Accounting question and answers for November 26, 2023
- Q During the current year, merchandise is sold for $759000. The Gross Profit is $392000. What is the amount of the Cost of Merchandise Sold?
- Q New equipment costs $120,000 and will be worth $10,000 when salvaged in 10 years. Annual maintenance costs begin at $5,000 in the 5th year and increase by $500 each year...
- Q In the "13th Edition of College Accounting a practical approach by SLATER" I need help with some notes over chapter 7 "calculating Pay and Recording Payroll Taxes: The Beginning of...
- Q 1. What management, organization, and technology factors make CompStat effective?
- Q Problem 6-23 Absorption and Variable Costing; Production Constant, Sales Fluctuate [LO6-1, LO6-2, LO6-3] Tami Tyler opened Tamis Creations, Inc., a small manufacturing company, at the beginning...
- Q You purchased 100 put options. Each put contract allows you to sell a share for 50 and the premium per contact is 2. What is the maximum profit that you...
- Q FINWAY is a fintech that specialises in fast and inexpensive international money transfers. It has developed a 24-hour omni-channel customer support network that integrates SMS, email, live chat and twitter....
- Q Millard Corporation is a wholesale distributor of office products. It purchases office products from manufacturers and distributes them in the West, Central, and East regions. Each of these regions is...
- Q What are your thoughts of management accounting?
- Q Silven Industries, which manufactures and sells a highly successful line of summer lotions and insect repellents, has decided to diversify in order to stabilize sales throughout the year. A natural...
- Q Consider someone who has just graduated from college and earns $48,000 per year, is unmarried, and has no children. Prepare a cash budget for this college graduate, showing all revenues...
- Q E5-23: Uso de la conciliacin bancaria para determinar los recibos de efectivo robados Obj 2, 3, 5 Pala Co. registra todos los recibos de efectivo sobre la base de sus...
- Q During 2013, Chi Company earned $1,550 of cash revenue, paid $800 of cash expenses, and paid a $300 cash dividend to its owners. Based on this information alone, a. all...
- Q Question-1 In the General Journal of Krywa TV Service, record the adjusting entries for the three-month period ending March 31,2021. (a)On...
- Q 1. Which of the following jurisdictions funds their health care systems through general tax revenues? British Columbia and Yukon Nova Scotia and Newfoundland and Labrador Saskatchewan and Nunavut New Brunswick...
- Q At the beginning of the lease period, the lease is reported in the lessees balance sheet for which amount? Multiple Choice Fair value of...
- Q RJ Corporation has provided the following information about one of its inventory items: Date Transaction Number of Units Cost per Unit 1/1 Beginning Inventory 403 $ 3,230 6/6...
- Q The standards for direct materials in making a certain product are 20 pounds at $0.5 per pound. During the past period, 51,000 units of product were made and the materials...
- Q What is sustainability reporting? How is CSR reporting related potentially to firm performance?
- Q BE6-13 (L03) Adams Inc. will deposit $30,000 in a 6% fund at the end of each year for 8 years beginning December 31, 2017. What amount will be in the...
- Q Agnew Manufacturing produces and sells three models of a single product, Standard, Superior, and DeLuxe, in a local market and in a regional market. At the end of the first...
- Q Gregson Enterprises, in its first year of operations, reported the following information: Selling Price per unit $100 Direct Materials per unit $5 Direct Labor per unit $1 Unit-related Overhead per...
- Q What is Deffered Tax?
- Q Describe the ideal job that you hope to have five years from now, after graduating with your accounting degree next year ; how do you think that job is a...
- Q Which of the following had the largest percentage change from 2014 to 2015: net sales; cost of sales; or selling, general, and administrative expenses? Show all computations. Financial Summary Target...
- Q Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales for Item Zeta9 are as follows: Oct. 1 Inventory 41 units @ $17 7 Sale 31 units 15 Purchase 25 units...
- Q Thompson Company uses a standard cost system for its single product. The following data are available: ...
- Q If fixed costs are SAR400, 000, selling price per unit is SAR150, and variable costs per unit are SAR100, how many units must the company sell in order to earn...
- Q Una suposicin importante en el anlisis CVP es una mezcla de ventas cambiante.
- Q Which of the following is the best indicator of management's effectiveness at generating profits relative to the firm's assets? Select one: a. Quick ratio b. Return on assets c. Fixed...
- Q Duval Co. issues four-year bonds with a $100,000 par value on June 1, 2015, at a price of $95,948. The annual contract rate is 7%, and interest is paid semiannually...
- Q Baker Inc. currently has taxable income of $1,000,000. Baker is considering adding an operation that would have first year, the current year, income after operating expenses but before depreciation of...
- Q Could the Balanced Score Card (BSC) be used to replace or supplement a cost allocation program?
- Q What does the "Single-Step" format of an Income Statement do? A. Separates operating and non-operating activities. B. Combines all revenues and gains, and...
- Q The Hudson Corporation has 7,800 obsolete units of a product that are carried in inventory at a manufacturing cost of $156,000. If the units are remachined for $38,200, they could...
- Q Which of the following is an example of debt financing? issuing common stock for cash ...
- Q Question 1: Why does the full disclosure under generally accepted accounting principles require the disclosure of any unpaid preferred cumulative dividends in arrears? Question 2: Why are small and large...
- Q A company's income statement showed the following: net income, $124,000 and depreciation expense, $30,000. An examination of the company's current assets and current liabilities showed the following changes: accounts receivable...
- Q Which two organizations are coming together to form a single set of global standards over the next few years? Question 3Select one: a. The PCAOB and the EIFT b. The...
- Q For a lessor to classify a lease as a capital lease, collectability of the required minimum lease payments must be reasonable assured. True or False
- Q On January 2, 2018, Ava Co. issued at face value $91,900 of 6% bonds convertible in total into 7,289 shares of Ava's common stock. No bonds were converted during 2018....
