Accounting question and answers for November 26, 2023
- Q Bledsoe Corporation has provided the following data for the month of November: Beginning Ending Raw materials $ 25,100 $ 21,100 Work in process $ 17,100 $ 10,100 Finished Goods $...
- Q Schimpf Industries Inc. has developed a new grinder, model WC-13, that is designed to offer superior performance to a comparable grinder sold by Schimpfs main competitor. The competing grinder sells...
- Q Referencing this weeks readings and lecture, what are the limitations of financial ratios? Classify your answer into at least the following categories: liquidity ratios, activity ratios, leverage ratios, and profitability...
- Q On April 28th, 2014 Canada sold $1.5 Billion of 50-year bonds with a 2.75% coupons (paid semi-annually) and a yield to maturity of 2.96%. If we assume that...
- Q Sharp Company manufactures a product for which the following standards have been set: Standard Quantity or Hours Standard Price or Rate Standard Cost...
- Q Scott Manufacturing makes only one product with total unit manufacturing costs of $54, of which $36 is variable. No units were on hand at the beginning of...
- Q You are getting ready to buy a car. After looking at your budget, you can afford monthly car payments of $200 per month. The current 5 year auto loan has...
- Q Transfar this to a general ledger. Account cash beginning balance Debit $18428,, Accounts Receivable Debit $17085.60, Acct Materials Debit $12349.00, Acct WIP Debit$2650, Finished Goods Debit $22948.00, Accts Payable Credit...
- Q The ledger of Pitt Company contains the following balances: Owners Capital $30,000, Owners Drawings $2,000, Service Revenue $58,000, Salaries and Wages Expense $39,000, and Supplies Expense $7,000. Enter the balances...
- Q Jill Bishop makes homemade soap. She sells it for $100 a case. Her variable costs are $40 per case. She has fixed costs of $600. What is the contribution margin...
- Q Please, can you make the formula? Ezzell Corporation issued preferred shares with a declared dividend of 10% at par. These types of securities today produce 8% and their par value...
- Q I need these last questions. I have been studying so hard in this accounting class but I need some help now. a.) The following income statement and balance sheets for...
- Q Can an actual overhead be less than total applied overhead when there was a cost of additional $3000 of unanticipated actual overhead costs??
- Q When financial statements are presented in comparative form and another firm audited the prior-years financial statements (but the other firms report is not presented with the financial statements), the auditors...
- Q Suppose Valley Technology had the following cash flow results for 2019: Net Cash Flow from Operating Activities of $7,800,000 Net Cash Flow from Investing Activities of -$3,600,000 Net Cash Flow...
- Q MULTI-FUND PROBLEM You are a Hometown accountant. The Capital Project Fund has just been created to account for resources received and expended for the construction of a new Health Center....
- Q Mr. Bobby Benson earns $30 per hour for up to 300 units of output per day in the manufacturing department. He usually works 8 hours a day. If he produces...
- Q Which of the following temporary accounts is typically used in? just-in-time costing systems to accumulate direct labor and manufacturing overhead? costs? A. Conversion Costs account B. Manufacturing Overhead account C....
- Q Mark Company received a 60-day, 15% note for $9,000 on June 16. Which of the following statements is true? A) The principal of the note plus interest is due August...
- Q How might the revenue-recognition practices of Tesla create opportunities, incentives, and/or rationalizations for fraud?
- Q ABC Corporation issued 14%, 5-year bonds with a par value of $5,000,000 on January 1, 2015. Interest is to be paid semiannually on each June 30 and December 31. The...
- Q Stormer Company reports the following amounts on its statement of cash flow: Net cash provided by operating activities was $31,500; net cash used in investing activities was $11,400 and net...
- Q A company has sales of $500,000, variable costs of $300,000, and operating income of $150,000. If the company increased the sales price per unit by 10%, reduced fixed costs by...
- Q For each of the following items, indicate the type of accounting change and how each is recognized in the accounting records in the current year. (a) Change from...
