Accounting question and answers for September 18, 2023
- Q Pea and Bean are forming the PB Partnership. Pea contributes $600,000 cash and Bean contributes nondepreciable property with an adjusted basis of $400,000 and a fair market value of $600,000....
- Q Comparative data on three companies in the same service industry are given below. Required: 2. Fill in the missing information. (Round the "Turnover" and "ROI" answers to...
- Q Bialy company had the following information: Total sales $120,000 Total variable cost 48,000 Operating income 12,000 What is the breakeven sales revenue? a. $72,000 b. $60,000 c....
- Q Total emissions of carbon dioxide from the burning of fossil fuels have been increasing at about 33% per year (data from 2010 to 2011). If emissions continue to increase at...
- Q Question 38 Gomez Company has 2,000 kg of raw materials in its December 31, 2020, ending inventory. Required production for January and February is 5,000 and 6,000 units, respectively. 2...
- Q Table of entities and activities for mail order system request to provide me table of entities and activities for mail order system the subject in this site in Chapter 3,...
- Q When Sandra Michaels's father took seriously ill suddenly, Sandra had just completed the semester in college, so she stepped in to run the...
- Q Calculate the interest on each of the following notes: 1) Signed a $125,000,12%,12-month note on March 1, 2021. 2) Signed a $95,000,6%,10-month note on October 1,...
- Q income from non profit, non business activities is
- Q Manufacturing cost data for Copa Company are presented below. Indicate the missing amount for each letter (a) through (i)
- Q INTRODUCTION Table of Contents The objective of this Accounting practice set is to provide students with an insight into the process of recording transactions, completing adjusting and closing...
- Q A corporation has 35,000 shares of 10% preferred stock outstanding. Also, there are 35,000 shares of common stock outstanding. Par value for each is $100. If a $600,000 dividend is...
- Q For the year, there are 6,000 budgeted direct labor hours. The variable overhead rate is estimated to be $8/direct labor hour. Fixed manufacturing overhead is $36,000 for the year, which...
- Q Complete this question by entering your answers in the tabs below. Determine the liability for gift cards to be reported...
- Q A machine costing $209,000 with a four-year life and an estimated $17,000 salvage value is installed in Luther Companys factory on January 1. The factory manager estimates the machine will...
- Q The following is the likely cause of an unfavorable variation in direct labor cost efficiency: A. the salary paid was higher than the standard salary b. the materials used in...
- Q Which of the following statements is(are) correct? A. Life insurance proceeds payable to the estate of a decedent are included in the decedents federal gross estate. B. The owner of...
- Q 2 (12 points) Weldon Industrial Gas Corporation supplies acetylene and other compressed gases to industry. Data regarding the...
- Q The first one is the questions I need answered. The second is the numbers you may need to answer the questions. Thank you!! Adjusting Entries - Round to...
- Q You have been approached by a client who needs to register his business as a private company. The client advised that their company has been successfully reserved as a customer...
- Q ber. W Shoe Mart Inc. Cash Budget For the Three Months Ending March 31 January...
- Q Cyber's policy is to treat as cash equivalents all highly liquid investments with a maturity of three months or less when purchased. What amount should Cyber report as...
- Q Rustic Furnishings reports inventory using the lower of cost and net realizable value (NRV). Below is information related to its year-end inventory. Inventory Quantity Unit Cost Unit NRV Furniture 140...
- Q KFC purchased Chester's chicken for $10 million (at MARR= 15%) in hopes of selling it 7 years from now. they estimate a net cash flow decrease with an arithmetic gradient...
- Q $1000 is placed in an account at 4% compounded annually for 2 years. It is then withdrawn at the end of the two years and placed in another bank at...
- Q Write a 350- to 700-word papercomparing the impacts of fraudulent financial statements, assetmisappropriation and corruption on the organization.Include the following:How does each type of fraud impact the organization?Consider the relative...
- Q Exchange Corp. is acompany that acts as a facilitator in tax-favored real estateswaps. Such swaps, know as 1031 exchanges, permit participants toavoid some or all of the capital gains taxes...
- Q True/False–Circle the bestTF 1. Multiple overhead rates may be applied to give moreaccurate product costs if departments consume resourcesdifferently.TF 2.In a job-order cost sheet only the totals by cost componentare...
- Q Income StatementPredetermined Overhead Rate, Application of Overhead to Jobs,Job Cost, Unit CostOn August 1, Cairle Company’s work-in-process inventoryconsisted of three jobs with the following costs:Job 70Job 71Job 72Direct materials$1,500$2,000$850Direct labor1,9001,300900Applied...
- Q Sullivan's Island Company began operating a subsidiary in aforeign country on January 1, 2017, by investing capital in theamount of 55,000 pounds. The subsidiary immediately borrowed136,000 pounds on a five-year...
- Q Your firm is the auditor of Pinkglow Ltd, a manufacturer. Youhave obtained a summary of the property, plant and equipment forthe year ended 30 June 2018, which identifies cost and...
- Q in the fourth quarter of last year, Colditz Company embarked ona major effort to improve productivity. It redesigned products,reengineered manufacturing processes, and offered productivityimprovement courses. The effort was completed in...
