Accounting question and answers for November 23, 2023
- Q Menlo Company distributes a single product. The companys sales and expenses for last month follow: Total Per Unit Sales $ 310,000 $ 20 Variable expenses 217,000 14 Contribution margin 93,000...
- Q E8-15 at december 31,2012. the account receivable balance of gps technology is $190,000 . the allowance for doubtful accounts has an 8,600 credit balance. gps technology prepares the following aging...
- Q a company has two activity cost pools-customer orders and product design. the activity rates are $300 per order for customer orders and $500 per design for product design. how much...
- Q The high-low method of analyzing mixed costs uses only two observation points: the high and the low points of activity. Are these always the best points for prediction purposes? Why...
- Q What business risks does Dell face that threaten its ability to satisfy stockholder expectations? What are some examples of control activities that the company could use to reduce these risks
- Q 1. Which of the following business unit performance measures could be appropriately used to evaluate a cost center? A) Return on investment (ROI) B) Residual income...
- Q The importance of using CVP analysis for businesses from managerial accounting perspective. The assignment needs to present how the CVP analysis is used, for which purpose and how its important...
- Q Sally has 2 jobs, one for a corporation making $70,000 and one for a nonprofit making $10,000. In addition, she has tax-exempt interest of $2,000. What is her total income?
- Q Does the statute of frauds (a legal principle from the 1600s) still make sense in today's commercial world
- Q 11 Comprehensive problem including special order, outsourcing, and segment elimination decisions LO 13-2, 13-3, 13-4 (Consider each of the requirements independently.) ...
- Q Describe the effect of each transaction on assets, liabilities, and owner's equity. 1. Incurred advertising expense on account. 2. Purchased additional equipment for cash
- Q Mostert Music Company had the following transactions in March: a. Sold music lessons to customers for $14,700; received $9,300 in cash and the rest on account. b. Paid $1,080 in...
- Q Tarnish Industries produces miniature models of farm equipment. These collectibles are in great demand. It takes two operations, molding and finishing, to complete the miniatures. Next year's expected activities are...
- Q In 2021, the Westgate Construction Company entered into a contract to construct a road for Santa Clara County for $10,000,000. The road was completed in 2023. Information related...
- Q The city of Springvale levies a tax on the value of real property located within the city limits. The tax equals 2 percent of the property assessed value up to...
- Q The LFM Company makes and sells a single product, Product T. Each unit of Product T requires 1.3 hours of direct labor at a rate of $9.10 per direct-labor hour....
- Q Mickelson Inc. owns land that it purchased on January 1, 2000, for $450,000. At December 31, 2014, its current value is $770,000 as determined by appraisal. At what amount should...
- Q Una empresa utiliza el mtodo del promedio ponderado para calcular el costo del inventario. Al final del perodo, 22,000 unidades estaban en el inventario final de trabajo en proceso y...
- Q Abarbanell, Inc., issues $450,000 of zero coupon bonds that mature in 10 years. Compute the bond issue price assuming that the bonds' market rate is: a. 8% per year compounded...
- Q If you asked your broker to purchase for you a 12% bond when the market interest rate for such bonds was 11%, would you expect to pay more or less...
- Q Breaded Oak, Inc. has a policy that requires 20 percent of the expected sales of its product to be on hand at the end of the prior month. Forecasted sales,...
- Q norman company sells mp3 players for 60 each. variable costs are 40 per unit, and fixed costs total 60,000. what sales are needed by norman to break even? sonoma winery...
- Q In 20X5, Kahn Financial Group used the Fair Value option for some of its own debt. During the first quarter of 20X5, the fair value of its debt declined by...
- Q Scatter Diagrams and High-Low Cost Estimation Assume the local Pearle Vision has the following information on the number of sales orders received and order-processing costs. Month Sales OrdersOrder-Processing Costs1 3,000$...
- Q During the current year, Ron and Anne sold the following assets: (Use the dividends and capital gains tax rates and tax rate schedules.) ...
- Q Shamrock Limited is trying to determine the value of its ending inventory as of February 28, 2017, the companys year-end. The following transactions occurred, and the accountant asked...
