Accounting question and answers for September 10, 2023
- Q Paul Sabin organized Sabin Electronics 10 years ago to produceand sell several electronic devices on which he had securedpatents. Although the company has been fairly profitable, it is nowexperiencing a...
- Q Worley Company buys surgical supplies from a variety ofmanufacturers and then resells and delivers these supplies tohundreds of hospitals. Worley sets its prices for all hospitals bymarking up its cost...
- Q Please explain about Purchases Discounts and Purchases Returnsand Allowances. Please indicate the purpose of these accounts. Dothey appear on the Financial Statements?2. Please explain about Sales Discounts. Why are they...
- Q describe an effective accounting informaion system and explainmanagements role in it
- Q The following areerrors or fraud and other irregularities that have occurred inFresh Foods Grocery Store Ltd., a wholesale and retail grocerycompany.The incorrect pricewas used on sales invoices for billing shipments...
- Q Pina Colada Corp. had the following long-term receivable accountbalances at December 31, 2016.Notes receivable - Sale of division$1,809,000Notes receivable - Employees399,000Transactions during 2017 and other information relating toPina's long-term receivables...
- Q aura Drake wishes to estimate the value of an asset expected toprovide cash inflows of$ 3 comma 500$3,500for each of the next 4 years and?$14 comma 77114,771in 5 years. Her...
- Q Bank Reconciliation The Chicago ScooterCompany's bank statement for the month of June indicated a balanceof $10,500. The company's cash account in the general ledger showeda balance of $8,670 on June...
- Q Given the following information for Nugget Corporation, answerthe questions below.November December January February March Sales $300,000 $250,000$275,000 $325,000 $350,000Cash collected in month of sale 10% Credit collections:Collected in month of...
- Q Explain why it is important for the board of directors to have amixture of executive and non-executive members.
- Q Glade, Inc. is trying to decide whether to increase thecommission-based pay of its salespeople. Currently, each of itsfive salespeople earns a 12% commission on the units they sell for$100 each,...
- Q Joyner Company’s income statement for Year 2 follows:Sales$719,000Cost of goods sold177,000Gross margin542,000Selling and administrative expenses216,000Net operating income326,000Nonoperating items:Gain on sale of equipment6,000Income before taxes332,000Income taxes132,800Net income$199,200Its balance sheet amounts at...
- Q what is the flowchart in RAPTOR for the following:Write a program that allows a tax accountant to compute personalincome tax. Your program will ask for a filing status (0 forsingle,...
- Q Write PEST analysis for AUDI
- Q Liquidation Southwestern Wear Inc. has the following balancesheet: Current assets $1,875,000 Accounts payable $375,000 Fixedassets 1,875,000 Notes payable 750,000 Subordinated debentures750,000 Total debt $1,875,000 Common equity 1,875,000 Total assets$3,750,000 Total...
- Q The Landers Corporation needs to raise $1.60 million of debt ona 5-year issue. If it places the bonds privately, the interest ratewill be 10 percent. Thirty thousand dollars in out-of-pocket...
- Q Moravia Company processes and packages cream cheese. Thefollowing data have been compiled for the month of April.Conversion activity occurs uniformly throughout the productionprocess.Work in process, April 1—12,000 units:Direct material: 100%...
- Q The following selected data were taken from the accountingrecords of Metcalf Manufacturing. The company uses direct-laborhours as its cost driver for overhead costs.MonthDirect-LaborHoursManufacturingOverheadJanuary31,000$695,000February33,000734,000March43,000893,000April34,000752,750May38,000796,500June36,000793,500March’s costs consisted of machine supplies ($219,300),depreciation ($29,500),...
- Q Whirly corporation most recent income statement is shownbelow:Total Per UnitSales (7,600 units) 243,200 32.00Variable Expenses 144,400 19.00Contribution Margin 98,800Fixed Expenses 55,300Net Operating Income 43,500Required:Prepare a new contribution format income statement...
- Q Combat Fire, Inc. manufactures steel cylinders and nozzles fortwo models of fire extinguishers: (1) a home fire extinguisher and(2) a commercial fire extinguisher. The home model is ahigh-volume (54,000 units),...
- Q McDermott Company has developed a new industrial componentcalled IC-75. The company is excited about IC-75 because it offerssuperior performance relative to the comparable component sold byMcDermott’s primary competitor. The competing...
- Q This week we will be studying budgeting in governmentalentities. Locate a recent article from your local city, town, orstate that focuses on budgeting. Summarize the article in your ownwords and...
- Q Shak Inc has accumulated the following data for the past 5months:Number of units total overhead costsAugust . 2,250 $39,820September 2,340 $38,650October . 2,180 $37,880November 2,080 $38,110December 2,090 $35,830Shak Inc, uses...
- Q Cash BudgetThe controller of Bridgeport Housewares Inc. instructs you toprepare a monthly cash budget for the next three months. You arepresented with the following budget information:SeptemberOctoberNovemberSales$118,000$142,000$199,000Manufacturing costs50,00061,00072,000Selling and administrative expenses41,00043,00076,000Capital...
- Q The annual report of General Mills, maker ofWheaties, Cheerios, and Betty Crocker bakingproducts, for the year ended May 29, 2011, contained thefollowing($ in millions): May29,2011 May 30, 2010Total land, building, andequipment $7,492.1 $6,949.7Less: Accumulateddepreciation $4,146.2 $3,822.0Net...
