Accounting question and answers for September 15, 2023
- Q Required information The Foundational 15 (Algo) [LO8-2, LO8-3, LO8-4, LO8-5, LO8-7, LO8-9, LO8-10] [The following information applies to the questions...
- Q 1. Which of the following steps is required when performing a LCM test? A. Debiting inventory when the NRV is lower than historical cost. B. Computing the net realizable value...
- Q Tektron Industries has current assets that exceed its current liabilities. The CFO recommends paying off one of the company's short-term liabilities because the result will be a(n) A. Decrease in...
- Q Your firm has been engaged to perform a limited scope risk advisory engagement. Per engagement letter, the scope of the review is limited to factors relating to the control environment...
- Q An asset's book value is $18,400 on December 31, Year 5. The asset has been depreciated at an annual rate of $3,400 on the straight-line method. Assuming the asset is...
- Q US S Question 11 Which of the following would not be part of a value chain for a fast food restaurant? Forum Buying produce Refilling the...
- Q Finch Publications established the following standard price and costs for a hardcover picture book that the company produces. Standard price and variable costs Sales price Materials cost...
- Q You are a start up in the highly competitive smart phone market. Your introductory offering to the marketplace was well received and sales were more than very good. You have...
- Q What is the common characteristic of all the assets owned by a company? A. Intangible B. Long Life C. Future Economic Benefits ...
- Q Prepare two returns and answer the question below. 1. Single person - earned income $250,000 2. Married couple - earned income $250,000 You represent two engaged couples who both earn...
- Q Liquidating Partnerships Prior to liquidating their partnership, Perkins and Gentry had capital accounts of $25,000 and $38,000, respectively. Prior to liquidation, the partnership had no cash assets other than what...
- Q Ahmed, who is an electrician, perform services for a client December 1, 2019. Ahmed billed the client $1,500 on December 5, 2019. Immediately after that, Ahmed traveled out of town...
- Q 8. Elektronix, Inc. has three operating segments with the following information: DVDs VCRs ...
- Q You have just been hired as a financial analyst for Lydex Company, a manufacturer of safety helmets. Your boss has asked you to perform a comprehensive...
- Q You have been asked to examine the financial statements for Hathaway Inc.. Use vertical analysis tools to compare line items to the Total Assets figure. Do not enter dollar signs...
- Q Record the necessary entries in the Journal Entry Worksheet below Mountaineer purchases one year of flood insurance in advance on...
- Q View the Transaction Journal for the Expense. a. From the bottom of the Media Expense window, select More > Transaction Journal b. What are the Account...
- Q PLEASE SHOW WORK AND PROVIDE EXPLANATION LaComedia Dinner Theater sells tickets for dinner and a show for $40 each. The cost of providing dinner is $26 per ticket and the...
- Q In September, Larson Inc. sold 45,000 units of its only product for $284,000, and incurred a total cost of $265,000, of which $29,000 was fixed costs. The flexible...
- Q Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item available for sale during the year were as follows: Jan. 1 Inventory 12 units at...
- Q 9. The Diversified Portfolio Corporation provides investment advice to customers. A condensed income statement for the year ended December 31, 2018, appears below: ...
- Q ABS Limited is a fast-growing supplier ofoffice equipment. Analysts project the following free cash flows ( FCF ) during the next 3 years, after which FCF is expected to grow...
- Q Capitol, Incorporated, has received a special order for 2,170 units of its product at a special price of $156. The prociuct normally...
- Q I want to take my sole proprietorship business and merge with two other separate sole proprietorships to form a new corporation with three owners....
- Q E19.21 (LO 3) (Carryforward of NOL, No Valuation Account, No Temporary Differences) The pretax financial income (or loss) figures for Jenny Spangler Company are as follows. 2017 $80,000 2018 (160,000)...
