Accounting question and answers for October 19, 2023
- Q Instruction Chart of Accounts General Journal Instruction On the first day of the fiscal year, a company issues an $946,000,8%,...
- Q Balance sheet and income statement data indicate the following Bonds payable, 10% (due in two years) Preferred 5% stock, $100 par (no change during...
- Q Sarasota Shoe Sales has a January 31 fiscal year-end. At the start of the year, Sarasota had 280 pairs of shoes in its Inventory at a cost of...
- Q Help I 4- Total receipts are compared to bank deposits daily by someone who has no other cash responsibilities. being followed. If it is...
- Q Average Rate of Return Method, Net Present Value Method, and Analysis for a service company The capital investment committee of Arches Landscaping Company is considering two capital investments. The estimated...
- Q Qs 5 When a decision is made among a number of alternatives, the poten one alternative over a nother is the: A. realized cost. ...
- Q Deposits in a bank create both an asset and liability for the bank. Assume a customer deposits $10,000 into bank A. Use the table below to answer questions #1 through...
- Q Textra Plastics produces parts for a variety of small machine manufacturers. Most products go through two operations, molding and trimming, before they are ready for packaging. Expected...
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- Q The following data are for the Akron Division of Consolidated Rubber, Incorporated: Sales Net operating income Average operating assets Stockholders' equity Residual income $ 800,000 $...
- Q Dimsdale Sports, a merchandising company, reports the following balance sheet at December 31 . To prepare a master...
- Q On January 1, a company issues bonds dated January 1 with a par value of $710,000. The bonds mature in 3 years. The contract rate is 8%, and...
- Q Which of the following transfers would not be considered a qualified transfer? A.Piper pays $50,000 to her friend Paige, who uses the money to pay for her...
- Q E10.1 (Cost Elements and Asset Componentization) (LO 1) The following assets have been recognized as items of property, plant, and equipment: 1. Head office boardroom table and executive...
- Q Mill Company estimates the company will incur $102,900 in overhead costs and 4,900 direct labor hours during the year. Actual direct labor hours were...
- Q KENTwool Company (Kentwool) is a textile company headquartered in Greenville, South Carolina that operates a state-of-the-art wool-based yarn spinning plant... serving a diversified international customer base. NetSuite, Inc. (NetSuite) is...
- Q Extra Credit: 4 points possible Sometimes, a customer can't honor their A/R right now, but plans to pay us in the future, so we change their Account Receivable...
- Q Hart, Attorney at Law, experienced the following transactions in Year 1, the first year of operations: Accepted $19,100 on April 1, Year 1, as...
- Q Which of the following statements is correct? Multiple Choice Balance sheet accounts are permanent accounts and do not retain their balances from one period to the next....
- Q Oriole Inc. declared a $160300 cash dividend. It currently has 6400 shares of 6%, $100 par value cumulative preferred stock outstanding. It is one year in...
- Q Calculator Ooal Prodction Conpany usese tandad ceting system. The oalowdng nformation petins to tf curent year Actual factory overhead costs ($15,000 is foced) Actuall...
- Q The following transactions for Quality Tire, Inc., occurred Requirements during November: 1. Journalize the transactions on the books of (Click the icon to view the transactions.) Quality Tire,...
- Q Computing Depreciation Using Various Depreciation Methods To demonstrate the computations involved in several methods of depreciating a fixed asset, the following data are used for equipment purchased on January 1,...
- Q Quiz Chapter 10 Machinery was purchased on January 1 for $66,150.00. The machinery has an estimated life of seven years and an estimated salvage value of...
- Q Financing Deficit Stevens Textile Corporation's 2021 financial statements are shown below: Balance Sheet as of December 31,2021(Thousands of Dollars) \table[[Cash,$1,080,Accounts payable,$4,320
- Q Tates Place purchased $7,500 of WW Co. 10% bonds at their face amount, plus any accrued interest on June 5, 20Y5. Interest is paid semiannually, on March 31...
- Q [The following information applies to the questions displayed below.] In 2020, Sheryl is claimed as a dependent on her parents' tax return. Her parents report taxable income of $500,000 (married...
- Q On January 1,2024, Splash City issues $420,000 of 7% bonds, due in 10 years, with interest payable semiannually on June 30 and December 31 each...
- 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: ...
- Q Required information Exercise 8-14B Record warranties (LO8-5) [The following information applies to the questions displayed below.) A company restores and resells...
- Q May Silver Company makes a product that is very popular as a Mother's Day gift. Thus, peak sales occur in May of each year, as shown in the...
- Q Shelby Corporation's relevant range of activity.... Shelby Corporation's relevant range of activity is 6,000 units to 12,000 units. When it produces and sell 9.000 units, its...
- Q Torres Company accumulates the following summary data for the year ending December 31, 2020, for its Water Division, which it operates as a profit center: sales- $1,924,900 budget,...
- Q Krause Company on January 1,2025, enters into a nine-year noncancelable lease for equipment having an estimated useful life of 10 years and a fair value...
- Q Calculator Double-Declining-Balance Depreciation A building acquired at the beginning of the year at a cost of $113,200 has an estimated residual value of $5,700 and an...
- Q Cash flows from operating activities-indirect method Amount Descriptions Statement of Cash Flows-Operating Activities Final Question...
- Q is the trial balance correct? Prepare a trial balance as of November 30 . Blackhawks Incorporated had the following balances at the beginning of November. The following...
- Q Flex-Tite manufactures plastic parts. The inventory policy at Flex-Tite is to hold Inventory equal to 136 percent of the average monthly sales for its main product Sales for...
