Accounting question and answers for November 23, 2023
- Q asyWriter manufactures an erasable ballpoint pen, which sells for $1.75 per unit. Management recently finished analyzing the results of the company's operations for the current month. At a break-even point...
- Q Question 2 (9 marks) From 1 July 2015, Cotchin Ltd developed and began selling a new product, the iFeel tablet which was capable of responding to human emotions. The company...
- Q Elizabeth is a sole proprietor with 30 employees. On January 15, 2021, she borrowed $50,000, through the Paycheck Protection Program (PPP). She spent the entire amount on eligible expenses. Which...
- Q You have the following information about the three division that make up your company: Division X Division Y Division Z Beta 1.05.751.30 ...
- Q John and Jessica are married and have one dependent child, Liz. Liz is currently in college at State University. John works as a design engineer for a manufacturing firm while...
- Q Wildhorse Co. uses the percentage of receivables method for recording bad debts expense. The accounts receivable balance is $260000 and credit sales are $2610000. Management estimates that 4% of accounts...
- Q Accounts receivable is an important asset on the balance sheet. Companies often use the amount of accounts receivable as a collateral against short-term borrowings from banks. Therefore, banks are always...
- Q On January 1, 2021, Cullumber Corporation signed a 10-year noncancelable lease for certain machinery. The terms of the lease called for Cullumber to make annual payments of $225000 at the...
- Q Comparative statements of shareholders equity for Anaconda International Corporation were reported as follows for the fiscal years ending December 31, 2021, 2022, and 2023. ANACONDA INTERNATIONAL...
- Q Consider the following events: 25,000 shares of preferred stock, cumulative, 5%, $20 par was issued for $30 a share. ...
- Q Entries for Stock Dividends Healthy Life Co. is an HMO for businesses in the Fresno area. The following account balances appear on Healthy Lifes balance sheet: Common stock (400,000 shares...
- Q Fido Company has three segments, one of which is unprofitable. The Duchess Doggy Biscuit segment had the following results last period: Sales $1,040,000 Variable...
- Q Koontz Company manufactures two models of industrial componentsa Basic model and an Advanced Model. The company considers all of its manufacturing overhead costs to be fixed and it uses plantwide...
- Q Cooper Company expects to sell 200,000 units of its product next year, which would generate total sales of $17 million. Management predicts that pretax net income for next year will...
- Q Gordons plc has an annual turnover of 3 million and a pre-tax profit of 400,000. It is not quoted on a stock exchange and the family owning all the shares...
- Q 1. Culver Corporation reported net sales $715,000, cost of goods sold $500,500, operating expenses $126,000, and net income $62,920. Calculate the profit margin and gross profit rate. (Round Profit margin...
- Q On 1 January 2021 A issued 50,000 GHS100 2% debentures to investors for GHS55 each. The debentures are redeemable at their par value of GHS100 in 5 years time,...
- Q Your small manufacturing operation has the following information concerning the main product: Current Situation: Sales in Units ...
- Q What is the affect (in a horizontal accounting grid) of each transaction or event? 1) Corona buys (and receives) two computers from Beta Co. for $5,000 each, agreeing to pay...
- Q Net Present ValueUnequal Lives Bunker Hill Mining Company has two competing proposals: a processing mill and an electric shovel. Both pieces of equipment have an initial investment of $625,304. The...
- Q Riverbed Distribution markets CDs of numerous performing artists. At the beginning of March, Riverbed had in beginning inventory 3,600 CDs with a unit cost of $7. During...
- Q Balance sheet end of 2019 Current assets cash 4650 A/R 18260 inventory 21275 prepaid insurance 5700 total current assets 49885 property plant equipment 311000 accumulated depreciation -103500 AFS securities 2100...
- Q Journal entry On 30 April 20X2, Neuman Ltd. sells a product to a customer for $636,000. The product carries a one-year assurance warranty. Neuman management estimates that the probable cost...