- Q Actual Quantity -5.2 kg Actual price -$9.80 Standard quantity-5 kg Standard price- $10 What is the price variance O 1.96 2.04 O none of them 2
- Q Prepare a contribution margin income statement (also called a variable-costing income statement) for the manufacturing company for the upcoming year. Compute the companys contribution margin per...
- Q Discuss the accounting fraud case of the retail store Phar-Mor. Specifically discuss the role of the CFOs, Patrick Finn, role in the accounting fraud. What specific steps did Patrick Finn...
- Q This weeks material deals with, among other things, an introduction to the subject of not-for-profit and municipal accounting, which is very different from the GAAP accounting youve been learning for...
- Q please describe what LIFO (Last In, First Out) is and the purpose. What impact does LIFO have on the income statement? Please provide a quality response that fully addresses LIFO....
- Q Joey is concerned the IRS may allege that he was negligent in his return preparation for 2019. He owed $5,000 when he filed his tax return. He filed the return...
- Q (Ignore income taxes in this problem.) The management of Dittrick Corporation is considering the following three investment projects: Project I Project J Project K Investment required $13,000 $41,000 $93,000...
- Q CSR reporting is necessary for all the following reasons, EXCEPT? CSR reporting is necessary for all the following reasons, EXCEPT
- Q Padre, Inc., buys 80 percent of the outstanding common stock of Sierra Corporation on January 1, 2015, for $778,400 cash. At the acquisition date, Sierras total fair value, including the...
- Q Alpha Corporation reported the following data for its most recent year: sales, $570,000; variable expenses, $270,000; and fixed expenses, $240,000. The company's degree of operating leverage...
- Q Quick Inc. has prepared a planning budget for a volume of 15,000 units. On the planning budget rent is budgeted to be $30,000. The flexible budget prepared for an actual...
- Q The management of Helberg Corporation is considering a project that would require an investment of $208,000 and would last for 6 years. The annual net operating income from the project...
- Q Hopkinton Test Laboratories does heat testing (HT) and stress testing (ST) on materials and operates at capacity. Under its current simple costing system, Hopkinton aggregates all operating costs...
- Q Nwar has five children ages 10, 14, 15, 16, and 19. The 19-year old child is attending a college in another state. Nwars MAGI is $120,000 and taxable income is...
- Q For a given dataset. Apply predicting class label using nave Bayesian classification. The type to be classify is X = ( age = middle-age, income = low, student =...
- Q 12. The Gain on resale of portfolio shares account: to. Presented in the Statement of Income and Expenses b. It is presented as Other comprehensive income. c. It is recorded...
- Q ts 2 ? 6 Sleep Tight, Inc., manufactures comforters. The estimated inventories on January 1 for finished goods, work in process, and materials were s40,000,...
- Q 2. Weslaco Company has made the following information available for its production facility for the current month. Fixed overhead was estimated at 19,000 machine hours for the production cycle. Actual...
- Q A company plans to make four annual deposits of $2,250 each to a special building fund. The fund's assets will be invested inA company plans to...
- Q The following income statement items appeared on the adjusted trial balance of Schembri Manufacturing Corporation for the year ended December 31,2024( $ in thousands): sales revenue,...
- Q Statement of Owner's Equity The revenues and expenses of Zenith Travel Service for the year ended August 31, 20Y4, follow: Fees earned $721,090 Office expense 165,850 Miscellaneous expense 14,420 Wages...
- Q Assets Beginning of Year: $25,000 End of Year: $64,000 Liabilities: Beginning of Year: 17,000 End of Year: 29,000 If the company issues common stock of $6,000 and pay dividends of...
- Q On December 11, 2021, Harry's business borrowed $36,000 and signed a 60-day, 4% note payable. Question: Prepare the journal entry to record the payment of the note on February...
- Q The pension plan is also considering investing $70 million of its cash today at a 3.5 percent annual interest for five years with a commercial bank. The bank in return...
- Q Kennedy Co. sells two products, Arks and Bins. Last year, Kennedy sold 32,000 units of Arks and 18,000 units of Bins. Related data are: Product Unit Selling Price Unit Variable...
