Accounting question and answers for September 15, 2023
- Q You decide to invest in an annuity with an insurance company. You pay $1000 per year for 10 years. The annuity pays 5% interest. How much will the annuity be...
- Q please help with required 6-10. i have already completed 1-5 The management of Zigby Manufacturing...
- Q From a seller's perspective, what is the difference between the journal entry for a return versus the journal entry for an allowance
- Q Assume that TDW Corporation (calendar-year-end) has 2018 taxable income of $700,000 for purposes of computing the 179 expense. The company acquired the following assets during 2018: (Use MACRS Table 1,...
- Q A company paid $5000 cash to its bank. The payment was for $4000 of principal and $1000 of interest incurred this period. The loan had been taken out to finance...
- Q Way Cool produces two different models of air conditioners. The company produces the mechanical systems in their components department. The mechanical systems are combined with the...
- Q : Introduction YEAR 1 Design Room Ill Forecasting Room Production Room Procurement Suppliers Boardroom Scorecard Year: 1 Profit: $2,000,000 Votes: Decision History Production Room Yearly Planning Actual...
- Q The triplets are now three and a half years old, and Jamie Lee and Ross, both 38, ore finally beginning to settle down into a regular...
- Q On July 1, 2016, Donna Equipment signed a one-year, 8% interest-bearing note payable for $50,000. Assuming that Donna Equipment maintains its books on a calendar year basis, how much interest...
- Q Question 2: (18 marks) George Ltd manufactures and directly sells three products: B1, B2 and B3. Its budgetary information is as...
- Q The objective of financial reporting is to provide information about the reporting entity to primary users, including each of the following except: suppliers employees ...
- Q Which department is usually responsible for a labor price variance attributable to misallocation of workers? a. Quality Control b. Purchasing c Engineering d Production...
- Q When incorporating, it is important to consider whether or not the companys business deals internationally. 1. Summarize the impact of foreign exchange rates on the companys financial statements. What risks...
- Q Simpson, Inc. reported $100,000 cash provided by operating activities. The company paid $30,000 to purchase production equipment and paid $10,000 in dividends. How much is Simpsons free cash flow? ...
- Q As your instructor, I'd like to know if the process of writing these 7 letters (business letters) was beneficial for you. thank you letter, Letter of Resignation, message of inquiry...
- Q What types of budget approaches are typically used in for-profit companies as opposed to non-profit organizations? Explain at least two different budget methods
- Q What are the various classes of stock. List and explain.
- Q A company has a building that it originally bought for $500,000. As of 9/9/2012, there is $100,000 of Accumulated Depreciation on the building. On 9/9/2012, the company sells the building...
- Q If revenues total $4000 and expenses total $2500, what is the balance in income summary after the accounting cycle has been completed?
- Q I need help with this question An employee earned $46,600 during the year working for an employer when the maximum limit for Social Security was $118,500. The FICA tax rate...
- Q 9. Assume that beginning 2020 Kohle now offers a 401(k) Roth option for employees, in which Kohle matches 100% of contributions up to 4%. How much can Sara contribute to...
- Q the client has restated the prior statement because of a change form LIFO to FIFO. how should this be reflected in the auditor's report?
- Q Nicole lives in Pasadena, California every year she rents her home for a total of 7 days to add a town gas attending the rose parade and rose bolt. Where...
- Q What are the key management information requirements? 120150 words Please do not copy and paste from another source. Thanks
- Q quiter of the vocomina wa are as follows. Requirement quyler and for the year in lotal Prepern tie producton budget by frst calcuating the total insts...
- Q A)McDonald’s offered toys that portrayed the characters in themovie The Incredibles for free with the purchase of aHappy Meal. The giving away of these toys is an exampleof the use of...
- Q Exercise 6.6. The ledger accounts of I-Cloud InternetCompany appear as follows on March 31, 2016:Account No.AccountBalance101Cash$80,000111Accounts Receivable$58.820121Supplies$10,600131Prepaid Insurance$25,000141Equipment$118,000142Accumulated Depreciation – Equipment$41,320202Accounts Payable$13,000301Lee Retha Hale, Capital$130,000302Lee Retha Hale, Drawing$13,000401Fees Income$374,460510Depreciation Expense...
- Q AirQual Test Corporation provides on-site air quality testingservices. The company has provided the following cost formulas andactual results for the month of February:Fixed Componentper MonthVariableComponent per JobActual Totalfor FebruaryRevenue$276$30,370Technician wages$8,100$7,950Mobile...
- Q The following are transactions of Samantha PayapagAdvertising Company for the month of July2013Prepare Journal Entries,General Ledger, T-Accounts, Trial Balance, IncomeStatement, and Balance SheetJuly 3 Samantha Payapag invested 500,000 in thebusiness.July...
- Q Choose three non-current assets. Describe at least two optionswhich could be used to allow the business to utilise them. What arethe advantages and disadvantages of each option you described?Discuss whether...
- Q March, April, and May have been in partnership for a number ofyears. The partners allocate all profits and losses on a 4:2:2basis, respectively. Recently, each partner has become personallyinsolvent and,...