- Q Problem 8-21 Schedules of Expected Cash Collections and Disbursements [LO8-2, LO8-4, LO8-8] You have been asked to prepare a December cash budget for Ashton Company, a distributor of exercise equipment....
- Q Flower Garden issued $8,000,000 of 8% debentures bonds on Jan 1, 2014 and received cash totaling $7,098,102. The bonds which are due in 10 years pay interest semiannually on July...
- Q Below are the statements of financial position of three entities as at 30 September 2019 Papa Mama Daughter $000 $000 $000 Non-current assets 24,000 7,500 3,000...
- Q Prepare general journal entries to record the following transactions of Ibis Sales Company(including GST and QST): GST (Goods and services tax ) 5%. QST (Qubec sales tax) 9.975% Sept. 2...
- Q Classifying Costs The following is a list of costs that were incurred in the production and sale of lawn mowers. Classify each of the costs as either a product cost...
- Q 1. Which of the following is not a control to prevent check fraud? MULTIPLE CHOICE a. Establish duties so the same person...
- Q Jamie Lee Jackson, age 26, is in her last semester of college, and graduation day is just around the corner! It is the time of year again when Jamie Lee...
- Q Mapping Shoe Company developed a patent for sneakers with GPS in the toe that the wearer can use to navigate. To manufacture the sneakers, Mapping wants to purchase the software...
- Q Direct Method Eilers Company has two producing departments and two support departments. The following budgeted data pertain to these four departments: Support Departments Producing Departments...
- Q Company traded in a manual pressing machine for an automated pressing machine and gave $16,000 cash. The old machine cost $186,000 and had a net book value of...
- Q 1. Which of the following transactions would be appropriately processed in the sales/collection process? THT Corporation purchased merchandise on account from HRS...
- Q Parker Plastic, Inc., manufactures plastic mats to use with rolling office chairs. Its standard cost information for last year follows: Standard Quantity Standard Price (Rate) Standard Unit Cost Direct materials...
- Q Peters Pics encounters revenue-allocation decisions with its bundled movie deal. Here, two or more of the movie videos are sold as a single package. Managers at Peters Pics are keenly...
- Q Emma Jones is planning to move to Oxford, MS to start her new job at a real estate firm. She has not yet decided whether she wants to rent or...
- Q Ten years ago the Jacksons bought a house, taking out a 30 year mortgage for $260,000 at 6.5%. This year (exactly 10 years later) they refinanced the house, taking out...
- Q Whole Foods Inc. manufactures lotion that sell for $15.00 per unit. The business had no beginning inventory. The following data summarized the operations for the period: Units...
- Q At January 1, 2014, Langley Companys outstanding shares included the following. 356,000 shares of $50 par value, 7% cumulative preferred stock 812,000 shares of...
- Q Marigold Company purchased a new machine on October 1, 2020, at a cost of $111,400. The company estimated...
- Q Delima Berhad has received a special order for 2,000 units of its product at a special price of RM75. The product normally sells for RM100 and has the following manufacturing...
- Q The following information relates to Ray Corporation for the past accounting period. Direct Costs Service Dept A $ 92,000 ...
- Q Net Present Value Method, Present Value Index, and Analysis Donahue Industries Inc. wishes to evaluate three capital investment projects by using the net present value method. Relevant data related to...
- Q Crespi Inc. is trying to decide between two investment alternatives, A and B. Data for A and B are as follows: Investment A Investment B...
- Q instructions The revenues and expenses of Ousel Travel Service for the year ended November 30, 2016, follow. Accounts (revenue and expense items) ...
- Q Jenna began the year with a tax basis of $41,000 in her partnership interest. Her share of partnership debt consists of $11,000 of recourse debt and $9,000 of...
- Q The cost of manufacturing equipment is recognized as an expense Select one: A. when equipment depreciation is recorded. B. when inventory processing is completed and finished goods are recorded. C....
- Q Owens book and bank balances matched at the end of August. However, his September 30th book balance is $3,780.73 while his September 30th bank balance is $3,281.04. Assuming Owen does...
