Accounting question and answers for September 06, 2023
- Q On September 1, the board of directors of Colorado Outfitters, Incorporated, declares and issues a stock dividend on its 27,000, $18 par, common shares. The market price of...
- Q Kitchen Stuff produces spatulas made out of acrylic. The company has estimated sales for June at 12,000, July at 12,800, August at 15,000, and September at 16,000 spatulas. The company...
- Q A firms current market price is $15/share, and its book value is $5/share. Analysts forecast that the firms BV will grow by 10%/per year indefinitely, and the cost of equity...
- Q It certainly is nice to see that small variance on the income statement after all the trouble weve had lately in controlling manufacturing costs, said Linda...
- Q El 1 de septiembre, la empresa paga el alquiler por doce meses por adelantado y carga una cuenta de activo. Al final del ao, la entrada de ajuste en la...
- Q Putt Corporation acquired 70 percent of Slice Companys voting common stock on January 1, 20X3, for $158,900. Slice reported common stock outstanding of $100,000 and retained earnigs of $85,000. The...
- Q 13. Consult Paragraphs 710 of PCAOB Auditing Standard No. 12. Based on your understanding of risk assessment and the case information, identify three specific factors about Enrons business model in...
- Q Prepare a cash budget for Sean for his first 6 months trading to 30 November
- Q Karla Tanner opened a web consulting business called Linkworks and recorded the following transactions in its first month of operations. Apr. 1 Tanner invests $80,000 cash along with...
- Q Abby's Form W-2 from the US Department of Defense shows the following: VaRw ON 1545 000 Safe accurate,...
- Q Alexandria has also requested that you compute the income tax provision for Florida Chocolate Inc. as of December 31, 20x3. The companys income statement for 20x3 is provided below: ...
- Q On 31 December 2019, an item of machinery had a cost of $300000 and accumulated depreciation of $280000. If the machinery was sold for a profit of $30000 on 1...
- Q Question 4 Fair Value Accounting (10 marks) Fair value accounting allows for three approaches to valuation the cost approach, the market approach...
- Q Habari Corp. issued an 8% bond when the market interest rate was also 8%. Habari Corp. bonds should have sold: O at face value O at a price...
- Q The adjusted trial balance data given below is from the Morgan Company's worksheet for the year ended December 31, 20X1. The expense...
- Q Expected direct materials purchases in Read Company are $70,000 in the first quarter and $90,000 in the second quarter. Forty percent of the purchases are paid in cash as incurred,...
- Q Erica chan MD owns EC health clinic
- Q ike and Sally Card file a joint return for this tax year. Their adjusted gross income is $65,000 and they incur the following interest expenses: Qualified education loans $4300 Personal...
- Q The transactions in this practice set were completed by Hydro Paddle Boards, Inc. during January, the first month of the companys fiscal year. Hydro Paddle Boards, Inc. is...
- Q emmitt tena los siguientes saldos finales despus del primer ao de operaciones: activos, $55 000 capital contable, $25 000 dividendos, $3 000 y utilidad neta, 10 000. Cul es el...
- Q An important application of regression analysis in accounting is in the estimation of cost. By collecting data on volume and cost and using the least squares...
- Q Define the concept of Admitted Assets in Statutory Accounting and differentiate between the accounting for assets under GAAP.
- Q Barker Company has a single product called a Zet. The company normally produces and sells 82,000 Zets each year at a selling price of $44 per unit. The companys unit...
- Q 30. Kramer Company uses the aging method of accounts receivable method and determined that $5,000 of the companys Accounts Receivable are estimated to be uncollectible. At the end of the...
- Q 11) The accounting equation is defined as: A) Assets = Liabilities + Stockholders' Equity. B) Assets = Liabilities Stockholders' Equity. C) Net Income = Revenues Expenses. D) Liabilities...
- Q In 2015 KRJ International reported earnings before taxes of $100,000 and tax expense of $32,000, leaving net income of $68,000. During the year it sold a warehouse with a net...
- Q CouchDB and MongoDB are examples of Excel databases B Document databases Row-oriented databases D Graph databases
- Q [The following information applies to the questions displayed below] A company began January with 6,000 units of its principal product. The cost of each unit is...
- Q Carla y Eliza comparten los ingresos por igual. Durante el ao en curso el ingreso neto de la sociedad fue de $40,000. Carla hizo retiros de $12,000 y Eliza hizo...
- Q In producing product AA, 6,300 pounds of direct materials were used at a cost of $1.10 per pound. The standard was 6,000 pounds at $1.00 per pound. What is the...
- Q Sound Company reported the following amounts for May: Raw materials purchased $254,000 Beginning raw materials inventory 12,000 Ending raw materials inventory 7,900 Direct labor incurred 51,000 Indirect materials requisitioned and...
- Q Wasco Company has experienced bad debt losses of 5% of credit sales in prior periods. At the end of the year, the balance of Accounts Receivable...
- Q [The following information applies to the questions displayed below.] Wells Technical Institute (WTI), a school owned by Tristana Wells, provides training to individuals who pay tuition directly to the school....
- Q If borrowing interest rate R is greater than deposit interest rate r, buying or selling an underlying asset costs a proportional transaction cost c, and buying or selling a forward...
- Q Assignment: 10 3 tasks Conestoga College Scenario: You are the Marketing Intern for Conestoga College working in the Marketing Department under the guidance of Paul Osborne, Assoc. VP,...
- Q 15-1 Identifying why companies invest and classifying investments Garden Haven has excess cash of $15,000 at the end of the harvesting season. Garden Haven will need this cash in four...
- Q El 1 de abril, Bear, Inc. pag $2400 por una prima de seguro en una pliza de seguro de tres aos. Al final de diciembre, el cierre del ao fiscal...
