Accounting question and answers for November 24, 2023
- Q On February 1, 2021, a company loans one of its employees $30,000 and accepts a nine-month, 9% note receivable. Calculate the amount of interest revenue the company will...
- Q Brendon owns a rental property. He paid $2,500 in mortgage interest from January through March, 2022, at which time his loan was paid in full. On April 1, he took...
- Q kafka Corporation is a wholesaler that sells a single product and maintains a stable cost structure. However, the demand for their product fluctuates according to the season. Management has provided...
- Q Alan, the president of Inked Up Printing, schedules a meeting and invites the chief executive officer, chief financial officer, and chief operations officer. The attendees...
- Q Cassy reports a gross tax liability of $1,010. She also claims $410 of nonrefundable personal credits, $705 of refundable personal credits, and $210 of business credits. What is Cassy's tax...
- Q which of the following describes basis? Basis is
- Q What are the reasons that a company gives trade discounts?
- Q Danny argues that tax accountants suffer from one-mindedness in their attempts at tax planning (i.e., reducing taxes at all costs). Is Danny's view of tax planning correct - i.e., does...
- Q Married taxpayer who file a joint return and have taxable income of less that $340101 may be eligible to deduct 20% of their QBI. However, their deduction could be subject...
- Q Define long and short term employment benefits. Discuss how these are accounted for under international financial reporting standards (IFRS 2 and IAS 19) and the impact of the accounting treatments...
- Q Scholarships for Knights awarded scholarships of $100,000 to students with the perfect attendance and gpa below 2.5 and scholarships of $260,000 to students with perfect attendance with perfect attendance and...
- Q Multiple Choice Question 85 A company developed the following per-unit standards for its product: 2 pounds of direct materials at $6 per pound. Last month, 2000 pounds of direct materials...
- Q Costs reported in responsibility income statements are not classified as being product cost or period costs; they are instead classified as being variable or fixed costs. This arrangement is often...
- Q Chong is an employed engineer. Which of the following is false: Select one: a. Dinner with colleagues is not deductible under ITAA 1997 Div 32 where fringe benefits tax...
- Q Define and differentiate between liquidated, consequential, and punitive damages. In your opinion, should punitive damages be permitted in intentional breaches of contracts. Explain your reasoning.
- Q Noreen Company had these transactions pertaining to stock investments: Feb. 1 Purchased 2,000 shares of Morton Company (10%) for $34,000 cash. June 1 Received cash dividends of $2 per share...
- Q Suppose that Fabulous had purchased trucks for $400,000 which were used solely in the transportation of inventory purchased in different parts of the United States to U.S customers. All transportation...
- Q Information: Altec Manufacturing Inc. (Altec) is a company that manufactures and sells a single product, which they call an Altec. For planning and control purposes they utilize a monthly master...
- Q How will a company classify proceeds received from the issuance of long-term bonds on its statement of cash flows? Cash provided from operations Cash used in operations Cash provided from...
- Q Crowl Corporation is investigating automating a process by purchasing a machine for $798,300 that would have a 9 year useful life and no salvage value. By automating the process, the...
- Q 6. (5 points) Below is the market reaction in term of the change of stock price to different activities adopted by firms. For example, the stock price decreases on average...
- Q You are the president of Action Van and Truck World located on Midland Ave. in Scarborough, ON. What are some good questions to ask the people you are thinking of...
- Q What happens if the R&D costs are capitalized and the results never produces a final product that is marketable or a patent or copyright? Would the company then...
- Q Question 2 of 15. Marcus (32) is a U.S. citizen. He was married at the beginning of the current tax year. His wife lived in...
- Q 1. In a merchandise business, the current ratio will be larger than the acid-test ration ?
- Q I NEED HELP PLEASE!!! 1) What influences the auditors assessment of tolerable misstatement? 2) Explain the advantages and disadvantages of using probability-proportionate-to-size sampling when testing the existence of accounts receivable.
