Accounting question and answers for September 17, 2023
- Q 1.A corporation issues $500,000 of 20-year, 7% bonds dated January1 at 95. The journal entry to record the issuance will includeGroup of answer choicesa credit to Bonds Payable for $500,000.a...
- Q For your fourth assignment we will be covering the Partnershipchapter. Partnerships are very similar to sole proprietorships inmany ways but it adds the old mantra of "two heads are better...
- Q The stockholders’ equity section of Stellar Inc. at thebeginning of the current year appears below.Common stock, $10 par value, authorized 1,043,000 shares,321,000 shares issued and outstanding$3,210,000Paid-in capital inexcess of par—common...
- Q QUESTION 1 Required: #1. Prepare journal entries to record theDecember transactions in the General Journal Tab in the exceltemplate file "Accounting Cycle Excel Template.xlsx". Use thefollowing accounts as appropriate: Cash,...
- Q what are the advantages and disadvantages for providing a 401 kmatch from the employer's perspective?
- Q Sales BudgetXYZ Company 2018 sales forecast is as follows:Quarter 1: 7,000 Product Ace units. Quarter 2: 9,000 Product Aceunits. Quarter 3: 10,000 Product Ace units. Quarter 4: 12,000Product Ace unitsEach...
- Q Quality Brick Company produces bricks in two processingdepartments—Molding and Firing. Information relating to thecompany’s operations in March follows:Raw materials used in production: Molding Department, $29,000;and Firing Department, $5,600.Direct labor costs...
- Q 1. ABC company issued $800,000 11, 10 year bond on December 31,2017 when the market rate for this type of bond is 12%. Interest ispayable annually on December 31.ABC uses...
- Q What audit procedures would you use for the measurement andcompleteness of depreciation expense objective?
- Q Explain why a supervisor needs to understand their company'sfinancial statements. What information can be gathered from eachfinancial statement?
- Q 1.What is the purpose of each of the three primary steps in a processcosting system. Describe each of the three steps.2. Why is a process costing system not appropriate forcompanies...
- Q Golden Corp., a merchandiser, recently completed its 2017operations. For the year, (1) all sales are credit sales, (2) allcredits to Accounts Receivable reflect cash receipts fromcustomers, (3) all purchases of...
- Q 1.Describe the three types of pricing strategies (premium,penetration, meeting the competition)2. what is meant by the concept of outsourcing tasks?
- Q Identify at least three risks that auditors need to consider forcompanies that process Web-based sales transactions, includingcredit card payments. For each risk identified, develop amitigation risk strategy. Provide specific examples.
- Q Equipment acquired on January 8 at a cost of $212,000 has anestimated useful life of 15 years, has an estimated residual valueof $14,000, and is depreciated by the straight-line method.a....
- Q Indiana Co. began a construction project in 2021 with a contractprice of $161 million to be received when the project is completedin 2023. During 2021, Indiana incurred $37 million of...
- Q Choctaw Co. completed the following transactions in Year 1, thefirst year of operation.Issued 27,000 shares of $12 par common stock for $12 pershare.Issued 3,700 shares of $20 stated value preferred...
- Q One of your clients in India, a government employee, would liketo reduce his taxes . He is trying to decide whether he shouldcontribute 50,000 to a Retirement Savings Plan this...
- Q Work-in-process inventory, June 15,000alternatorsDirect materials: 100% complete$11,480Conversion: 40% complete$16,258Units started during June19,000trussesUnits completed during June and transferred out18,000trussesWork-in-process inventory, June 30Direct materials: 100% completeConversion: 20% completeCosts incurred during JuneDirect materials$60,040Conversion$93,092RequiredUsing...
- Q Explain the need for taking a physical inventory at the end ofthe year.
- Q Hi-Tek Manufacturing, Inc., makes two types of industrialcomponent parts—the B300 and the T500. An absorption costing incomestatement for the most recent period is shown:Hi-Tek Manufacturing Inc.Income StatementSales$1,699,200Cost of goods sold1,228,786Gross...
- Q What is leverage and what are two major types of leverage?Define each.
- Q CHAPTER 21 (8.)Portions of the financial statements for Myriad Products areprovided below.MYRIAD PRODUCTS COMPANYIncome StatementFor the Year Ended December 31, 2018($ in millions)Sales$1,000Cost of goods sold350Gross margin650Salaries expense$175Depreciation expense108Patent amortization...
- Q On January 1, 2017,Palka, Inc., acquired 70 percent of the outstanding shares ofSellinger Company for $1,392,300 in cash. The price paid wasproportionate to Sellinger’s total fair value, although at theacquisition...
- Q Slick Corporation is a small producer of synthetic motor oil.During May, the company produced 5,000 cases of lubricant. Eachcase contains 12 quarts of synthetic oil. To achieve this level ofproduction,...
- Q The individual financial statements for Gibson Company andKeller Company for the year ending December 31, 2018, follow.Gibson acquired a 60 percent interest in Keller on January 1, 2017,in exchange for...
- Q Net Present ValueA project has estimated annual net cash flows of $6,250 forseven years and is estimated to cost $45,000. Assume a minimumacceptable rate of return of 10%. Use the...