- Q Northwood Company manufactures basketballs. The company has aball that sells for $25. At present, the ball is manufactured in asmall plant that relies heavily on direct labor workers. Thus,variable expenses...
- Q What justifies the markedly different accounting and financialreporting practices of governments as compared with businessorganizations?What are the differences that distinguish governments frombusiness organizations?What are some of the differences in accounting...
- Q Atkinson Building Supplies had the following transactionsduring August. Atkinson uses a perpetual inventory system. Usingthe accounts listed below and the journal paper provided,journalize the transactions in proper form. Indicate noentry...
- Q The total market value of Okefenokee Real Estate Company’sequity is $3 million, and the total value of its debt is $2million. The treasurer estimates that the beta of the stockcurrently...
- Q PLEASE SOLVE THIS QUESTION IN AN EXCEL SHEET ?1 a. Given that food sales are$450,000 for the year and beverages sales are 80,000,prepare a statement of income forMavericks Restaurant using...
- Q United Motors specializes in producing one specialty vehicle. Itis called Surfer and is styled to easily fit multiple surfboards inits back area and? top-mounted storage racks.United has the following manufacturing?...
- Q Seventy-Two Inc., a developer of radiology equipment, has stockoutstanding as follows: 80,000 shares of cumulative preferred 3%stock, $15 par, and 401,400 shares of $24 par common. During itsfirst four years...
- Q Consider the balance sheet of thefollowing bank. Chase ------------------------------------------------------------------------------ Reserves 3000 Checkable Deposits 5000 Loans 7000 Savings and Time Deposits8000 Bond Holdings 4000 Equity 1000 Using balance sheets, show all thebalance sheet steps of...
- Q A medium-sized industrial grade compressor can be purchased for$35,000. Annual O&M costs are expected to increase $1,300 everyyear, with a 1st year O&M cost of $2,000. (MARR =16%, andplanning horizon...
- Q 1.) Littlefield Industries purchased a bond on September 1 ofthe current year for? $200,000 and classified the investment astrading debt. The market value of the trading debt investment at?year-end is?...
- Q David’s basis in the Jimsoo Partnership is $57,000. In aproportionate liquidating distribution, David receives cash of$7,800 and two capital assets: (1) land 1 with a fair market valueof $21,600 and...
- Q Q)What is normal spoilage and how is it dealt with in processcostingQ)Explain the importance of opportunity costs for decisionmaking.
- Q chapman Company obtains 100 percent of Abernethy Company’s stockon January 1, 2017. As of that date, Abernethy has the followingtrial balance:DebitCreditAccounts payable$51,500Accounts receivable$46,500Additional paid-in capital50,000Buildings (net) (4-year remaining life)190,000Cash and...
- Q FKG Inc. carries the following debt investments on its books atDecember 31, 2017, and December 31, 2018. All securities werepurchased during 2017. Trading Securities: Company Cost Value, Dec.31, 2017 Value,...
- Q For each of the unrelated transactions described below, presentthe entries required to record each transaction.1.Crane Corp. issued$21,700,000 par value 10% convertible bonds at 97. If the bonds hadnot been convertible,...
- Q Required informationExercise 3-31 Manufacturing Cost Flows (LO 3-2, 3-5, 3-6)[The following information applies to the questionsdisplayed below.]Reimel Furniture Company, Inc. incurred the following costs during20x2.Direct material used$173,000Direct labor321,000Manufacturing overhead170,000During 20x2,...
- Q Exercise 11-12 Evaluating New Investments Using Return onInvestment (ROI) and Residual Income [LO11-1, LO11-2] Selectedsales and operating data for three divisions of differentstructural engineering firms are given as follows: Division...
- Q XY Corporation’s statement of financial position at theend of 2016 included the following items.Land $ 30,000Buildings 120,000Equipment 90,000Accum. depr.—buildings (30,000)Accum. depr.—equipment (11,000)Patents 40,000Current assets 235,000Total $474,000Current liabilities 150,000Bonds payable $100,000Share...
- Q Question 1 Tap Sdn Bhd bought an asset on 5 April 2017 at a costof RM180,000. The asset had an expected useful life of 10 years andan expected residual value...
- Q The following is the post-closing trial balance for the WhitlowManufacturing Corporation as of December 31, 2020.AccountTitleDebitsCreditsCash5,800Accountsreceivable2,800Inventory5,800Equipment11,800Accumulateddepreciation4,300Accountspayable3,800Accruedliabilities0Commonstock10,000Retainedearnings8,100Salesrevenue0Cost of goodssold0Salariesexpense0Rentexpense0Advertisingexpense0Totals26,20026,200The following transactions occurred during January 2021:Jan.1Sold merchandisefor cash, $4,300. The cost of...
- Q High Desert Potteryworks makes a variety of pottery productsthat it sells to retailers. The company uses a job-order costingsystem in which departmental predetermined overhead rates are usedto apply manufacturing overhead...
- Q Problem 5-4A (Part Level Submission) Wolford Department Store islocated in midtown Metropolis. During the past several years, netincome has been declining because suburban shopping centers havebeen attracting business away from...