- Q Question text Hayslett Company had net income of $300,000. The weighted-average common shares outstanding were 100,000. The company declared a $30,000 dividend on its noncumulative preferred stock. There were no...
- Q Why does variable cost per unit stay the same but total cost varies with the number of units you produce? How do you choose what activity base to use?
- Q if a pre authorization payment is taken from your bank, do you have to create a journal entry ? or do you enter the payment in your system to reflect...
- Q Company C has three main operating divisions. One of those divisions, Division 1, has segment margin of $30,000. Which of the following statements is true? Multiple Choice Company...
- Q TruLight Co. used $20,519,000 of its accounts receivable as collateral on a $13,300,000 loan. The interest rate on the loan was only 6% due to the collateral, but the bank...
- Q According to ITA 13(26) through 13(32), rental buildings are considered to be available for use and thereby eligible for CCA Deductions at the earliest of which of the following: a....
- Q Please use tinkercad The overall goal of this assignment is to become familiar with the basic use and configuration of timers. You will learn how to configure and access the...
- Q Woe to you, teachers of the law and Pharisees, you hypocrites! You give a tenth of your spicesmint, dill and cumin. But you have neglected the more important matters...
- Q On May 28, Jackson Jones borrowed $40,000 cash and gave the lender a 5%, 90 day note. Which of the following is the correct journal entry to record the payment...
- Q On January 1, 2016, the Porter Corporation issued a five-year, non-interest-bearing, $44,000 note to Longshore Corporation in exchange for used equipment. Neither the fair market value of the equipment nor...
- Q We have seen various reports which can help make financial decisions. Then taking a SWOT analysis to a Balanced Scorecard. The final couple of chapters discuss management responsibility, compensation and...
- Q Rolman Corporation is authorized to issue 1,000,000 shares of $5 par value common stock. July 1, 2018 the Corporation issued 100,000 shares of stock for land. The land had an...
- Q You imported two data sources and now need to link them together. Which action should you take to initiate relationships between data sets?
- Q 5.2 This chapter discusses several different ways to structure data warehouses, data marts, and data lakes. Discuss the diagrams listed in the book or diagram your own structures for data...
- Q Explain the major difference(s) between revenue and gains and expenses and losses. Please be as detailed as possible.
- Q in the year 2020 joan has wages of $70,000 and self-employment income of $80,000. What is joan self- employment tax (rounded)? a. $10,358 b. $11,304 c. $12,240 d. $10,537 e....
- Q Pepe, Incorporated acquired 60% of Devin Company on January 1, 2012. On that date Devin sold equipment to Pepe for $45,000. The equipment had a cost of $120,000 and accumulated...
- Q Matrix Consulting Agency signed a 10-year, 7.2%, $741,720 mortgage on June 30, 2017, to help finance a new office building. The mortgage terms provide for semi-annual blended principal and interest...
- Q Mayweather reporta un ingreso neto de $335,000 para el ao que termin el 31 de diciembre. Tambin reporta un gasto de depreciacin de $109,300 y una prdida de $11,800 en...
- Q On September 1, the beginning of its fiscal year, Burke Wholesale Company Ltd. had an inventory of 99 calculators at a cost of $21 each. The company uses a perpetual...
- Q QUESTION ONE [22] Lineos Limited, a South African vehicle brake pad making company, bought 5 industrial machines to use in the manufacture of their new brake pad range for the...
- Q 39. Frisbee Inc. owns a 30% interest in the shares of California Corp. During the year, California pays $10,000 in dividends to Frisbee and reports a net loss of $80,000....
- Q A company manufactures 50,000 units of a product and sells 40,000 units. Total manufacturing cost per unit is $50 (variable manufacturing cost $10, fixed manufacturing cost $40). Assuming no beginning...
- Q An entity incurs a liability to an employee that must be settled through the issuance of the company's stock, and this liability is unrelated to services provided by the employee....
