your
- Q D Question 12 According to neoliberals, the shadow of the future can resolve what obstacle to cooperation? The prisoner's dilemma. Anarchy. Concerns about absolute gains. O Concerns about relative gains....
- Q Rules of Debit and Credit and Normal Balances State for each account whether it is likely to have debit entries only, credit entries only, or both debit and credit entries....
- Q Consider the following Income Statement. Assets were $500,000. What is the ROA? Sales Variable expenses 6,000,000 40% Contribution margin Fixed expenses:Traceable and controllable Segment performance margin 3,400,000 Fixed expenses:Traceable NOT...
- Q s 1 and 2 refer to the following information X Company's 2021 budgeted cost function for fixed overhead was C=$229,600. Its budgeted cost function for variable overhead was C=$9.90X, where...
- Q Preferred stockholders have the following rights EXCEPT: OA. the right to sell their stock on the market. O B. the priority over common stock in dividend distribution. OC. voting rights....
- Q 1. Depreciation on equipment is $800 for the accounting period. 2. There was no beginning balance of supplies and $480 of supplies were purchased during the period. At the end...
- Q Based on a predicted level of production and sales of 15,000 units, a company anticipates total variable costs of $54,000, fixed costs of $25.500, and income of $75,600 Based on...
- Q The Honda Accord was named the best midsized car for resale value for 2018 by the Kelley Blue Book (Kelley Blue Book website). The file AutoResale contains mileage, age, and...
- Q The balance sheet of Tampa Company included the following shareholders' equity accounts at December 31, 2021 Common stock, 240,000 shares at $1 par $240,000 During 2022, the following transactions occurred...
- Q 2 Problem 14-2 (Algo) Effective interest; financial statement effects [LO14-2] 0.8 points 03:19:34 Skipped On January 1, 2021, Baddour, Inc., issued 10%, 12-year bonds with a face amount of $169...
- Q Chapter 19 Question 1 of 2 < > V Current Atten On January 5, 2000, Grouper Corporation received a charter granting the right to 5,300 shores of $100 par value...
- Q aps News V DOCOSchools Lowe's - Billi UNIT 1-CHALLENGE 2: The General. < 2 3 Which of the following characteristics is associated with a general journal
- Q Indicate which activities of Stockton Corporation violated the rights of a stockholder who owned one share of common stock. (You may select more than one answer. Single click the box...
- 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 Assume the auditor determines that verifying marketable securities is an immaterial item to the financial statements of an audit clent. The auditor must therefore obtain a suficient of relevant and...
- Q Green Cabinets is a custom cabinet builder. They recently completed a set of kitchen cabinets (Job Number 1478), as summarized below: Job Number: 1478 Date Started: 4/07/20x8 Date Completed: 4/22/20x8...
- Q Pender Corp. paid $300,000 for a 30% interest in Saltspring Limited on January 1, Year 6. During Year 6, Saltspring paid dividends of $113,000 and reported profit as follows: Profit...
- Q 30 10 pts Ann Chang is investing $2,500 today and will do so at the beginning of each of the next six years for a total of seven payments. If...
- Q Creative Technology reports inventory using the lower of cost and net realizable value (NRV). Below is information related to its year- end inventory. Inventory Optima caneran Inspire speakers: Quantity 120...
- Q CYPRUS INTERNATIONAL UNIVERSITY ACCOUNTING AND FINANCE DEPARTMENT THOREY OF FINANCIAL MARKET AND INSTITUTIONS FALL 2021-2022 SEMESTER 1. Why credit risk exists for Fls? How diversification affects an FI's credit risk...
- Q Wininger Company has two departments. Relevant information is presented below: Department 1 Department 2 Budgeted gross margin- $100,000 $500,000 Actual gross margin $200,000 $600,000 Actual sales Budgeted sales Corporate management...
- Q Which of the following is a limitation of activity-based costing? O Activity-based costing can only be used by firms involved in manufacturing. Activity-based costing can be expensive to use. O...
- Q Chic Design is a manufacturer of large flower pots for urban settings. The company has these standards: (Click the icon to view the standards.) (Click the icon to view the...
- Q 2 A taxpayer with AGI of $170,000 in both 2021 and 2022 can avoid the underpayment penalty in 2022 by paying: 90% of 2021 tax liability in four equal installments....
- Q 5 Accounting for partnerships -Part B (6 marks) Blanc & Nathan use Method 1 to account for their partnership. They have agreed to share profits as follows: Blanc receives a...
- Q 22 The following extract is from the trial balance of Falmer Co at 31 December 2020: '000 '000 Cost of sales 23,205 Finance costs 2,025 Investment income (note (iii)) Operating...
- Q Silver Company makes a product that is very popular as a Mother's Day gift. Thus, peak sales occur in May of each year, as shown in the company's sales budget...
- Q spring 2022 www Save & Fee Michael Corporation has two divisions: the Alpha Division and the Beta Division. The corporation's net operating income is $11.400 The Righa Deyis dion segment...
- Q Finish attempt Time left 4:49:50 Question 3 Incorrect Mark 0.00 out of 6.25 P Rag question Determining Retained Earnings and Net Income The following information appears in the records of...
- Q es Modules (Click the icon to view the information.) Compute the amount of direct materials used. Data table Lazio, Inc. Computation of Direct Materials Used Freight In Property Taxes Purchases...
- Q 37 2 points A manufacturer is considering producing and selling a new product. The fixed costs of production will be 41,882 a year. The selling price of the product will...
- Q 20 Assuming Croft worked for a private sector organisation, accountability mechanisms could include: Return on investment Press releases Corporate social responsibility reports All of the above 3 pts
- Q 5 (Chapter 9) Luke is a self-employed attorney. He maintains an office in his home that is exclusively dedicated to his work. The room occupies 600 square feet, which is...
- Q On September 1, Martinez Office Supply had an inventory that included a variety of calculators. The company uses a perpetual inventory system. During September, the following transactions occurred. Sept 6...
- Q Bunker Hill Mining Company has two competing proposals: a processing mill and an electric shovel. Both pieces of equipment have an initial investment of $712,085. The met cash flows estimated...
- Q Babcock Company purchased a piece of machinery for $34,500 on January 1, 2019, and has been depreciating the machine using the sum-of-the-years'-digits method based on a five-year estimated useful life...
- Q The following information relates to the capital structure of Happy Homes Ltd. Capital structure Value (R) Pre-tax cost of capital Ordinary share capital 150 000 14% Preference share capital 20...
- Q The following additional facts are collected for use in making adjusting entries prior to preparing financial statements for the company's first three months. a. The December 31 inventory count of...
- Q 20 Ahmed has recently invested his money and is expecting the following cash flows at the end of each of the next three years, 582, 455 and 237 respectfully. This...
- Q 4 of 4 < Current Attempt in Progress Your answer is partially correct. Kanish Corporation's general ledger includes the following account balances: Contributed Surplus $9,000 Common Shares $280,000 Retained Earnings...
- Q What is the impact on the financial statements if A Company omits the adjusting entry to recognize that Prepaid Rent has expired? Edit View Insert Format Tools Table 12pt Paragraph...
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