- Q STOCHOSINC. STATEMENT of FINANCIALPOISTION June 30, 2018ASSETS LIABILITIESCash $222,000 Accounts Payable $150,000AccountsRec. 58,000 Mortgage Payable 500,000Inventory 4,000 Supplies 6,000 TOTAL LIABILITIES $650,000 Land 210,000Buildings $900,000 STOCKHOLDER EQUITY Acc. Depr. <200,000>700,000 Equipment 260,000 Common Stock $5 Par $500,000 Acc. Depr <60,000>200,000 Excess $100,000 RetainedEarnings $150,000 TOTALEQUITY $750,000 TOTAL ASSETS $1,400,000 TOTAL LIAB. &EQUITY $1,400,000July 1 Sold 220,000 shares of common stock...
- Q The marketing director of a small private university isconsidering launching an advertising campaign-the first in theuniversity's history-to boost student enrollment. She favored a mixof television, radio, and print advertising; recently,...
- Q Question 29:Knight Co. owned 80% of the common stock of Stoop Co. Stoop had50,000 shares of $5 par value common stock and 2,000 shares ofpreferred stock outstanding. Each preferred share...
- Q Talk briefly about the sections of statement of cash flows.
- Q Net Present Value Method, Present Value Index, and Analysis fora service companyContinental Railroad Company is evaluating three capitalinvestment proposals by using the net present value method.Relevant data related to the...
- Q tica Manufacturing (UM) was recently acquired by MegaMachines,Inc. (MM), and organized as a separate division within the company.Most manufacturing plants at MM use an ABC system, but UM hasalways used...
- Q Ajax Products, Inc., reported an excess of warranty expense overwarranty deductions of $72,000 for the year ended December 31,2020. This temporary difference will reverse in equal amounts of$24,000 in years...
- Q Electro Company manufactures an innovative automobiletransmission for electric cars. Management predicts that endingfinished goods inventory for the first quarter will be 275,400units. The following unit sales of the transmissions are...
- Q Below are the transactions for September.September1 The owner contributed $20,000 to the business to start theoperations.September2 Purchased a fully equipped hotdog cart for $15,000. Paid $5,000upfront and put the remainder of the...
- Q The following information for July and August were extractedfrom the costing records of Venus CC: July AugustProduction and sales(units) 12 000 10 000 R RCosts:Directmaterial 270 000 225000Directlabour 360000 300 000Factoryoverhead 360000 331 500Marketingexpenses 93 000 87 000Administrativeexpenses 153000 144 000At the beginning of September...
- Q The following information is available for Sunland Company forthe year ended December 31, 2017.Beginning cash balance$ 46,620Accounts payable decrease3,833Depreciation expense167,832Accounts receivable increase8,495Inventory increase11,396Net income294,328Cash received for sale of land at...
- Q Compare short- and long-run pricing decisions and provideexamples of each. What are two alternative approaches to long-runpricing decisions?
- Q Required information[The following information applies to the questionsdisplayed below.]Comparative financial statements for Weaver Company follow:Weaver CompanyComparative Balance Sheetat December 31This YearLast YearAssetsCash$3$12Accounts receivable307231Inventory157196Prepaid expenses96Total current assets476445Property, plant, and equipment504425Less accumulated...
- Q Alta Ski Company's inventory records contained the followinginformation regarding its latest ski model. The company uses aperiodic inventory system.Beginning inventory, January 1, 20181,100units @ $75 eachPurchases:January 152,300units @ $90 eachJanuary...
- Q A manufacturing company has two Divisions: Amateur and Pro.Estimated activity for the next year is: Amateur Pro Company Total Division Division (Amateur + Pro)Direct Labourhours: 9,000 hrs 1,000hrs 10,000 hrsMachingHours: 2,700 hrs 600 hrs 3,300 hrsUnitsProduced: ...
- Q What are the service lines within Big 4, and what do each one ofthem do?
- Q HolmesWatson (HW) is considering what the effect would be ofreporting its liabilities under IFRS rather than U.S. GAAP. Thefollowing facts apply:HW is defending against a lawsuit and believes it is...
- Q Topic 1 (Note: Briefly inyour own words 1 paragraph minimum, use and attachreference.)Accounting Practices:Using reading and research, locate a scholarly article thatdiscusses accounting practices or the role of accounting inconstruction.1.)...
- Q Jurica Corporation manufactures various trim pieces for vehiclemanufacturers. The company has a number of plants, including theJuriquilla Plant, which makes door trim pieces.Mr. Bates is both the regional manager for...
- Q HANSON PRODUCTS COMPANYAdjusted Trial BalanceDecember 31, 2018DebitCreditCash$ 14,400Accounts receivable35,000Allowance for doubtful accounts800Merchandise inventory50,400Office supplies900Prepaid Insurance1,200Equipment60,000Accumulated depreciation – equipment25,000Accounts payable12,000Notes payable10,000Common stock40,000Retained earnings22,250Dividends21,000Net Sales320,300Cost of goods sold205,000Sales salaries expense32,500Depreciation expense –...
