Accounting question and answers for November 26, 2023
- Q In 2015, Esther Corporation reported net income of $650,000. It declared and paid preferred stock dividends of $50,000 and common stock dividends of $60,000. During 2015, Esther had a weighted...
- Q a company purchased 500 units for $20 each on January 31. It purchased 600 units for $24 each on February 28. It sold a total of 640 units for $40...
- Q Bonnie spent 5,000 on a new computer to use in her busines. she uses the computer 35 percent for the business and 65 percent for personl purposes. The business cost...
- Q On consolidated financial statements, where does the parents equity in the net income of the subsidiary account appear? On the consolidated income statement, as an deduction from income On the...
- Q The global economic crisis of 2008-2010 has stimulated boards of directors and executives to reevaluate how they assess and manage risks. Use a flowchart to describe the process...
- Q Neon Lamp Post uses process costing. During June, the Painting Department of Neon Lamp Post completed production of 43,700 LED lamp posts. At the beginning of June,...
- Q What is dropshipping business model and how e-commerce affects the way entities conduct international trades?
- Q 1. Multiple Choice Question 153 Sheffield Corp. compiled the following financial information as of December 31, 2017: Service revenue $843000 Common stock 183000 ...
- Q Equipment with an original cost of $75,000 and accumulated depreciation of $20,000 was sold at a loss of $7,000. As a result of this transaction, cash would a.increase by $55,000...
- Q Taylor Corporation issues 20,000 shares of $50 per value preferred stock for cash at $90 per share. In the syockholders equity section, the effects ofnthe transation above eill be reported.
- Q Which of the following is false? IFRS 1 requires full retrospective application of all IFRS except for certain exceptions included under IFRS 1. b. IFRS 1 requires full retrospective application...
- Q Do you think more businesses will adopt the benefit corporation model? Should they?
- Q Patrick Company acquires a new machine (10 year property) on January 15, 2017, at a cost of $20000. Patrick also acquires another new machine (7 years property) on October 19,...
- Q Please prepare the following journal entries. Indicate which account should be debited and which account should be credited, along with the dollar amount of the debit and credit. (1) Investors...
- Q Jesse spent $6000 on a computer system that no one can use. She can spend $100,000 on training or spend $25,000 to buy better user-friendly system. The $6000 is OKJoint...
- Q An advertising agency is estimating costs for advertising a music festival. The job will require 200 direct labor hours at a cost of $50 per hour. Overhead costs are applied...
- Q The comprehesive set of budgets that serves as a company's overall financial plan is commonly known as : a) an integrated budget b) pro-forma budget c) a master budget d)...
- Q Problem 1 Entries for notes payable A business issued a 45-day, 3% note for $60,000 to a creditor on account. Journalize the entries to record (a) the issuance of...
- Q Income statement: 2024 Sales revenue $ 2,500,000 Cost of goods sold 1,300,000 Net income 200,000 Balance sheets: 2024 2023 Accounts receivable $ 300,000 $ 200,000 Total assets 2,000,000 1,800,000 Total...
- Q Which of the following is not a core financial statement? The Income Statement Statement of Cash Flows The Trial Balance The Balance Sheet
- Q Selected information about income statement accounts for the Reed Company is presented below (the company's fiscal year ends on December 31): 2018...
- Q Question 1: A1, B1, D3 At the beginning of 2021 Jamaica Cor. issued 50,000 shares of $1 par common stock for $5 per share. Instruction: Record the journal entry for...
- Q Jamison is a single dad with two dependent children, Zoey, age 7 and Conner, age 3. He has AGI of $81,000 and paid $6,300 to a qualified day care center...
- Q 1. Abdulaziz Co. purchased a machine in 2013 for SAR 50,000 that has a useful life of 5 years with a salvage value of SAR 5,000. Calculate the depreciation expense,...
- Q 4. Part a. Google acquired the assets of a small company on May 1, 2015 for $20 million where $3 million of it was ultimately allocated to the tax basis...
- Q Assume the following information for a company that produced and sold 10,000 units during its first year of operations: Per Unit Per...
- Q Every accounting period HP perform bad debt adjusting entry (adjust its Allowance for Doubtful accounts). That is an application of A. Full disclosure principle B. Historical...
- Q The Smith Manufacturing Company had inventory turnover of 9 for the current year. What is the days sales in inventory for the current year?
- Q Keller Industries started business part way through the current year and prepares annual financial statements. Keller Industries currently pays $10,000 of salaries (wages) per week for a 5-day work week...
- Q Would the shareholders of Benny Limited be satisfied with the return on their investments? Motivate your answer.
- Q what are the common issues encountered in electonic banking? how commercial banks respond to them? what are other challenges ahead of them?
- Q Units that are partially completed in the production process, but not yet ready for sale to customers are called: a. finished goods inventory....
- Q El inventario de materias primas de Marcelino Co. al 31 de marzo es de $80,000. Las compras de materias primas en abril son de $550 000 y el costo...
- Q Top-down security analysis A) includes economic, industry, and fundamental analysis. B) concentrates on the...
- Q Marvin has been thinking about the fields of managerial and financial accounting and the functions of management within an organization. He has the following list of statements to understand. Identify...
- Q Clark and Shiffer LLP perform activities related to e-commerce consulting and information systems in Vancouver, British Columbia. The firm, which bills $172 per hour for services performed, is in a...
- Q On July 1, 2016, Fisher Company issued 9% bonds in the face amount of $5,000,000, which mature on July 1, 2022. The bonds were issued for $4,782,217 to yield 10%....
- Q 1. Before the business begins, you will take $5,000 cash from your savings account to invest in the business. You will protect yourself by organizing as a corporation, with yourself...
