Accounting question and answers for September 15, 2023
- Q ABC Company had the following purchases and sales in June. What is the ending June inventory balance using the periodic FIFO and perpetual LIFO methods? ...
- Q Bonding employees who handle cash is an example of a) Independent internal verification b) Segregation of duties c) human resource controls d) documentation procedures
- Q fixed coste. (15,000)
- Q Create the Depreciation Schedule for the following problems. Use the method indicated. Straight Line Method Problem 1 Asset description - Food truck Asset cost - $30,000 Residual value - $2,350...
- Q i will upvote Placid Lake's 2021 net income before consideration of its relationship with Scenic (and before adjustments for intra-entity sales) was...
- Q Auditing and assurance
- Q On December 11, 2021, Courtney borrowed $42,000 and signed a 60-day, 5.5% note payable. Question: calculate the total interest expense of the note payable (use two decimal places)
- Q When employers amend pension plans to increase benefits to participants, which one of the following is created? Multiple Choice Prior service cost Transition liability...
- Q The quantity theory of money seeks to explain the connection between money supply and: aggregate demand. ...
- Q The Sports Equipment Division of Harrington Company is operated as a profit center. Sales for the division were budgeted for 2020 at...
- Q please calculate impairment using all 5 issues Solar Plc is a company which develops and manufactures electronic measuring equipment...
- Q 6. If the beginning inventory is given as 20,000, Ending inventory is given as 30,000, Net purchases is given as 265,000 & freight is given as 15,000 what would be...
- Q The City of Miami is about to replace an old fire truck with a new vehicle in an effort to save maintenance and other...
- Q Current Attempt in Progress Grouper Corporation needs to set a target price for its newly designed product M14-M16. The following data relate to this new product....
- Q Timpco, a retailer, makes both cash and credit sales (i.e., sales on open account). Information regarding budgeted sales for the last quarter of the year is as...
- Q In 2020, Malibu, Inc. issued notes payable to purchase land. In Malibus 2020 statement of cash flows, how would this transaction be classified? A. ...
- Q A company's division has sales of $2,430,000, income of $486,000, and average assets of $2,250,000. Compute the division's profit margin, return on investment, and investment turnover
- Q 1.) what is the cash received by C on Jan. 31 2.) What amount of total cash withheld on Jan. 31 3.) What is the amount of cash received...
- Q All factory overhead costs are estimated based on the level of direct labor hours used. Total monthly fixed costs are expected to be $800,000, variable costs per direct labor hour...
- Q Taser Company owns the following assets acquired on January 1, 2020. Asset Cost Residual Value Estimated Useful Life A $48,000 $800...
- Q Problem 12-4 (Algo) Fair value option; bond investment; effective interest; financial statement effects [ LO12-1, 12-2, 12-4, 12-8] Fuzzy Monkey Technologies, Incorporated purchased as a long-term investment...
- Q 9. Bank CO approved a loan application of Client ME on January 1, 20A for P3,500,000. Client ME is required to pay 15% interest annually every December 31, from 20A...
- Q Income before taxes is $1,000,000 total assets is 500000 net income is 800,000 what is planning materiality using the rule of thumb reality using the rule of thumb base and...
- Q 2. The management discussion and analysis [MD&A] is required in all major filings with the SEC. Discuss the importance of the MD&A and what types of information must be disclosed...
- Q real estate investment trust (REIT) competitive interaction
- Q Alternative Capital Investments The investment committee of Shield Insurance Co. is evaluating two projects, office expansion and upgrade to computer servers. The projects have different useful lives, but each requires...
- Q Coronado Company purchased equipment and these costs were incurred: Coronado will record the acquisition cost of the equipment as $69200.$66000.$69850.$70750.
- Q On January 1, 2019, Wildhorse Company began a warranty program to stimulate sales. It...
- Q Zachary Company incurs annual fixed costs of $111,000. Variable costs for Zacharys product are $21.00 per unit, and the sales price is $35.00 per unit. Zachary desires to earn an...
- Q Non-controlling interest at date of acquisition must be measured using: A. the full goodwill method. B. the partial...
- Q Budgeted Income Statement and Balance Sheet Required: 1. Prepare a budgeted income statement for 20Y9. 2. Prepare a budgeted balance sheet as of December 31, 20Y9....
- Q 1) Which of the following statements does not properly describe a defined benefit pension plan? Multiple Choice The employee bears little risk with respect to estimating...
- Q Prepare journal entries to record depreciation of the machine at December 31 Problem 8-6A (Algo) Disposal of plant assets LO C1, P1, P2 [The...
- Q On March 17, 2021, Jesica's festival company sold $40,000 of advance tickets for a jam festival for cash. On April 10, $10,000 tickets are redeemed. Record the journal entry on...
- Q Between internal and external users what types of users have the most impact and why?
- Q Wildhorse Corporation purchased 400 shares of Sherman Inc. common stock for $14,100 (Wildhorse does not have significant influence). During the year, Sherman paid a cash dividend of $3.25 per share....
- Q 2. Consider an investor with preference for the mean and variance of the returns on a portfolio. Let be the share of the investors wealth allocated to the risky...
