Accounting question and answers for November 24, 2023
- Q ICP has been conducting research into more advanced methods of manufacturing some of its chemical products. In 2018, they commenced with the construction of a plant located in Secunda. The...
- Q On July 1, Darin Company sold inventory costing $4,500 to Dee Company for $6,000, terms 2/10, n/30. Both companies use a periodic inventory system. What journal entry will be recorded...
- Q Cross elasticity of demand is the sensitivity of the change in quantity demanded of an item to the change in price of a ___________ item. substitute complementary...
- Q In the discussion forum you are expected to participate often and engage in deep levels of discourse. Please post your initial response by Sunday evening and continue to participate throughout...
- Q dr. mike medical corporation has held stock that cost $200,000 as an investment in mr.bee;s general store a publicly held company(ISSUER) FOR SIX YEARS. THIS YEAR MIKE DONATED THE STOCK...
- Q On February 16, Hawthorne Co. declares a $1.36 dividend to be paid on April 5. There are 1,900,000 shares of common stock issued and outstanding. The entry recorded by the...
- Q S. Below is Bill Brady Law's adjusted trial balance at the end of its annual accounting period. Bill Brady Trial Balance Law December 31, 2020 ...
- Q What is the average LTV of a customer? 2019 Gross Revenue $ $5,750,000 2019 Gross Margin $ $3,650,000 Number of...
- Q Window Anna died testate. She had three sons and a daughter. Her second son died ten years before her, but his two children have survived. Her daughter died three years...
- Q QUESTION 2 The probability distributions of returns for Stock A and Stock B are given below: State of Economy Probability Stock A Stock B Bull 0.3 20% 5%...
- Q Meale Company makes a household appliance with model number X500. The goal for 2012 is to reduce direct materials usage per unit. No defective units are currently produced. Manufacturing conversion...
- Q During March, the production department of a process operations system completed and transferred to finished goods 25,000 units that were in process at the beginning of March and 110,000 that...
- Q A company reported net income of $9,660,000 for the year. There were 4.1 million shares of common stock outstanding at the beginning of the year and 4.3 million shares outstanding...
- Q The following information was obtained from the accounts of Alleg, Inc., as of December 31, 2012. It is presented in scrambled order. Common stock, authorized 21,000 shares at $1 par...
- Q Lets assume that Walmarts annual revenue is used as a basis for materiality during the audit. 1.65% has been set as the materiality judgement. Determine the planning materiality ...
- Q Assume (1) the quantity of materials purchased equals the quantity used in production, (2) the materials price variance is $400 unfavorable, and (3) the materials quantity variance is $200 favorable....
- Q Following are selected account balances from Penske Company and Stanza Corporation as of December 31, 2018: Penske ...
- Q An aging of a company's accounts receivable indicates that the estimate of uncollectible accounts totals $6,400. If Allowance for Doubtful Accounts has a $1,300 debit balance, the adjustment to record...
- Q List five criteria you would use in choosing a software vendor and why you would choose these criteria.
- Q The following information is provided relating to a stream of cash flows: Year Amount of cash flow 1-4 $20,000 per year (payments at the beginning of the year) 5-9 $10,000...
- Q What is a C corporation? A legal entity separate and distinct from its owners for corporate income tax purposes. A business structure defined by federal law, where owners...
- Q Under IFRS, components of other comprehensive income: Select one: A. Can be reported as part of a single statement of comprehensive income. B. Are not permitted to be reported. C....
- Q Major League Apparel has two classes of stock authorized: 6%, $10 par preferred, and $1 par value common. The following transactions affect stockholders equity during 2018, its first year of...
- Q Exercise 9-12 Prepare a Report Showing Activity Variances [LO9-2] Lavage Rapide is a Canadian company that owns and operates a large automatic carwash facility near Montreal. The following table provides...
- Q Knowledge Check 01 The Hesburgh Hat Company had 1,000 units in beginning work in process at the start of the period. During the period, 4,600 units were started, and 4,200...
