Accounting question and answers for November 26, 2023
- Q What would be the journal entry to record the issuance of the bonds on February 28, 2020? On February 28, 2020, Blue Grass Industries issued 10% bonds, dated January 1,...
- Q On December 1, 2021, the company received $6,900 in cash for December, January, and February rent. Rent revenue was credited instead of deferred rent revenue. How would this information be...
- Q University Car Wash built a deluxe car wash across the street from campus. The new machines cost $270,000 including installation. The company estimates that the equipment will have residual value...
- Q (create your own question) Prepare a static budget and use it for performance reporting.
- Q Prepare the journal entry required for each of the following transactions: Cash was received for services performed for customers, $1,200. Services were performed for customers on account, $4,200.
- Q At a sales volume of 35,000 units, Cly Corporation's sales commissions (a cost that is variable with respect to sales volume) total $525,000. To the nearest whole cent, what should...
- Q 3.0 Tracy Company, a manufacturer of air conditioners, sold 200 units to Thomas Company on November 17, 2016. The units have a list price of $470 each, but Thomas was...
- Q Multiple Choice Question Which of the following statements best describes a merchandiser? Multiple choice question. It is a company that buys products from manufacturers and sells them to retailers. It...
- Q One of the tools of strategic management accounting is kaizen costing. How it can be use to help SMEs to improve the efficiency and effectiveness of...
- Q Which of the following is incorrect about liabilities according to the conceptual framework? "For the liability definition to be met, there needs...
- Q The auditors of Dunbar Electronics want to limit the risk of material misstatement in the valuation of inventories to 8 percent. They believe that there exists a 55 percent risk...
- Q The management of Heider Corporation is considering dropping product H58S. Data from the company's accounting system appear below: ...
- Q What is the treatment for bonds on the books and how does this compare to equity transactions? How are they different? Fundamental Accounting Principles
- Q If the expected sales volume for the current period is 6,800 units, the desired ending inventory is 234 units, and the beginning inventory is 319 units, the number of units...
- Q On April 1, 2015, Jiro Nozomi created a new travel agency, Adventure Travel. The following transactions occurred during the companys first month. April 1 Nozomi invested $40,000 cash and computer...
- Q Nelson Company experienced the following transactions during Year 1, its first year in operation. Acquired $8,800 cash by issuing common stock. Provided $5,100 of services on...
- Q PREFACE: I have asked this question 3x and each time the answer ive been given, the software says is wrong. #2, Shadee Corporation expects to sell 630 sun...
- Q Pino Corporation owned a 100% interest in a subsidiary, Sino Company, which was accounted for by the equity method, During 2020, Sino net income $243,000. Sino declared and paid a...
- Q Following are selected balance sheet accounts of Allman Bros. Corp. at December 31, 2014 and 2013, and the increases or decreases in each account from 2013 to 2014. Also presented...
- Q This is a Business Law question!! Consider the introduction of privacy laws at both the federal and provincial levels and the restrictions and controls this imposes on business. Does this...
- Q Waterway Industries is considering the following alternatives: Alternative A Alternative B Revenues $58000 $66000 Variable costs 34800 34800 Fixed costs 10000 16000 What is the incremental profit? $2000 $0 $6000...
- Q Coronado Company estimates that annual manufacturing overhead costs will be 903,000. Estimated annual operating activity bases are direct labor cost $400,000, direct labor hours 42,000, and machine hours 100,000
- Q Reporting Stockholders' Equity Using the following accounts and balances, prepare the Stockholders' Equity section of the balance sheet using Method 1 of Exhibit 8. 50,000 shares of common stock authorized,...
- Q . Please classify the following costs as either variable, (V) fixed, (F) or mixed cost (M) for the units produced. ___ A. Lubricants used to oil machinery ___...
- Q Illustrate cost determination of food items under traditional and ABC methods and calculate costs using both methodsIllustrate cost determination of food items under traditional and ABC methods and calculate costs...