- Q Computerize accounts question 2: Some individuals argue that accountants should focus on producing financial statements and leave the design and production of managerial reports to information systems specialists. What are...
- Q Sage Corporations April 30 inventory was destroyed by fire. January 1 inventory was $162,900, and purchases for January through April totaled $510,500. Sales revenue for the same period were $738,800....
- Q Auditing In July 2002, Congress passed the Sarbanes-Oxley Act. The provisions of the Act apply mainly to publicly held companies and their audit firms. Explain briefly how the Act...
- Q [The following information applies to the questions displayed below.] Valley Companys adjusted trial balance on August 31, 2016, its fiscal year-end, follows. ...
- Q A Treasury bond (par=$ 1,000) with a coupon rate of 3.2% makes semiannual interest payments. The Wall Street Journal reports the asked price for the bond on February 21st at...
- Q Perpetual Inventory Using Weighted Average Beginning inventory, purchases, and sales for Meta-B1 are as follows: July 1 Inventory 100 units at $400 12...
- Q What notable accounting considerations (key accounting pronouncements/principals) are there for Wells Fargo in the Banking Industry?
- Q Nikeya sells land (adjusted basis of $120,000) to her adult son, Shamed, for its appraised value of $95,000. Assume all of Shameds sales are to a non-related party. a) How...
- Q *The data for an investment center is given below. 1/1/12 12/31/12 Current assets $ 300,000 $ 700,000 Plant...
- Q Callaghan Company is considering investing in two new vans that are expected to generate combined cash inflows of $28,000 per year. The vans combined purchase price is $98,500. The expected...
- Q During April, Shakespeare Company produced 15,000 units of a product called Creative. Creative has a standard materials cost of two pieces per unit at $8 per piece. The actual materials...
- Q As a potential equity investor, imagine you are examining two companies A&B reasonably similar. The differ that company A offers a defined pension plan and Company B offers post-retirement health...
- Q calculate the receipts from account receivable for julydata for zyx in termd of credit sale for the month april 168000 may 176000 june 186000 july 164000 august 165000 credit...
- Q what single amount at the end of thr fifth heat is equivalent to a uniform annual series of $3000 per year for 10 years if the interests rate is 9%...
- Q Discuss the reliance on financial reporting by various stakeholders (30 Marks)
- Q Previous Question Question 6 of 20 Next Question Which of the following measures does not reflect a company's profitability
- Q Cleopatra Corporations Lingerie division has a segment margin of $729,000 and net sales revenue of $5,400,000 for the current reporting period. Average total assets for the period were $3,375,000. The...
- Q where do you find your annual tax income on yoir 1040 US individual income tax return ?
- Q Jeremy Inc. produces leather handbags. The production budget for the next four months is: July 5,700 units, August 7,600, September 8,000, October 8,900. Each handbag requires 0.7 square meters of...
- Q . For each item below, indicate whether a debit (DR) or a credit (CR) applies. _____ a. Decrease in Accounts Payable _____ b. Decrease in Land _____ c. Increase in...
- Q On May 12, 2016, Chewco Co. Purchased 2,000 shares of Jedi Inc. for $112 per share, including the brokerage commission. The Jedi investment was classified as an available -for- sale...
- Q For each of the financial transactions below, indicate how it would result in an increase or decrease in assets or liabilities. Recall that the fundamental equation of accounting must stay...
- Q of the eight steps in implementing a new AIS, which do you feel is the most important and why?
- Q The purchasing agent is usually responsible for the materials price variance. TRUE or FALSE Residual income should not be used to evaluate a cost center. TRUE or FALSE Managers of...
- Q Brandywine Homecare, una Empresa sin fines de lucro, tuvo ingresos de $ 12 millones en el 2020, Los gastos distintos de la depreciacin totalizaron el 75 por ciento de los...
- Q Please draw a BPMN model based on the below: Eli prepares checks for payments to growers and other vendors. The stores email purchase documents to Eli each week (and at...
- Q How much sales are required to earn a target income of HK$240,000 if total fixed costs are HK$300,000 and the contribution margin ratio is 40%?
- Q Clancy, Inc. has the following inventory information. July 1 Beginning Inventory 20 units at $90 5 Purchases 120 units at $92 14 Sale 90 units 21...
- Q Using Accounting Standards Codification 470 (Subtopic 50; Section 40; Subsection 2) (formerly: FASB Statement No. 145, Rescission of FASB Statements No.4, 44, and 64, Amendment of...
- Q Requirements for confirming accounts receivable Confirmation of accounts receivable is required by auditing standards unless certain conditions exist. Identify the conditions that will be present in an audit that does...
- Q Cul de los siguientes activos requiere el ms fuerte de los controles internos? Grupo de opciones de respuesta equipo de computadora inventario tarjetas de crdito ...
- Q BE19-8 (LO1,2) Mitchell Corporation had income before income taxes of $195,000 in 2017. Mitchells current income tax expense is $48,000, and deferred income tax expense is $30,000. Prepare...
- Q In its first month of operation, Whispering Winds Corp. purchased 180 units of inventory for $8, then 280 units for $9, and finally 220 units for $10. At the end...
- Q El minorista Blake es dueo de un lote frente a una tienda comercial que quiere vender. El lote es de 1/2 hectreas. El agente le informa a Blake que...
- Q Question #3: During the current year, Carpenter Company had net credit sales of 1,125,000. On January 1, Allowance for Doubtful Accounts had a credit balance of $27,000. During the year,...
- Q Completion statement Sales Returns and Allowances and Sales Discounts are both____________ accounts and have____________ normal balances
- Q During FY 2021, Belleview Company plans to sell Widgets for $7.00 a unit. Current variable costs are $2.00 a unit and fixed costs are expected to total $130,000. Use this...
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