- Q The Linens Department of the Krafton Department Store had sales of $262,000, cost of goods sold of $153,500, indirect expenses of $20,875, and direct expenses of $40,250 for the current...
- Q Tri Fecta, a partnership, had revenues of $360,000 in its first year of operations. The partnership has not collected on $45,400 of its sales and still owes $39,500 on $155,000...
- Q The following data relate to the manufacture of a standard product during a four week period ending June 30, 2019: (in )Rs. DM 3000 Wages 7000 Machine hours worked 1000...
- Q A firm purchased 12-years ago a computerized machine worth P 758,852. As the life of the machine was 20 years, funds are reserved based on a Sinking-Fund method of depreciation....
- Q Which of the following describes the type of management structure that is in place when board members are reluctant to fire an incompetent chief executive officer? Corporate Management Closely Held...
- Q On June 1, 2021, New Age Design Ltd. agreed to lend money to Nova Scotia Inc. and received in exchange a $300,000, 1-year, interest bearing note. New Age Design charges...
- Q when analysing tax expense in a firm's financial statement, what's the most important thing we need to look at, and what is the hardest thing for us to find out...
- Q Calgon Products, a distributor of organic beverages, needs a cash budget for September. The following information is available: a. The cash balance at the beginning of September...
- Q ABC Corp sells portable chairs for $150. The variable costs for each chair are $85, while the total fixed costs are $60,000. The contribution margin for 500 chairs is?
- Q [The following information applies to the questions displayed below.] Adger Corporation is a service company that measures its output based on the number of...
- Q Suzy Ltd receives a loan from Lex Ltd on 1 July 2018 and enters into a contractual obligation to repay $300,000 in 3 years time. Suzy currently has an AA...
- Q Trenton worked on four jobs during its first year of operation: nos. 401, 402, 403, and 404. A review of job no. 403's cost record revealed direct material charges of...
- Q For October 2020, Wasim Manufacturing company reported cost of goods available for sale $750,000, gross profit $212,000 and finished goods beginning $30,000. The cost of goods manufactured is: Select one:...
- Q On January 2, 2021, Archer Company, a skateboard manufacturer, installed a computerized machine in its factory at a cost of $172,400. The machines useful life was estimated at four years...
- Q Resuelva solo con confianza... de lo contrario informar ABT es una empresa de fabricacin lder. Bajo la creciente presin de reducir costos, controlar el nivel de inventario...
- Q Danny's Hamburger issued 7%, 10-year bonds payable at 75 on December 31, 2016. At December 31, 2018, Danny reported the bonds payable as follows: Long-term Liabilities: Bond Payable $400,000 Less:...
- Q Explain with example the Evolutionary approach (20 Marks). Explain the terms invention and innovation and state five key differences between them (15...
- Q Carver Corporation uses the FIFO method in its process costing system. The Assembly Department started the month with 2700 units in its beginning work in process inventory that were 60%...
- Q Assume Coffee HouseCoffee House?, ?Inc., opened an office in Grove CityGrove City?, Ohio. Coffee HouseCoffee House incurred the following costs in acquiring? land, making land? improvements,...
- Q Question 1 A Pte Ltd (APL) is a company incorporated and tax resident in Singapore. The principal activities of APL consist of providing video marketing and branding services to both...
- Q Im not sure we should lay out $335,000 for that automated welding machine, said Jim Alder, president of the Superior Equipment Company. Thats a lot of money, and it would...
- Q The Clear Music Company produces and sells a desktop speaker for $300. The company has the capacity to produce 70,000 speakers each period. At capacity, the costs assigned to each...
- Q Given the following data: Average operating assets $512,000 Total liabilities $46,080 ...
- Q Firebird Corp reported net income of $100 million. Within net income, Firebird had received $6 million in dividends and $3 million in interest. Firebird issued $60 million worth of common...
- Q BBQ Master offers contract BM205, which consists of a free-standing gas barbecue for small patio use plus installation to a customer's gas line for a total price of $800. On...