- Q 1) How do accountants keep track of the number of units sold, if they are using the periodic inventory method? Assume your organization has the following inventory changes during the...
- Q Evolution occurs in a population of organisms when there is genetic change from one generation to the next. Evolution is genetic change over time. Realize that evolution occurs in populations,...
- Q Holly took a prospective client to dinner at a restaurant, and after agreeing to a business deal, they went to the theater. Holly paid $290 for the meal andseparately paid...
- Q Compare the different depreciation methods. Give an example of how companies depreciate their plant assets under each method.
- Q product costs can be distorted if a unit-based activity driver is used and Question 19 options: a) non-unit-based overhead costs are a significant proportion of total overhead. b) the consumption...
- Q Hinck Corporation is investigating automating a process by purchasing a new machine for $520,000 that would have an 8 year useful life and no salvage value. By automating the process,...
- Q What is the significance of understanding the client's industry and business environment in an audit?
- Q What information does a shareholder in the noncontrolling interest have of the subsidiary's performance? Anything other than the consolidated financial statements? If you were a shareholder in the noncontrolling interest,...
- Q 2. Handbag Ltd issued 2000 ordinary shares of P5 at an issue price of P8. Payment for the shares was made as follows: On application P2, on allotment P4 (including...
- Q La gerencia puede usar la informacin del costo del trabajo para cada uno de los siguientes, excepto A. determinar el costo de los bienes vendidos. B.determinar la...
- Q Swiftys Company has issued and outstanding 10500 shares of cumulative, 8%, 40 par value preference shares which it sold for 44 per share at the beginning of 2018. The company...
- Q Which types of penalties are only imposed after normal due process including a trial? Multiple Choice Criminal penalties. Civil penalties. Criminal and civil penalties....
- Q Euclid bought 500 shares of common stock five years ago for $50,000. This year, Euclid receives preferred stock dividend of 20 shares. The preferred stock has a fair market value...
- Q Because of increasing complexity, rapid change, and the escalating risks confronting managers and organizations, now is an opportune time to implement computerized decision support systems (DSS). Evaluate the...
- Q Six Sigma Lean Processing is an evaluation tool for production pocesses. Six sigma strategies strive to improve the process to reduce the defects of the output. What type of inventory...
- Q Meester Corporation has an activity-based costing system with three activity cost pools--Machining, Order Filling, and Other. In the first stage allocations, costs in the two overhead accounts, equipment depreciation and...
- Q Jameson company had the following balances and transactions during 2019: beginning merchandise inventory as of January 1,2019-- 160 units at $75 march 10- sold 80 units june 10- purchased 150...
- Q Q. IF functions (5 marks) Reference a YouTube video explaining IF functions. What is an 'IF' statement (function)? Provide a simple spreadsheet accounting example showing an IF function for net...
- Q You are the tax supervisor at a local tax return preparation firm. Suzanne and her husband Steve have been working with the local fire department for 8 years. They have...
- Q one element hat surely impacts a firm's culture is its employee population. While a corporate culture can shape an employee's attitudes and habits, already developed are hired in the first...
- Q A self-service chemists shop had a checkout at the exit. Dangerous poisons and drugs, which by statute could not be sold except under the direct supervision of a qualified pharmacist...
- Q on februaru 20 2016 genoa mining company incurred costs of 4,704,000 to acquire and prepare to extract an estiamted 4,800,000 tons of mineral depostits. in 2016 530,000 tons of ore...
- Q The smith family has a basic health insurance plan that pays 80% of out of hospital expenses after a deductible of $250 per person. If 3 family members have doctor...
- Q Edith, age 35, is unmarried and had a household income of $17,500 in 2023. She did not maintain minimum essential health coverage nor did she qualify for an exemption. What...
- Q Coffee got spilled on the an accounting report so that sales price per unit cannot be read. If the report says that variable cost per unit for the product is...
