Accounting question and answers for September 09, 2023
- Q Goddard Company has used the FIFO method of inventory valuationsince it began operations in 2015. Goddard decided to change to theaverage cost method for determining inventory costs at thebeginning of...
- Q Prepare a balance sheet as of December 31, 2019.BUSINESS SOLUTIONSBalance SheetDecember 31, 2019AssetsCashAccounts receivablePrepaid insurancePrepaid insurancePrepaid rentOffice equipmentAccumulated depreciation—Officeequipment0Accumulated depreciation—ComputerequipmentComputer equipment0Total Assets0LiabilitiesAccounts payableWages payableUnearned computer services revenueTotal Liabilities0EquityRetained earningsCommon stockTotal...
- Q 1.) On August 1,2018, the Corporation issued P 5,000,000, 8%bonds dated March 1,2018 and maturing on February 28, 2030, for atotal consideration of P 4,458,429 which includes accrued interest.The bonds...
- Q asthe minimum required rate of return increases for an investmentproject, the net present value if the project...a. increaseb. does not changec. decreasesd. becomes positive
- Q The following selected transactions relate to investmentactivities of Ornamental Insulation Corporation during 2021. Thecompany buys equity securities as noncurrent investments. None ofOrnamental’s investments are large enough to exert significantinfluence on...
- Q Profits have been decreasing for several years at PegasusAirlines. In an effort to improve the company’s performance,consideration is being given to dropping several flights thatappear to be unprofitable. A typical...
- Q Polaski Company manufactures and sells a single product called aRet. Operating at capacity, the company can produce and sell 44,000Rets per year. Costs associated with this level of production andsales...
- Q “In my opinion, we ought to stop making our own drums and acceptthat outside supplier’s offer,” said Wim Niewindt, managingdirector of Antilles Refining, N.V., of Aruba. “At a price of...
- Q Novak Corporation sells one product, with information for Julyas follows:July1Inventory100 units at $17.00 each4Sale80 units at $19.00 each11Purchase150 units at $16.00 each13Sale120 units at $18.50 each20Purchase160 units at $17.00 each27Sale100...
- Q Lanco Corporation, an accrual-method corporation, reportedtaxable income of $2,380,000 this year. Included in the computationof taxable income were the following items:MACRS depreciation of $232,500. Straight-line depreciationwould have been $152,000.A net...
- Q Michael Company uses job-order costing. The company has gatheredthe following data:Direct materials purchased forcash $60,000Direct materialsrequisitioned $50,000Direct labor costsincurred $90,000Factory overhead costsincurred $60,000Cost of goodscompleted $180,000Cost of goodssold $170,000Sales forcash $300,000Factory overheadapplied ?Factory overhead costs are applied at...
- Q The following is the Easton Company's adjusted Trial Balance.Easton Company Adjusted Trial Balance December 31, 2018 AccountTitle Debit Credit Cash $88,665 Accounts Receivable 232,000Supplies 17,000 Equipment 395,000 Accumulated Depreciation $224,260Accounts...
- Q The following is the Easton Company adjusted Trial Balance.Easton Company Adjusted Trial Balance December 31, 2018 AccountTitle Debit Credit Cash $88,665 Accounts Receivable 232,400Supplies 17,000 Equipment 395,000 Accumulated Depreciation $224,260Accounts...
- Q Blendit (BLD) just developed new universal titanium replacementmixer blades. These replacement blades can be used in most mixerscurrently on the market. BLD is selling these blades with a rightof return...
- Q Your company has the following balance sheet characteristics:TotalAssets=$1,000,000,000;CurrentLiabilities=$100,000,000;LongTermDebt =$300,000,000;CurrentBookValue Equity=$600,000,000;SharesOutstanding =80,000,000;Current MarketPrice, P0=$30:What is thecurrent Book Value per share (BookValue), thecurrent Market Valueper Share and the MarketValue Added pershare?Does your...
