Accounting question and answers for November 23, 2023
- Q 1. Dividing Partnership Net Income Required: Steve Prince and Chelsy Dane formed a partnership, dividing income as follows: Annual salary allowance to Dane of $97,350. Interest of 5% on...
- Q the total sales was 1,000,000 of which sales on cash basis amounted to 400,000. the policy of the business is to provide 1% of credit sales as bad debt expense....
- Q Using the financial ratios to identify the Clients strengths and weaknesses. The Clients Financial Information (monthly figures): Data provided as of 12/31/2015 ...
- Q You have been hired as the Accounting Consultant by Zachary McDaniel he has reached out needing help with the financial affairs of his new dentistry business....
- Q A company's December 31 work sheet for the current period appears below. Based on the information provided, what is net income for the current period? ...
- Q On January 1, 2020, Wildhorse Ltd. issued 870 5-year, 10% convertible bonds at par of $1,000, with interest payable each December 31. Each bond is convertible into 100 common shares,...
- Q Record the following purchases and sales transactions for Manioc Corp. using the general journal form provided below. Assume Manioc uses a periodic inventory system. Omit transaction descriptions from entries. ...
- Q Consolidation at date of acquisition (purchase price greater than book value, acquisition journal entries, deferred tax liability) Assume that the parent company acquires its subsidiary by exchanging 116,000 shares of...
- Q use the EDGAR website to access the most recent 10-K annual report for a merchandising company of their choice. Examples include: Target, Home Depot, Walgreens, Best Buy, The Kroger Co...
- Q Answer in true or false 1) Contributes to a tax-free savings account(TFSA) are limited to $6000 in 2020 regardless of the level of income of the contributor. 2)The receipt of...
- Q Question 3: On January 1,2014, Portland Company acquired all of Salem Company's voting stock for $14,000,000 in cash. Some of Salem's assets and liabilities at the...
- Q Need Help with #4 Aerial Architects, Inc. has been designing skyscrapers since 2010. The Companys post-closing trial balance as of December 31, 2018 is given below. ...
- Q Industry Maturity and Competitiveness slides templates for Consultancy Coworking space industry maturity and competitiveness
- Q Select all that are true regarding Economic Value Added (EVA): a) It adjusts (removes from) net operating profit for taxes to include interest payments that would not be in...
- Q 31. Debt securities can be classified as held-to-maturity investments. Such securities should be valued at amortized cost at the end of the period. Amortized cost is synonymous with carrying value...
- Q MJH Company issued 50 shares of stock with a par value of $10 per share for $12 a share. The entry to journalize this would include: ...
- Q REQUIRED Study the information provided below and answer the following questions: 1.1 Explain the change that possibly took place during 2022 in respect of: 1.1.1 Long-term...
- Q When finished goods are sold, the entry to record the cost of goods sold is a debit to Finished Goods Inventory and a credit to Cost of Goods Sold. ...
- Q Why is the net worth of an entrepreneur important to potential investors in the business? What are some of the ways entrepreneurs can get equity capital? Where can entrepreneurs...
- Q What is the statement of cash flows? it's basic concepts and defining characteristics?
- Q Question 1A: . Explain Five Point Baker Criterion (150 Words Maximum)
- Q Christy (38) and Brenda (40) live together, are not related, and are not married nor did they hold themselves out as married. Christy is unemployed and Brenda would like to...
- Q Calgary Developments Inc. sold a parcel from its inventory of land to Larson Corporation on June 1, 2022. In exchange, Larson Corporation signed a 4-year...
- Q Coaster's Co. earns 2% interest on their checking account. On the last bank statement, the bank only credited Coaster's with 1% interest. Coaster's called the bank about the error and...
- Q The following is a system of simultaneous linear equations to allocate costs using the reciprocal method. Matrix algebra is not required. The following costs were incurred in three...
