Accounting question and answers for November 25, 2023
- Q Port Company purchased 31,500 of the 105,000 outstanding shares of Sund Company common stock on January 1, 20X2, for $189,000. The purchase price was equal to the book value of...
- Q Johnstone Company is facing several decisions regarding investing and financing activities. Address each decision independently. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD...
- Q Alicia Arnold carries on a business as a sole proprietor with a December 31 fiscal period. During the 2022 fiscal period, accounting income was $183,000. Other 2022 information related to...
- Q Book value per common share equals a. total common shareholders equity divided by the number of shares outstanding on the date of the balance...
- Q Nose Mask Ltd (Nose Mask) is preparing his bank reconciliation at 31st May 2019. His bank statement balance failed to agree with the cash book balance. His bank statement shows...
- Q Several items are omitted from the income statement and cost of goods manufactured statement data for two different companies for the month of December 2014: ...
- Q ______________ is an expense that differs and is in proportion to each change in sales level. Question 7 options: Variable Cost ...
- Q Walmart. uses budgets in an effort to control costs. The June 2016 budget report for the companys manufacturing operations is as follows: Walmart Budget Report Manufacturing Operations For the Month...
- Q Guillermo trabaja en la Fundicin como operador de gra y le pagan $35 la hora. Su semana laboral regular es de 40 horas por semana y se le paga semanalmente....
- Q On July 31, 2022, Cullumber Company had a cash balance per books of $6,305.00. The statement from Dakota State Bank on that date showed a balance of $7,855.80. A comparison...
- Q Haylock Inc. bases its manufacturing overhead budget on budgeted direct labor-hours. The direct labor budget indicates that 7,400 direct labor-hours will be required in August. The variable overhead...
- Q Steven Ltd (Lessor) and Shane Ltd (Lessee) enter into a lease agreement for a vehicle on 30 June 2020. Details of the lease agreement are as follows: ...
- Q Francisco's mass-produces folding chairs in Mexico. All direct materials are added at the beginning of production, and conversion costs are incurred evenly throughout production. The following production information is for...
- Q Your firm needs a computerized machine tool lathe which costs $50,000 and requires $12,000 in maintenance for each year of its 3- year life. After three...
- Q Bluebird Sports, Inc., produces high quality sports equipment. The company's Racket Division manufactures two tennis rackets - the Standard and the Deluxe- that are widely used in amateur play. Selected...
- Q You are the general accountant for Parker Systems, Inc., a typing service based in Los Angeles, California. The company has decided to upgrade its equipment. It currently has a widely...
- Q Maxim fabrica un producto alimenticio para hmster llamado Green Health. Maxim actualmente tiene 18,500 bolsas de Green Health disponibles. Los costos variables de produccin por bolsa son de $3.50 y...
- Q On January 1 of 2020, Miners, Inc. bought a backhoe for $75,000. The backhoe is estimated to last 5 years. Miners, Inc. expects to use it for 5,000 hours during...
- Q Red Canyon T-shirt Company operates a chain of T-shirt shops in the southwestern United States. The sales manager has provided a sales forecast for the coming year, along with the...
- Q The total factory overhead for Big Light Company is budgeted for the year at $552,900. Big Light manufactures two different products - night lights and desk lamps. Night...
- Q The starting point for the computation of federal income tax is the gross estate. Which of the following statements is not true regarding the computation of the gross estate? A....
- Q On January 1, Year 2, Kincaid Company's Accounts Receivable and the Allowance for Doubtful Accounts carried balances of $65,400 and $1,700, respectively. During the year Kincaid reported $162,000...
- Q %3Cp%3EThe%20following%20information%20is%20available%20for%20Flip%20Company%3A%3C%2Fp%3E%0A%3Cp%3EBeginning%20inventory%20%20%20%26nbsp%3B%20%26nbsp%3B%20%26nbsp%3B%20%26nbsp%3B%20%26nbsp%3B%0A%26nbsp%3B%20%26nbsp%3B%20%26nbsp%3B%20%26nbsp%3B%20%26nbsp%3B%20600%20units%20at%20%245%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3EFirst%20purchase%20%26nbsp%3B%20%26nbsp%3B%20%26nbsp%3B%20%26nbsp%3B%20%26nbsp%3B%20%26nbsp%3B%20%26nbsp%3B%0A%26nbsp%3B%20%26nbsp%3B%20%26nbsp%3B%20%26nbsp%3B%20%26nbsp%3B%20%26nbsp%3B%20%26nbsp%3B%20%26nbsp%3B%20%26nbsp%3B900%0Aunits%20at%20%246%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3ESecond%20purchase%20%26nbsp%3B%20%26nbsp%3B%20%26nbsp%3B%20%26nbsp%3B%20%26nbsp%3B%20%26nbsp%3B%20%26nbsp%3B%0A%26nbsp%3B%20%26nbsp%3B%20%26nbsp%3B%20%26nbsp%3B%20%26nbsp%3B%20%26nbsp%3B500%20units%20at%0A%247.25%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cbr%20%2F%3E%3C%2Fp%3E%0A%3Cp%3EAssume%20that%20Flip%20uses%20a%20periodic%20inventory%20system%20and%20that%20there%0Aare%20700%20units%20left%20at%20the%20end%20of%20the%20month.