Accounting question and answers for September 05, 2023
- Q Complete the worksheet Trial Balance Adjustments Account Titles Dr Cr. Dr. Cri Cash 4,000 Accounts Receivable 2.700 Supplies 1,500...
- Q On February 15, 2019, Jamal, who is single and age 30, establishes a traditional IRA and contributes $ 5500 to the account. Jamal's adjusted gross income is $ 69000 in...
- Q Gullible Corporation ended the year 2020 with the following financial information: Net Income of $53,475 and Total Assets of $722,340. Total assets for 2019 amounted to $785,670. Compute...
- Q How is the 116k calculated? I am trying to work your solution back but have no idea how you got the 36000 for investment in sexton company? Also...
- Q Required information Exercise 11-4(Algo) Other depreciation methods [LO11-2] Skip to question [The following information applies to the questions displayed below.] On...
- Q Required information The comparative balance sheets for 2018 and...
- Q Pearce Ltd has researched the price and features of a new product, BREC, to be developed. BREC will be priced at $1,000 to the final customer and the retailer expects...
- Q Problem 6-42 Continuation of Preceding Problem; Computing Least- Squares Regression Esti- mates; Comparing Multiple Methods (Appendix) (L06-1,6-2,6-5,6-6,6-9) 2....
- Q You must answer this question using the ILAC (Issues, Law, Application and Conclusion) method. Bill, founder and one of the directors of Bill's Drilling Pty Ltd...
- Q Jazz Corporation owns 10 percent of the Mitchell Corporation stock. Mitchell distributed a $12,900 dividend to Jazz Corporation. Jazz Corporation's taxable income (loss) before the dividend was...
- Q Harold Hass owns 100 shares of Spartan Corp. common stock with an adjusted basis of $10280. On July 28, 2022, he sold all 100 shares for $8940. On August 18,...
- Q Given the following information fill in the blanks Do not enter commas, % or $ signs. Remember to use 2 decimal places for all of your answers. Profit...
- Q Copr. Goedl A Co.'s production budget reported the following production (in units) for the upcoming fiscal year: Q1 12.000: Q2 9,000; Q3 11,500; Q4 8.750 The...
- Q Which of the following accounts is increased with a debit? a) Accounts payable b) Service revenue c) Cash d) Common stock ...
- Q You have been asked to prepare a December cash budget for Ashton Company, a distributor of exercise equipment. The following information...
- Q Please help solve. Thanks Montoya Enterprises produces a sword that sells for $200. Although the company's production capacity is 3,000 swords per year, only 2,500 swords are currently being produced...
- Q 9/2 You purchased office furniture from Business World Supplies in the amount of $1750. You issued check #101 to pay for the items. NOTE: The total for the office furniture...
- Q Find the final amount of money in an account if $8,400 is deposited at 5.5% interest compounded weekly and the money is left for 5 years....
- Q Explain why aggregate demand (AD) curve is negatively sloped by taking the link between the goods market and money market
- Q Cardinal Design, Inc. is a Web site design and consulting firm. The firm uses a job order costing system in which each client is a different job. Cardinal...
- Q Joint Cost AllocationWeighted Average Method Carving Creations jointly produces wood chips and sawdust used in agriculture. The wood chips and sawdust are actually by-products of the companys core operations, but...
- Q Financlal data for Joel de Parls, Incorporated, for last year follow: The company pald dividends of $88,240 last year. The "Investment In Bulsson, S.A.," on the balance sheet...
- Q Roberts Enterprises has budgeted sales in units for the next five months as follows June July August September 7,840 units October 4,670 units 7,950...
- Q Joel's main home is destroyed in a tornado in a federally declared disaster area. The insurance company compensates Joel for his loss in 2018, which produces a $350,000 realized gain....
- Q Question 39 Reference: 04-09 Fletcher Company has three products with the following characteristics: Product A Product B Monthly sales in dollars 1560,000 $80,000 Contribution margin ratio...
- Q Problem 10-34 (LO 10-3, 10-4)The following account balances are for the Agee Company as ofJanuary 1, 2017, and December 31, 2017. All amounts are denominatedin kroner (Kr).January 1, 2017 December...
- Q Problem 12-19 Dropping or Retaining a Segment [LO12-2] JacksonCounty Senior Services is a nonprofit organization devoted toproviding essential services to seniors who live in their own homeswithin the Jackson County...
- Q Learning Objectives:Identify taxable or nontaxable income, calculate taxable income,identify tax planning strategiesBackground:Sam and Ricci are a happily married young couple. They work hardand save diligently. Here comes the tax season...
- Q Leighton Beridon owns "Jeemp Farms", located near Weimar, TX.The farm produces pecan trees and sod. He has so many orders fromthe Houston metropolitan area that he is able to sell...
- Q At the end of its fiscal year, the adjusted trial balance ofCrane Company is as follows:CRANE COMPANY Adjusted Trial Balance July 31, 2017Debit Credit Cash $2,850 Accounts receivable 11,420 Prepaid...