- Q Sheffield Company has gathered the following information about its product. Direct materials. Each unit of product contains 5.00 pounds of materials. The average waste and spoilage per unit produced under...
- Q [The following information applies to the questions displayed below.] Delph Company uses a job-order costing system and has two manufacturing departmentsMolding and Fabrication. The company provided the...
- Q Jackson, Detecting Accounting Fraud Analysis and Ethics. Chapter 7 Case Study Page 260 Improper Recognition of Sales: The SEC Complaint (2011) alleged that Basin also overstated revenues via contingent sales....
- Q Sharp Company manufactures a product for which the following standards have been set: ...
- Q Legend Service Center just purchased an automobile hoist for $31,600. The hoist has an 8-year life and an estimated salvage value of $3,090. Installation costs and freight charges were $3,930...
- Q Balance sheet. Fill in the missing information on the annual balance sheet statements for Barron Pizza, Inc., Complete the table below for the assets part of the balance sheet: (Round...
- Q Question 1 Deacon Corporation completed Job 70 on February 15 and Job 71 on March 18. Job 70 required the following additional costs: $7,500 of materials, $5,000 of direct labor,...
- Q Presented below are the ending balances of accounts for the Kansas Instruments Corporation at December 31, 2021. Account Title Debits Credits ...
- Q Company A is a listed diversied retail company. Its stores are located mainly in the United Kingdom.It has three main types of stores: general department stores, liquor stores and specialist...
- Q 1 PRACTICE QUESTIONS Question One The following trial balance relates to Faith at 30 September 2008: GHS000 GHS000 Leasehold property at valuation 1 October 2007 (note (i)) 50,000 Plant...
- Q Division X makes a part that it sells to customers outside of the company. Data concerning this part appear below: ...
- Q The following condensed income statements of the Jackson Holding Company are presented for the two years ended December 31, 2018 and 2017: ...
- Q Prepare adjusting entries, post to ledger accounts, and prepare an adjusted trial balance.: Logan Krause started her own consulting firm, Krause Consulting, on May 1, 2020. The trial balance at...
- Q Comans Corporation has two production departments, Milling and Customizing. The company uses a job-order costing system and computes a predetermined overhead rate in each production department. The Milling Departments predetermined...
- Q The general ledger of Pop's Fireworks includes the following account balances in 2024: Accounts Debit Credit Cash $22,400 Accounts...
- Q 1. The following information is available for a company's cost of sales over the last five months. Month Units sold Cost of sales...
- Q Hasting Inc. uses a job-order costing system in which any underapplied or overapplied overhead is closed to cost of goods sold at the end of the month. In January the...
- Q Following the acquisition of Kraft during Year 8, the Philip Morris Companies released its Year 8 statement of cash flows (indirect method). PHILIP MORRIS COMPANIES, INC. Statement...
- Q Mr. Pink died testate. In his will, he names his son, Pink, Jr., as executor of his estate. After his son declines to serve, his friend, Mr. Orange, agrees to...
- Q The following information relates to the VAT return of the Super Ltd for the three months to 30 November 2020. All figures are VAT-exclusive unless stated otherwise. Standard rated...
- Q After selling 4,300 units during the period, Dole Corp. prepared a flexible budget that included $22,962 for direct materials, $36,120 for direct labor, $19,350 for variable overhead, and $46,440 for...
- Q Company has OVERAPPLIED overhead of $50,000 for the year. Before the dispostion of the underapplied overhead, selected year end balance from the company accounting records were Sales $1,200,000 COGS $720,000...
- Q Q. Which of the following does not explain why debtors are more liquid than stock?1 point 1. Legal right to...
- Q His other business is Lapaq Kueh Enterprise that supplies Malay traditional desserts to hotels in Kuala Lumpur. This is Dato Idhams new business venture, which commenced on 1 March...
- Q How much would a business have to invest in a fund to receive $25,000 at the end of every month for 6 years? The fund has an interest rate of...
- Q What is private placement of securities? Multiple Choice A procedure that allows a company to register securities and then sell...
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