%20(Round%20all%20final%0Aanswers%20to%20the%20nearest%20dollar.)%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cbr%20%2F%3E%3C%2Fp%3E%0A%3Cp%3EInstructions%3A%20a.%20Compute%20the%20cost%20of%20goods%20available%20for%0Asale.%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%20%26nbsp%3B%20%26nbsp%3B%20%26nbsp%3B%20%26nbsp%3B%20%26nbsp%3B%20%26nbsp%3B%20%26nbsp%3B%20%26nbsp%3B%0A%26nbsp%3B%20%26nbsp%3B%20%26nbsp%3Bb.%20Compute%20the%20value%20of%20ending%20inventory%20and%0ACost%20of%20Good%20Sold%20under%20the%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%20%26nbsp%3B%20%26nbsp%3B%20%26nbsp%3B%20%26nbsp%3B%20%26nbsp%3B%20%26nbsp%3B%20%26nbsp%3B%20%26nbsp%3B%0A%26nbsp%3B%20%26nbsp%3B%20%26nbsp%3B%20%26nbsp%3B%20(1)%20LIFO%20method.%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%20%26nbsp%3B%20%26nbsp%3B%20%26nbsp%3B%20%26nbsp%3B%20%26nbsp%3B%20%26nbsp%3B%20%26nbsp%3B%20%26nbsp%3B%0A%26nbsp%3B%20%26nbsp%3B%20%26nbsp%3B%20%26nbsp%3B%20(2)%20FIFO%20method.%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%26nbsp%3B%20%26nbsp%3B%20%26nbsp%3B%20%26nbsp%3B%20%26nbsp%3B%20%26nbsp%3B%20%26nbsp%3B%20%26nbsp%3B%20%26nbsp%3B%0A%26nbsp%3B%20%26nbsp%3B%20%26nbsp%3B%20%26nbsp%3B%20(3)%20Average-cost%20method%3C%2Fp%3E%0A%3Cp%3E%3Cbr%20%2F%3E%3C%2Fp%3E%0A%3Cp%3E**PLEASE%20SHOW%20WORK%20TO%20HELP%20ME%20UNDERSTAND***%3C%2Fp%3E%0A%3Cdiv%3E%3Cbr%20%2F%3E%3C%2Fdiv%3E%0A
- Q Markham Company has completed its sales budget for the first quarter of Year 2. Projected credit sales for the first four months of the year are shown below: ...
- Q Larned Corporation recorded the following transactions for the just completed month. $83,000 in raw materials were purchased on account. $81,000 in raw...
- Q KG Enterprises had the following transactions during December, the last month of the accounting period: Dec 1 Sold merchandise on credit for $9,000 , cost $6,000 terms 1/10, n/30. Dec...
- Q Fishing Run Corporation received a special order request for 20,000 new fishing poles at a sales price of $30 each. This is a $10 reduction in the normal sales price....
- Q Hartford company expects to sell 50,000 units of its product in the coming year. Each kunit sells for $50. Sales brochures and supplies for the year are expected to cost...
- Q Invoice date Payment received Customer Amount (GST Inclusive) 13 May 2018 16 July 2018...
- Q Tan Corporation of Japan has two regional divisions with headquarters in Osaka and Yokohama. Selected data on the two divisions follow: Division Osaka Yokohama Sales...
- Q Bake-Ri is a company that makes high quality whole grain bread and sell the bread to the malls in JABODETABEK. In making bread, there are two departments directly involved namely...
- Q Which one of the following is not considered a liability? . a. accounts receivable B. net value of your physical...
- Q A company's January 1, 2014 balance sheet reported total assets of $162,000 and total liabilities of $66,000. During January 2014, the company completed the following transactions: (A) paid a note...
- Q Prepare asientos de diario para registrar cada una de las siguientes cuatro emisiones separadas de acciones. Una corporacin emiti 5,000 acciones ordinarias de valor nominal de $20 por $120,000 en...
- Q On March 18, Kudos Corporation sells snack products to a retail warehouse club chain for $25,000 (cost of $15,000). The contract includes an obligation for the warehouse club to run...
- Q REQUIRED Use the information provided below to calculate the economic order quantity. (4 marks) INFORMATION The average monthly usage of an item that costs R2...
- Q 1- Tomas and Saturn are partners who share income in the ratio of 3:1. Their capital balances are $80,000 and $120,000, respectively. The partnership generated net income of $30,000. What...
- Q Blackhorse Productions, Incorporated, used the aging of accounts receivable method to estimate that its Allowance for Doubtful Accounts should be $19,400. The account had an unadjusted...
- Q Attrax Corporation makes two products: titanium rims and posts. Data regarding the two products follow: Direct Labour- Hours per Unit...
- Q The Kollar Company has a defined benefit pension plan. Pension information concerning the fiscal years 2021 and 2022 are presented below ($ in millions): Information Provided by Pension Plan Actuary:...
- Q Answer the following items: (a) A couple wishes to save $175,000 over the next 12 years for college education of their only child. What uniform annual amount must they...
