Accounting question and answers for September 16, 2023
- Q Parker Plastic, Inc., manufactures plastic mats to use withrolling office chairs. Its standard cost information for last yearfollows:Standard QuantityStandard Price (Rate)Standard Unit CostDirect materials (plastic)12sq ft.$0.68per sq. ft.$8.16Direct labor0.8hr.$10.70per hr.8.56Variable...
- Q Carlsville Company, which began operations in 2017, invests itsidle cash in trading securities. The following transactions arefrom its short-term investments in trading securities.2017Jan.20Purchased 1,000 shares of Ford Motor Co. at...
- Q CanI study intermediate accounting with some introductory financialaccounting knowledge, or do I have to take more accountingcourses?
- Q Find the missing figures foreach of the independent cases shown below. (Hint: reconstructincome statement for each scenario)Selling Price/unitVariable Costs/unitSoldContribution Margin (total)Fixed CostsProfit / (Loss) 80.00a. 10,000.00 200,000.00 120,000.00b. 15.00 10.00c. ...
- Q ohnson Company calculates its allowance for uncollectibleaccounts as 10% of its ending balance in gross accounts receivable.The allowance for uncollectible accounts had a credit balance of$30,000 at the beginning of...
- Q Walsh Company manufactures and sells one product. The followinginformation pertains to each of the company’s first two years ofoperations: Variable costs per unit: Manufacturing: Directmaterials $ 22 Direct labor $...
- Q Tent Master produces two lines of tents sold to outdoorenthusiasts. The tents are cut to specifications in department A.In department B the tents are sewn and folded. The activities,costs, and...
- Q Each type of business entity is affected bytaxation. However, tax rates vary among the many different types ofcompany structures, such as traditional C corporations, SCorporations, partnerships, and LLC. For example, corporationsare generally taxed...
- Q From inception of operations to December 31, 2020, MetlockCorporation provided for uncollectible accounts receivable underthe allowance method. The provisions are recorded, based onanalyses of customers with different risk characteristics. Baddebts...
- Q The following events took place for Sorensen ManufacturingCompany during January, the first month of its operations as aproducer of digital video monitors:a. Purchased $138,800 of materials.b. Used $94,780 of direct...
- Q You work for Thunderduck Custom Tables Inc. This is the firstmonth of operations. The company designs and manufactures specialtytables. Each table is specially customized for the customer. Thismonth, you have...
- Q The following events apply to Equipment Services Inc. in itsfirst year of operation:Acquired $60,000 cash from the issue of common stock.Received an $8,200 cash advance for services to be provided...
- Q Namaste, Inc. makes a line of bathroom accessories. A decline insales has left the organization with 10,000 machine hours of idlecapacity at their disposal each year. This idle capacity could...
- Q Fork Company is a rapidly growing start-up business. Thebookkeeper, who was hired ten months ago, left Hong Kong after thecompany's manager discovered that a large sum of money haddisappeared over...
- Q True or False?1. Merchandise inventory consists of products that a companyacquires to resell to customers.2. A service company earns net income by buying and sellingmerchandise.3. Gross profit is the same...
- Q Proud Corporation acquired 80 percent of Spirited Company’svoting stock on January 1, 20X3, at underlying book value. The fairvalue of the noncontrolling interest was equal to 20 percent of thebook...
- Q The balances in the accounts of Maybe Ltd at 30 June 2019 and 30June 2020 are:30th JUNE 2020‘00030th JUNE 2019‘000Sales (all on credit)300420Cost of Goods Sold156132Doubtful Debts expense3036Interest Expense2436Salaries3630Depreciation1218Cash172.80166.80Inventory216192Accounts Receivable324300Allowance...
- Q EXTRACTIVE INDUSTRIES Mine Co Ltd Stage 1 Mine Co Ltd had thefollowing exploration and evaluation costs. Silver Mica $500,000$350,000 Exploration Costs Evaluation Costs $200,000 $200,000 OnJune 30, 2019 Mine Co....
- Q Brief Exercise 19-10 Performance-based options [LO19-2]On October 1, 2018, Farmer Fabrication issued stock options for280,000 shares to a division manager. The options have an estimatedfair value of $5 each. To...
- Q Required information [The following information applies to thequestions displayed below.] Elegant Decor Company’s management istrying to decide whether to eliminate Department 200, which hasproduced losses or low profits for several...
- Q Amy purchased a toy for her daughter at Target. The toy wasmanufactured by Toyco, Inc., and distributed by Distributor World.Later, because of a defect, a small piece of the toy...
- Q Explain the difference between fully diluted and primaryshares.You invest $10,000 to start a company and issue yourself 100,000shares. A year later you raise$1,000,000 from Firm A according to a pre-money...
- Q Mr. Gates is the president of an established and successfulcompany. The company pays Mr. Gates $1,000,000 in salary each year.Mr. Gates, a renowned philanthropist, has directed the board ofdirectors to...
- Q A firm uses activity-based costing and has the followingactivity rates: $100 per machine hours, $500 per batch start, $5per order.The firm has two several products, including the followingtwo.Product 1: $100,000...