- Q from.the following items identify if a particular.item is asset(A), liability(L), revenue(R), expense(Ex), equity(Eq), . If an item is recognized as asset or liability please indicate if it is a...
- Q On April 25, 2020, a flash flood destroyed one of High River Company's warehouses, including all of...
- Q Sales does not provide the greatest relative freedom of any career (True or false)
- Q The Toyota Camry is one of the best-selling cars in North America. The cost of a previously owned Camry depends...
- Q On January 1, 2021, the general ledger of Big Blast Fireworks includes the following account balances: Accounts Cash Accounts Receivable Allowance for Uncollectible Accounts Inventory Land Accounts...
- Q Perine Company has 3,440 pounds of raw materials in its December 31, 2019, ending inventory. Required production for...
- Q Work in Microsoft Excel Case 3b (15%) The following information is related to ABC Co.: 1. Accounts receivable of 60,000 (gross) are factored with BFO Credit without...
- Q You are given the following budgeted and actual data for the Grey Company for each of the months January through June of the current year. ...
- Q For the current year, LeBombard Company's static budget sales were $225,000. Actual sales for the current year were $220,000. Actual sales last year were $219,000. Expected sales last year were...
- Q Jarvene Corporation uses the FIFO method in its process costing system. The following data are for the most recent month of operations in one of the companys processing departments: Units...
- Q Hemming Co. reported the following current-year purchases and sales data for its only product. Date Activities Units...
- Q T/F - Partners do not recognize losses from partnership operating distributions
- Q If the allocation of overhead causes the cost of the self-constructed asset to be greater than the fair value of the asset, the asset should be recorded at its __________...
- Q If the company issues common stock of $5,200 and pay dividends of $38,900, how much is net income (loss)?
- Q Geneva Preschool provides free instruction for children from low-income families. Its January 1,2023, trial balance is as follows: Debit Credit Cash $ 100,000 ...
- Q Coronado Industriesis planning to sell 600 buckets and produce 1180 buckets during March. Each bucket requires 300 grams of plastic and one-half hour of direct labor. Plastic costs $10 per...
- Q Which of the following should be deducted from net income in calculating net cash flow from operating activities using the indirect method? A. a decrease in inventory B. a decrease...
- Q Oslo Company prepared the following contribution format income statement based on a sales volume of 1,000 units (the relevant range of production is 500 units to 1,500 units): ...
- Q Tory Enterprises pays $242,400 for equipment that will last five years and have a $44,000 salvage value. By using the equipment in its operations for five years, the company...
- Q The matching principal requires:
- Q If a Canadian subsidiary has Current Value Assets (CVA) of C$25,000,000 and Current Value Liabilities (CVL) of C$50,000,000 and the exchange rate changed from USDCAD C$1.25/$ (historic rate) to C$1.16/$...
- Q Using the McDonald's Financial Analysis (FY 2011 FY 2008) and Key Ratio Comparison, calculate the missing values. (Enter your answers in thousands of dollars. Round...
- Q Presented below is information related to a copyright owned by Sandhill Compary at December 31, 2025 . Assume that Sandhill Company will continue to use this copyright in...
- Q What accounting policy spotify uses for inventory, depreciation, and investments?
- Q 3. Bank CO approved a loan application of Client ME on January 1, 20A for P3,500,000. Client ME is required to pay 15% interest annually every December 31, from 20A...
- Q Sheffield Manufacturing uses a flexible budget. It has the following budgeted manufacturing costs for 25900 pairs of shoes: Fixed Manufacturing Costs, $12200 and Variable Manufacturing Costs, $12.00 per pair of...
- Q byte of accounting Inc. issued 2650 shares of common stock to Jeremy after $30,240 in cash and computer equipment with a Fair market value of 41,310 were received
- Q ** For these problems, set the calculator date worksheet to a bankers' year - 360 days. 1. The effective rate of a $25,000 interest-bearing simple discount 10%, 90-day note is:...
- Q pls help i will like asap Problem: Module 4 Textbook Problem 1 Learning Objective: 4-1 Differentiote between horizontal and vertical anolysis Income statements...
- Q Identify the following factors that affect financial condition as environmental factors (E) or financial factors (f) 1. Community needs and resources 2. Disaster risk 3. Revenue 4. Intergovernemntal constraints 5....
- Q In 2020, Carson is claimed as a dependent on his parents' tax return. His parents report taxable income of $200,000 (married filing jointly). Carson's parents provided most of his support....
- Q The following is the adjusted trial balance at December 31, 2018 for the Farmer Enterprises. ...
- Q Suppose you have three bank accounts with different banks. In each month, for Account 1, you will pay C% of your balance of last month for...
- Q Subject: Financial Accounting Topic: Consolidated financial statements (IAS 27 and IFRS...
- Q Carla Vista Co purchased...
- Q Ajax Manufacturing Company manufactures a product that normally sells for $80 per unit. Ajax expects to make and sell 80,000 units in 2014, and has capacity to produce 100,000 units....
- Q Gandalf Manufacturing Company produced 38,000 units of product in 2014, using 285,000 units of direct materials and 10,000 direct labor hours. During the year, 320,000 units of direct material were...
- Q Hondo traded real property used in his business to a dealer in exchange for new, like-kind real property he will hold for investment. Hondo originally purchased the property for 72,000...
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