- Q Financial Accounting 10th Edition, Weygandt - Problem CT9-1The financial statements of Apple Inc. are presented in AppendixA. Instructions for accessing and using the company's completeannual report, including the notes to...
- Q Direct Materials, Direct Labor, and Factory Overhead CostVariance AnalysisMackinaw Inc. processes a base chemical into plastic. Standardcosts and actual costs for direct materials, direct labor, andfactory overhead incurred for the...
- Q whether auditor should be blamed when a company which they haveexpressed an unmodified audit opinion fails ? explain
- Q Cane Company manufactures two products called Alpha and Betathat sell for $165 and $130, respectively. Each product uses onlyone type of raw material that costs $8 per pound. The company...
- Q UNITS:beginning WIP inventory (20% complete as to CC)5,000units started20,000units completed and transferred out15,000ending WIP inventory (Mat 100%, CC 50% complete)10,000Costs:beginning inventorymaterials$ 4,000CC$ 1,000Current period:materials$ 16,000CC$ 4,000All materials are added at...
- Q On January 1, 2016, when its $30 par value common stock wasselling for $80 per share, Novak Corp. issued $10,400,000 of 8%convertible debentures due in 20 years. The conversion optionallowed...
- Q Rooney Corporation builds sailboats. On January 1, 2019, thecompany had the following account balances: $75,000 for both cashand common stock. Boat 25 was started on February 10 and finishedon May...
- Q 1. the audit firm of PWC evaluates the risk of materialmisstatement by disaggregating the total risk into its maincomponents and sub components as indicated below(a) inherent risk, (b) Control risk,...
- Q 1.) SkyChefs, Inc., prepares in-flight meals for a number ofmajor airlines. One of the company’s products is grilled salmon indill sauce with baby new potatoes and spring vegetables. During themost...
- Q Rome Metals Cost BreakdownPer UnitDirect materials$8Direct labor$45Variable overhead$9Fixed overhead$14Shipping Cost$2Total Per Unit$78Rome Metals a US based firm located in Rome, Georgia makes metalbrackets used in the construction of warehouse shelving....
- Q CalCorp producespocket size calculators that are sold for $ 10 per unit. The costsassociated with each unit are as follows: Direct materials = $3.00, Direct labour = $ 0.25, Variable...
- Q On December 31, 2017, Ainsworth, Inc., had 800 million shares ofcommon stock outstanding. Twenty five million shares of 6%, $100par value cumulative, nonconvertible preferred stock were sold onJanuary 2, 2018....
- Q SAS Computers owns a patent on a computer processor. Theprocessor was developed and capitalized at a cost of €2,100,000 inthe beginning of 2015. It was expected to be economically usefulfor...
- Q The following transactions relate to the General Fund of theCity of Buffalo Falls for the year ended December 31,2017:Beginning balances were: Cash, $95,000; Taxes Receivable,$192,500; Accounts Payable, $53,750; and Fund...
- Q debitscreditscash37,500accounts receivable12,410prepaid insurance2,400supplies7,113equipment35,000accumulated depreciation10,000accounts payable7,569unearned revenue8,500loan payable15,000capital stock24,000retained earnings, jan 1.15,457revenues43,995salary expense12,098rent expense13,000office expense2,500dividends2,500124,521124,521a) Asher Corporation's equipment had an originallife of 140 months, and the straight-line depreciation method isused. As...
- Q Buffalo BBQ Restaurant is trying to become more efficient intraining its chefs. It is experimenting with two training programsaimed at this objective. Both programs have basic and advancedtraining modules. The...
- Q Prepare journal entries to record the following merchandisingtransactions of Lowe’s, which uses the perpetual inventory systemand the gross method. (Hint: It will help to identify eachreceivable and payable; for example,...
- Q _______5.Happy Days, Inc.Comparative Balance SheetJune 30, 2019 and 2018AssetsIncrease (Decrease)20182017AmountPercentCurrent assets$256,000$190,000Property, plant, and equipment428,000405,000Intangible assets24,00032,000Total Assets$708,000$81,00012.9%LiabilitiesCurrent liabilities$81,000$89,000Long-term liabilities235,000275,000Total Liabilities$316,000$(48,000)(13.2%)Stockholders’ EquityCommon stock$276,000$210,000Retained earnings116,00053,000Total Stockholders’ Equity$392,000$129,00049.0%Total Liabilities & Stockholders’ Equity$708,000$81,00012.9%Prepare a comparative...
- Q Technoid Inc. sells computer systems. Technoid leases computersto Lone Star Company on January 1, 2018. The manufacturing cost ofthe computers was $19 million.This non-cancelable lease had the following terms:1.) Lease...
- Q Exercise 8-14 Sales and Production Budgets [LO8-2, LO8-3]The marketing department of Jessi Corporation has submitted thefollowing sales forecast for the upcoming fiscal year (all salesare on account):1st Quarter2nd Quarter3rd Quarter4th...
- Q please explain in depth:Explain what method is used to account for investments in equitysecurities with 20% to 50% ownership. Briefly describe howdividends received and share of net income are accounted...
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