Accounting question and answers for September 12, 2023
- Q Instructions Rockwell the reported the following results for the yow ended me 30.2075 Rotare camera. July 2014 Netcome Cash dividends declared Stock dividends declared $3,600,000 714.000...
- Q Required information [The following information applies to the questions displayed below) Victory Company uses weighted average process costing. The company has two production...
- Q Complete this question by entering your answers in the tabs below. Did profit margin improve or worsen in the Current Year versus 1 Year Ago? Complete this question...
- Q Raw materials purchased Direct materials used Direct labor used Factory overhead Work in process inventory, beginning Cost of goods manufactured Ending Work in Process Inventory is Computed as: Work...
- Q Company issued , 220000 4%, 10-year bonds payable at on January 1,2016. 6. Journalize the issuance of the bonds payable on January 1,2016 . 7. Journalize the payment of semiannual...
- Q Brittany started a law practice as a sole proprietor. She owned a computer, printer, desk, and file cabinet she purchased during law school (several years ago)...
- Q On 1/1/18, Kantner, Inc., a domestic corporation had the following balance sheet accounts for book and tax purposes. Assets: Tax Book Property, plant and equipment - cost 1,000,000 1,000,000 Accumulated...
- Q Please answer ALL QUESTIONS QUESTION 10 Amorican managers beliove strongly in self-determination and perceive problem situations as something they can change This shows that...
- Q Reproduced below from Farthington Supplys accounting records is the accounts receivable subledger along with selected general ledger accounts. General Ledger Accounts Receivable Dec....
- Q Additional information 1. Biock of lan t was sold at cost for cash 2. No buildings were sold. Additional information 1. Biock of lan t was...
- Q December 28,2024Bills was contacted by a customer for possible accounting and tax services. December 30,2024 Bills signed a formal agreement with the customer to provide accounting...
- Q Prepare (a) a single-step income statement, (b) a statement of owners equity, and (c) a batance sheet in report form from the following data for Kooper...
- Q In May, one of the processing departments at Messerli Corporation had beginning work in process inventory of $27,000 and ending work in process...
- Q Estimating Useful Life and Percent Used Up The property and equipment section of the lululemon athletica 2018 balance sheet follows. Depreciation expense related to property...
- Q Gander Inc. is a calendar year, accrual basis corporation. Gander accrued $23,900 wage and salary expense at the end of 2019. How much of the accrued wage and salary expense...
- Q Question 3 (13 Marks): Indus company is operating in Ontario (HST rate 13%). On April 1, 2023, Indus purchased from a supplier $140,000 of Inventory...
- Q Exercise 7-17 Preparation of cash budgets (for three periods) LO P2 Kayak Co. budgeted the following cash receipts (excluding cash receipts from loans received) and cash payments (excluding...
- Q a Bexinco Ltd olfers discounted bundied health insurance packages, Bexinco Ltds bundled service package include: is offered at the inception of the contract and two ongoing services...
- Q Smithson Mining operates a silver mine in Nevada. Acquisition, exploration, and development costs totaled $7.4 million. After the silver is extracted in approximately five years, Smithson is...
- Q A Company calculated residual income for 200X to be $22,000. The companys target rate of return was 12%, the turnover was 2.0. If the operating assets invested was $400,000, what...
- Q The financial statements of Friendly Fashions include the following selected data (in millions): ($ in millions)20242023 Sales $8,543 $9,634 ...
- Q Gallatin Carpet Cleaning is a small, family-owned business operating out of Bozeman, Montana. For its services, the company has always charged a flat fee per hundred square feet...
- Q Required information [The following information applies to the questions displayed below) The Tennis Times (TTT) is a publisher of magazines. Its...
- Q On December 31,2023 , Dow Steel Corporation had 680,000 shares of common stock and 308,000 shares of 8%, noncumulative, nonconvertible preferred stock issued and outstanding. - Dow issued...
- Q Serotta Corporation is planning to issue bonds with a face value of $440,000 and a coupon rate of 12 percent. The bonds mature in two years and pay...
- Q 1. Computers R US took out a 9 month, 4.25, $17,000 note onAugust 1, 2019 with interest and principal to be paid onmaturity.2. On October 1, 2019, Computers R US...
- Q Kristopher Company has budgeted sales of $300,000 with thefollowing budgeted costs: Directmaterials $60,000 Direct manufacturinglabor 40,000 Factory overhead Variable 30,000 Fixed 50,000 Selling and administrativeexpenses Variable 20,000 Fixed 30,000 Required (10points): Compute the average markup percentage for setting prices as apercentage...
- Q Presented here are statement of income and retained earnings andComparative Balance Sheets for Madison Garden PTY LTD, whichoperates a National chain of sporting goods.Statement of income and Retained Earnings for...