- Q As consultants we are hired to help the company tract and report cost. Tableau
- Q LIFO Perpetual Inventory The beginning inventory of merchandise at Dunne Co. and data on purchases and sales for a three-month period ending June 30 are as follows: Date Transaction Number...
- Q Jane purchases a 25% interest in the Charm City Partnership for $21,000 on January 1, and begins to materially participate in the partnership's business. The Charm City Partnership uses the...
- Q Can you tell me what is managerial accounting and its application regarding a company that manufactr a primary product such as petrochemical products?
- Q Write a brief summary of the WorldCom accounting scandal in 2002. between 250-300 words Please provide a link to google doc that I can go to
- Q Shahia Company bought a building for $80,000 cash and the land on which it was located for $109,000 cash. The company paid transfer costs of $12,000 ($4,000 for the building...
- Q Nations Capital Fitness, Inc. operates a chain of fitness centers in the Washington, D.C., area. The firms controller is accumulating data to be used in preparing its annual...
- Q The following were selected from among the transactions completed by Babcock Company during November of the current year: Nov. 3 Purchased merchandise on account from Moonlight Co.,...
- Q Weights of bags of sugar, X in kilograms (kg), from a manufacturer, are normally distributed with a mean of 1 kg and standard deviation of 0.11 kg. Calculate the...
- Q Determine the unit value that should be used for inventory costing following "lower of cost or market value" as described in ARB No. 43. A B C D E F...
- Q If an investee reported other comprehensive income on its own financial statements, how would this other comprehensive income affect the investors financial statements? 5 sentences
- Q If money is to quadruples in 13 years, what quarterly interest rate must the account earn? Assume quarterly compounding. Use formulas and equations to find the answer.
- Q Seaview is a small bed and breakfast beach hotel, which can accommodate 10 guests per night. The charge of Rs500 per person is for one nights accommodation with a full...
- Q You want to leave a legacy at FGCU and fund a scholarship that will continue indefinitely. If the Foundation tells you they expect to earn 8% annually, how much would...
- Q 200 words minimum Reflect on a time that you had to use both job costing and process costing. What made the situation unique to use them both?
- Q a company had a net cash flows from operations of $134,000, cash flows from financing of $358, 000, total cash flows of $542,000, nd average total assets of 3340. the...
- Q Prepare journal entries for 2016 for the following independent situations. Assume each organization has a December 31st year end. Keepers Inc. purchases a patent for $225,000 on January 1st. Keepers...
- Q After extensive research and development, Goodweek Tires, Inc has recently developed a new tire, the Super Tread, and must decide whether to make the investment necessary to produce and market...
- Q Forsythe's Fancies is electing their first board of directors. There are 8 positions to fill. The firm currently has 500,000 shares outstanding. A) How many shares do you need to...
- Q Do stock options affect the calculation of basic EPS? Do convertible securities affect the calculation of basic EPS?
- Q Rensing Groomers is in the dog-grooming business. Its operating costs are described by the following formulas: Grooming supplies (variable) y = $0 + $5x Direct labor (variable) y = $0...
- Q Vargas Company purchased a computer for $6,400 on January 1, 2016. The computer is estimated to have a 5-year useful life and a $2,200 salvage value....
- Q Amjad and Ahmed, partners of Amjad and Ahmed LLP who share net income and losses 60% and 40%, respectively, had capital account balances of $70,000 and $60,000, respectively, on June...
- Q Exercise 3-9 The May transactions of Hanschu Corporation were as follows. May 4 Paid $630 due for supplies previously purchased on account. 7 Performed advisory services on account for $6,970....
- Q Radar Company sells bikes for $470 each. The company currently sells 3,500 bikes per year and could make as many as 5,000 bikes per year. The bikes cost...
- Q Is it true that U.S. Treasury security is risk free? Why is it that municipal bonds are not taxed at the federal level, but are taxable across state lines? Why...
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