Accounting question and answers for November 23, 2023
- Q Marilyn Edwards is the CEO of a mid-sized proprietary limited company. This company operates its business both online and at physical outlets. The business has been enjoying consecutive growth both...
- Q How do the Bill of Rights and democratically inspired legal restraints on the police help ensure personal freedoms in our society ? in five sentence
- Q 5. Tanner-UNF Corporation acquired as a long-term investment $280 million of 6% bonds, dated July 1, 2018. The market interest rate (yield) was 8% of bonds of similar risk and...
- Q Describe the debt-to-equity ratio and explain how creditors and owners would use this ratio to evaluate a company's risk.
- Q Eastern Edison Company leased equipment from Low-Tech Leasing on January 1, 2018. Low-Tech recently purchased the equipment at a cost of $222,664. Other information: ...
- Q An employee receives an hourly rate of $45, with time and a half for all hours worked in excess of 40 during the week. Payroll data for the current week...
- Q abc Corp has total applied o/h= $130,000. job 5 used 4,100 machine hours. total machine hours = 10,600. assume job 5 is the only job remaining in WIP at the...
- Q Prepare journal entries to record the following merchandising transactions of Perez's, which uses the perpetual inventory system. (Hint: It will help to identify each receivable and payable; for example, record...
- Q Plastic Molding, Inc. manufacturers plastic molding for automobiles. Its costing system utilizes two cost categories, direct materials and conversion costs. Each product must pass through the Assembly Department and the...
- Q Candela Company has retained earnings of $500,000, common stock of $400,000, and total common stockholders equity of $1,200,000. It has 200,000 shares of $2 par value common stock outstanding which...
- Q Firm H has the opportunity to engage in a transaction that will generate $100,000 cash flow in year 0. How does the NPV of the transaction change if the firm...
- Q The Adams Corporation, a merchandising firm, has budgeted its activity for November according to the following information: Sales at $460,000, all for cash. Merchandise inventory on October 31...
- Q PART ONE: The accounts in the ledger of Hickory Furniture Company as of December 31, 2016, are listed in alphabetical order as follows. All accounts have normal balances. The balance...
- Q Bayside Inc. 2005 Income Statement ($ in thousands) Net sales $5,680 Less: Cost of goods sold 4,060 Less: Depreciation 420 Earnings before interest and taxes 1,200 Less: Interest paid 30...
- Q Which of the following statements is true? Companies with large amounts of uncollectible accounts normally use the direct-write...
- Q Which of the following would you not find on a traditional income statement? a. Net operating income b. Gross profit ...
- Q Annelies is an Australian resident for tax purposes. She is not a temporary resident. During the 2021 financial year, she received an aged pension from the Netherlands Social Security System...
- Q Chris Hines is the manager of Lumble Manufacturing and is interested in doing a cost of quality analysis. The following cost and revenue data are available for the most recent...
- Q Which of the following is an adjustment to income available to self-employed taxpayer? A. Deduction for one half of self -employment tax B. Deduction for payroll taxes C. Qualified Business...
- Q A manufacturer of calculators prepares its financial statements in accordance with International Accounting Standards every year. On 31 December 2017, the taxation liability account in its books showed a credit...
- Q Download the most recent annual report from a publicly-traded company. Read through the report to determine the metrics you deem to be the most important measures. After performing...
- Q 1. What is the key difference between estimating uncollectible expense using "the percent of revenue method" versus "the percent of receivable method?" Which method do you think would be more...
- Q Angela, Inc., holds a 90 percent interest in Corby Company. During 2017, Corby sold inventory costing $118,300 to Angela for $182,000. Of this inventory, $56,200 worth was not sold to...
- Q Hank, a calendar-year taxpayer, uses the cash method of accounting for his sole proprietorship. In late December, he performed $28,000 of legal services for a client. Hank typically requires his...
- Q La siguiente informacin se aplica a las preguntas que se muestran a continuacin.] Un concesionario Chevrolet local vende los siguientes tipos de vehculos: Artculos de inventario Cantidad Costo por unidad...