- Q TRUE OR FALSE?** IF YOU CAN'T ANSWER THEM ALL, PLEASE DON'T ANSWERANY**When a company declares of cash dividends retained earnings isreduced.Authorized stock is the total number of sharesoutstanding.The asset turnover...
- 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, whichfollows: Sales $ 1,645,000 Variable expenses...
- Q Problem 16-3A Weighted Average: Process cost summary; equivalentunits LO C2, C3, P4Fast Co. produces its product through a single processingdepartment. Direct materials are added at the start of production,and conversion...
- Q 10. The Nolan Corporation finds it is necessary to determine itsmarginal cost of capital. Nolan’s current capital structure callsfor 30 percent debt, 30 percent preferred stock, and 40 percentcommon equity....
- Q Montoure Company uses a perpetual inventory system. It enteredinto the following calendar-year purchases and salestransactionsDateActivitiesUnits Acquired at CostUnits Sold at RetailJan.1Beginning inventory600units@ $40 per unitFeb.10Purchase360units@ $37 per unitMar.13Purchase150units@ $25 per...
- Q Minden Company is a wholesale distributor of premium Europeanchocolates. The company’s balance sheet as of April 30 is givenbelow: Minden Company Balance Sheet April 30 Assets Cash $ 10,500Accounts receivable...
- Q What is the application of the moral theory for the accountingprofession?
- Q Milbank Repairs & Service, an electronics repair store,prepared the following unadjusted trial balance at the end of itsfirst year of operations:Milbank Repairs & ServiceUnadjusted Trial BalanceJune 30, 2019DebitBalancesCreditBalancesCash12,410Accounts Receivable82,420Supplies19,860Equipment472,590Accounts Payable19,360Unearned...
- Q Celestial Artistry Company is developing departmental overheadrates based on direct-labor hours for its two productiondepartments, Etching and Finishing. The Etching Department employs20 people and the Finishing Department employs 80 people....
- Q 5) One reason to use a periodic inventory system isA) The company likes to count the inventory a lotB) The goods have a high unit value, such as diamondringsC) The...
- Q The following events occur for The Underwood Corporation during2018 and 2019, its first two years of operations. June 12, 2018 Provide services to customers on account for$36,200.September 17, 2018 Receive $21,000...
- Q 1.What are some of the common problems users encounter whentrying to compare financial statements of companies (even when theyare in the same industry)? Describe how using XBRL could helpalleviate these...
- Q Denzel Brooks opens a web consulting business called VentureConsultants and completes the following transactions inMarch.Using the following transactions, record journal entries, createfinancial statements, and assess the impact of each transaction...
- Q The Gourmand Cooking School runs short cooking courses at itssmall campus. Management has identified two cost drivers it uses inits budgeting and performance reports—the number of courses and thetotal number...
- Q Davis, Inc., had the following quality costs for the years endedDecember 31, 20x4 and 20x5:20x420x5Prevention costs: Quality audits$71,000 $106,500 Vendor certification123,500 185,250 Appraisal costs: Product acceptance$90,000 $135,000 Process acceptance85,000 107,500 Internal failure costs: Retesting$104,000 $98,000 Rework200,000 173,000 External failure costs: Recalls$127,500 $102,000 Warranty305,000 298,000 At the end of 20x4, management...
- Q •What should auditor do when risk of fraud with regards to cash isincreased?• What are the aspects of control that auditors are mostconcerned about for sales and collection cycle?• What...
- Q XY Pte Ltd is finalising its financial statements for the yearended 31 December 20X1. The date of authorisation of financialstatements for issue was 14 March 20X2 and the annual generalmeeting...
- Q Ernest Real Estate AppraisalAdjusted Trial BalanceJune 30, 2018BalanceAccount TitleDebitCreditCash$5,000Accounts Receivable5,500Office Supplies2,400Prepaid Insurance2,700Land13,200Building79,000Accumulated Depreciation—Building$25,300Accounts Payable19,400Interest Payable8,000Salaries Payable1,700Unearned Revenue700Notes Payable (long-term)45,000Common Stock6,000Retained Earnings35,000Dividends26,000Service Revenue47,800Insurance Expense3,900Salaries Expense32,600Supplies Expense900Interest Expense8,000Utilities Expense1,800Depreciation Expense—Building7,900Total$188,900$188,9001.Prepare the company's...
- Q Inventory information for Part 311 of Bramble Corp. disclosesthe following information for the month of June.June 1Balance303 units @ $14June 10Sold201 units @ $3411Purchased798 units @ $1715Sold498 units @ $3520Purchased497...
- Q Required information Problem 21-3A Flexible budget preparation;computation of materials, labor, and overhead variances; andoverhead variance report LO P1, P2, P3, C2 [The followinginformation applies to the questions displayed below.] AntuanCompany...