- Q The contribution margin per unit expressed as a percentage of the product's selling price is the
- Q Sunshine Company is a calendar year accrual-basis taxpayer and is in its first year of operations. Sunshine Company had the following income, expense, and loss items for the current year:...
- Q At December 31, 2010, Grayson Company reported Accounts Receivable of $36,000 and Allowance for Doubtful Accounts of $4,500. On January 7, 2011, Brady Enterprises declares bankruptcy and it is determined...
- Q Baltimore Company's complete assets and liabilities are Accounts Receivable $800, Equipment $10,000, Accounts Payable $4,700, Prepaid Rent $2,000, Supplies $400, Bank Loan $1,600, and Tools $300. Baltimore's total liabilities are:
- Q On 12/31/2020, Heaton Industries Inc. reported retained earnings of $650,000 on its balance sheet, and it reported that it had $172,500 of net income during the year. On its previous...
- Q Mark each of the following statements as either True or False and select the correct answer. _____ In periods of declining prices, periodic FIFO will have a lower...
- Q Mist Beverages Company sells two products, A and B. Mist predicts that it will sell 3,000 units of A and 2,000 units of B during the next period. The unit...
- Q Tustin Corporation has provided the following data for its two most recent years of operation: ...
- Q if the net income available to stockholder is 1250 had a total assets or $10,960 than the return on the common equity will be what
- Q Bramble Corp.'s accounting records reflect the following inventories: Dec. 31, 2020 Dec. 31, 2019 Raw materials inventory $300000 ...
- Q Apex Fitness Club uses straight-line depreciation for a machine costing $20,350, with an estimated four-year life and a $2,250 salvage value. At the beginning of the third year, Apex determines...
- Q 1- A company has $265,000 in credit sales. The company uses the allowance method to account for uncollectible accounts. The Allowance for Doubtful Accounts now has a $7,490 credit balance....
- Q Consider Derek's budget information: Materials to be used total $62,600; direct labor totals $201,000; factory overhead totals $393,300; work in process inventory on January 1 is $186,000; and work in...
- Q how often does the recording process occur
- Q Ruth Ames died on January 10,2019. In filling the estate tax return her executor, Melvin Sims, elects the primary valuation date and amount ( fair market value on the death)....
- Q 2. Why is the post-closing trial balance made?
- Q Question 12 Foresight Computer Services have a large total in their Undeposited Funds account. Their income seems very high compared to previous periods. After investigating, you...
- Q Cul de los siguientes es un ejemplo de costo del producto? Seleccione todas las que correspondan. Mano de obra directa. Depreciacin de oficinas. Gastos administrativos. Gastos generales de...
- Q How does an organization prepare a budget? fully explained
- Q Which of the following statements in relation to intangibles is correct? Separate disclosures are required for internally generated intangibles. Where the cost model is used, specific disclosures are required...
- Q Michelle Weng Corporation's comparative balance sheets are presented below. The company had net income of $6,900 for the year and paid dividends of $10,500. Michelle Weng Corporation...
- Q Can you explain the Last-In, First-Out (LIFO) method and its application? What is the Weighted Average Cost (WAC) method, and how is it calculated? How does the Specific...
- Q Cairns owns 70 percent of the voting stock of Hamilton, Inc. The parents interest was acquired several years ago on the date that the subsidiary was formed. Consequently, no goodwill...
- Q Martin Clothing Company is a retail company that sells hiking and other outdoor gear specially made for the desert heat. It sells to individuals as well as local companies that...
- Q Equity Problem #2 Part A. The Bockster Company issues $20 million of preferred stock (preference shares using IFRS terminology) on January 1, 2010 at par value....
- Q Below is some information related to unrecorded expenses that the business incurred durning August. 1) At August 31, owner owed his employees $1900 in wages that will be paid on...
