Accounting question and answers for November 25, 2023
- Q Which ethical threat relates to accountants promoting an employer or client's position to the point that their objectivity is compromised? ...
- Q Calla Company produces skateboards that sell for $51 per unit. The company currently has the capacity to produce 95,000 skateboards per year, but is selling 81,100...
- Q Each firm in perfect competition: a.) follows the output of other firms. b.) follows the pricing decisions of other firms. c.) sets quantity based on market price. d.) follows the...
- Q QUESTION 2 The following selected accounts with their current balances as at 31 March 2021 were extracted from Affiqque Corporation Sdn Bhd. RM Sales 237,800 ...
- Q If 20000 units are transferred out of a department, there is no beginning inventory, and there are 6000 units still in process at the end of a period, how many...
- Q Using the following information: Cost of Goods Sold for the year $ 840,000 Ending Finished Goods $ 100,000 Ending Work in Process $ 60,000 Overapplied manufacturing overhead $ 40,000 Assuming...
- Q T-bills currently yield 3.7 percent. Stock in Deadwood Manufacturing is currently selling for $74 per share. There is no possibility that the stock will be worth...
- Q Determine the total cash inflows, the total cash outflows, and the expected change in cash for each month from January to July, 2019. Show your work in excel using excel...
- Q Your client doesn't want to pay a monthly fee for their QuickBooks Payments merchant account. What option is available to them, and where in QuickBooks Onlilne can they sign up...
- Q QUESTION 22 When a company starts slowing down it repayment rate to its suppliers while maintaining constant sales, what is the most likely outcome? ...
- Q Maple Ltd had a balance of $18,000 for Rent Revenue in Advance for the year ended 30 June 2021. If the company tax rate is 30%, the deferred tax item...
- Q low operating leverage will experience lower profits when sales increase than will companies with higher operating leverage. true or false
- Q Which of the following is not a long-term liability? a. Accounts payable (for payables due in...
- Q Variable-costing income will usually exceed absorption costing income when a. Production exceeds sales b. Sales exceed production ...
- Q Use the following information to compute residual income: Sales $ 440,000 Operating income $ 79,200 Average current assets $ 310,000 Cost of capital 12% Return on investment 15% $52,800. $15,840....
- Q ABC Company places one coupon in each box. Five coupons are redeemable for a hand puppet. In 2019, the company purchases 700,000 puppets at 14.00 pesos and sells 1,920,000 boxes...
- Q Revenue for sales-based royalty payments should be recognized a. on the date the performance obligation is satisfied. b. on the date the contract was signed. c. when the amount of...
- Q Amalgamated General Corporation is a consulting firm that also offers financial services through its credit division. From time to time the company buys and sells securities. The following selected transactions...
- Q The director of capital budgeting for Big River Health Systems Inc. has estimated the following cash flows (in thousands of dollars) for a proposed new service: Year Expected Net Cash...
- Q Fraud. Discuss auditors' responsibility for fraud detection and what steps they take to meet that responsibility. Be specific. What are the two main types of fraud, and which is of...
- Q 1. Describe the audit risk model and each of its components.
- Q Bank Reconciliation The accountant for Bellows Corp. was preparing a bank reconciliation as of April 30. The following items were identified: Bellows' book balance $28,750 Outstanding checks 900 Interest earned...
- Q Problem 6-21A Segment Reporting and Decision Making [LO6-4] Vulcan Companys contribution format income statement for June is given below: ...
- Q Presented below are two independent situations: (a) Edelman Inc. acquired 10% of the 412,000 shares of common stock of Schuberger Corporation at a total cost of $12 per share on...
- Q Solaris, Inc. has 2,000 shares of 5%, $10 par value, cumulative preferred stock and 50,000 shares of $1 par value common stock outstanding at December 31, 2017. What is the...
- Q In 1974, the FASB considered requiring the expensing of all in-house research and development (R&D) expenditures. The Board received many comments predicting that if firms were required to expense R&D,...
