Accounting question and answers for September 17, 2023
- Q i need help with this! gurtion 9 (8 marks) Pandities The remnletad hudouded income statement for the first quaner or rea: Qoestion Pant: wa sen2 ents...
- Q What are the four standards for comparisons in financial analysis? Give an example of each.
- Q The company paid 1600 cash for rent of office space for the month. the journey entry is
- Q I need help with the bank reconciliation statement Selected transactions completed by Kornett Company during its first fiscal year ended December 31, 2016, were as follows: ...
- Q Preparing a Statement of Cash Flows (Direct Method) Rainbow Company's income statement and comparative balance sheets follow. RAINBOW COMPANY Income Statement For Year Ended December...
- Q alpha corporation 2014. 2015. net income. $320,000 $350,000 dividnes $10,000. $ 20,000 1- prepare journal entries 2- calculate the balance of alpha...
- Q Sheffield Company reports the following financial information before adjustments. Prepare the journal entry to record bad debt expense assuming Sheffield Company estimates bad debts at (a)4% of...
- Q The following items were taken from the financial statements of Mike Inc., over a five-year period: Item 2022 2021 2020 2019 22018 Net Sales $ 980,000...
- Q Which of the following statements about the statement of cash flows is not correct? A) GAAP requires every company to report a statement of cash flows. B) The...
- Q Question 1 May Ranee commenced business in 2017 selling handmade accessories for ladies. She also repairs faulty accessories for a nominal fee. For the year ended 31 March 2021 she...
- Q A company issued 5-year, 7% bonds with a par value of $100,000. interest is paid semi-annually on June 30 and December 31. The company received $ 97,947 for the bonds....
- Q Under FASB ASC 830, Foreign Currency Matters, if the functional currency of the foreign subsidiary is foreign currency, how are translation adjustments treated in the consolidated financial statements?
- Q A cost that changes as volume changes, but at a nonconstant rate, is called a:
- Q 23:39 Expert Q&A Done 23:39 Expert Q&A Done
- Q 12 Months Ended Consolidated Statements of Income - USD ($) shares in Millions, $ in Millions Jan. 31, 2018 Jan. 31, 2017...
- Q Mohave Corporation makes several varieties of beach umbrellas and accessories. It has been approached by a company called Lost Mine Industries...
- Q During its first year of operations, Macks Plumbing Supply Co. had sales of $270,000, wrote off $4,300 of accounts as uncollectible using the direct write-off method, and reported net income...
- Q The statement of cash flows reports on__ a: the changes in retained earnings b: the companys profits c: the companys financial position d: where cash came from and how...
- Q PLEASE SHOW YOUR WORK Outsourcing (Make-or-Buy) Decision Assume a division of Hewlett-Packard currently makes 12,000 circuit boards per year used in producing diagnostic electronic instruments at a cost...
- Q YOU MUST KEEP TWO DECIMAL PLACES FOR YOUR INTERMEDIATE CALCULATIONS. HOWEVER, YOUR FINAL ANSWER SHOULD BE ROUNDED TO THE NEAREST EURO. In this company, there was no opening inventory of...
- Q Enamour Company purchased a new car for use in its business on January 1, 2020. It paid $28,000 for the car. Enamour expects the car to have a useful life...
- Q stuck on this case study, please help Founded almost 20 years ago, supplest medics com has become one of Europos most succesh ful...
- Q On April 1, Year 3, Rivers Inc. purchased inventory for $20,000 by signing a 1-year note payable that is due March 31, Year 4. The interest rate is...
- Q The following transactions were completed by Winklevoss Inc., whose fiscal year is the calendar year: 2016 July 1 Issued $74,000,000...
- Q Please show your work: Weighted Average Method, Equivalent Units Goforth Company produces a product where all manufacturing inputs are applied uniformly. Goforth produced the following physical flow schedule for April:...
- Q When an audit procedure is tested on an entire group of transactions, > Audit opinion evidence > Privileged client information > Audit evidence > Sampling is not required. In some...
- Q I asked this before and was given 88,000 as a answer for year 2, which is clearly marked incorrect. Velox, Incorporated began operations last year. For its...
- Q The revenue recognition principle states that: (a) revenue should be recognized in the accounting period in which a performance obligation is satisfied. (b) expenses should be matched...
- Q Mr. Frank has a small company and asked the new accountant to prepare a budget for the first year of operations and then continually update it monthly. The accountant got...
- Q The SP Corpoion makes 34,000 motors to be used in the production of its sewing machines. The average cost per motor at this level of activity Is:...
- Q eBook Show Me How Print Item Cost of Goods Sold Pline Creek Company completed 200,000 units during the...
- Q QUESTION 1: If an expense is inadvertently omitted in a year prior to the years presented in the current year financial statements, the correction is debited to opening retained earnings...
- Q Comparative data on three companies in the same service industry are given below. Required: 2. Fill in the missing information. (Round your Turnover answers to 2 decimal places....
- Q Choose the correct statement(s) from the list below: a. Cash flow from operations is the most important type/category of all cash flow statements. b. Some balance sheet accounts are used...
- Q Bilboa Freightlines, S.A. of Panama has a small truck that it uses for local deliveries. The truck is in bad repair and must be either overhauled or replaced...
- Q Chester has a ROS of 0.08 (ROS = Net income/Sales). That means: Select: 1 A.For every $8 of sales there is a profit of 1%. B.There are sales of $8...
- Q New lease accounting guidance will require companies to report a liability for operating leases at present value as well as for capital leases (now called finance leases). If Target had...