- Q Ramtha Company bought 40% ownership in UAE company on 1-1-2017,at book value. In 2017, 2018, and 2019, UAE reported net income of$16,000, $24,000, and $ $40,000, and dividends of $30,000,...
- Q The following are two independent situations.Situation 1Marin Cosmetics acquired 10% of the 212,000 shares of common stockof Martinez Fashion at a total cost of $13 per share on March 18,2017....
- Q Harry and Sons’ Law Offices opened on January1,2018. During the first year of business the company had thefollowing transactions.January 2: The owners Invested 300,000 (the par value of thestock) into...
- Q The following information is related to Buffalo Company for2017.Retained earnings balance, January 1, 2017$997,830Sales Revenue26,123,300Cost of goods sold16,214,400Interest revenue78,400Selling and administrative expenses4,737,300Write-off of goodwill827,800Income taxes for 20171,287,700Gain on the sale...
- Q Nash Company sells one product. Presented below is informationfor January for Nash Company.Jan. 1 Inventory 122 units at $4 each4 Sale 101 units at $8 each11 Purchase 164 units at...
- Q The Timberland Lumber Company had the following historicalaccounting data, per 100 board feet, concerning one of its productsin the Sawmill Division:Finished shelving:Direct materials$30Direct labor16Variable manufacturing overhead8Fixed manufacturing overhead12The historical data...
- Q Creative Computing sells a tablet computer called the Protab.The $920 sales price of a Protab Package includes the following:One Protab computer. A 6-month limited warranty. This warrantyguarantees that Creative will...
- Q The following income statement and information about changes innoncash current assets and current liabilities are reported.SONAD COMPANY Income Statement For Year Ended December 31, 2017Sales $ 2,177,000 Cost of goods...
- Q ToyWorksSelling and Administrative BudgetFirst Quarter For the Year Ended December 31,2019MonthJanuaryFebruaryMarchQuarterCash balance, beginning64,165$ - $ - ReceiptsCash sales$137,500.00$275,000.00$137,500.00$550,000.00Credit collections$400,188.00$177,750.00$198,750.00$776,688.00Total cash available$601,853.00$452,750.00$336,250.00$1,326,688.00Less disbursements:Direct materials$136,934.65$99,928.45$79,538.00$316,400.00Direct labour$84,375.00$118,125.00$74,250.00$276,750.00Variable manufacturing overheads$40,625.00$56,875.00$35,750.00$133,250.00Fixed manufacturing overheads$52,000.00$52,000.00$34,200.00$198,600.00Variable selling and administrative expense$16,250.00$32,500.00$16,250.00$65,000.00Fixed selling and...
- Q Outback Outfitters sells recreational equipment. One of thecompany’s products, a small camp stove, sells for $120 per unit.Variable expenses are $84 per stove, and fixed expenses associatedwith the stove total...
- Q We really need to get this new material-handling equipment inoperation just after the new year begins. I hope we can finance itlargely with cash and marketable securities, but if necessary...
- Q Mondrian Company show the following balances. Prepare an incomestatement, statement of retained earnings and a balance sheet.cash 14,900accounts receivable 6,200supplies 8,400equipment 15,900accounts payable 2,400common stock 22,000Retained earnings, December. 31, Year...
- Q The required report or statements in the general purpose federalfinancial report that addresses forward-looking informationregarding the possible effects of currently known demands, risks,and uncertainties, and trends in the federal entity...
- Q Kohler Corporation reports the following components ofstockholders’ equity on December 31, 2016: Common stock—$20 parvalue, 100,000 shares authorized, 55,000 shares issued andoutstanding $ 1,100,000 Paid-in capital in excess of par...
- Q Campbell Boot Co. sells men’s, women’s, and children’s boots.For each type of boot sold, it operates a separate department thathas its own manager. The manager of the men’s department has...
- Q The Vice President for Sales and Marketing at WaterwaysCorporation is planning for production needs to meet sales demandin the coming year. He is also trying to determine how thecompany’s profits...
- Q The outstanding share capital of Marginal Utility Corporationconsists of 6,000 preferred shares with a book value of $420,000and 22,000 common shares with a book value of $220,000. Thepreferred shares carry...
- Q Mertz Company employs a job cost system. As of January 1, 2019,its records showed the following inventory balances:Materials$31,500Work in process56,500Finished goods (30,000 units @ $3)90,000The work in process inventory consisted...
- Q 1) A company has variable costs of $24.50, total fixed costs of$20,500,000 and plans to sell its product for $38.00. In 2018 itsold 2,200,000 units of product.Required: a) breakeven in...
- Q Fore Farms reported a pretax operating loss of $210 million forfinancial reporting purposes in 2021. Contributing to the loss were(a) a penalty of $10 million assessed by the EnvironmentalProtection Agency...
- Q On January 2, 2011, Blueman Corporation was incorporated in theprovince of Ontario. It was authorized to issue an unlimited numberof no-par value common shares, and 25,000 shares of no-par, $8,cumulative...