- Q Create comprehensive audit programs for theSales and Receivables So each audit program wouldinclude the following components:Audit steps for tests of controls,balances, transactions, analytical procedures, etc. as wellas other considerations such...
- Q Exercise 5-12Presented below is the trial balance of Stellar Corporation atDecember 31, 2020.DebitCreditCash$ 198,350Sales$ 8,103,170Debt Investments (trading) (at cost, $145,000)156,170Cost of Goods Sold4,800,000Debt Investments (long-term)300,350Equity Investments (long-term)278,350Notes Payable (short-term)93,170Accounts Payable458,170Selling Expenses2,003,170Investment...
- Q Snake River Sawmill manufactures two lumber products from ajoint milling process. The two products developed are mine supportbraces (MSB) and unseasoned commercial building lumber (CBL). Astandard production run incurs joint...
- Q Closing Entries (Net Income)The work sheet for Major Advising for the month ended January31, 20-- is shown.Major AdvisingWork Sheet (Partial)For Month Ended January 31, 20--Income StatementBalance SheetACCOUNT TITLEDEBITCREDITDEBITCREDITCash450.00Accounts Receivable950.00Supplies344.00Prepaid Insurance800.00Office...
- Q Cheyenne Corp. was experiencing cash flow problems and wasunable to pay its $113,000 account payable to Culver Corp. when itfell due on September 30, 2020. Culver agreed to substitute aone-year...
- Q The pretax financial income (or loss) figures forJerry Springer Company are as follows. 2009 $210,000 2010 180,000 2011 140,000 2012 (220,000) 2013 (230,000) 2014 90,000 2015 115,000 Pretax financial income (or loss) and taxableincome (or loss) were the same for allyears involved. Assume...
- Q Please provide your classmates with an example of one item for eachof the three sections of the Statement of Cash Flows.
- Q You are a staff accountant at a higher education institution,Philly College of Business (“the College” or PCB). The lease on thecurrent multifunction copiers the College uses is almost up. Thecollege...
- Q Four independent situations are described below. Each involvesfuture deductible amounts and/or future taxable amounts produced bytemporary differences: ($ in thousands) Situation 1 2 3 4 Taxableincome $ 137 $ 319...
- Q Wilke Realty separates its activities into two operatingdivisions: Rentals and Sales.In March, the firm spent $52,000 for general companypromotions (as opposed toadvertisements for specific properties). John, the corporatecontroller, has decided...
- Q Northwood Company manufactures basketballs. The company has aball that sells for $25. At present, the ball is manufactured in asmall plant that relies heavily on direct labor workers. Thus,variable expenses...
- Q Management Accounting questionAuto Robot Ltd which manufactures two products P & Q hasprovided the following information.P (shs) Q (shs) Selling price per unit 10 12Variable cost per unit 2 8Fixed...
- Q Predetermined Overhead Rates, Overhead Variances, Unit CostsPrimera Company produces two products and uses a predeterminedoverhead rate to apply overhead. Primera currently applies overheadusing a plantwide rate based on direct labor...
- Q FDP Company produces a variety of home security products. GaryPrice, the company's president, is concerned with thefourth-quarter market demand for the company's products. Unlesssomething is done in the last two...
- Q Predetermined Overhead Rate, Overhead Variances, JournalEntriesCraig Company uses a predetermined overhead rate to assignoverhead to jobs. Because Craig's production is machine intensive,overhead is applied on the basis of machine hours....
- Q Departmental Overhead RatesMariposa, Inc., produces machine tools and currently uses aplantwide overhead rate, based on machine hours. Harry Whipple, theplant manager, has heard that departmental overhead rates can offersignificantly better...
- Q Preparing a Cash BudgetLa Famiglia Pizzeria provided the following information for themonth of October:Sales are budgeted to be $152,000. About 85% of sales is cash;the remainder is on account.La Famiglia...