- Q Cindy corporation is on the accrual basis of GAAP. They use the Perpetual LIFO Costing-Inventory system but is on FIFO for physical flows. Cindy records inventory purchases to...
- Q The Containers Inc. experienced the following events during its first year of operations, Year 1: Acquired $42,000 cash by issuing common stock. ...
- Q Multiple-step income statement and balance sheet The following selected accounts and their current balances appear in the ledger of Kanpur...
- Q Pina Corporations post-closing trial balance at December 31, 2020, is shown as follows. PINA CORPORATION POST-CLOSING TRIAL BALANCE DECEMBER 31, 2020 ...
- Q Which of the following is a contra asset account? a) Accounts Receivable b) Accumulated Depreciation c) Retained Earnings d) Sales Revenue...
- Q Canton Company produces and sells toasters. The following unit cost information assumes a production and sales volume of 16,800 units: \table[[Direct materials,$13.50
- Q On April 30, the end of the first month of operations, Joplin Company prepared the following income statement, based on the absorption costing concept: Joplin Company...
- Q Exercise 3-6 Schedules of Cost of Goods Manufactured and Cost of Goods Sold; Income Statement LO3-3] The following data from the just completed year are taken from the...
- Q Autumn Ltd.creates cozy, seasonal candles. Select data for the company's fall season operations are as follows: Sales price per candle $30 Candles in beginning inventory 0...
- Q Instructions: All answers must be typed in and all workings must be shown. QUESTION FIVE Sizwe General Dealers is a business engaged in the retail of household cleaning...
- Q A strong foundation is important for buildings to: a) Withstand wind b) Prevent flooding c) Support the weight d)...
- Q QUESTION 11 Marilyn needs to borrow $35.264 for equipment She signs a 12% simple discount note for 216 days Find the face value of...
- Q Problem 13-12 Garison Music Emporium carries a wide variety of musical instruments, sound reproduction equipment, recorded music, and sheet music. Garison uses two sales promotion techniques
- Q ABC Gardening operates a commercial plant nursery where it propagates plants for garden centers throughout the region. ABC Gardening has $5.8 million in assets. Its yearly fixed costs...
- Q Yard Professionals Inc. experienced the following events in Year 1, its first year of operation: 1. Performed services for $26,500 cash. 2. Purchased $7,200 of supplies on account....
- Q QUESTION 2 (20 Marks) REQUIRED Prepare the Statement of Comprehensive Income of Leo Traders for the year ended 29 February 2020 Debit (R) INFORMATION The trial balance, adjustments...
- Q Chico \& Partners, a Quebec-based public accounting partnership, specializes in audit services. Its job-costing system has a single direct-cost category (professional labor)...
- Q Vaughn Company has sales of \(\$ 495000\), variable costs of \(\$ 402930\), and fixed costs of \(\$ 29000\). Cullumber Company has sales of \(\$ 495000\), variable costs of...
- Q Amortization and Depletion Entries Data related to the acquisition of timber rights and intangible assets of Gemini Company during the current year ended December 31 are...
- Q The information given below was extracted from the accounting records of Merewent Ltd on 31 December 2020 (the end of the financial year). MEREWENT LTD PRE-ADJUSTMENT TRIAL BALANCE AS AT...
- Q Pagan Restaurants accepts credit and debit cards as forms of payment. Assume Pagan had $17,000 of credit and debit card sales on April 30,2023. 9. Suppose Pagan's processor...
- Q Below is selected information for XTM Inc, for the years ended December 31: Required: a. Calculate the return on assets before tax using the two components...
- Q An estimation has been made that the construction of a residential home will cost a certain amount per square foot of living area. This is...
- Q Assume a merchandising company provides the following information from its master budget for the month of May: Sales $ 122,000 Cost of goods sold...
- Q URGENT PLEASE HELP !! Selected cost data for Antique Poster, Co. are as follows: (Click the icon to view the cost data.) Read the requirements MIL JIL ...
- Q Question 4 2 pts The usual retail price of an item is $129. The manufacturer's cost to produce the item is $31. Retailers take a 44...
- Q Wilber projects production at 350 330 150 and 400 kits for the next four quarters. Direct materials are 7 ounces of plastic per kit and the plastic costs $1per ounce....
- Q McCallum Tool Company has two departments, assembly and finishing. The assembly department takes purchased parts and assembles the final product. The finishing...
- Q Question I1: Loss estimation using gross profit method (12 points) Astaire Company lost most of its inventory in a fire in December just before...
- Q For each of the following, indicate how they would be taxed in Canada for the year ending December 31, 2020. Your answer should explain whether the person is a Canadian...
- Q Question #1 (44 Marks) On July 31, 2019, Netflix Inc. purchased 9%, $200,000, 10-year bonds. Interest is paid annually on December 31. Netflix uses the amortized cost model...
- Q Ash Company incurred direct materials costs of $1,600,000 during the year. Direct Labor costs were $600,000. Manufacturing overhead was applied at the rate of 70% of direct labor costs. What...
- Q Complete Form 1120 for Alvins Music Inc., using the information provided below. You need not complete Form 4797 for the sale of the equipment. Include the tax gain as other...
- Q A company had annual budgeted overheads of $2137060 and Machine Hours (the cost driver) were budgeted at 9808 for this year. If Total Actual Machine Hours during the period...
- Q Puget Sound Divers is a company that provides diving services such as underwater ship repairs to clients in the Puget Sound area. The company's planning budget for May...
- Q Our text book discussed decentralized companies in chapter 11 in great depth. A part of this discussion was about how companies typically categorize their business segments into 3...
- Q please answer all 1-7 Part 1. Journal Entries Prepare the appropriate journal entries. Include explanations and dates. (4 points each unless stated otherwise)....
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