- Q Using the following table "Item", what will result from the SQL command below: SELECT * FROM Item WHERE Price = 5; Item ...
- Q Alkaram Textile Company employs 600 production, maintenance, and janitorial workers in eight separate departments. In addition to supervising operations, the supervisors of the departments are responsible for recruiting, hiring, and...
- Q 45. If fixed costs are $1,253,000, the unit selling price is $204, and the unit variable costs are $112, what is the break-even sales (units) if fixed costs are increased...
- Q Assignment Osiadan Limited is a local real estate company that wishes to expand its operations. Six possible capital investments have been identified, but the company only has access to a...
- Q Suzuki Supply reports the following amounts at the end of 2018 (before adjustment). Credit Sales for 2018...
- Q LeadCo School es una empresa recientemente organizada que ensea a las personas cmo inspirar e influir en los dems. La lista de cuentas a abrir en el libro mayor es...
- Q Question 1 Yousef Ltd manufactures and sells iron gates. The Executive Manager is reviewing the budget for the best-selling gates for next year because the company is studying how to...
- Q You have just been hired by FAB Corporation, the manufacturer of a revolutionary new garage door opening device. The president has asked that you review the companys costing system and...
- Q Riker receives $43,000 from Troy as payment for a vehicle that has a fair value of $54,300. The $43,000 constitutes full payment for the vehicle as specified in the sales...
- Q TVM Consulting bought new building for its headquarters in the year 2000. The purchase cost was 241,189 dollars and in addition it had to spend 25,186 dollars adapting the space...
- Q Question 3: Assume a company borrowed $200,000 at 10% interest from State Bank on Jan. 1, 2015, for specific purposes of constructing special-purpose equipment to be used in its operations....
- Q The expected average rate of return for a proposed investment of $4,240,000 in a fixed asset, using straight-line depreciation, with a useful life of 20 years, no residual value, and...
- Q Equipment MACRS Year Property Cost Accumulated Depreciation Sales Price Luxury Car ...
- Q QUESTION 4 On January 1, 2012, Morrow Inc. purchased a spooler at a cost of $40,000. The equipment is expected to last eight years with a residual value...
- Q The cost of raw materials would best be classified as what type of activity? Select one: A. A facility-level activity B. A unit-level activity C. A batch-level activity D. A...
- Q The comparative consolidated income statements of a parent and its 75%-owned subsidiary were prepared incorrectly as at December 31 and are shown in the table given below. The following items...
- Q 7. Net Present Value Method and Present Value Index Diamond and Turf Inc. is considering an investment in one of two machines. The sewing machine will increase productivity from sewing...
- Q 6. Net Present Value Method for a Service Company Opulence Corporation has recently placed into service some of the largest cruise ships in the world. One of these ships, the...
- Q On March 1 2012 Philip inherited a property in inner Sydney at 151 Temple Street from his Aunt. The property had been used for commercial purposes but as the area...
- Q Exercise 5-23 (Algo) Solving for unknown annuity payment; installment notes [LO5-9, 5-10] Juan purchased a new automobile for $26,000. Juan made a cash down payment of $6,500 and agreed to...
- Q Ouyang Inc. had average days of sales outstanding of 13 days in the most recent fiscal years. Ouyang Inc. wants to improve it to match the industry average of 10...
- Q Small Company purchased equipment in 2005 for $100,000. Small Company did not claim any depreciation deductions on the equipment. In 2008, Small Company sold the equipment for $85,000. In March...
- Q Luther Inc., has 5,000 shares of 5%, $20 par value, cumulative preference shares and 100,000 shares of $T par value ordinary shares outstanding at December 31, 2011, and December 31,...
- Q Frank purchased equipment for $50,000 on March 1, 2014. As of today, Frank has taken $20,000 of depreciation deductions on the equipment. Due to current market conditions, Frank decides to...
- Q Jenny is a real estate investor who just sold an income property for a gain of $200,000. The closing took place on February 1, 2019. Jenny plans to use the...
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