- Q How do you find vertical and horizontal analysis
- Q If bond is selling at 103, it is selling at: a. Maturity value and yields a 2% interest rate b. A premium c. $103 per bond d. A Discount
- Q Twenty additional kayakers pay $3,200 ($160 each), in addition to the $5,500 that was paid in advance on July 30, on the day of the clinic. Tony conducts the first...
- Q Mel's Meals 2 Go compra galletas que incluye en los 10.000 almuerzos en caja que prepara y vende anualmente. La cocina de Mel y la sala de reuniones contigua...
- Q Fab Manufacturing Corporation manufactures and sells stainless steel coffee mugs. Expected mug sales at Fab (in units) for the next three months are as follows: Fab likes to maintain a...
- Q Trainor Corporation was organized on January 1, 2014. During its first year, the corporation issued 20,000 preferred shares with a $0.30 dividend entitlement and 200,000 common shares, both at $1...
- Q If the contribution margin ratio is 45%, target operating income is $50,000, and the sales revenue needed to achieve the target operating income is $300,000, what are total fixed expenses?...
- Q The total assets of the Philbin Company on January 1 were $2.3 million and on December 31 were $2.5 million. Net income was $188,000. Dividends totaled $75,000, interest expense totaled...
- Q On January 1 of the current year, Townsend Co. commenced operations. It operated its plant at 100% of capacity during January. The following data summarized the results for January: Units...
- Q A company issued 5%, 10-year bonds with a face amount of $74 million. The market yield for bonds of similar risk and maturity is 6%. Interest is paid semiannually. At...
- Q ACME Incorporated has the following standard unit costs for a single product Direct material 12.0 Kg @ $1.65 per kg $19.80 ...
- Q Jillian, a single taxpayer, has a net long-term capital gain for the year, and it is all made up of 25% long-term capital gain. She has positive taxable income for...
- Q Presented below is information for the governmental activities for the City of Cricket Hill for the year ended December 31, 20X9. Prepare in good form a statement of activities for...
- Q Discuss the notion of production capacity in a manufacturing environment. Your answer should discuss the different meanings of theoretical and practical capacity as they are applied in manufacturing firms. Describe...
- Q Chung Inc. is considering the replacement of a piece of equipment with a newer model. The following data has been collected: Old Equipment New Equipment Purchase price $225,000 $375,000 Accumulated...
- Q Doughton Furniture Company purchased merchandise on credit from Furniture Supply for $8,000. Two days later Doughton returned $2,000 of the merchandise due to damage. When Doughton pays for the merchandise...
- Q Factory overhead includes: Choose one answer. a. factory rent and direct labor b. direct materials and direct labor c. indirect materials and direct materials d. indirect labor and indirect materials
- Q Here are two cases that deal with Buffetts sale of Nike stock and his purchase on IBM stock. A. The Nike Sale Berkshire Hathaways 13-F filing for the third quarter...
- Q Which of the following accounts would likely be included in a deferral adjusting entry? a interest revenue b. unearned revenue c. salaries payable d. accounts payable
- Q I am needing some help with an accounting problem The Kollar Company has a defined benefit pension plan. Pension information concerning the fiscal years...
- Q Rowdy's would report net cash inflows (outflows) from operating activities in the amount of: Rowdy's Restaurants cash flow (millions) Cash received from: Customers $3,750 Interest on investments 330 Sale of...
- Q E13-10 AI Corporation issued 100,000 shares of $20 par value, cumulative, 8% preferred stock on January 1, 2011, for $2,100,000. In December 2013, AI declared its first dividend of $500,000....
- Q Recent financial statement data for Harmony Health Foods (HHF) Inc. is shown below. Current liabilities $ 198 Income before interest and taxes $ 119 10% Bonds, long-term 370 Interest expense...
- Q Rodriquez Corporations comparative balance sheets are presented below. RODRIQUEZ CORPORATION Comparative Balance Sheets December 31 2017 2016 Cash $16,900 $17,300 Accounts receivable 25,200 22,400 Investments 20,150 15,950 Equipment 60,250 70,250...
- Q Reporting Issuance and Retirement of Long-Term Debt On the basis of the details of the following bonds payable and related discount accounts, indicate the items to be reported in the...
