Accounting question and answers for November 24, 2023
- Q 16. What is meant by management by exception? 17. What is the difference between fixed (static) and flexible (variable) budgets? 18. What is meant by cost center, profit center, and...
- Q Cash paid in the acquisition of land, buildings, or equipment; loans to other ocmpanies; and the proceeds from the sale of land, buildings, or equipment will show up on the...
- Q Exercise 5-11 Comprehensive Exercise; Second Production Department-Weighted-Average Method [LO5-2, LO5-3, LO5-4, LO5-5] Scribners Corporation produces fine papers in three production departmentsPulping, Drying, and Finishing. In the Pulping Department, raw materials...
- Q 3. A business has the following transactions: The business is started by receiving cash from an investor in exchange for common stock $20,000 The business purchases supplies on...
- Q Describe the accounting equations and what it means? Please use an example of your choice.
- Q Go through different advertisements on TV or in newspapers and write different products' or Services' value proposition (positioning statement)
- Q There are two types of capital budgeting decisions - screening decisions & preference decisions. 1) What is the difference between the two types of decisions? 2) Can we use both...
- Q La Sra. Goulet, una persona de la tercera edad, tiene una propiedad con un valor actual de $ 90,000 y est tasada al 40% de su valor de mercado. Se...
- Q What is the method to calculate withholding amount in conveyance transactions? Write your answer in 100-150 words.
- Q Vicky and Victor Valle filed jointly in 2019 and they have one dependent child. They reported $26,000 of itemized deductions and $1,200 for the qualified business income deduction. The 2019...
- Q In valuation, we estimate cash flows forever (or at least for very long time periods). The right risk free rate to use in valuing a company in US dollars would...
- Q Statement of Financial Position for year 2020 Assets Non Current Assets Property, plan and equipment 1,423,843 Right...
- Q On December 31, a company makes a $9,000 payment for renting a warehouse in January, February, and March of the following year. Show the accounting equation effects on December 31...
- Q Shannon Polymers uses straight-line depreciation for financial reporting purposes for equipment costing $560,000 and with an expected useful life of 4 years and no residual value. For tax...
- Q Discuss the irs reporting requirments under section 351? outline the computation of current E&P including two examples of adjustment? what must be reported to the irs...
- Q A stock is priced at $30. An American call option on this stock with a $25 strike must be worth at least how much?
- Q Explain with at least 200 words. Explain the process of closing the books and describe the content and purpose of a post-closing trial balance.
- Q In 2016, X Company's profit after taxes was $170,000. In 2017, the selling price is expected to be $36.40, the variable cost per unit is expected to be $25.40, and...
- Q Assume the following for a corporation: Issued common shares 10,000, outstanding shares 1,000. Treasury stock balance $14,000. Instructions: Calculate cost per share of the treasury stock....
- Q Which of the following diagrams most accurately illustrates an information system? Multiple Choice graphicExpand image graphicExpand image graphicExpand image ...
- Q Action Travel has 10 employees each working 40 hours per week and earning $20 an hour. Federal income taxes are withheld at 15% and state income taxes at 6%. FICA...
- Q New capital equipment for your manufacturing process will cost about $16 million. Your accountants claim it is best to depreciate this equipment over 10 years using the straight line method....
- Q Morrison Supply sells pressured air devices that assist patients with breathing disorders during sleep. These devices are delivered to patients immediately upon completion of a diagnostics...
- Q Which of the following is true regarding FICA taxes? FICA taxes are paid in different amounts by the employee and the employer. FICA taxes are paid only by the employer....
- Q True of false? If the internal rate of return exceeds the required rate of return for a project, then the project should not be accepted.
- Q Taxation-2, George brown college,Toronto Suppose you are now in charge of legislating/allocating Investment Tax Credits. Choose an ITC (or form thereof) in an area that you believe would...
- Q Which element of a master budget would normally be prepared first? A production budget. A cash budget. A budget of operating expenses. A sales forecast.
- Q What are the criteria that must be satisfied for a lessor to classify a lease as a direct-financing or sales-type lease?
- Q 2, 3, 5, 6, 9, 12, 13, 16, 19, 20 Assume that the values represent a sample. The sum of the sample values is 105. The sum of the squared...
- Q 1. Explain how someone might decide how reliable is reliable enough for a measure. What settings might warrant more stringent criteria for reliability, and why? 2. Reliability is usually estimated...
- Q Key Contributions and Implications from Positive Accounting Theory: A Ten Year Perspective by Ross L Watts and Jerold L. Zimmerman, The Accounting Review, Jan 1990, Vol 65, No 1 pp131-156
- Q Name the benefits and risks of allowing customers to pay on credit. What is Net Realizable Value?
- Q Ameristar, Inc. can obtain funds for future investments through retained earnings, new issues of common stock, issuance of debt, and issuance of preferred stock. The Board of Directors believe an...
- Q Analyze managerial and operative functions of management
- Q ABC Corp. sells a single product with a selling price of $200 and a variable cost of $80 per unit. The companys monthly fixed expense is $64,630. Calculate the...
- Q Outline an audit plan for uber 2020
- Q Evan Roberts owns a business, Shore Sports, that rents canoes and kayaks. The adjusted trial balance at December 31 is as follows: Account No. Debit Balances Credit Balances Cash 11...