- Q On October 31, 2015, Damon Companys general ledger shows a checking account balance of $8,418. The companys cash receipts for the month total $74,460, of which $71,330 has been deposited...
- Q Oriole Company purchased a machine on January 1, 2016, for $970000. At the date of acquisition, the machine had an estimated useful life of 6 years with no salvage. The...
- Q 1. Following are the operating results of the two segments of Parklin Corporation: Segment A Segment B Total Sales $10,000 $15,000 $25,000 Variable costs of goods sold 4,000 8,500 12,500...
- Q Dewey Cheatem Co. purchases a truck for $25,000. The truck has a salvage value of $6,000 and It is expected to be driven for 125,000 miles. Cheatem Co uses the...
- Q Case 10-78 Standard Costing, Ethical Behavior, Usefulness of Costing Objective 1, 2, 3 Pat James, the purchasing agent for a local plant of the Oakden Electronics Division, was considering the...
- Q Blossom Company utiliza el mtodo de la ganancia bruta para estimar el inventario con fines de informes mensuales. A continuacin se presenta la informacin correspondiente al mes de mayo. ...
- Q Packaging Solutions Corporation manufactures and sells a wide variety of packaging products. Its Production Departments planning budget and flexible budget are based on the following formulas, where q is the...
- Q Lisa Curtis is documenting the purchasing and cash payments processes at Hardies Wholesaling. Hardies Wholesaling imports ladies clothing such as T-shirts, blouses, skirts, dresses, and pants from suppliers in Southeast...
- Q On July 1, 20Y1, Campbell issued $30,000,000 of 10-year, 10% bonds at a market (effective) interest rate of 9%. Interest is payable semiannually on December 31 and June 30. Journalize...
- Q Use the following information to answer the next 6 questions: You have recently been hired by XYZ Company as an accountant. You discover that the company neglected to make several...
- Q Chill Products manufactures smartItemthermostats for home climate control (HVAC) systems. One of its products, the Hello Home model, sells for $75.00 and has manufacturing, costs given in the...
- Q Kerri Bates is reviewing his companys investment in a cement plant. The company paid $15,000,000 five years ago to acquire the plant. Now top management is considering an opportunity to...
- Q [The following information applies to the questions displayed below.] The following financial statement information is from five separate companies: Company A...
- Q The Town of Thomaston has a Solid Waste Landfill Enterprise Fund with the following trial balance as of January 1, 2020, the first day of the fiscal year. ...
- Q The bottling plant will pay Hunter $380 per week this year and 7% more next summer. At the meat-packing plant, he could work 20 hours per week at $8.75 per...
- Q Consider the following information for Maynor Company, which uses a periodic inventory system: Transaction Units Unit Cost Total Cost January 1 Beginning...
- Q Pratt is ready to graduate and leave College Park. His future employer (Ferndale Corp.) offers the following four compensation packages from which Pratt may choose. Pratt will start...
- Q Last year Marton Corporation reported a cost of goods sold of $720,000 on its income statement. The following additional data were taken from the company's comparative balance sheet for the...
- Q Q10. Trevor Company expects sales of Product W to be 60,000 units in April, 75,000 units in May, and 70,000 units in June. The company desires that the inventory on...
- Q Named in honor of the late Dr. F. C. Phog Allen, the Kansas Jayhawks head coach for 39 years, Allen Fieldhouse is labeled by many as...
- Q Discuss the similarities and differences of internal controls reporting requirements between public and private organizations.
- Q Traditional costing provides more detailed information on costs of activities and the drivers of these costs than activity-based costing.
- Q In the ever-evolving landscape of global finance, companies are constantly striving to optimize their financial performance, adhere to regulatory requirements, and meet the expectations of various stakeholders. Imagine a scenario...
- Q Develop a credit policy for an enterprise of your choice. Ensure to accommodate the following important aspects: Introduction Credit standards Credit terms, Collection methods Internal Controls on Receivables...
- Q What is sampling error and why is it not present in a survey of a population? Stratified random sampling reflects Paretos 80:20 Principle. Discuss how stratified random sampling can make...
