Accounting question and answers for September 11, 2023
- Q Here are comparative statement data for Wildhorse Company andSandhill Company, two competitors. All balance sheet data are as ofDecember 31, 2022, and December 31, 2021.Wildhorse CompanySandhill Company2022202120222021Net sales$1,892,000$580,000Cost of goods...
- Q Waving Through the WindowYou and your tworoommates are starting a window washing service to help putyourself through college. There are two other well-establishedwindow washing services in your area.Should you set...
- Q Single Plantwide and Multiple Production Department FactoryOverhead Rate Methods and Product Cost Distortion Pineapple MotorCompany manufactures two types of specialty electric motors, acommercial motor and a residential motor, through two...
- Q Job Cost Flows, Journal EntriesOn April 1, Sangvikar Company had the following balances in itsinventory accounts:Materials Inventory$12,720Work-in-Process Inventory21,350Finished Goods Inventory8,700Work-in-process inventory is made up of three jobs with thefollowing costs:Job...
- Q Journal Entries, T-Accounts, Cost of Goods Manufactured andSoldDuring May, the following transactions were completed andreported by Jerico Company:Materials purchased on account, $60,100.Materials issued to production to fill job-order requisitions:direct materials,...
- Q Governmental AccountingWhat are the differences between a cash flows statement preparedfor a governmental electric utility versus one prepared for aninvestor-owned utility?
- Q Ms Mary was accepted to Big State University and received areduced tuition from $50,000 to $20,000. Mary also received ascholarship of $30,000 to attend Big State University. Since Mary'stuition is...
- Q Governmental AccountingWhat are the five types of information must be presented inManagement's Discussion and Analysis (MD&A)? Which financialstatement is each type of information derived from, if any?
- Q eBookShow Me HowCalculatorPrint ItemDetermine the amount of sales (units) that would be necessaryunderBreak-Even Sales Under Present and Proposed ConditionsDarby Company, operating at full capacity, sold 91,800 units ata price of...
- Q Conestoga Corporation operates manufacturing facilities in StateP and State Q. In addition, the corporation owns nonbusiness rentalproperty in State Q. Conestoga incurred the following compensationexpenses: State P State Q TotalManufacturing wages$650,000$450,000$1,110,000Administrative wages340,000180,000520,000Officers' salaries320,000100,000430,000Sixty...
- Q Part 1: Record the following transactions for Classic CanineCuts for the month of December in the General Journal.Transaction Date Description1 12/1 Issued 100,000 shares of common stock for $100,000.2 12/2A...
- Q You have just been hired as a new management trainee by EarringsUnlimited, a distributor of earrings to various retail outletslocated in shopping malls across the country. In the past, thecompany...
- Q Gitano Products operates a job-order costing system and appliesoverhead cost to jobs on the basis of direct materials used inproduction (not on the basis of raw materialspurchased). Its predetermined overhead...
- 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 Lou Barlow, a divisional manager for Sage Company, has anopportunity to manufacture and sell one of two new products for afive-year period. His annual pay raises are determined by hisdivision’s...
- Q Matheson Electronics has just developed a new electronic devicethat it believes will have broad market appeal. The company hasperformed marketing and cost studies that revealed the followinginformation:New equipment would have...
- Q Astro Languet established Languet Products Co. as a soleproprietorship on January 5, 2020. At the company’s year end ofDecember 31, 2020, the accounts had the following balances (inthousands):Current assets, excluding...
- Q The comparative balance sheet of Whitman Co. at December 31,20Y2 and 20Y1, is as follows:1Dec. 31, 20Y2Dec. 31, 20Y12Assets3Cash$918,000.00$964,800.004Accounts receivable (net)??828,900.00761,940.005Inventories1,268,460.001,162,980.006Prepaid expenses29,340.0035,100.007Land315,900.00479,700.008Buildings1,462,500.00900,900.009Accumulated depreciation-buildings(408,600.00)(382,320.00)10Equipment512,280.00454,680.0011Accumulated depreciation-equipment(141,300.00)(158,760.00)12Total assets$4,785,480.00$4,219,020.0013Liabilities and Stockholders’ Equity14Accounts payable (merchandise...
- Q On January 5, 2018, Parker Corporation received a chartergranting the right to issue 6,000 shares of $100 par value, 7%cumulative and nonparticipating preferred stock, and 60,000 sharesof $10 par value...
- Q On December 1, 2018, Folks Wagon Company adopted a stock-optionplan that granted options to key executives to purchase 50,000shares of the company’s $10 par value common stock. The optionswere granted...
- Q The following are two independent situations.Situation 1Whoo Cosmetics acquired 12% of the200,000 shares of common stock of Loreal Fashion at a total cost of$15 per share on Oct. 18, 2018....
- Q Whitman Company hasjust completed its first year of operations. The company’sabsorption costing income statement for the year follows:Whitman CompanyIncome StatementSales (41,000units × $43.10 per unit)$1,767,100Cost of goodssold (41,000 units ×...
- Q Distinguish between the terms ‘wealth’ and ‘profit’.
- Q How can I improve my thesis for an essay for higher education asI only scored 20/40 in this assignmentThey say I Say thesisAlthough Henry Bienen has some compelling reasons regardingpursuing...
- Q The following information is available for the first three yearsof operations for Wildhorse Company: 1. Year Taxable Income 2020$610,000 2021 460,000 2022 510,000 2. On January 2, 2020, heavyequipment costing...