- Q ConsGrough, Inc. has increased its annual common dividend by 3% in each of the years that the company has existed. If you believe that the company can continue to do...
- Q 1. Suppose that the tax rate is 50% and the probability of getting caught evading taxes is 20% plus an additional 10% for every $10,000 in tax evasion. (Hence, P...
- Q When a holding company sells inventory to its associate, it must only adjust out the unrealised profit that is restricted to its percentage of holding in the associate Select one:...
- Q The Number Wizards, Inc, worked on two jobs during its firet year of operation: job #901 and #102. A review of job #tOt's cost record revealed direct labor charges...
- Q Silver & Gold Enterprises sells two products, Silver models and Gold models. The company predicts that it will sell 5,900 Silver models and 4,000 Gold models in the next period....
- Q Global Corporation distributed property with an $746,500 fair market value and a $410,575 adjusted basis to one of its shareholders. The property was subject to a $225,816 mortgage, which the...
- Q Which of the following business es will be negatively impacted by a strong dollar? A) retailing B)...
- Q The balance of retained earnings at the beginning of the year was $475,000, and the balance at the end of the year was $550,000. Cash dividends declared during the year...
- Q If total sales = $155,000 total variable costs = $100,000 total operating income = $30,000 Then, contribution margin =
- Q Question 1 What is the Product Augmentation Theory and how can a business use it for product differentiation? You may wish to draw a diagram to assist in your...
- Q In a recent financial journal, the exchange rate between the dollar and the Japanese yen () was quoted two ways: The number of Japanese yen equivalent to $40,000 on this...
- Q General Motors Income Statement: Year2016201720182019202020212022Total Revenue149,184145,588147,049137,237122,485127,004156,735Cost of Revenue, Total130,153127,357132,954123,265107,313105,726135,754Selling, General and Other expense10,3459,5709,6508,4918,53811,95410,667Operating Income8,6868,6614,4455,4816,6349,32410,314 Given information for General Motors: Cost of debt General Motors (from the footnotes to the...
- Q What is the efficient markets hypothesis? Explain the nature of capital markets research and any significant research results. What are the implications to accounting of capital markets-based research?
- Q An external auditor has found that management has identified a potentially severe risk and several significant opportunities while conducting their risk management evaluation. What can be said (give best answer)...
- Q The primary reason for an audit by an independent, external audit firm is to Relieve management of responsibility for the financial statements. Satisfy governmental regulatory requirements. Provide increased assurance to...
- Q All of the following are considered by analysts when assessing the quality of accounting except: A. Price variation and the speed at which inventory turns over B. Any liquidation of...
- Q If a company uses a cost-plus approach to pricing, it will find: there are several different definitions of cost and the higher the cost, the higher the markup percentage. there...
- Q Evaluate the following'statement: "Based on the factors that affect economic growth in the long-run, an increase in population growth, with no change in the employment-population ratio and in the average...
- Q The ledger of Oriole Company contains the following balances: Owners Capital $30,100, Owners Drawings $2,300, Service Revenue $50,000, Salaries and Wages Expense $25,400, and Supplies Expense $7,400. Prepare the closing...
- Q Hello can you place assist with this question regarding Compound Interest. Thank you. Use the rule of 72 to estimate the doubling time (in years) for an interest rate...
- Q Jane has AGI of $70,000 and pays for the following: Surgery for her father (who has AGI of $6,000) $3,000 Surgery for herself $5,000 A nose job for her daughter...
- Q Ace Bhd manufactures glue guns. In June, Ace produced 4,000 glue guns. The direct materials purchased during the month of June is RM40,000, direct labour is RM18,000 and the manufacturing...
- Q Outback Outfitters sells recreational equipment. One of the companys products, a small camp stove, sells for $100 per unit. Variable expenses are $70 per stove, and fixed expenses associated with...
- Q The Swan Company produces its product at a total cost of $43 per unit. Of this amount, $8 per unit is selling and administrative costs. The total variable cost is...
- Q Bell Company has stock outstanding as follows: Common, $10 par value per share, 140,000 shares; Preferred, 4%; $100 par value per share, 8,000 shares. The Preferred is cumulative and participating...
- Q 3. Beacon Co. reported the following account balances (in thousands): Administrative expenses $ 86,000 Accounts receivable 125,000 Sales revenue 780,000 Selling expenses 45,000 Cost of goods sold 582,000 Cash dividends...
- Q Bob es dueo de una agencia de cobro. Compra cuentas por cobrar no cobradas de otros negocios al 60% de su valor nominal y luego intenta cobrar estas cuentas. Durante...
- Q Qu elemento es una indicacin de integridad segn las Normas de conducta tica? A. Reconocer y comunicar las limitaciones profesionales u otras restricciones que impediran el juicio responsable o el...
- Q Describe the objectives of conducting an audit of financial statements with the help of a chart (stepwise diagram)
- Q Amr Al Kaitoob wants to buy the house in 3 years (at end of Year 3) and he is currently saving for down payment. He plans to save...
- Q which of the following would be classified as a discretionary fixed cost a depreciation B property taxes C research and development D interest Bond
- Q The following costs relate to Southern Company: Variable manufacturing cost, $50; variable selling and administrative cost, $28; applied fixed manufacturing overhead, $35; and allocated fixed selling and administrative cost, $24....
- Q Most people living in the U.S. often have a debit card and sometimes a credit card since these are the common ways to purchase things. In a small paragraph discuss...
- Q The following financial statement information is available for Sheridan Corporation: 2017 2016 Net income $120000 $85000 Income tax expense 24000 37000 Interest expense 10000 11000 Dividends paid to common...
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