- Q The three types of analytical procedures tht can be used in a review engagement include all of the following: a trend analysis b reasonableness test c ration analysis d inquiry...
- Q Christie and Jergens formed a partnership with capital contributions of $220,000 and $320,000, respectively. Their partnership agreement calls for Christie to receive a $52,000 per year salary. Also, each partner...
- Q 1. Explain the responsibility of the accounting department. 2. What is one advantage of having 2 costs pools (one for fixed costs and one for variable costs) for each service...
- Q Wellington Corp. has outstanding accounts receivable totaling $6.5 million as of December 31 and sales on credit during the year of $24 million. There is also a credit balance of...
- Q Under the assumption that your company has a facility located where disastrous weather conditions often occur, discuss how you, as the company accountant, should report a probable loss from a...
- Q What are the strategic implications of the expenditure cycle?
- Q A company is considering purchasing factory equipment that costs $264000 and is estimated to have no salvage value at the end of its 8-year useful life. If the equipment is...
- Q El 1 de enero de 2020, ABC Corporation tena 990.000 acciones ordinarias en circulacin. El 1 de marzo, la corporacin emiti 150.000 nuevas acciones para recaudar capital adicional. El 1...
- Q Farm Co. leased equipment to Union Co. on July 1, 2015, and properly recorded the sales-type lease at $78,185, the present value of the lease payments discounted at 6%. The...
- Q Using the aging method of accounts receivable method, $5,600 of the companys Accounts Receivable are estimated to be uncollectible. At the end of the year, the balance of Accounts Receivable...
- Q Sterling Forest Landscaping designs and installs landscaping. The landscape designers and office staff use office supplies, while field supplies (rock, bark, etc.) are used in the actual landscaping. Purchases on...
- Q Plz follow the rubric shown below and also answer in your own words... Integration Cases Mr. Savvy owns 100% of Parent Company (PC). Mr. Savvy has been an entrepreneur all...
- Q In October Sheridan company reports 20,700 actual direct labor hours, and it incurs $124,200 of manufacturing overhead costs. Standard hours allowed for the work done is 20,700 hours The predetermined...
- Q 25 Auditing standards define materiality as the magnitude of misstatements that individually, or when aggregated with other misstatements, could reasonably be expected to influence the economic decisions of management made...
- Q Sabas Company has 20,000 shares of $100 par, 1% non-cumulative preferred stock and 100,000 shares of $50 par common stock. The following amounts were distributed as dividends: Show Work.
- Q 5. After three years in business, you are being evaluated for a promotion. One measure is how effectively you managed the sales and expenses of the business. The following data...
- Q Vandagriff Corporation has provided data concerning the company's Manufacturing Overhead account for the month of June. Prior to the closing of the overapplied or underapplied balance to Cost of Goods...
- Q The principal difference between variable costing and absorption costing centers on: a. whether variable manufacturing costs should be included in product costs b. whether fixed manufacturing costs should be included...
- Q Between Job order costing, Process costing, Activity-based costing (ABC), and Life cycle costing; if a company were very interested in building a sustainable supply chain (e.g. Patagonia) which costing approach...
- Q Barter Corp. sold American telecommunications equipment to a British company for 740,000 pounds. On the sale date, the exchange rate was $1.65 per British pound, but when Barter received payment...
- Q Match up the Threats to Compliance with the Fundamental Principles with its meaning. (Self-review threat/ Familiarity threat/ Self-interest threat/ Intimidation threat/ Advocacy threat) 1. The threat that a financial or...
- Q Death benefits received by beneficiaries or the estate of an employee for or on behalf of an employer is generally included in gross income. Note, however that a distinction must...
- Q How does the capital investment cycle typically impact the cash flow of a business? A) the impact on cash flow depends on the owners' expectations for return on their investment...
- Q Sanders Awnings reported net income of $83.5 million. Included in that number were depreciation expense of $1.9 million and a loss on the sale of equipment of $3.2 million. Records...
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