- Q The movement for improved accounting of sustainability has grownsubstantially in recent years. The calls for integrated reportingand improved sustainability accounting metrics have created newforces within accounting bodies. The recent efforts...
- Q Enterprise Risk Management (ERM) is an activity undertaken bymany organizations. Jiffy Sportswear, Inc., is a fast growingprivately owned company that will soon issue its shares to thepublic and be subject...
- Q Wiset Company completes these transactions during April of thecurrent year (the terms of all its credit sales are 2/10,n/30).Apr.2Purchased $16,000of merchandise on credit from Noth Company, invoice dated April 2,terms...
- Q From a management perspective why do you think budgets are soimportant AND give an example, that relates specifically to yourmajor, of how you will use budgets in your field. Do...
- Q The production department of Zan Corporation has submitted thefollowing forecast of units to be produced by quarter for theupcoming fiscal year:1st Quarter2nd Quarter3rd Quarter4th QuarterUnits to be produced21,00024,00023,00022,000In addition, 21,000...
- Q The Cutting Department of Karachi Carpet Company provides thefollowing data for January. Assume that all materials are added atthe beginning of the process.Work in process, January 1, 15,000 units, 80%...
- Q What are budget assumptions and what is their relationship tobusiness coordination? 80–100 words
- Q The following data are for the 2016 fiscal year ofAlphabet, Inc., which is the parent company ofGoogle, Inc., and Facebook, Inc.All dollar amounts are in thousands.Account TitleAlphabet, Inc.Facebook, Inc.Current assets$105,408$34,401Total...
- Q Comprehensive: EPSFrost Company has accumulated the following information relevantto its 2016 earnings per share.Net income for 2016: $150,500.Bonds payable: On January 1, 2016, the company had issued 10%,$200,000 bonds at...
- Q Question (a):Dividing Partnership Net Income.Required:Steve Conyers and Chelsy Poodle formed a partnership, dividingincome as follows: Annual salary allowance to Poodle of $170,500.Interest of 6% on each partner's capital balance on...
- Q Impact on EPS, Rankings, and ComputationsWaseca Company had 5 convertible securities outstanding duringall of 2016. It paid the appropriate interest (and amortized anyrelated premium or discount using the straightline method)...
- Q "Foreign Currency Transactions and InternationalFinancial Reporting Standards (IFRS)"Analyze the main reasons why a company might prefer a foreigncurrency option over a forward contract in hedging a foreigncurrency firm commitment. In...
- Q Schedule of CashPaymentsEastGate PhysicalTherapy Inc. is planning its cash payments for operations for thefirst quarter (January–March). The Accrued Expenses Payable balanceon January 1 is $33,100. The budgeted expenses for the...
- Q Prepare journal entries for the City of Pudding's governmentalfunds to record the following transactions, first for fundfinancial statements and then for government-wide financialstatements.A new truck for the sanitation department was...
- Q Calculate gross pay for each of the following employees ofLaunchpad Co. The company offers a regular wage rate of $8.20/hourto all employees. Under an incentive plan in place for allemployees,...
- Q Can the elements of the Fraud Triangle be observed?Let's explore this idea by responding to each of thefollowing:"An organization with significant fraud risk looks and soundslike""An organization with minimal fraud...
- Q Statement of Cash Flows—Indirect MethodThe comparative balance sheet of Yellow Dog Enterprises Inc. atDecember 31, 20Y8 and 20Y7, is as follows:Dec. 31, 20Y8Dec. 31, 20Y7AssetsCash$74,100$90,800Accounts receivable (net)113,860122,410Merchandise inventory162,630151,730Prepaid expenses6,6304,600Equipment331,330271,830Accumulated depreciation-equipment(86,140)(66,670)Total...
- Q Given the financial data for four mutually exclusivealternatives in the table below,ABCDFirst cost$18,000$40,000$21,20045,000O &M Cost/ year2,6005,0003,90011,000Benefit/year7,50016,00011,50025,000Salvage value2,0006,0006,00012,000Life in years 4Use a Rate of Return Analysis to solve for the following:Which alternative...
- Q Adjusting Entries from Trial BalancesThe accountant for Eva’s Laundry prepared the followingunadjusted and adjusted trial balances. Assume that all balances inthe unadjusted trial balance and the amounts of the adjustments...
- Q If you could answer all 4 that would be greatly appreciated,thanks1.Hull Company reported the following income statement informationfor the current year:Sales$413,000Cost of goods sold:Beginning inventory$136,500Cost of goods purchased276,000Cost of goods...
- Q *will someone please explain/show the steps in this process forme? Thank you so much!Amy company produces and sells a toy for $205 per unit. In thefirst year of operations, 100,000...
- Q Tia and Colton graduate from college in May 2018 and begindeveloping their new business. They begin by offering clinics forbasic outdoor activities such as mountain biking or kayaking. Upondeveloping a...
- Q FF&T Corporation is a confectionery wholesaler thatfrequently buys and sells securities to meet various investmentobjectives. The following selected transactions relate toFF&T’s investment activities during the last two months of2018. At...
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