Accounting question and answers for November 27, 2023
- Q On January 1, 2020, the merchandise inventory of Sunland, Inc. was $1300000. During 2020 Sunland purchased $2606000 of merchandise and recorded sales of $3400000. The gross profit rate on these...
- Q Describe how a combination of preventive, detective and corrective controls can be employed to provide reasonable assurance about information security.
- Q The basic break-even price is: Fixed costs divided by selling price Variable costs divided by selling price Fixed costs divided by contribution Contribution divided...
- Q Woodpecker Co. has $304,000 in accounts receivable on January 1. Budgeted sales for January are $967,000. Woodpecker Co. expects to sell 20% of its merchandise for cash. Of the remaining...
- Q Discuss three types of cases heard by the U.S. tax court. Explain how the appeals process works.
- Q Edward owns Fullmetal, Inc. which has the following items in 2020 Taxable Income (including all deductions) $10,000 Interest Expense $1,000,000 Rent Expense $15,000 Depreciation Expense $20,00 Average Annual Gross Receipts...
- Q Section 1 Presentation of financial statements (10 MARKS) The adjusted trial balance of Sunny Ltd as at 30 June 2017 is as follows: ...
- Q Which of the following is not taxable for income tax purposes? a.Prizes. b.Partnership income. c.Severance pay. d.Gifts. e.All of these choices are taxable.
- Q La siguiente informacin est disponible para Miguel Company al 31 de diciembre de 2020: inventario inicial $160,000; inventario final $240,000; costo de bienes vendidos $1,050,000; y ventas $1,800,000. La rotacin...
- Q Orange Inc. issued 26,500 nonqualified stock options valued at $53,000 (in total). The options vest over two yearshalf in 2017 (the year of issue) and half in 2018. One thousand...
- Q In designing an effective management control system for a multinational corporation, the accountant should measure factors appropriate for each unit's level of responsibility. Which of the following measures would be...
- Q The ratio of the market price per share of common stock, at a specific date, to the annual earnings per share is known as the ____________
- Q With respect to tax-basis financial statements, a statement of cash flows: a is required b is not required c is not allowed d is not discussed ...
- Q NYAX Inc. pays $1,000,000 in year 1, $1,600,000 in year 2, $800,000 in years 3 and 4, and $500,000 in year 5, if you have a 7% discount rate, Calculate...
- Q Landon Gutairs inc. made 7,500 in sales and 2840 in purchases in September and 10,000 in sales and 3132 in purchases in October. the majority of Landons sales 80% are...
- Q Why discounted cash flow method is more accurate compared to non-discounted cash flow method?
- Q Thalassines Kataskeves, S.A. Income StatementBilge Pump For the Quarter Ended March 31 Sales $ 410,000 Variable expenses: ...
- Q Kodak will not record restructuring costs for 20x7
- Q KDF Itd has provided the following schedule of expenditures for two of its activity levels from their past records: 40,000 units 70,000 units 90,000 units Material cost (ksh)...
- 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....
- Q Michael, who is single, age 20 and claimed by his parents as a dependent, earned $20,000 at the K-M Resort Golf Club during the summer prior to his senior year...
- Q Wilturner Company incurs $76,000 of labor related directly to the product in the Assembly Department, $25,000 of labor not directly related to the product but related to the Assembly Department...
- Q Business owners, especially owners of small or closely held businesses, often make expenditures that are motivated by both business and personal activities. These mixed-motive expenditures are of concern to the...
- Q A company has favorable financial leverage when a. it uses borrowed funds to earn a higher rate of return than the rate of interest...
- Q What is a segment of an organization? Give 3 examples of segments.
- Q The total cost price of Beef Wellington for 30 people is R450.00. Calculate the selling price (incl. 14%VAT) for one portion, if the food cost is 31.5%.
- Q Allocating Selling and Administrative Expenses using Activity-Based Costing Western Mechanical Inc. manufactures cooling units for commercial buildings. The price and cost of goods sold for each unit are as follows:...
- Q It is impossible to separate the performance of a foreign subsidiary from that of its managers, and there is no need for it. Required Critically evaluate the preceding statement.
- Q Make up an exchange rate (in TL per dollar) that is weaker exchange than 6 Turkish Lira per dollar. Using the exchange rate you made up from...
- Q Lewis, who is single, is claimed as a dependent by his parents. He received $2,000 during the year in dividends, which was his only income. What is his standard deduction...
- Q In your own words, describe the relationships between a component unit and a primary government. Provide some examples and describe the financial reporting for a component unit.
- Q what is MAC address flooding attack ? briefly explain any one meathod to prevent this attack?
- Q A company reports the following: Income before income tax expense $4,222,800 Interest expense 153,000 Determine the times interest earned. Round to one...
- Q Bert had accounts receivable of $355,000 and an allowance for doubtful accounts of $13,300 just before writing off as worthless an account receivable from Ernie Company of $2,600. After writing...
- Q Describe the track of your academic progress at GCU. Include which KPIs you would utilize and how you would arrange them on the screen for maximum impact. Additionally, what systems...
- Q ABC Stores offers customers purchasing its appliances separately priced (extended) warranties. ABC services these extended warranties. Its customers can receive no refunds for not using these warranties, and, of course,...
- Q USE SEPARATE EXCEL ANSWER SHEET. Ending inventory of Thompson Company is overstated by $3,000 in 2019; and ending inventory is understated by $5,000 in 2020. Assuming all other things are...
- Q Rambling Man, Inc. has a stock-option plan for top management. Each stock option represents the right to purchase a share of Rambling Man $1 par value common...
