Accounting question and answers for November 26, 2023
- Q Why does Tesla use the FIFO inventory model instead of the LIFO model. What are the benefits to using the FIFO inventory model?
- Q El cierre del ao fiscal de Sunland Company es el 31 de diciembre. El 31 de enero de 2021, el balance de comprobacin ajustado parcial de la compaa muestra lo...
- Q Choose the correct definition for Independent contractor: The case responsible for the U.S. Supreme Courts repeal of DOMA. A worker who is not subject to a...
- Q Cannoli Corporation bases its budgets on machine-hours. The company's static planning budget for September appears below: Budgeted number of machine-hours 8,500 Budgeted variable costs: Supplies (@ $1.50 per machine-hour) $12,750...
- Q Preble Company manufactures one product. Its variable manufacturing overhead is applied to production based on direct labor-hours and its standard cost card per unit is as follows: Direct materials: 5...
- Q What are the typical payroll deductions from each employee's paycheck and what payroll expenses are the responsibility of the employer?
- Q 60. Ivy, Incorporated, purchased all the common stock of Harrell Company for $2,000,000. Harrell's net assets had a book value of $1,200,000 and a fair market value of $1,500,000. What...
- Q An increase in interest rates will increase the future value of a portfolio because the cash flows produced by the portfolio: Select one: a. will increase the maturity value of...
- Q Shale Remodeling uses time and materials pricing. It reports the following information: Direct labor rate $ 70 per DLH Non-materials-related overhead $ 40 per DLH Materials-related overhead 12% of direct...
- Q The gain or loss on the disposal of a business segment is shown on the income statement as: an extraordinary item. part of discontinued operations part of income from operations....
- Q on september 1 year 1, Cano & Co a u s corporation , sold merchandise to a foreign firm for 250000 francs. terms of the sale require payment in france...
- Q Atlanta corporatuon had sales of $444,800 and average operating assets of $278000 for the past period. Q: What is the margin that Atlanta Corporation needed to earn in...
- Q In Germany and China separate institutions established by law carry out the roles of public accounting and auditing. What is the impact of this professional practice on the usefulness of...
- Q Morning View National Bank reports that its assets have a duration of 6 years and its liabilities average 2.35 years in duration. To hedge this duration gap, management plans to...
- Q On January 1, 2011, Kidman Enterprises issues bonds that have a $1,700,000 par value, mature in 20 years, and pay 9% interest semiannually on June 30...
- Q Ayayai Corp. Was recently sued by a competitor for patent infringement. Lawyers have determined that it is probable (and very likely) that Ayayai will lose the case, and that Ayayai...
- Q May 1,2024- SOF received a bank loan of $90,000 from Conexus Credit Union. Jun 1,2024- SOF spent $100,000 to purchase a forklift (POS) for a total...
- Q Ex. 4-103Calculation of net income from the change in stockholders' equity. Presented below is certain information pertaining to Edson Company. (8 points) Assets, January 1 $250,000 Assets, December...
- Q Which of the following would not appear on a multiple-step budgeted income statement? Select one: A. gross profit B. operating income C. income tax expense D. salaries payable
- Q Q-3 Peter Puck Company has the following production data for June: 10 marks Beginning Work in Process, 0 units Units transferred out, 87,000 Units in ending Work in Process,...
- Q one of the causes of the recent financial crisis in the united states has been excessive risk taking due to underestimation of risk. how does this relate to fanicial levarge?...
- Q Question 21 Choose the one best internal control principle that is related to the following: Using pre-numbered documents such that a transaction is never recorded more than once. a. Independent...
- Q Ryan exchanged a car that he used in his business for the past 3 years for a new truck with a FMV of $25,000. This transaction took place at the...
- Q Plaza, Inc., acquires 80 percent of the outstanding common stock of Stanford Corporation on January 1, 2018, in exchange for $960,400 cash. At the acquisition date, Stanfords total fair value,...