- Q A. Using the letters above, identify all of the financial statement elements that describe levels or amounts of resources or claims to or interests in resources...
- Q Your company is considering production of a new action figure, Ultimate-CHUNE. The company has already spent $5 million promoting Ultimate-CHUNE. If you go ahead with production, you will have to...
- Q Prepare and record journal entries and Trial balance column of worksheet. On October 1, 2013, Sandra started Coconino Pest Control as a sole proprietorship and has the following transactions: Oct...
- Q Special-Order Decision Smooth Move Company manufactures professional paperweights and has been approached by a new customer with an offer to purchase 15,000 units at a per-unit price of $8.00. The...
- Q Craycraft Inc. reported the following results from last year's operations: Sales $12,600,000 Variable expenses 9,380,000 ...
- Q Byrd Enterprises has no debt. Its current total value is $47.4 million. Assume debt proceeds are used to repurchase equity. Ignoring taxes, what will the companys value be...
- Q Split Company produces three products X, Y, and Z from a joint process. Each product may be sold at the split-off point or processed further. Additional processing requires...
- Q A machine with a cost of $152,000, accumulated depreciation of $96,000, and current year depreciation expense of $22,500 is sold for $48,800 cash. The amount that should be...
- Q Assume that the following data relative to Kane Company for 2018 is available: Net Income $2,760,000 ...
- Q Phoenix Companys 2019 master budget included the following fixed budget report. It is based on an expected production and sales volume of 18,000 units. PHOENIX COMPANY Fixed...
- Q Easton Bakery makes bread. Results for the months of January and February were as follows: January February Number of loaves of bread produced and sold 5 million 4 million $...
- Q In each of the cases below, assume Division X has a product that can be sold either to outside customers or to Division Y of the same company...
- Q Cost Behavior, CVP, Relevant Cost Renegade Company is a retailer. It is currently operating with one large retailer and planning to open new locations. The expected monthly operating costs for...
- Q The Saunders Company is trying to do some planning for the coming month. The following information was gathered from the last month. Sales revenue $300,000...
- Q The Richmond Corporation uses the weighted-average method in its process costing system. The company has only a single processing department. The company's ending work in process inventory on August 31...
- Q In each of the cases below, assume Division X has a product that can be sold either to outside customers or to Division Y of the same company...
- Q Como parte de una importante renovacin a principios de ao, Atiase Pharmaceuticals, Inc., vendi estanteras (registradas como Equipo) que tenan 10 aos por $860 en efectivo. Los estantes...
- Q Kenny Merinoff and his son, John, own all outstanding stock of Flamingo Corporation. Both John and Kenny are officers in the corporation and, together with their uncle, Ira, comprise the...
- Q Calculate cost of goods sold and ending inventory for Emergicares bandages orders using FIFO, LIFO and average cost. There are 33 units in ending inventory. (Do not round intermediate calculations,...
- Q What princical will eam $44,14 interest fom Juiy 19,2017, to Oclober 17,2017, at 9.5%.The required principal is $
- Q Van Frank Telecommunications has a patent on a cellular transmission process. The company has amortized the patent on a straight-line basis since 2012, when it was acquired at a cost...
- Q Paul Swanson has an opportunity to acquire a franchise from The Yogurt Place, Inc., to dispense frozen yogurt products under The Yogurt Place name. Mr. Swanson...
- Q Amount of invoice Terms Invoice date Actual partial payment made Date of partial payment Amount of payment to be credited Balance outstanding $755 4/10, n/60...
- Q La divisin de calefaccin de Monty International produce un elemento calefactor que vende a sus clientes a $39 por unidad. Su costo variable unitario es de $22 y su costo...
- Q On January 1, Guillen Corporation had 91,500 shares of no-par common stock issued and outstanding. The stock has a stated value of $4 per share. During the year, the following...
- Q OBrien Company manufactures and sells one product. The following information pertains to each of the companys first three years of operations: Variable costs per unit: Manufacturing: Direct materials $ 28...
- Q 1. On July 1, the Doggy Daze Company issues $200,000 of bonds. The contract rate is 5% and on the date of issuance, the bonds were issued at $102,695. The...
- Q Kindschuh Corporation is working on its direct labor budget for the next two months. Each unit of output requires 0.05 direct labor-hours. The direct labor rate is $9.90 per direct...
- Q 48 2 88.2
- Q Budget Performance Report Genie in a Bottle Company (GBC) manufactures plastic two-liter bottles for the beverage industry. The cost standards per 100 two-liter bottles are as follows: ...
- Q This problem is based on the transactions for the Smith Engineering Company in your text. Prepare journal entries for each transaction and identify the financial statement impact of each entry....
- Q Apex Inc. reports the following for a recent year: Income from continuing operations before income tax $1,860,000 Loss from discontinued operations $235,000* Weighted average number of shares outstanding 10,000 Applicable...
- Q Your friend started a closely held corporation 5 years ago in which she owns all the stock. She has been approached by investors who would like to take her company...
- Q Hope is a self-employed taxpayer who turns 54 years old at the end of the year (2015). In 2015, her net Schedule C income was $120,000. This was her only...
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