- Q The principal reason for a company having a common stock split is to: decrease the market value per share of common stock. increase the total cash dividends paid...
- Q Total Per Unit Sales $ 120,000 $ 20 Less: Variable expenses 72,000 12 Contribution margin 48,000 $ 8 Less: Fixed expenses 30,000 Net operating income $ 18,000 ...
- Q M Company has two divisions East Division and West Division. For the last quarter the East Divisions segment margin was ($8,000). West Divisions sales were $120,000. West Divisions contribution...
- Q Will the revenue standard provide more decision- useful information than US GAAP? When you provide answer, please refer to FASB Concepts Statement Number 8 (attached) for a refresher on that...
- Q Required information Skip to question [The following information applies to the questions displayed below.] Morning Sky, Incorporated (MSI), manufactures and sells computer games. The company has several product...
- Q How would knowledge of the alleged sales practices shed insights about the effectiveness of internal controls over financial reporting?
- Q Cotte Inc. has three shareholders, Phil, Bill, and Hill. Each shareholder owns 100 shares of common stock. On July 1 of this year, Cotte Inc. redeemed 30 shares from each...
- Q Tempo Company's fixed budget (based on sales of 12,000 units) for the first quarter reveals the following. Fixed Budget Sales (12,000 units...
- Q J.C Penny has the following current assets (in millions): cash $4,888, receivables $1,000 and inventory $5,812. Its current liabilities (in millions) were $8,000. The quick ratio is Multiple Choice 1.3...
- Q IFRS Multiple Choice Question 15 Swing High Inc. offers its 100 employees to participate in an employee share-purchase plan. Under the terms of plan, employees are entitled to purchase 10...
- Q Fortes Inc. has provided the following data concerning one of the products in its standard cost system. Variable manufacturing overhead is applied to products on the basis of direct labor-hours....
- Q Home Free Inc. had the following financial information for 2013. Prepare the statement of cash flows using the indirect method for the operating section. Briefly analyze the statement -- what...
- Q what are the steps taken in the evolution of an FASB statement of financial accounting standard
- Q Pharoah Company has four operating divisions. During the first quarter of 2022, the company reported aggregate income from operations of $207,000 and the following divisional results. Division I II III...
- Q Menlo Company distributes a single product. The companys sales and expenses for last month follow: Total Per Unit Sales $ 628,000 $ 40 Variable expenses 439,600 28 Contribution margin 188,400...
- Q Teri, Doug y Brian son socios con saldos de capital de $20 000, $30 000 y $50 000, respectivamente. Comparten ingresos en la proporcin de 3:2:1. El Resumen de Ingresos...
- Q 2. Northwood Company manufactures basketballs. The company has a standard ball that sells for $100. At present, the standard ball is manufactured in a small plant that relies heavily...
- Q Armer Company is accumulating data to use in preparing its annual profit plan for the coming year. The cost behavior pattern of the maintenance costs must be determined. The accounting...
- Q Direct Materials Used in Production Slapshot Company makes ice hockey sticks. On June 1, Slapshot had $48,000 of materials in inventory. During the month of June, the company purchased $132,000...
- Q Harold is an ordained minister with an approved exemption from the IRS. In addition to his duties at his church, Harold received a Form W-2 for wages he earned as...
- Q 6.Tanner-UNF Corporation acquired as a long-term investment $220 million of 6% bonds, dated July 1, on July 1, 2018. The market interest rate (yield) was 8% for bonds of similar...
- Q The Charade Company is preparing its Manufacturing Overhead budget for the fourth quarter of the year. The budgeted variable factory overhead is $5.00 per direct-labor hour; the budgeted fixed factory...
- Q Under the authority of the Federal Reserve Act of 1913: A. member banks were required to purchase capital stock in the Federal Reserve Banks of their district B. member banks...
- Q The most recent monthly income statement for Greenie Stores is given below: Total Store A Store B Sales.....................................
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
- Unlimited Question Access with detailed Answers
- Zin AI - 3 Million Words
- 10 Dall-E 3 Images
- 20 Plot Generations
- Conversation with Dialogue Memory
- No Ads, Ever!
- Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!