- Q In determining the taxable income (or loss) of a partnership, which, if any, of the following items must be considered?a.Charitable contributions.b.Qualified dividend income.c.Guaranteed payments to partners.d.Domestic production activities deduction.e.None of...
- Q Wall Corporation, which produces commercial safes, has provided the following data: Budgeted production 9,300 safes Standard machine-hours per safe 8.0 machine-hours Standard supplies cost $8.60 per machine-hour Actual production 9,500...
- Q Assume the market for bonds is in equilibrium - the curves of demand and supply determine the equilibrium bond prices and the equilibrium interest rate. Suppose that the U.S. government's...
- Q For convertible securities, the portion relating to the option should be classified as a[n] Select one: a. Reduction of contributed surplus b. Liability c. Addition to contributed surplus d. Asset
- Q Nash Inc. issues 500 shares of $10 par value common stock and 100 shares of $100 par value preferred stock for a lump sum of $101,000. ...
- Q Practice Question 51 A company just starting a business made the following inventory transactions in August: Purchase on August 1 300 units $1,560 Sale on August 8 200 units 3,400...
- Q Brussels Enterprises issues bonds at par dated January 1, 2021, that have a $3,400,000 par value, mature in four years, and pay 9% interest semiannually on June 30 and December...
- Q Assuming I have the following Units 30 20 Actuals Budget Sales 300 180 VC 240 150 CM 60 30 FC 10 20 NI 50 10 Flex Budget Did the...
- Q 1. You are considering purchasing land for investment. The current landowner is willing sell you the land in exchange for a $90,000 note payable over 8 years. The landowner would...
- Q Simplified approaches for preparing pro forma statements assume that the firms past financial condition is an accurate indicator of the future. There are several examples from the past where organizations...
- Q 2.30 (a)Using[X
- Q A building acquired at the beginning of the year at a cost of $79,200 has an estimated residual value of $5,500 and an estimated useful life of four years. Determine...
- Q What does the term GAAP mean? Briefly explain the roles of the Financial Accounting Standards Board and the Securities and Exchange Commission.
- Q The adjustments columns of the Trial Balance Worksheet summarize? the: A. closing journal entries. B. cashminus?basis journal entries. C. dayminus?tominus?day journal entries. D. adjusting journal entries.
- Q Prist Co. had not provided a warranty on its products, but competitive pressures forced management to add this feature at the beginning of 2016. Based on an analysis of customer...
- Q Alphonse Company manufactures staplers. The budgeted sales price is $12 per stapler, the variable costs are $4 per stapler, and budgeted fixed costs are $10,000. What is the budgeted operating...
- Q State three reasons why you need to document budget and present data in clear format appropriate to budget reporting?
- Q Financial Accounting Week 2 Problem Sets Exercise 2-15A on page 110 Exercise 2-19A on page 111 Exercise 2-27A on page 113 Exercise 2-29A on page 114 Exercise 2-30A on page...
- Q During May, 50,000 units of product were produced. The standard quantity of material allowed per unit was 3 kg at a standard cost of R5.00 per kg. If...
- Q On January 1, 2016, the Halloran Corporation purchased a machine at a cost of Br.55, 000. The machine was expected to have a service life of 10 years and a...
- Q Assess and investigate the potential impact of the risk factors youre your organisation faces The coronavirus epidemic has changed the way organisations are working. Your task is to assess...
- Q Pat owns some land with a fair market value of $500,000 and an adjusted basis of $425,000. He also owes the bank $150,000 on the mortgage. Jeff owns some land...
- Q 15. At the Gia Company, materials are added at the beginning of each process. In the finishing department, material cost and conversion cost per unit are $4.25 and $7.35 per...
- Q Which of the following is/are included in the journal entry(ies) to record manufacturing overhead costs? A. DEBIT to Manufacturing Overhead B. DEBIT to Work in Process Inventory C. CREDIT to...
- Q 12. Explain the process of allocating cost to the various individual assets involved in a lump sum/basket purchase. (When multiple assets are purchased at the single purchased price) Thank you!!