- Q Consider a fixed-rate, constant payment 6-year mortgage with annual payments. The interest rate is 7.1% per annum and the principal (or loan) amount is $8,945. What is the annual...
- Q Cul de los siguientes tipos de evidencia es ms probable que examine un auditor para determinar si los controles internos estn operando segn lo diseado? O 1) Informacin del...
- Q Midwest Fabricators Inc. is considering an investment in equipment that will replace direct labor. The equipment has a cost of $97,000 with a $8,000 residual value and a five-year life....
- Q This is the entire question In December, one of the processing departments at Weisz Corporation had beginning work in process inventory of $20,000 and ending work in process...
- Q DISCUSS THE CAPITAL ASSET PRICING MODEL, INCLUDING SYSTEMATIC RISK, BETA, THE RELATIONSHIP BETWEEN RISK AND RETURN, HOW TO AVOID RISK, AND THE RELATIONSHIP BETWEEN OF BETA TO STOCK PRICES
- Q Restore the file Boston Catering found on the text CD or download it from the text website. Add the following transactions and then print a standard balance as of 7/31/10....
- Q Is Social Security an Entitlement? Background Alan Simpson, Senator from Wyoming, Co-chair of Obamas deficit commission, called senior citizens the Greediest Generation as he compared Social Security to...
- Q What are the advantages of having Common Stock vs Preferred Stock?
- Q Pharoah Co. compra un terreno y construye una estacin de servicio y lavado de autos por un total de $570 000. El 2 de enero de 2018, cuando se completa...
- Q Gaelic Industries Inc. is an athletic footware company that began operations on January 1, 2016. The following transactions relate to debt investments acquired by Gaelic Industries Inc., which has a...
- Q Describe the nature and purpose of the following taxes: a. Severance taxes. b. Franchise taxes. c. Occupational fees. d. Customs duties. e. Export duties.
- Q Evaluate each of the following transactions in terms of their effect on assets, liabilities, and equity. 1. Buy $15,000 worth of manufacturing supplies on credit 2. Purchase equipment for $48,000...
- Q With the ever-changing tax rules that come into effect every year, what options would you use to notify your client of the changes to the tax code that may affect...
- Q 8. Song Company, a calendar year taxpayer, purchased a total of $2,800,000 tangible personaltyin 2020. How much of this cost can Song elect to expense under Section 179? A. $210,000...
- Q Preparing Entries Across Two Periods The following selected accounts appear in Zimmerman Company's unadjusted trial balance at December 31, 2015, the end of its fiscal year (all accounts have normal...
- Q when a partner retires and withdraws assets in excess of his book value, the remaining partners absorb the excess:a- based on their average capital balances b- based on their ending...
- Q reese's puffs topics
- Q A business borrowed $51,185 on March 1 of the current year by signing a 30 day, 8% interest bearing note. Assuming a 360-day year, when the note is paid on...
- Q QUESTION 1 *Note: This is a 3-part question - information is the same for all 3 parts Part A Following data pertain to Snowy Inc. Income statement for the...
- Q How much is Essie's total refund or tax due? (Amounts in parentheses represent tax due.) ($3,201)($3,000) ($299)($100) $1,801$2,000 $2,001$2,200
- Q Process Cost Journal Entries In October, the cost of materials transferred into the Rolling Department from the Casting Department of Kraus Steel Company is $576,000. The conversion cost...
- Q Do it fast as soon as possible The value of equal annual payment series for paying a series of 7 year end payments beginning with Rs 20,000 and increasing at...
- Q what are the purposes of malaysia financial reporting standards (MFRS)? List at least 3 purposes and explain.
- Q Current liabilities are obligations whose liquidation is reasonably expected to require the use of existing current assets or the creation of other current liabilities within a. one year or operating...
- Q A company reported sales of $100,000; cost of goods sold of $60,000; selling, gerneral, and administrative expenses of $15,000; and income tax expense of $10,000. Compute the company's profit margin....
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