- Q Buzz Appliances manufactures two? products: Food Processors andEspresso Machines. The following data are? available:Food ProcessorsEspresso MakersSales price$ 165.00$165.00$ 275.00$275.00Variable costs$ 60.00$60.00$ 180.00$180.00The company can manufacture two food processors per machine...
- Q Problem 15-5Before Carla Corporation engages in the treasury stocktransactions listed below, its general ledger reflects, amongothers, the following account balances (par value of its stock is$30 per share).Problem 15-12Nash Company...
- Q At the beginning of the year, Learer Company’s manager estimatedtotal direct labor cost assuming 45 persons working an average of2,000 hours each at an average wage rate of $25 per...
- Q Reporting on Discontinued Operations—Disposal in CurrentYearOn August 1, 2020, Fischer Inc. decided to discontinue theoperations of its Services Division, which qualifies as a businesscomponent. An agreement was formalized to sell...
- Q i've been reading about cash flow diagrams, disbursements andreceipts. In the engineering economics textbook i'm reading, itssays " since earlier cash flows are more valuable than later cashflows, we cannot...
- Q How to analyze the cost-effectiveness in general of the articleby Ekwaru. J.P., Ohinmas, A., Tran, B.X., Setayeshgar, S., Johnson,J.A., & Veugeiers, P.J. (2017). Cost-effectiveness of aschool based health promotion program...
- Q PA6-1 Calculating Contribution Margin, Contribution MarginRatio, Break-Even Point [LO 6-1, 6-2]Hermosa, Inc., produces one model of mountain bike. Partialinformation for the company follows: Number of bikesproduced and sold5208201,000Total costsVariablecosts$123,240$?$?Fixed costs peryear???Total...
- Q Special Order Review company has the following informationrelating to their plastics factoryCurrent Selling Price $10.00Current Monthly Production 15,000 unitsTotal Direct Materials ( all Variable) $45,000.00Total Direct Labor (all variable) $15,000.00Total...
- Q Topic: creative accountinga) What is the problem?b) How to solve the problem/issue/case?
- Q S&L Financial buys and sells securities which it classifiesas available-for-sale. On December 27, 2018, S&L purchasedCoca-Cola bonds at par for $875,000 and sold the bonds on January3, 2019, for $880,000....
- Q The following summarized data were provided by the records ofMystery Incorporated for the year ended December 31: Administrative Expense$22,200 Cost of Goods Sold181,000 Income Tax Expense20,800 Sales Returns and Allowances8,600 Selling Expense46,600 Sales of merchandise for...
- Q Problem 12-3 (Algo) Securities available-for-sale; bondinvestment; effective interest [LO12-1, 12-4]Fuzzy Monkey Technologies, Inc., purchased as a long-terminvestment $180 million of 6% bonds, dated January 1, on January 1,2021. Management intends...
- Q On January 1, 2018, the Mason Manufacturing Company beganconstruction of a building to be used as its office headquarters.The building was completed on September 30, 2019.Expenditures on the project were...
- Q The pretax financial income (or loss) figures for WindsorCompany are as follows.2015$169,0002016247,000201779,0002018(169,000)2019(356,000)2020131,000202199,000Pretax financial income (or loss) and taxable income (loss) werethe same for all years involved. Assume a 25% tax...
- Q Patricia, a CPA, is the new controller for a small constructioncompany, Domingo Builders, that employs 75 people. The companyspecializes in custom homes greater than 3,500 square feet. Thedemand for large...
- Q Explain the relationship between the balanced scorecard:!thestrategy map and thr budget
- Q Daisy Tree Partnership owns and operates two apartment complexesin the metropolitan area. The first complex was contributed to thepartnership by partner L. The other two partners (M and N)contributed cash...
- Q Multiple-Product Break-even, Break-Even SalesRevenueCherry Blossom Products Inc. produces and sells yoga-trainingproducts: how-to DVDs and a basic equipment set (blocks, strap, andsmall pillows). Last year, Cherry Blossom Products sold 13,500 DVDsand...
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