- Q Portia Grant is an employee who is paid monthly. For the month of January of the current year, she earned a total of 9,038. The FICA tax for social security...
- Q Todo lo siguiente representa una limitacin de prdida potencial para los socios y accionistas de la corporacin S, EXCEPTO: limitaciones de riesgo, limitaciones de base, limitaciones de actividad pasiva, estatuto...
- Q What are relevant issues in relation to the significant accounting policies - intangible assets to these positions between 2017 and 2023 in the Qantas Annual Report: Brand names and trademarks...
- Q Explain what happens to the breakeven point when (a) Fixed Costs rise, fixed costs fall (b) Variable costs rise, variable costs fall (c) Selling price fall, selling price rises (d)...
- Q Which of the following is NOT a characteristic of a relevant cost? a. The cost occurs in the future b. The cost differs between the decision alternatives. c. The cost...
- Q In a costing system Question 16 options: A) a cost allocation base can be either financial or nonfinancial. B) cost allocation assigns direct costs. C) there may never be more...
- Q ABC company has a target rate of return of 15% for all divisions team A had 12,000,000 in sales and 9,000,000 in expenses. total assesets in begining of the year...
- Q Part I Worth 24 points The Collins Company uses a job-order costing system and applies manufacturing overhead cost to jobs on the basis of the cost of materials used...
- Q El bono J tiene una tasa de cupn del 5,6 por ciento. El bono S tiene una tasa de cupn del 15,6 por ciento. Ambos bonos tienen nueve aos de...
- Q If inventory at the end of the year is understated by $60,000, what will this error cause? a. An overstatement of inventory for the year by $60,000 b. An overstatement...
- Q A project consists of 10 activities whose precedence relationships and their estimates are shown below: Activity: A B C D E F G H I J Predecessor: - - -...
- Q Michelle, Inc. makes and sells a single product, widgets. Three pounds of wackel are needed to make one widget. Budgeted production of widgets for the next few months follows: September...
- Q Wildhorse Co. as lessee records a finance lease of machinery on January 1, 2021. The seven annual lease payments of $805,000 are made at the end of each year....
- Q Farber Company produces its product in three departments, Prepping, Machining, and Finishing. A customer recently returned a defective product that had not been machined properly. The company's accountant would classify...
- Q Question One. On January 1, 2016, ZANACO Bank was incorporated with the authorized capital of K3, 000, 000, K2 Par Value common stock and 200,000 K100 par value 10% Cumulative...
- Q What ratio measures the return to common and preferred stockholders? A) return on assets B) Return on investment C) return on total equity D) return on common equity
- Q At the beginning of 2019, Robotics Inc. acquired a manufacturing facility for $13.6 million. $10.6 million of the purchase price was allocated to the building. Depreciation for 2019 and 2020...
- Q Trevor sold shop fittings from his retail store on 31 October 2017 for $3,700. The fittings had originally cost $5,600 and were depreciated using the diminishing value method using...
- Q MCQs) Direct materials used: Rs.10,000, FOH: Rs.20,000, Direct Labor: Rs. 9,000, purchases 50,000, What would be Total Manufacturing Cost is? a. 39000 b.79000 c. 55000 d.89000 e Other: (Explain)
- Q Your starting point is to locate the latest .pdf version of the Walmart Annual Report, and from the Table of Contents, find the page number for the Consolidated Statements of...
- Q To post cash payments of purchases, debit ________ and credit _________. a. purchase. cash ...
- Q Use the information provided below to prepare cashflow statement of umhlambi limited for the year ended 31 December
- Q The Beta Company uses the retail inventory method for the valuation of its inventory. It an item had a cost of $45, was originally marked to sell at $60, was...
- Q anet purchased her personal residence in 2007 for $250,000. In January 2017, she converted it to rental property. The fair market value at the time of conversion was $210,000. (Use...
- Q where stocks are traded can be called any of these except
- Q The May 31, 20XX, post-closing trial balance for the L&L Accounting Firm appears below. During June, the firm engaged in the following transactions: 1 Received an investment of cash...
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