- Q Developing accounting standards is challenging and requirescoordinated efforts among various parties to successfully execute.If you were given complete authority in this matter, how would youpropose that GAAP should be developed...
- Q Part 2: Cameron Company is interested inestablishing the relationship between utility costs and machinehours. Data has been collected and a regression analysis preparedusing Excel. The monthly data and the regression...
- Q What if Leaders Institute appointed a ChiefCommunications Manager (CCM) who will be responsible foridentifying, developing and monitoring all the communicationchannels within the organisation? Please provide detailed answer onthis question. 1000...
- Q The following is an actual headline that was recently reportedin the media about the New Zealand company Sky TV:“Sky TV’s profit dropped 20.9 per cent in the year to the...
- Q Define organizational culture, observable culture, and coreculture
- Q Usefulness of income statement and cash flow statement for theinvsetors
- Q Following is information on two alternative investments beingconsidered by Jolee Company. The company requires a 10% return fromits investments. (PV of $1, FV of $1, PVA of $1, and FVA...
- Q Internal Rate of Return Method—Two ProjectsMunch N’ Crunch Snack Company is considering two possibleinvestments: a delivery truck or a bagging machine. The deliverytruck would cost $48,601.8 and could be used...
- Q What key questions does a Master Budget for ManufacturingCompanies answer?
- Q 1. Explain that auditor’s public interest responsibilityincluding the source of their responsibility they extends to whichthey embrace this responsibility & tangible ways thatentry-level auditors can embrace this responsibility?2. Explain the...
- Q One of the benefits of Data Analytics is the ability to see andtest the full population. In that case, why is sampling (evenmonetary sampling) still used, and how is it...
- Q The Westchester Chamber of Commerce periodically sponsors publicservice seminars and programs. Currently, promotional plans areunder way for this year’s program. Advertising alternatives includetelevision, radio, and newspaper. Audience estimates, costs, andmaximum...
- Q Prepare a Production Cost Report: FIFO Method(LO 8-2, 4, 5)Lansing, Inc. provides the following information forone of its department’s operations for June (no new material isadded in Department T):WIP inventory—Department...
- Q Baltic Limited is a listed company based in California. OnJanuary 1, 2019, the company granted 10,000 share units to its vicepresident. Each share unit has a contractual service period of...
- Q Define in own wordsCHAPTER 5 – AccountingSystemsAccounting systemAccounts payable subsidiary ledgerAccounts receivable subsidiary ledgerCash payments journalCash receipts journalControlling accounte-CommerceGeneral journalGeneral ledgerInternal controlsInvoicePurchases journalRevenue journalSpecial journalsSubsidiary ledger
- Q You oversee the $250 petty cash for your company. When anemployee needs a special item that is not in inventory, you takemoney from petty cash to purchase that item.One day,...
- Q Tami Tyler opened Tami’s Creations, Inc., a small manufacturingcompany, at the beginning of the year. Getting the company throughits first quarter of operations placed a considerable strain on Ms.Tyler’s personal...
- Q Why deferrals are reported in government financial statementsseparately?
- Q The production supervisor of the Machining Department for NilandCompany agreed to the following monthly static budget for theupcoming year:Niland CompanyMachining DepartmentMonthly Production BudgetWages$867,000Utilities52,000Depreciation87,000Total$1,006,000The actual amount spent and the actual units...
- Q Analytical procedures are required on every audit.Should the procedure be performed before or after thecalculation of the expected result?If the result of an analytical procedure differs significantlyfrom the expectation, is...
- Q What are ABC trusts and how are they used for estate planningpurposes?
- Q The Bradford Company issued 12% bonds, dated January 1, with aface amount of $96 million on January 1, 2018. The bonds mature onDecember 31, 2027 (10 years). For bonds of...
- Q CSU, Inc., is a calendar year S corporation. CSU’s Form 1120Sshows nonseparately stated ordinary income of $120,000 for theyear. Taewon owns 30% of the CSU stock throughout the year. Thefollowing...
- Q Assume that Oceanview’s long term debt to owner’sequity makes you believe that it cannot remain in business for muchlonger and that it is discussed, along with management’s plans, inNote 8...
- Q The trial balance of pacillo security services inc as of January1 2018 had the following normal balances Cash- $93,708 Petty Cash- 100 Accounts Receivable- 22,540 Allowance for doubtful accounts- 1,334 Supplies- 250 Prepaid rent- 3,600 Merchandise...
- Q Cost Assignment and JITBunker Company produces two types of glucose monitors (basic andadvanced). Both pass through two producing departments: Fabricationand Assembly. Bunker also has an Inspection Department that isresponsible for...
- Q If you were an auditor, how would you review a company’saccounting related records to identify potential liabilities whichwere not reported on the company’s balance sheet?
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