- Q [The following information applies to the questionsdisplayed below.] On July 1, 2018, Tony and Suzie organize their new company as acorporation, Great Adventures Inc. The following transactions occurfrom August 1 through...
- Q INEED POINTERS TO STUDY FOR MIDTERMSCOURSE: FINANCIAL ACCOUNTING (UNIVERSITY)CHAPTER 1 to 6 (excluding financial ratios)Thank you!Orjust key pointers about ACCRUAL ACCOUNTING & FIFO AND AVERAGEWEIGHT METHOD OF INVENTORY & PERIODIC...
- Q On June 1, 2019, Whispering Company sold $2,940,000 in long-termbonds for $2,578,700. The bonds will mature in 10 years and have astated interest rate of 8% and a yield rate...
- Q Part A In late 2017, the Nicklaus Corporation was formed. Thecorporate charter authorizes the issuance of 6,000,000 shares ofcommon stock carrying a $1 par value, and 2,000,000 shares of $5par...
- Q XYZ manufactures seats for helicopters. The company has thecapacity to produce 100,000 seats per year, but is currentlyproduces and sells 75,000 seats per year.Selling price per unit$ 200Variable costs per...
- Q [The following information applies to the questionsdisplayed below.]Tony and Suzie are ready to expand Great Adventures even furtherin 2019. Tony believes that many groups in the community (forexample, Boy Scouts,...
- Q The Protek Company is a large manufacturer and distributor ofelectronic components. Because of some successful new productsmarketed to manufacturers of personal computers, the firm hasrecently undergone a period of explosive...
- Q The Austin, Texas plant of Computer Products produces disk unitsfor personal and small business computers. Gerald Knox, the plant’sproduction planning director, is looking over next year’s salesforecasts for these products...
- Q The comparative balance sheet for company “Delta” in € for years2017 and 2018 isgiven below:Comparative Balance Sheet of “Delta”Assets20182017Liabilities &Stockholders' Equity20182017Fixed assets:Property, plant & equipmentLess accumulated depreciationNet property, plant andequipmentLong-term...
- Q The following items were selected from among the transactionscompleted by O’Donnel Co. during the current year:Jan.10.Purchased merchandise on account from Laine Co., $240,000,terms n/30.Feb.9.Issued a 30-day, 4% note for $240,000...
- Q You are a financial manager for Zoom Corp., which manufacturesbicycles. In the most recent fiscal year, Zoom manufactured and sold 20,000 bicycles. Wheels, seats, andbrake calipers are three...
- Q At the beginning of 20X1, the accounting records of FriendsCorp. reported the following: Preferred shares, 6,800 shares outstanding,no-par$226,440 Common shares, 181,000 shares outstanding,no-par530,330 Contributed capital on common share retirement110,900 Retained earnings554,500During the year, the...
- Q On January 4 Crossway Co. sold merchandise to Mallard Companyfor $25,500, terms 2/10, n/60; shipping terms were FOB Destination.The merchandise had a cost of $14,000 to Crossway Co.2. On January...
- Q The Nelson Company has $1,261,000 in current assets and $485,000in current liabilities. Its initial inventory level is $350,000,and it will raise funds as additional notes payable and use them toincrease...
- Q What would be the account balance in the Cash account after thefollowing transactions. Assume a zero beginning Cash balance.Owner invested cash in the business$100,000Purchase supplies with cash.$20,000Received a bill for...
- Q Scenario: Davis Skaros has recently been promoted to productionmanager. He has just started to receive various managerial reports,including the production cost report you prepared. It showed hisdepartment had 2,000 equivalent...
- Q Describe the accounting and reporting for re-acquisition ofshares
- Q Optimum Weight Loss Co. offers personal weight reductionconsulting services to individuals. After all the accounts havebeen closed on November 30, 2019, the end of the fiscal year, thebalances of selected...
- Q What is controlling? Have you ever been controlled at work? Haveyou been orally warned or written up?
- Q Bilboa Freightlines, S.A., of Panama, has a small truck that ituses for intracity deliveries. The truck is worn out and must beeither overhauled or replaced with a new truck. The...
- Q Marine Supply Company manufactures boat products. Its productsmove through two departments: development and packaging. Productionand cost data for the packaging department are asfollows:Work in process inventory, March 1 (16,000 units)Costs...
- Q Appendix: Completing an End-of-Period Spreadsheet Alert SecurityServices Co. offers security services to business clients. Completethe following end-of-period spreadsheet for Alert Security ServicesCo. If a box does not require an entry,...
- Q McGilla Golf is evaluating a new line of golf clubs. The clubswill sell for $990 per set and have a variable cost of $445 perset. The company has spent $155,000...
- Q The Questor Corporation has experienced the following salespattern over a 10-year period:Complete the table using a first-order exponential smoothingmodel with a w=0.9w=0.9 to forecast sales in2017.YearSales (YtYt)Exponential Smoothing (YˆtY^t)(000)(w =...
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