- Q Cooperative San Jos of southern Sonora state in Mexico makes a unique syrup using cane sugar and local herbs. The syrup is sold...
- Q The December 31, 2016 inventory of ABC Company consisted of four products, for which certain information is provided below. (2 marks) Estimated Expected Estimated Product Original Cost Completion Cost...
- Q brenda purchased a business for 120,000. and received s building fmv 80,000. land fmv 10,000. and furniture and fixtures fmv 30,000. she spent 10,000. on legal fees to make thr...
- Q 1.When should a company record earned revenue under accrual accounting? A.When the customer orders services to be rendered B.When services are rendered C.When cash is received before services are rendered...
- Q Select the formula, then enter the amounts to calculate the payback period for the plant. (Round payback to one decimal place, X.X.)
- Q Section 301 of the Corporations Act requires companies to have their financial reports audited. Academic research suggests that Big-4 auditors charge higher fees than other auditors and their audit reports...
- Q Bella Company is considering a long-term capital investment project in laser equipment. This will require an investment of $500,000, and it will have a useful life of...
- Q A company's flexible budget for 46,000 units of production showed variable overhead costs of $64,400 and fixed overhead costs of $62,000. The company incurred overhead costs of $114,020 while operating...
- Q Research the current financial condition of JC Penney. What are the value drivers and cost drivers for the company? Is the company on track to recover? Should the company continue?...
- Q 1- For which classification of users are financial statements prepared? What characteristic of these users makes the development of generally accepted accounting principles necessary? 2- Describe the three...
- Q QS 4-1 (Algo) Applying merchandising terms LO C1, P1 Match each phrase with its definition. 1. The expense of purchasing and preparing the merchandise sold during a period....
- Q What is the present value (PV) of 85000 dollars received 15 years from now, assuming the interest rate is 3% per year? Round to the nearest dollar. Question content area...
- Q Presented below are the items included on the financial statements of We Just Might Make It Corporation for the year ending December 31, 2019 2019 2018...
- Q Ehlo Company is a multiproduct firm. Presented below is information concerning one of its products, the Hawkeye. Find the Perpetual system, FIFO cost flow and Perpetual system, LIFO:...
- Q when preparing an income statement do you include utilites payable of as an expense, or do you wait until It is actually paid. o
- Q Critique the analysis of how Chick-fil-a might make investment decisions, and provide alternate methods of decision making that might be useful.
- Q Department M had 600 units 60% completed in process at the beginning of June, 6,000 units completed during June, and 700 units 30% completed at the end of June. Using...
- Q 1. Prepare an income statement for the month ended December 31. 2. Prepare a statement of owner's equity for the month ended December 31. (Note: The company just began operations...
- Q Mecca Copy, a photocopying center located on University Avenue, provided the following data to prepare a budgeted balance sheet for next year: Ending Balances ...
- Q Portland Manufacturing had the following data for the period just ended: Required: A. Calculate Portland's cost of goods manufactured. B. Calculate Portland's cost of goods sold
- Q Rena funds her 401k with $10,000 (pre-tax) in 2000. She expects her future ordinary rate to be 30% and her future LTCG rate to 23%. Assume Rena earns 6.5%...
- Q What is the correct price for a stock? Is it book value, liquidation value or is it the listed market price at a given moment of time? Would you value...
- Q Explain the rationale behind deductions and discuss why nexus to earning income is central to claiming general deductions. How do specific deductions differ in this regard? Give examples. Should deductions...
- Q Aim: To test selected controls over the sales and accounts receivable process.Sample: We haphazardly selected 25 sales invoices from the entire year.Complete the following audit procedures: Match the quantities and...
- Q Ferris Company began January with 9,000 units of its principal product. The cost of each unit is $4. Merchandise transactions for the month of January are as follows: Purchases Date...
- Q Which chart would be needed to show a supply and demand curve based on price and quantity demanded? scatter chart column chart pie chart line chart stacked column chart
- Q Exercise 18-19 (Algorithmic) (LO. 3) Elizabeth made taxable gifts of $6,850,000 in 2020 and $8,905,000 in 2022. She paid no gift tax on the 2020 transfer. On what amount is...
- Q Which of the following would explain why a company might need to follow very stringent rules that specify the way in which joint costs are assigned to products? Part 1...
- Q Codger Corp. Internal Controls Codger Corp. (CC or the Company) is a U.S. public company that files quarterly andannual reports with the Securities and Exchange Commission (SEC). CC is...
- Q Your friend was supposed to repay a loan with a loan payment of $1,400 due one...
- Q vestion 4 [15 points] vestion 4 [15 points]
- Q Consider E 10-18 - Accounting for Software Development Costs in the text. How should Pearl account for the costs incurred in 2016, and what is the rational for your answer?...
- Q 3. If you are a company in Victoria that employs staff, what tax payments are you required to make (describe)
- Q a) For the corporations compute the current ratio, which you compute by dividing the total current assets by the total current liabilities data...
- Q For federal tax purposes, how are start-up costs treated for a business? Capitalized or expensed? Do research on this using the IRS Publication 535 (2018), Business Expenses website and share...
- Q Describe the basic activities conducted by a tax agency fund. What are some of the issues that make tax agency fund accounting complex?
- Q Brief Exercise 116 On April 1, 2018, West Company purchased $420,000 of 5.00% bonds for $436,550 plus accrued...
- Q Income statements for Rundle Company for Year 3 and Year 4 follow: RUNDLE COMPANY Income Statements Sales Cost of goods sold Selling expenses Administrative expenses Interest expense Total...
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