- Q Question1 BANK RECONCILIATIONThe information given below wasextracted from the accounting records of Mika Stores.Required1.1 Complete the Cash Receipts Journaland Cash payments Journal of Mika Stores for March 2018 aftertaking the information...
- Q Bledsoe has developed plans to expand into the wholesale flowermarket and is in the process of negotiating a bank loan to financethe expansion. The bank is requesting 2017 financial statementsprepared...
- Q Discuss the purpose of a budget and cost variance analysis. Whyis it important for companies to create a budget then determine ifthey met budgeted costs? For example, is it always...
- Q 1 False When an asset is purchased at a timeother than the beginning of an accounting period, depreciation isrecorded for the whole year and then no depreciation in the year...
- Q 1. How is the work of an internal auditor different from that ofan external auditor (financial statements)?2. What are the similarities and differences between the ethicalcodes?
- Q In its Department R, Recyclers, Inc., processes donated scrapcloth into towels for sale in local thrift shops. It sells theproducts at cost. The direct materials costs are zero, but theoperation...
- Q Question 1 Beaker Company Statements of Financial PositionBeginning Balance Ending Balance Assets: Cash $ 256,000 $ 231,240Accounts receivable 144,000 192,000 Inventory 310,000 240,000 Plantand equipment (net) 492,000 445,000 Investment in...
- Q Larry and Hank are employees of one of the leading accountingfirms, CPAs. The two have recently obtained their licenses ascertified public accountants, CPA, however they are consideringstarting their own accounting...
- Q The following is the ending balances of accounts at December 31,2018 for the Vosburgh Electronics Corporation.AccountTitleDebitsCreditsCash83,000Short-terminvestments198,000Accountsreceivable139,000Long-terminvestments43,000Inventories223,000Loans toemployees48,000Prepaid expenses(for 2019)24,000Land288,000Building1,630,000Machinery andequipment645,000Patent160,000Franchise48,000Notereceivable290,000Interestreceivable20,000Accumulateddepreciation—building628,000Accumulateddepreciation—equipment218,000Accountspayable197,000Dividendspayable (payable on 1/16/19)18,000Interestpayable24,000Taxespayable48,000Deferredrevenue68,000Notespayable316,000Allowance foruncollectible accounts16,000Commonstock2,032,000Retainedearnings274,000Totals3,839,0003,839,000Additional information:The common stock represents 1.2...
- Q "Fraud Mitigation Techniques" Please respond to the following:From the e-Activity, determine the theft red flags that wouldcreate the most opportunity for abuse and make recommendations forthe types of controls that...
- Q On January 1, 2017, Fulton Inc. enters into a contract withGibson to deliver goods. Gibson pays $100,000 at the time thecontract is signed, at which time the goods are transferred...
- Q For the Original Post*, identify what youbelieve is an ethical concern or potential for fraud related toforeign currency transactions and/or the translation of foreigncurrency financial statements. Provide a detailed description...
- Q Mickey, Mickayla, and Taylor are starting a new business (MMT).To get the business started, Mickey is contributing $240,000 for a40 percent ownership interest, Mickayla is contributing a buildingwith a value...
- Q Enterprise Resource Planning (ERP) Systems" Please respond tothe following: Give your opinion on which is the greatest risk offailure for an ERP system for an organization: selecting the wrongsystem ERP...
- Q TRUE OR FALSEWhen a depreciable asset is sold, a loss arises if the salesproceeds exceed the net book value.(TRUE OR FALSE )Variable costs are costs that change with the level...
- Q Consolidation ProcessA new employee has been given responsibility for preparing theconsolidated financial statements of Sample Company. Afterattempting to work alone for some time, the employee seeksassistance in gaining a better...
- Q Month: Radiology Tests: Total Costs:January 2,800 $133,500February 2,600 $135,060March 3,100 $175,000April 3,500 $170,600May 3,400 $176,900June 3,700 $186,600July 3,840 $174,450August 4,100 $195,510September 3,450 $15,3001. Compute the cost formula for radiology...
- Q During 2019, William purchases the following capital assets foruse in his catering business: New passenger automobile (September30) $58,200 Baking equipment (June 30) 17,460 Assume that Williamdecides to use the election...
- Q DC and Marvel would like to evaluate one of the product linesthat they sell to defense department. Every month the Stark andCompany produce an identical number of units, although the...
- Q Option #1: LeaseComplete the following questions. In addition to answering theitems below, you must submit an analysis of the assignment. Analyzethe specific outcomes and write an analysis directed toward theteam...
- Q Reporting of Equity in Consolidation Paris Cosmetics purchasedall of the of the ordinary shares of All Mineral Company for Cashon January 1, 2019. The separate balance sheets of the twocorporations...
- Q As assistant controller for a small firm, you are responsiblefor recording and posting of the daily cash receipts anddisbursements to the ledger account. After you have posted theentries, your boss,...
- Q (b) Discuss the purpose and limitation of a balance sheet.
- Q . Company B, manufactures a unique device that is used byinternet users to boost internet signals. The following datarelates to the first month of operation: Beginning inventory: 0units Units produced:...
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