- Q Master Limited has the following items in its statement of profit or loss and other comprehensive income for the year ended 30 June 2018: Revenue FC*130,000 Cost of goods sold...
- Q what is another term used by accountants for the word assets
- Q If sales revenue totals $84,000, selling price is $6 per unit, variable costs are $2.50 per unit and fixed costs are $48,000 per annum, the profit that will be earned...
- Q Panther Corporation appeared to be experiencing a good year. Sales in the first quarter were one-third ahead of last year, and the sales department predicted that...
- Q A company debits overhead applied account, debits cost of goods sold account and credits overhead costs account. Why? This is a wrong entry. The company closes the applied accounts...
- Q Carla Vista Co. Ltd. publishes a monthly sports magazine, Fishing Preview. Subscriptions to the magazine cost $30 per year. During November 2022, Carla Vista sells 7,280 subscriptions for cash,...
- Q 1.What are some of the common problems users encounter when trying to compare financial statements of companies (even when they are in the same industry)? Describe how using XBRL could...
- Q What is another term used by accountants for the word "assets"
- Q 5) Flatland Company applies fixed manufacturing overhead costs to products based on direct labor hours. Information for the month of April appears below. Flatland expects to produce and sell 18,000...
- Q Putt Corporation acquired 70 percent of Slice Companys voting common stock on January 1, 20X3, for $158,900. Slice reported common stock outstanding of $100,000 and retained earnigs of $85,000. The...
- Q Montana Corp. uses LIFO to allocate inventory expenditures between the balance sheet and income statement. At the end of the current period, Montana reports its inventory at net...
- Q Carter Company reported the following financial numbers for one of its divisions for the year; average total assets of $4,270,000; sales of $4,695,000; cost of goods sold of...
- Q 37. The LIFO Conformity Rule states that (this is from my notes) If a company uses LIFO for tax reporting purposes, it must also use LIFO for financial...
- Q Los montos retenidos de cada empleado para el Seguro Social y Medicare varan segn el estado. Verdadero o falso?
- Q Gerard grew up in Virginia. One of his colleagues remembers that Gerard was known in school, skilled at his schoolwork and that he liked to play soccer and listen to...
- Q Tony and Suzie graduate from college in May 2021 and begin developing their new business. They begin by offering clinics for basic outdoor activities such as mountain biking...
- Q Which of the following statements is true? Multiple Choice Planning involves developing goals and preparing various budgets to achieve those goals. Planning involves gathering feedback that...
- Q a) List the three categories of contingent liabilities and what the company must disclose or record for each category.
- Q 27. LO1 Discuss how an individual would deduct each of the following expenditures. If more than one treatment is possible, discuss the circumstances under which each type of deduction...
- Q Discuss with examples the two methods of inventory control. Which method do you think is better for a retail store with several items of small value?
- Q Airline accessories obtains a $100,000, three year loan, at 6% interest, with monthly payments of $3,042. What amount would be recorded for interest expense for the first full month?
- Q Bentley estimates manufacturing overhead of $2,175,000 for 2022 and will apply overhead to units produced based on 725,000 machine hours. During 2022 , Bentley used $1,500,000...
- Q Los siguientes costos resultan de la produccin y venta de 4,350 bateras fabricadas por Tight Drums Company para el ao que finaliz el 31 de diciembre de 2017. Las bateras...
- Q on june kerry gold an irish company purchased 18,000 of inventory on account from an american supplier and the euro eas quoted at 1.17 (1c=$1.12) on this date. on june...
- Q Ventas de equilibrio y ventas para obtener ingresos de las operaciones Para el ao en curso que termin el 31 de marzo, Chewy Company espera costos fijos de $900...
- Q 36. Accounts are listed below for a foreign subsidiary that maintains its books in its local currency. The equity interest in the subsidiary was...
- Q Deporte Company produces single colored T-shirts. Materials for the shirts are dyed. in large vats. After dying the materials for a given color,...
- Q Santa Corporation manufactures Christmas decorations and supplies throughout the world. The company owns property, plant, and equipment and also enters into operating leases for certain facilities. Assume that Santas incremental...
- Q Whirly Corporation's contribution format income statement for the most recent month is shown below: Total Per Unit Sales (8,200 units) $270,600 $33.00 Variable expenses 155,800 19.00 Contribution margin 114,800 $14.00...
- Q The following information is provided: Unadjusted balance in Allowance for Doubtful Accounts $1,100 (debit) Accounts Receivable, December 31 245,500 Sales Returns and Allowances 5,500 Sales 850,000 Sales Discounts...
- Q Which of the following costs is not relevant in a make or buy decision? Multiple Choice Direct Materials Varible manufacturing overhead Avoidable fixed costs...
- Q Suppose that a company has a normal capacity of production of 200.000 meters of a textile product. It worked under full capacity and sold every product within the year. There...
- Q Saved Use the following information for the Quick Study below. Trey Monson starts a merchandising business on December 1 and enters into the...
- Q Smyrna Company had financial and taxable incomes as follows: 2016 2017 2018 Pretax financial income $150,000 $140,000 $135,000 Taxable income 115,000 140,000 170,000 The tax rate...
- Q Las corporaciones invierten en otras compaas por todas las siguientes razones excepto para Pregunta 1 opciones: exceso de dinero en efectivo de la casa hasta que sea necesario. ...
- Q describe how working capital, current ratio and quick ratio can be useful in making economic decisions. Who would be making these decisions?
- Q ...
- Q 14. Preblem 9.14 (Monconstant Grewth) 1676, what is the value of the stock todey? Do not round intermediate calculations. Round ysur anwwer to the nearest cent
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