- Q Accounting Information Systems (AIS) Latest Technology trend in Malaysia: 1. Impact of *Cyber Security* to accounting practices in organizations. As far as possible, give an example for...
- Q Global company, ethical challenges. In June 2009, the government of Vartan invited bids for the construction of a cellular telephone network. ZenTel, an experienced communications company, was eager to enter...
- Q how does a business continuity plan help in protecting critical financial informion in the NYC financial servixes industry?
- Q Schulz Corporation applies overhead based upon machine - hours Budgeted factory overhead was $ 266,400 and budgeted machine hours 1854 . Actual factory overhead was $ 287,920 and actual machine...
- Q Factual Information: Grant (age 45) and Bailey Adam (age 44) live in Excelsior Springs, MO. Grant is a senior executive with a local school district. Bailey provides nursing services as...
- Q Prepare a schedule that shows how the equivalent units were computed so that you can complete the Quantities: Units accounted for equivalent units section shown in the production cost report,...
- Q Explain the relationship between administrative agency investigation of violations and the Fourth Amendment of the U.S. Constitution.
- Q Gorky-Park Corporation provides postretirement health care benefits to employees who provide at least 10 years of service and reach age 60 while in service. On January 1, 2018, the following...
- Q Sheridan Corporation has 10.30 million shares of common stock issued and outstanding. On June 1, the board of directors voted an 81 cents per share cash dividend to stockholders of...
- Q Explain Guaranteed and Unguaranteed Residual Value.
- Q Retained earnings, December 31, 2019 $ 525,750 Decrease in total liabilities during 2019 114,500 Gain on the sale of buildings during 2019 40,250 Dividends declared and paid in 2019 11,250...
- Q 1. In his analysis of the Dell fraud for Forbes, Edward Hess comments: Too often, the markets maniacal focus on creating ever-increasing quarterly earnings drives bad corporate behavior, as it...
- Q Analyzer will be purchased to measure in a textile factory. The room where the device is placed should be covered with a special material. Some 3 device information? If the...
- Q The shareholders of Blythe Ltd. are hiring a new manager whose effort in running the firm cannot be observed. If the manager shirks (i.e., he chooses action a2) he will...
- Q Waste companies have great latitude in setting reserves (liabilities) for future environmental costs at their dumps. The process involves estimating how high the costs will be 30 years or more...
- Q Match the account name to the appropriate account type. Account Name Account Type in QBO 1 Accounts Receivable ...
- Q High Desert Potteryworks makes a variety of pottery products that it sells to retailers. The company uses a job-order costing system in which departmental predetermined overhead rates are used to...
- Q An investor owns 25% of an investee, and accounts for its investment using the equity method. At the beginning of the year, the Equity Investment was reported on the investor's...
- Q 1. Equipment acquired at a cost of $252,000 has a book value of $52,000. Journalize the disposal of the equipment under the following independent assumptions. a) The equipment had no...
- Q On January 1, 2020, Blue Company purchased 11% bonds, having a maturity value of $314,000 for $338,426.53. The bonds provide the bondholders with a 9% yield. They are dated January...
- Q 8.7 A business places substantial emphasis on customer satisfaction and, to this end, delivers its product in special protective containers. These containers have been made in a department within the...
- Q Anthers Inc. bought the following portfolio of trading securities near the end of 2018. Security Cost Fair value 12/31/2018 A $ 80,000 $ 84,000 B 60,000 54,000 C 22,000 22,000...
- Q The following information applies to the questions displayed below.] XYZ is a calendar-year corporation that began business on January 1,2023. For the year, it reported...
- Q Severo S.A. of Sao Paulo, Brazil, is organized into two divisions. The companys contribution format segmented income statement (in terms of the Brazilian currency, the real, R) for last month...
- Q Miami Beach Park Department is considering a new capital investment. The following information is available on the investment. The cost of the machine will be $300,000. The cost savings if...