- Q You have just been hired as a financial analyst for Lydex Company, a manufacturer of safety helmets. Your boss has asked you to perform a comprehensive...
- Q Record the necessary entries in the Journal Entry Worksheet below At the beginning of May, Golden Gopher Company reports a balance in Supplies of $350. On May 15, Golden Gopher...
- Q Lok Co. reports net sales of $4,864,000 for 2016 and $8,723,000 for 2017. End-of-year balances for total assets are 2015, $1,530,000; 2016, $1,787,000; and 2017, $1,918,000. (a) Compute Lok's total...
- Q Amira and Amir file as Married Filing Jointly and have 8 children who qualify for the child tax credit. Their MAGI is $210,000 and their tax liability is $12,500. Calculate...
- Q 1. Briefly discuss the purpose of the Sixteenth Amendment.
- Q Exercise 13-3A (Algo) Distinction between avoidable costs and cost behavior LO 13-1 Rooney Company makes fine jewelry that it sells to department...
- Q The following data relate to direct labor costs for August: Actual costs: 5,500 hours at $24.00 per hour. Standard costs: 5,000 hours at $23.70 per hour. What is the direct...
- Q help me 1. Which of the following includes the uncontrollable forces that affect both the company and all elements in the immediate environment and establishes the...
- Q Assessing Financial Statement Effects of Transactions K. Daniels started Daniels Services, a firm providing art services for advertisers, on June 1. The following accounts are needed to record the transactions...
- Q Calculate the cost-to-retail ratio and the amount of ending inventory by using the retail inventory method. (Round the cost-to-retail ratio to 2 decimal places, e.g.52.75%...
- Q Jacob purchased a non-qualified annuity in 2005 for $60,000 that is to pay him $4,000 per year for the remainder of his life. In 2005 Jacobs life expectancy was 20...
- Q PLEASE SHOW WORK AND PROVIDE EXPLANATION The Halpert Group produces a single product selling for $70 per unit. Variable costs are $7 per unit and total fixed costs are $5,000....
- Q Determine the amount of completed gift if any from the following occurrences: A parent sells real estate valued at $1.5million to an adult child who pays $900,000 in consideration A...
- Q ACCT 207 PROJECT Adjusting Journal Entries and Financial Statements Purpose Improve your understanding of the relationships between the financial statements; increase your confidence in preparing and recording...
- Q A receivable is recognized when a service is performed. only when payment has been received. regardless of collection risk. when the sales effort is substantially complete
- Q On October 1,2021, Santana Rey launched a computer services company called Business Solutions, which provides consulting services, computer system installations, and custom program development. The companys initial...
- Q Joe Schreiner, controller for Bridgeport Company Inc., recently prepared the company's income statement and statement of changes in equity for 2023. Joe believes that the statements are a...
- Q C Futura Company purchases the 70,000 starters that it installs in its standard line of farm tractors from a supplier for the price of $12.30 per...
- Q Actual Quantity -5.2 kg Actual price -$9.80 Standard quantity-5 kg Standard price- $10 What is the total variance? O 1.96 O 0.96 02 none of them
- Q Fraud in the Movies There are many movies that are either documentaries or dramatizations about real-life cases of fraud that have impacted financial reporting and the auditing profession. Select...
- Q Which of the following is an example of a nonfinancial measure? a. lead time b. setup time c. units scrapped d. all of the above
- Q The WireOne Company manufactures high-quality coated electrical wire in two departments, Weaving and Coating. Materials are introduced at various points during work in the Weaving Department. After the...
- Q Saved Help Save&ExitSubmit Check my work Listed below are a few transactions and events of Piper Company. 1....
- Q Hsu Company reported the following on its income statement: Income before income taxes $315,351 Income tax expense 94,605 ...
- Q Piscataway Plastics Company manufactures a highly specialized plastic that is used extensively in the automobile industry. The following data have been compiled for the month of June. Conversion activity occurs...
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