- Q What must an annual report include to be considered a goodreport?
- Q Smith Corp. orally engaged TRA CPAs, to audit its financialstatements. The management of Smith Corp. informed TRA CPAs that itsuspected that the accounts receivable was materially overstated.Although the financial statements...
- Q Need Income Statement Need Statement of Retained Earnings,Balance Sheet, Closing EntriesABC Corporation Unadjusted Trial Balance December 31, 2016 DebitCredit Cash 759,444 Accounts receivable 442,120 Allowance fordoubtful accounts - Inventory Allowance...
- Q ABC Incorporated began operations on Jan 1st, 2012with an initial issuance of 10,000 shares,( each with par value$0.10), for $5 per shareOn Jan 1st, 2012, the company purchased a two-yearfire...
- Q Do the pluses of using credit cards out-weigh the minuses?
- Q In thinking about overcoming the negative publicity andsecurities fraud fines related to revenue fraud, some companiessucceed and move on, while others fail following the fraud. Whatforces might influence corporate “survivability”...
- Q Great Lakes Distributors buys 100,000 bushels of soybean futuresat $9.95 per bushel, to cover a commitment to deliver 100,000bushels of soybeans to a customer in 60 days at a price...
- Q Lionel Corporation manufactures pharmaceutical products soldthrough a network of sales agents in the United States and Canada.The agents are currently paid an 18% commission on sales; thatpercentage was used when...
- Q Why do businesses use budgets?What information can you learn from a business about itspriorities from reading its budget?What would you change about the budgeting process if you couldchange one thing?
- Q The following expenditures are related to land, landimprovements and buildings, which were acquired on November 1,2015.Cost of real estate acquired for a new manufacturing plantS365,000 (the land is appraised for...
- Q Whitelands, Inc. had $100 of cash and shareholders’ equity asthe result of its initial sale of stock on January 1, 2012. Duringits first month of operations, Whitelands had the followingoperating...
- Q Mauro Products distributes a single product, a woven basketwhose selling price is $15 and whose variable expense is $12 perunit. The company's monthly fixed expense is $4,200.Required:Solve for the company's...
- Q Make sure you understand the twoalternatives.The "make" means that KCSB assembles and ships all ofits regular bicycles.The "buy" means that KCSB pays another firm to assembleand ship some of its...
- Q 1. Cutter Enterprises purchased equipment for $72,000 on January1, 2018. The equipment is expected to have a five-year life and aresidual value of $6,000.Using the sum-of-the-years'-digits method, depreciation for 2019and...
- Q Winnebago Industries, Inc. is a leading manufacturer ofrecreational vehicles (RVs), including motorized and towableproducts. The company designs, develops, manufactures, and marketsRVs as well as supporting products and services. The RVs...
- Q latorMastery Problem: Cash Payback and Average Rate of Return(Advanced)Companies use capital investment analysis to evaluate long-terminvestments. Capital investment evaluation methods that do not usepresent values are (1) Average rate of...
- Q Gloria J Company provided the following information for2019.Purchases5,250,000.00Purchases returns and allowances150,000.00Rental income250,000.00Selling expenses:Freight out175,000.00Salesmen’s commission650,000.00Depreciation – store equipment125,000.00Merchandise inventory, January 11,000,000.00Merchandise inventory, December 311,500,000.00Sales7,850,000.00Sales returns and allowances140,000.00Sales discounts10,000.00Administrative expensesOfficers’ salaries500,000.00Depreciation...
- Q Yogurt Vi (pronounced vee) is a frozen yogurt restaurant withseveral locations in Ohio. Customers will select the flavor offrozen yogurt they want and fill their cup from the self-servemachine with...
- Q Wingate Company, a wholesale distributor of electronicequipment, has been experiencing losses for some time, as shown byits most recent monthly contribution format income statement:Sales$1,618,000Variable expenses546,900Contribution margin1,071,100Fixed expenses1,178,000Net operating income (loss)$(106,900)In...
- Q April1Nozomi invested$37,000 cash and computer equipment worth $25,000 in the company inexchange for common stock.2The company rentedfurnished office space by paying $2,000 cash for the first month’s(April) rent.3The companypurchased $1,300...
- Q According to the EY Foundation, over which data analytictechniques should accountants gain mastery?A.Data mining, artificial intelligenceB.Correlation, regressionC.Querying, trends, forecastingD.Cluster analysis, inferential statistics
- Q Cutter Enterprises purchased equipment for $102,000 on January1, 2018. The equipment is expected to have a five-year life and aresidual value of $6,600.Using the sum-of-the-years'-digits method, depreciation for 2019and book...
- Q Problem 8-19 Cash Budget; Income Statement; Balance Sheet[LO8-2, LO8-4, LO8-8, LO8-9, LO8-10]Minden Company is a wholesale distributor of premium Europeanchocolates. The company’s balance sheet as of April 30 is givenbelow:Minden...
- Q (Deferred Income Taxes)This year, a company has each of the following income statementitems:Gross profits on installment sales.Revenues on long-term construction contracts.Estimated costs of product warranty contracts.Premiums on officers’ life insurance...
- Q Rita owns a sole proprietorship in which she works as amanagement consultant. She maintains an office in her home (500square feet) where she meets with clients, prepares bills, andperforms other...
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