- Q Please answer the following as the director of the health information management department of your organization 1. Which type of accounting (financial, managerial, or fund) are you most likely to...
- Q Multiple Product Break-Even Analysis Presented is information for Stafford Company's three products. A B C Unit selling price $ 6 $ 8 $ 7 Unit variable costs (4) (5) (3)...
- Q Ren Kelly, presidente de RL Industries, desea emitir un comunicado de prensa para reforzar la imagen de su empresa y tal vez incluso el precio de sus acciones, que ha...
- Q XYY manufactures fibre optic cables. This is an increasingly competitive market and the Chief Financial Officer (CFO) of Venus has suggested that the companys pricing policy should change. Specifically, he...
- Q white gloves Janitorial service was started 2 years ago by lynn Sanders.
- Q Freely and Hamwey form a partnership, contributing $46,000 and $69,000, respectively. Determine their shares of net income or net loss for each of the following independent situations: (Use...
- Q Myers Corporation has the following data related to direct materials costs for November: actual costs for 4,610 pounds of material, $5.00; and standard costs for 4,410 pounds of material at...
- Q You sold short 100 shares of Macy's, Inc. common stock on margin at $29.78 per share. Assume the initial margin is 50% and the maintenance margin is 30%. One year...
- Q Forensic accounting: True or false Fraud examiners and forensic accounting professionals need to think critically and creatively about what type of harm created by a computer crime in a particular...
- Q Washington Countys Board of Representatives is considering the construction of a longer runway at the county airport. Currently, the airport can handle only private aircraft and small commuter...
- Q Cisco implementing ERP case study How did the team go about selecting the specific ERP vendor? Do you think that the way that the team made the decision...
- Q In 2018, Poes Products completed the treasury stock transactions described below. January 2: Reacquired 12 million shares at $18 per share. February 15: Sold 4 million shares at $25 per...
- Q The contribution format income statement for Huerra Company for last year is given below: Total Unit Sales $ 990,000 $ 49.50...
- Q Your company is considering a project that will cost $5 million. The project will generate after-tax cash flows of $1,050,000 per year for 8 years. The firms WACC is 18%...
- Q Max is 17 years old and is claimed as a dependent by his parents. Max earned wages of $2,500 and had interest income of $1,000 during 2019. What is Maxs...
- Q Admitting New Partner Brian Caldwell and Adriana Estrada have operated a successful firm for many years, sharing net income and net losses equally. Kris Mays is to be admitted to...
- Q Blue Spruce Corp. issued 900 shares of no-par common stock for $7200. Which of the following journal entries would be made if the stock has stated value of $2 per...
- Q Which of the following represents the correct sequence? A. Policy,Strategy, Mission,Goals B.Strategy,Goals,Policy,Mission C.Goals,Mission,Policy, Strategy D.Mission,Goals,Strategy,Policy
- Q How can the basic 4 symbols that are used in the data flow diagram help accounting information systems to be better understood?
- Q Whispering Inc. presented the following data. Net income $2,550,000 Preferred stock: 51,000 shares outstanding, $100 par, 8% cumulative, not convertible ...
- Q Describe the flow of accounting information from the unadjusted trial balance into the adjusted trial balance and financial statements. -what are notes receivable? -what are long term liabilities? -what...
- Q An increase in the direct labor rate as a result of union negotiations would most likely impact which of the following variances? a. Direct labor efficiency variance...
- Q Cherry Blossom Products Inc. produces and sells yoga-training products: how-to DVDs and a basic equipment set (blocks, strap, and small pillows). Last year, Cherry Blossom Products sold 9,060 DVDs and...
- Q Cairns Ltd is considering four options to obtain computer software to use for their payroll and general ledger. The options are: Purchase the computer software externally. ...
- Q Distinguish between relevant and irrelevant costs. In evaluating a cost reduction proposal, what three alternatives are available to management? When are opportunity costs relevant to the evaluation of special...
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