- Q Fitzpatrick Companys calendar-year 2013 income statement shows the following: Net Income, $374,000; Depreciation Expense, $44,000; Amortization Expense, $7,200; Gain on Sale of Plant Assets, $6,000. An examination of the companys...
- Q Grocery Corporation received $303,703 for 12.50 percent bonds issued on January 1, 2015, at a market interest rate of 9.50 percent. The bonds had a total...
- Q 1.Wal-Mart Case Study Wal-Mart is the worlds biggest food retailer. In some nations, it is a great success. However, it has failed in some countries (e.g. Germany, South Korea). Here,...
- Q Here are selected 2017 transactions of Blue Corporation. Jan. 1 Retired a piece of machinery that was purchased on January 1, 2007. The machine...
- Q Duke Corporation reports the following components of stockholders' equity on December 31, 2013: Common stock $27 par value, 110,000 shares authorized, 55,000 shares issued and outstanding $1,485,000 Paid-in capital in...
- Q On January 1, 2018, the general ledger of ACME Fireworks includes the following account balances: Accounts Debit Credit ...
- Q Amazing Productions performs London shows. The average shows sells 900 tickets at $65 per ticket. There are 140 shows per year. No additional shows can be held as the theater...
- Q 10. Refer to the T-account below: Manufacturing Overhead (2) 9,000 (12) 167,000 (3) 15,000 ...
- Q Support department allocations and cost drivers Varney Corporation, a manufacturer of electronics and communications systems, allocates Computing and Communications Services Department (CCS) costs to profit centers. The following table lists...
- Q On January 1, 2022, Debbie loans $4,000,000 to her son Mike in return for a non-interest bearing, demand loan. The loan remains outstanding on December 31, 2022. Assuming the applicable...
- Q What causes a fiduciary relationship to exist? Give an example of this in your city and explain how the fund is used.?
- Q An LCD screen is purchased to be used in the manufacturing of a digital watch. The Standard Price (SP) for the LCD screen used is $40. During the month of...
- Q Baird County maintains an investment trust fund for the School District and the Town of Bairdville (separate governments). Presented below is the preclosing trial balance for the investment trust fund,...
- Q A company invested in a water treatment plant $550,000. The installation cost incurred were $250,000. The plant has a MACRS-GDS 7-year property class. The BT&LCF is $300,000 per year, and...
- Q EXERCISE 7-6. Incremental Analysis and Opportunity Costs [LO 1, 2] Finn's Seafood Restaurant has been approached by New England Investments, which wants to hold an employee recognition dinner next month....
- Q The following balances are from the accounts of Tappan Parts: January 1 (Beginning) December 31 (Ending) Direct materials inventory $ 21,900...
- Q Requesting help with the accounting treatment in the following scenario: SCENARIO: The Pima and Southern Railroad (PSRR) is a small railroad operating in rural Arizona. It exists by carrying freight...
- Q Income Statements Segmented by Territory Script, Inc., has two product lines. The September income statements of each product line and the company are as follows: SCRIPT, INC....
- Q Required information [The following information applies to the questions displayed below.] Wardell Company purchased a mainframe on January 1, 2019, at a cost of $44,000. The computer was...
- Q R&D Inc. has the following financial data for the current year (millions): Earnings before R&D expenditures $21.5 Interest expense ...
- Q Other data: 1. Supplies on hand total $380. 2. Depreciation is $1,000 per quarter. 3. Interest accrued on 6-month note payable, issued January 1, $300. 4. Insurance expires at the...
- Q At December 31, 2021, Hansen Corporation had 53,000 shares of common stock and 5,800 shares of 8%, $100 par cumulative preferred stock outstanding. No dividends were declared or paid in...
- Q Write a note on the operating cycle of a merchandising/trading company. Describe Inventory Management methods and techniques by which such a company can ensure that its inventory assets are correctly...