- Q The following is the preclosing trial balance for Christina Rehabilitation Hospital as of September 30, 2023
- Q In 2024, 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 2026. Information related to the...
- Q Equipment maintenance costs for manufacturing explosion-proof pressure switches are projected to be $121,000 in year one and increase by 7% each year through year five. What is the equivalent annual...
- Q ABC Company has an after-tax profit of P140,000. ABC has a return on sales of 20% and the tax rate is 30%. The total fixed costs of ABC amounts to...
- Q What does the concept of liquidity refer to?
- Q during periods where the consumer price index is expected to decrease a retail firm will have to what
- Q In preparing the personal tax returns for a client, Phyllis Allen, CPA, observed that the deductions for contributions and interest were unusually large. When she asked the client for backup...
- Q Explain the difference and state examples of the difference between artistic-related intangible assets and contract-related intangible assets. Are they handled differently in respect to accounting? 270 words
- Q Sales Tax Payable is usually calculated as a percentage of the amount of the sale.? true or false The? units-of-production method is used to compute depletion expense. true...
- Q A company has a (net profit/pretax profit) ratio of 0.4, a leverage ratio of 1.4, a (pretax profit/EBIT) of 0.3, an asset turnover ratio of 1.2, a current ratio of...
- Q In their off months, Sanford Accountants employs five full-time accountants who each work 40 hours per week. However, during tax season, Sanford hires additional accountants to help prepare tax returns...
- Q ABC is an equal general partnership in which capital is not a material producing factor (i.e., a service partnership). A is planning to retire. On January 1 of Year 1,...
- Q The following information pertains to Neuron Inc.: Contribution margin ratio: 60% Total fixed costs: $180,000 Tax rate 25% The...
- Q 12. Zeke takes his gun to the mall and begins firing randomly in the direction of a crowd of shoppers, but without aiming at anyone in particular. One of his...
- Q The following are miscellaneous transactions for super suppliers for January 2023. Ignore VAT. The business uses the perpetual inventory method with a mark- up of 30 % on selling price...
- Q How does accounting information influence managerial decision-making? (Not less than 1 and a half pages)
- Q The following estimates have been prepared for a project under consideration: Fixed costs: $20,000 Depreciation: $10,000 Price: $2 Accounting break-even: 60,000 units What must be the variable cost per unit
- Q Booklyst Co. distributes merchandise to retail stores and extends credit terms of 2/10, n/30 to all of its customers. During March, the following merchandising transaction occurred. March 1 Purchased books...
- Q Exercise 23-10 (Algo) Keep or replace LO P5 Lopez Company is considering replacing one of its old manufacturing machines. The old machine has a book value of $47,000 and a...
- Q Cuando una empresa cancela la cuenta de un cliente especfico utilizando el mtodo de asignacin, el efecto en la utilidad neta y el valor neto realizable de las cuentas por...
- Q The production manager of Miller Enterprise plans to have an inventory on hand at the end of each month that will equal 150% of the next month's sales. This requirement...
- Q If The Duncan Company issues 1,000 shares of $5 par value common stock for $70,000, the account A) Common Stock will be credited for $70,000 B) Paid-in Capital in Excess...
- Q A company wants to determine its marketing costs for budgeting purposes. Activity measures and costs incurred for 4 months of the current year are presented in the table below. Advertising...
- Q Lavage Rapide is a Canadian company that owns and operates a large automatic carwash facility near Montreal. The following table provides data concerning the companys costs:...
- Q in relation to alternative fuel property, which of the following requirements must be met for taxpayer to qualify for alternative fuel, refueling, property, credit, assuming all other requirements are ...
- Q The following information is available regarding a particular component: Component price GHS27 Component usage 5,000 per month Cost of placing an order GHS20 Cost of storing components for one year...
- Q The winner of a lottery is awarded $4,000,000 to be paid in annual installments of $200,000 for 20 years. Alternatively, the winner can accept a "cash value" one-time payment of...
- Q None
- Q XYZ Company collected $91,800 in June of 2019 for 9 months of service which would take place from October of 2019 through June 2020. The revenue reported from this...
- Q A time-driven activity-based costing system is most useful when: a. operations throughout the plant are fairly similar. b. products make diverse demands on resources because of differences in volume, process...
- Q At an activity level of 9,000 machine-hours in a month, Falks Corporations total variable production engineering cost is $796,500 and its total fixed production engineering cost is $235,290. What would...
- Q Distinguish between the sales order, billing, and AR departments. Why can't the sales order or AR departments prepare the bills.
- Q The employees of Curel, Inc. get paid every Friday for a 5-day workweek (Monday through Friday). The total payroll is $6,000 per day of work. If the accounting period ends...
- Q Kip purchased a rental house for $250,000 which included the land portion of $50,000. At closing, he paid $3,500 for legal fees and $4,000 in title fees. What is the...
- Q Ross Manufacturing currently produces 1,000 bicycles per month. The following per unit data apply for sales to regular customers: Direct materials $50 Direct manufacturing labor 5 Variable...
- Q Roland Corporation buys stoves from a wholesaler. The list price of a stove is $900, with a trade discount of 30%. The net price is:
- Q An employer must match the employees contribution for FICA taxes. The entry to record the employer's obligation would include which of the following: Group of answer choices None of the...
- Q You are a financial adviser working with a client who wants to retire in eight years. The client has a savings account with a local bank that pays 9 percent...
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