- Q Which of the following discount rates will require the smallest present factor? a. 8% b. 9% C. 10% D. 4%
- Q ABC Corporation owns 75 percent of XYZ Company's voting shares. During 20X8, ABC produced 50,000 chairs at a cost of $79 each and sold 35,000 chairs to XYZ for $90...
- Q Jefferson Co. uses the following standard to produce a single unit of its product: variable overhead $6.60 (2 hrs. per unit @ $3.30/hr.). Actual data for...
- Q In which of following scenarios is the internal auditor performing benchmarking ? The auditor compares information from one period with the same information from the prior period The auditor...
- Q Por qu una comparacin de un costo bruto en dlares en dos restaurantes no sera significativa, pero una comparacin de los porcentajes de costo de alimentos, bebidas, mano de obra...
- Q Secured bonds: Multiple Choice Are called debentures. Have specific assets of the issuing company pledged as collateral. Are backed by the issuer's bank. Are subordinated to those of other unsecured...
- Q 40. Fidelity Furnitures net income was $25,000. Accounts receivable decreased by $18,000, merchandise inventory increased by $7,000, accounts payable increased by $4,000, and salaries payable decreased by $3,000. The net...
- Q Which is not a step in computing net pay for each period? Multiple Choice Collect Form W-4 Compute gross pay Compute taxes to be...
- Q The Kapyong Company's balance sheet included an inventory balance of $105 000 at 30/06/16 and $142 000 at 30/06/17. Accounts payable balances were $78 000 and $47 000 at 30/06/16...
- Q Staley Inc. reported the following data: Net income $296,500 Depreciation expense 61,800 Loss on disposal of equipment 33,300 Increase in accounts receivable 16,200 Increase in accounts payable 11,100 Prepare the...
- Q in hyperinflation economy current cost is considered as rigid and mislead users of information in term of monetary unit. Select one: True False Balance sheet at 31,Dec,2019 has accounts...
- Q Getty Company expects sales for the first three months of next year to be $195,000, $250,000 and $305,000, respectively. Getty expects 40 percent of its sales to be cash and...
- Q Your company estimates bad debit expense as a percentage of Accounts Receivable that will be uncollectible, which comes to $20,000 for the current year. The Allowance for Doubtful Accounts has...
- Q Minstrel Manufacturing uses a job order costing system. During one month, Minstrel purchased $194,000 of raw materials on credit; issued materials to production of $209,000 of which $16,000 were indirect....
- Q 5. You expect Sterling Company will pay a dividend of $60 million and repurchase $90 million of its common shares next year (Year 1) with both expected to grow 6%...
- Q Angel Enterprises anticipated sales for the months are given below: January: $12,000 February: $13,800 March: $14,700 April: $16,000 Prepare a Cash Budget based on the information below for the months...
- Q Ben sold investment land for $200,000 in June. His basis in the land was $75,000. The purchaser paid Ben $40,000 cash and gave him a 5-year, interest-bearing note for...
- 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...
- Q On January 31, 2016, B Corp. issued $600,000 face value, 12% bonds for $600,000 cash. The bonds are dated December 31, 2015, and mature on December...
- Q what would i write about the evaluation of this situation
- Q It typically takes 15 pounds of oranges to make 1 gallon of fresh squeezed orange juice and oranges are expected to cost $0.10 a pound. If OJ...
- Q CapSim'de, bir firmann tahvil notu (AAA, AA, vb.) faizdeki her ___ iin bir kategori kayar. Ek %0,5 Enflasyon varsa ek %1. %5...
- Q A limited partner is treated as materially participating in a partnerships activity if the limited partner: Group of answer choices
- Q Mara owns an activity with suspended passive losses from prior years of $13,000. In the current year, Mara becomes a material participant in the activity. This year the activity generates...
- Q Find the exact value of the following expression without using a calculator. tan[sin1(12)+cos1(56)]=tan[sin1(12)+cos1(56)]= functionsequation editor Note: Enter an exact simplified answer with no decimals. Use pi for ...
- Q We really need to get this new material-handling equipment in operation just after the new year begins. I hope we can finance it largely with cash...
- Q The ledger of American Company has the following work in process account. Work in ProcessPainting 5/1 Balance 3,690 5/31...
- Q Paul, un contribuyente soltero del ao calendario, tiene la siguiente informacin para 2018: AGI: $ 175,000 Impuestos estatales sobre la renta: $ 13,500 Impuesto estatal sobre las ventas: $ 3,000...
- Q A company decides to ignore a very small error in its inventory balance. This is a example of the application of the Conservation Materiality concept Disclosure principle...
- Q For Feet's Sake has two classes of stock authorized: 8%, $10 par preferred, and $1 par value common. The following transactions affect stockholders equity during 2024, its first year of...
- Q Cumplir con cul de los siguientes estndares para posiciones de declaracin de impuestos permitira tanto a los contribuyentes como a los profesionales de impuestos evitar una sancin con respecto a...
- Q 8.Tax withholdings from employees' pays reduce the amount of the debit to Salary Expense in the payroll entry.
- Q Dower Corporation prepares its financial statements according to IFRS. On March 31,2016 , the company purchased equipment for 240,000. The equipment is expected to have a six year useful life...
- Q Val Entertainment Troup (VET) has performed literary plays in California for many years. They charge an admission fee at the door when patrons enter. VET recently got an opportunity to...
- Q 26. Pitt Enterprises manufactures jeans. All materials are introduced at the beginning of the manufacturing process in the Cutting department. Conversion costs are incurred uniformly throughout the...
- Q Rankine Company estimates its bad debt expense by aging its accounts receivable and applying percentages to various age groups of the accounts. Rankine calculated a total of $4,000 in possible...
- Q Use liabilities (time value of money) and the present value tables to answer the following questions: You just won the lotto and you have been given the option of...
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