- Q During 2021, WMC Corporation discovered that its ending inventories reported on its financial statements were misstated by the following amounts: 2019 understated...
- Q numnum Company manufactures a product for which the following standards have been set: Standard Quantity or Hours Standard Price or Rate Standard Cost Direct materials 3.0 meters P495 per meter...
- Q Pick a REAL company (local or national) that you believe uses Job Order Costing. What costs would that company track? Please provide specific examples. (at least 150 words)
- Q which of the following entries is necessary to close the appropriate depreciation account at the end of the year?
- Q Lakeland Heating & Cooling installs and services commercial heating and cooling systems. Lakeland uses job costing to calculate the cost of its jobs. Overhead is allocated to each job based...
- Q Capital Investments has three divisions. Each division's required rate of return is 15%. Planned operating results for 2018 are as follows: Division ...
- Q Luna Manufacturing uses a process costing-system. Luna uses the weighted average method . The following information pertains to operations for the month of January: ...
- Q The following transactions and adjusting entries were completed by Legacy Furniture Co. during a 3-year period. All are related to the use of delivery equipment....
- Q Define the following terms: ( a ) cost behaviour and ( b ) relevant range.
- Q The production department in a process manufacturing system completed 191 ,500 units of product and transferred them to finished goods during a recent period. Of these units, 31,500 were in...
- Q Compute the number of equivalent units with respect to direct materials using the weighted-average method. Units Direct Materials Percent Complete Conversion Percent Complete ...
- Q QBO certification: which 3 conditions could lead to the beginning balance of a bank or credit card reconciliation being inaccurate
- Q Need help with International Accounting, please. Please explain briefly. Thanks Please refer to the FASB Accounting Standards Codification (FASB ASC): 1. For foreign-currency related transactions, whether they are accounts receivable...
- Q Cash Flows from Operating Activities Net loss $ (2,240,578) Adjustments to reconcile net loss to net cash used in operating...
- Q AM industries currently has a short term debt investment of 12.000$ , long term stocks investment of 10.000$ , investment in real estate of 35.000$ , and notes receivable of...
- Q On December 1, year 1, Tom V. Company entered into an operating lease for office space for its executives for 10 years at a monthly rental of $300,000. On that...
- Q Mr. Agirich of Aggie Farms is thinking about investing in a center pivot irrigation system to irrigate 100 acres of land. The irrigation system costs $70,000. Mr. Agirich expects that...
- Q Suppose you want to buy a new car and trying to choose between two models: Model A: costs $18,000 and its gas mileage is 30 miles per gallon and its...
- Q Leverage relates to how much of someone elses money a business or individual is using to finance its operations. Discuss leverage and the various debt ratios used by an organization....
- Q Caiman Distribution Partners is the Brazilian distribution company of a U.S. consumer products firm. Inflation in Brazil has made bidding and budgeting difficult for marketing managers trying to penetrate some...
- Q Problem 2. From the account balances listed below, prepare a schedule of cost of goods manufactured for Manalastas Manufacturing Company for the month ended December 31, 2008. ...
- Q 1. Mills Corporation acquired as an investment $200 million of 7% bonds, dated July 1, on July 1, 2021. Company management is holding the bonds in its trading portfolio. The...
- Q Santana Mortgage Company uses a process cost system to accumulate costs in its Application Department. When an application is completed, it is forwarded to the Loan Department for final processing....
- Q Brad sold a rental house that he owned for $251,500. Brad bought the rental house five years ago for $223,500 and has claimed $50,750 of depreciation expense. What is the...
- Q Leighton Beridon owns "Jeemp Farms", located near Weimar, TX. The farm produces pecan trees and sod. He has so many orders from the Houston metropolitan area that he is able...
- Q acounting
- Q At January 1, 2018, Caf Med leased restaurant equipment from Crescent Corporation under a nine-year lease agreement. The lease agreement specifies annual payments of $28,000 beginning January 1, 2018, the...
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