- Q Create the journal entries and maintain the Inventory T-Acct basedon thefollowingtransactions using the perpetual weighted averageinventorymethod9.15-Jan-09bought on credit 10,000 barrels of crude oil for $600,00015-Jan-09bought forcash 8,200 barrels of crude...
- Q Explain what factors contributed to the developmentof The French Fur Trade in Wisconsin
- Q Room for DebateDebate 1-1Which Body Should Set Accounting Standards in the UnitedStates?Team Debate:Team 1:Argue that the SEC should set accounting standards in theUnited States.Team 2:Argue that the FASB should set...
- Q Explain how to compute the operating indicator analysis.
- Q Polaski Company manufactures and sells a single product called aRet. Operating at capacity, the company can produce and sell 38,000Rets per year. Costs associated with this level of production andsales...
- Q Hillyard Company, an office supplies specialty store, preparesits master budget on a quarterly basis. The following data havebeen assembled to assist in preparing the master budget for thefirst quarter:As of...
- Q Statement of Cost of Goods Manufactured and Income Statement fora Manufacturing CompanyThe following information is available for Shanika Company for20Y6:InventoriesJanuary 1December 31Materials$212,250$267,440Work in process382,050363,720Finished goods367,190371,740Advertising expense$181,590Depreciation expense-office equipment25,670Depreciation expense-factory equipment34,500Direct...
- Q Green, Inc., a C corporation, distributes a tract of land heldas an investment (FMV = $500,000, basis = $220,000) and itsmortgage of $550,000 to Susan at the end of the...
- Q Assume Nortel Networks contracted to provide a customer withInternet infrastructure for $2,050,000. The project began in 2018and was completed in 2019. Data relating to the contract aresummarized below:20182019Costs incurred during...
- Q Patrick Inc. makes industrial solvents. In the first 4 months ofthe coming year, Patrick expects the following unit sales:January41,000February38,000March50,000April51,000Patrick's policy is to have 23% of next month's sales in endinginventory....
- Q Selected financial information for the Adelphi Companyfor the fiscal years ended December 31, 2018 and 2017 follows.Prepare a cash flow statement using the indirect method. Properlytitle the statement.20182017Net income$142,500$162,000Depreciation Expense42,00035,000Purchase...
- Q On May 31, 2014, Franklin Company purchased a machine for$205,000. The machine has useful life 5 years or 100,000 units with$5,000 salvage value. Franklin uses 14,000 units in 2014 and...
- Q You are invited to design a vehicle identification number (VIN)system for the vehicles sold in the U.S.The VIN number should reflect: a. the vehicle’s make, model, andmodel year; b. the...
- Q During the month, a company enters into the followingtransactions:Borrows $8,750 of cash from the bank by signing a formalagreement to repay the loan in 2 years.Buys $6,900 of new equipment...
- Q Pittman Company is a small but growing manufacturer oftelecommunications equipment. The company has no sales force of itsown; rather, it relies completely on independent sales agents tomarket its products. These...
- Q Sandra's PurseBoutique has the following transactions related to its top-sellingGucci purse for the month of October. Sandra's PurseBoutique uses a periodic inventory system. DateTransactionsUnitsCost per UnitTotal Cost October1Beginninginventory6$770 $ 4,620 October4Sale4 October10Purchase5780 3,900 October13Sale3 October20Purchase4790 3,160 October28Sale7 October30Purchase7800 5,600 $17,280 a) Using FIFO,calculate cost...
- Q Martinez company's relevant range of production is7,500 units to 12,500 units. When it produces and sells 10,000units, its average cost per unit are as followsdirect materials $6.40direct labor $3.90variable manufacturing...
- Q This year, Paula and Simon (married filing jointly) estimatethat their tax liability will be $230,000. Last year, their totaltax liability was $190,000. They estimate that their taxwithholding from their employers...
- Q The treasurer of Calico Dreams Company has accumulated thefollowing budget information for the first two months of the comingfiscal year:MarchAprilSales.$450,000$520,000Manufacturing costs290,000350,000Selling and administrative expenses41,40046,400Capital additions250,000—The company expects to sell about...
- Q In this problem, you will apply the concept of present valueto find at what amount a bond payable should be recorded. Iencourage you to use Excel to find the answer.Company...
- Q Pretend it is early 2002 and you are Senator PaulSarbanes. What would you do differently when writing theSarbanes-Oxley Act? (Do not say you think it is perfect and youwould not do...
- Q Oaktree Company purchased new equipment and made the followingexpenditures: Purchase price $ 50,000 Sales tax 2,700 Freightcharges for shipment of equipment 750 Insurance on the equipmentfor the first year 950...
- Q Determine the best alternative among the options in the tablebelow if the MARR is 6%.OptionABCInitial cost$2500$4000$5000Annual net benefits$410$639$700n= 20 years.NPV=IRR=NPViABC0%1%2%3%4%5%6%7%8%9%10%11%12%13%14%15%16%17%18%19%20%21%22%23%24%25%a) Using Excel, construct a choice table for interest rates from...
- Q 19. (Mod. 6) ABC Hospital is a non-profit entity that does nothave to pay income taxes. Management is considering buying anautomated blood analysis machine that will significantly reduce thetime a...
- Q he income statement, balance sheets, and additional informationfor Virtual Gaming Systems are provided.VIRTUAL GAMING SYSTEMSIncome StatementFor the year ended December 31, 2021Net sales$2,450,000Gain on sale of land7,500Total revenues2,457,500Expenses:Cost of goods...
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