- Q Which of the following can file as a corporation or partnership? a. LLC and LLP. ...
- Q analyze Apples most recent financial statements. Based on your analysis, predict whether Apples financial health will likely improve or deteriorate over the next five (5) years. Provide a rationale for...
- Q Heaven Company prepared the following anticipated income statement for the next fiscal year ending in December, 2016: Sales $600,000 Cost of Goods Sold: Direct Materials $60,000 Direct Labor...
- Q Classify the following costs incurred in the manufacturing of cookie bars as either (a) Product Cost- Direct Materials, (b) Product Cost- Conversion, or (c) Period Cost (5 points). ...
- Q John Fillmores lifelong dream is to own his own fishing boat to use in his retirement. John has recently come into an inheritance of $443,100. He estimates that the boat...
- Q Suman was a resident of Australia and gained a number of assets over the 40 year since his graduation. These were: a. On 1st July 1990 he bought his home...
- Q McNamara Company has outstanding 10,000 shares of $25 par value, 6% nonparticipating, cumulative preferred stock and 16,000 shares of $5 parvalue common stock. If the dividend on preferred stock is...
- Q Fill in the Balance Sheet. (Do not round intermediate calculations. Round your answers to 2 decimal places.) Sales $6183 Total Assets...
- Q ORIGINAL Question (This has been asked and answered on previous forums) John's Boat Yard, Inc., repairs, stores, and cleans boats for customers. It is completing the accounting process for the...
- Q Enabling Assessment in Local Taxation Dr. Cortez, a topnotch medical professional is the majority stockholder of DASMA Doctors Specialists owning 55% of all outstanding stocks, before starting the...
- Q A 10-year bond pays interest of $35 semiannually, has a par value of $1,000, and is selling for $737. What are its coupon rate and its yield to...
- Q When a customer pays in advance for a product or service such as a prepaid insurance policy, the business that sold that item will record the cash received as an...
- Q a new ownership group has recently purchased ABC liquors. You have been hired by the new management team to analyze their sales data for the past year and provide...
- Q Earth's Treasures Mining Co. acquired mineral rights for $105,000,000. The mineral deposit is estimated at 60,000,000 tons. During the current year, 15,600,000 tons were mined and sold. a. Determine the...
- Q The following are partial income statement account balances taken from the December 31, 2016, year-end trial balance of White and Sons, Inc.: restructuring costs, $500,000; interest revenue, $60,000; before-tax loss...
- Q Write a 3,000 word paper explaining the key sources of information and data required to calculate taxable income when preparing tax documentation for individuals and outline the key accounting principles...
- Q A manufacturing company has a beginning finished goods inventory of $16,600, raw material purchases of $20,000, cost of goods manufactured of $36,500, and an ending finished goods inventory of $19,800....
- Q Schopp Inc. has been manufacturing its own shades for its table lamps. The company is currently operating...
- Q Discuss the difference between a subsequent event and a subsequent discovery of facts, and determine the auditor's responsibility for each event. I want 150 words.
- Q Kiyara (single) is a 50 percent shareholder of Guardian Corporation (an S Corporation). Kiyara does not do any work for Guardian Corporation. Guardian Corporation reported $304,000 of business income for...
- Q The McGowans are arranging a $190,000 mortgage loan from their bank. The interest rate on the loan will be 9.7% compounded semiannually.a. What will the monthly payments be if the...
- Q Walsh Corporation is a manufacturer that uses job-order costing. The company closes out any overapplied or underapplied overhead to Cost of Goods Sold at the end of the year. The...
- Q On December 31, 2020, Ainsworth, Inc., had 600 million shares of common stock outstanding. Twenty million shares of 8%, $100 par value cumulative, nonconvertible preferred stock were sold on January...
- Q On February 20, 2017, Culver Inc. purchased a machine for $1,357,200 for the purpose of leasing it. The machine is expected to have a 10-year life, no residual value, and...
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