- Q The following balance sheet information is provided for Mash co.for 2018 :Assets64,000Liabilities & EquityAccounts Payable3,840Salaries Payable9,040Bonds Payable (mature in yr 202210,100common Equity41,020Total Liabilities & Equity64,000what is the company's debt to...
- Q Alex and Bess have been in partnership for many years. Thepartners, who share profits and losses on a 70:30 basis,respectively, wish to retire and have agreed to liquidate thebusiness. Liquidation...
- Q Two accountants for the firm of Elwes and Wright are arguingabout the merits of presenting an income statement in amultiple-step versus a single-step format. The discussion involvesthe following 2017 information...
- Q Molander Corporation is a distributor of a sun umbrella used atresort hotels. Data concerning the next month’s budget appearbelow: Selling price$27per unit Variable expenses$12per unit Fixed expenses$12,300per month Unit sales970units per monthRequired:1.Compute the company’s...
- Q Swifty Corporation has 2,000 shares of 10%, $130 par valuepreferred stock outstanding at December 31, 2020. At December 31,2020, the company declared a $140,000 cash dividend. Determine thedividend paid to...
- Q Adonis Corporation issued 10-year, 7% bonds with a par value of$130,000. Interest is paid semiannually. The market rate on theissue date was 6%. Adonis received $139,674 in cash proceeds. Whichof...
- Q oy decides to buy a personal residence and goes to the bank fora $150,000 loan. The bank tells him that he can borrow the funds at4% if his father will...
- Q shannon company segments its income statement into its North andSouth Divisions. The company's overall sales, contribution marginration, and net operating income are $1,020,000, 38%, and $20,400respectively. The North Division's contribution...
- Q Discuss effective techniques for reducing stage fright inbusiness communication.
- Q The following transactions occurred in April at Steve’sCabinets, a custom cabinet firm:Purchased $25,500 of materials on account.Issued $1,750 of supplies from the materials inventory.Purchased $13,100 of materials on account.Paid for...
- Q Richard, Barry and Andrew decided to enter into a partnershipagreement as from 1st July 2018, some of the provisionsof which were as follows.1. Richard to contribute$24000 cash, inventory the fair value...
- Q Find the interest rate for each deposit and compound amount.$8000 accumulating to $12,384.48, compounded quarterly for 8years.a. 5%b. 5.75%c. 5.5%d. 6%
- Q Question 1The following balances have been extracted from the accounts ofPeya, a sole trader, for the period ended 31 March 2020.N$Sales 427,726Carriage inwards 476Wages and salaries 64,210Carriage outwards 829Purchases 302,419Rent...
- Q Comprehensive Problem 8-85 (LO 8-1, LO 8-2, LO 8-3, LO 8-4, LO8-5) Skip to question [The following information applies to thequestions displayed below.]John and Sandy Ferguson got married eight years...
- Q Marvel Parts, Inc., manufactures auto accessories. One of thecompany’s products is a set of seat covers that can be adjusted tofit nearly any small car. The company has a standard...
- Q Pinter Company had the following environmental activities andproduct information:1. Environmental activity costsActivityCostsDesign products (to reduce pollution)$ 118,800 Test for contamination211,200 Treat toxic waste660,000 Operate pollution control equipment528,000 2. Driver dataSolvent XSolvent YDesign hours2,600 4,000 Testing hours4,700 12,900 Pounds...
- Q During 2020, Juan Gonzalez, president of Acme Inc. was paid asemimonthly salary of $6,100. Computer the amount of FICA taxesthat should be withheld from him.A. 9th paycheckB. 22nd paycheckC. 24th...
- Q Smart Company prepared its annual financial statements datedDecember 31. The company reported its inventory using the FIFOinventory costing method and failed to evaluate its net realizablevalue at December 31. The...
- Q David Davis operates a kiosk in downtown Chicago, at which hesells one style of baseball hat. He buys the hats from a supplierfor $36 and sells them for $42. David’s...
- Q With reference to provisions in the Contracts Act 1950 andcase-law, discuss the following:Duties of principal towards his agent.
- Q Exercise 12-3 (Video) Hillsong Inc. manufactures snowsuits.Hillsong is considering purchasing a new sewing machine at a costof $2.45 million. Its existing machine was purchased five years agoat a price of...
- Q Describe the four (4) steps in Process Costing and what is aProcess Cost Summary.
- Q Use Wage Bracket Method Table For DEC 31, 2018. To determine theanswer.TABLE 2—BIWEEKLY PayrollPeriod(a) SINGLE person (including headof household)—(b) MARRIED person—If the amount of wages (after subtractingwithholding allowances) is:The amount...
- Q Income Statement Projected Income Statement Sales Revenue$2,500,000 Variable Costs Purchases $750,000 0.3 Direct labor$600,000 0.24 $1,350,000 $1,150,000 Fixed Costs Selling $500,000Administrative $485,000 Manufacturing Overhead $150,000 $1,135,000Profit Dollars Percentage Calculate the...
- Q Assess the key ratios for profitability, liquidity, and solvencyused by financial analysts to evaluate the financial performance ofa company. Next, indicate one (1) ratio from each of the three (3)categories...
- Q Please write a 2000 word essay on:A. The need for insurance, covering the following topics:Various categories of InsuranceExplain the advantages and disadvantages of the various typesof insuranceNeed for life insurance...
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