Accounting question and answers for September 18, 2023
- Q On January 1, 2016, Flash and Dash Company adopted a healthcareplan for its retired employees. To determine eligibility forbenefits, the company retroactively gives credit to the date ofhire for each...
- Q Brenda has been asked to observe how junior management are usingnew accounting software at a leading city accounting firm. As partof informed consent, staff are informed that they will remainanonymous....
- Q Assume that on December 31, 2019, Kimberly-ClarkCorp. signs a 10-year, non-cancelable lease agreement tolease a storage building from Sheffield Storage Company. Thefollowing information pertains to this lease agreement.1.The agreement requires...
- Q Going forward, how do you see 'sustainability' play into the bigpicture of how businesses are operated and viewed? Pleaseback up your perspective with a decent explanation and rationale.Also, not overly...
- Q Daosta Inc. uses the FIFO method in its process costing system.The following data concern the op... Daosta Inc. uses the FIFOmethod in its process costing system. The following data concernthe...
- Q How much cash do I have at the end of period 2, 3, and 4?Please add calculations for each period.PeriodDebit or CreditValueTypeAccount0Credit(+)$1,500,000EquityStartup Capital0Debit(+)$1,500,000AssetCash0Debit(+)$300,000AssetProperty, Plant & Equipment1Debit(+)$26,000ExpenseOperating Costs1Credit(-)$26,000AssetCash1Credit(+)$126,114RevenueRevenue1Debit(+)$126,114AssetCash1Debit(+)$240,000AssetInventory1Credit(+)$240,000AssetCash1Debit(+)$67,261ExpenseCost of Goods Sold1Credit(-)$67,261AssetInventory2Debit(+)$26,000ExpenseOperating...
- Q BONDS :Huskies Corp. issued 9-year $750,000 bond on January 1, 2006with coupon rate of 10%. The bond pays interest semiannually everyJune 30 and December 31, with the principal to be...
- Q On May 1, 2017, Bramble Company issued 1,400 $1,000 bonds at102. Each bond was issued with one detachable stock warrant.Shortly after issuance, the bonds were selling at 97, but the...
- Q onJanuary 1, 2016 North Company issued $2000000 of bonds with astated rate of 10% that are due to mature December 31, 2025, andpay interest semiannually. The market rate of interest...
- Q When CQ University’s computers began acting sluggishly, computeroperators were relieved when a software trouble-shooter from DELLcalled. When he offered to correct the problem they were having, hewas given a login...
- Q On the first day of the fiscal year, a company issues a$8,400,000, 12%, 10-year bond that pays semiannual interest of$504,000 ($8,400,000 × 12% × ½), receiving cash of $7,115,493.Journalize the...
- Q In 2018, Nina contributes 11 percent of her $119,000 annualsalary to her 401(k) account. She expects to earn a 5 percentbefore-tax rate of return. Assuming she leaves this (and anyemployer...
- Q The Hazim Company is a wholesale distributor of automotivereplacement parts. For purposes ofthis question, assume on January 1, year 3, Hazim Co. adoptedthe dollar-value LIFO method ofdetermining inventory costs for...
- Q Carlsville Company, which began operations in 2015, invests itsidle cash in trading securities. The following transactions arefrom its short-term investments in trading securities. 2015 Jan. 20Purchased 800 shares of Ford...
- Q Following are selected accounts for Mergaronite Company andHill, Inc., as of December 31, 2018. Several of Mergaronite’saccounts have been omitted. Credit balances are indicated byparentheses. Dividends were declared and paid...
- Q LEFO Company uses the periodic inventory system to account forinventories. Information related to LEFO Company's inventory atMarch 31 is given below:Date - Description - Units - Unit CostMarch 1 -...
- Q Answer the following true/false1.A permanent mortgageis one on which interest only has to be paid2.A pro?forma incomestatement is an income statement calculated on a cash basis3.The best way toevaluate feasibility...
- Q Five Measures of Solvency or ProfitabilityThe balance sheet for Garcon Inc. at the end of the currentfiscal year indicated the following:Bonds payable, 9%$1,600,000Preferred $5 stock, $50 par262,000Common stock, $13 par183,924.00Income...
- Q 1. Would it be a violation of the Consumer Credit Protection Actto suspend, demote, or transfer an employee who is subject to agarnishment?2. Freisleven Corporation has undertaken a cost study...
- Q This question is about deductions for adjusted gross income.According to my textbook (southwestern individual income taxes2019), “excess capital losses” is considered a deduction for AGI.Does this mean business capital losses...
- Q Dealer Financing On 1/1/X1, Tractor Co. sold a new combine toJim’s U-Pick farm. The purchase agreementestablishes a base price of $100,000, plusa contractual interest rate of 5%, payable in 48monthly...
- Q Please provide a one page summary of your key learnings chapter1 Ethical Reasoning: Implications for Accounting
- Q Betty DeRose, Inc. operates two departments, the handling department andthe packaging department. During April, the handling department reportedthe following information: ...
- Q Part A Instructions: Use the information provided below forPlant A of Big Noizz Corporation to prepare the Statement of Costof Goods Manufactured, Cost of Goods Sold and Income Statement for2017.Sales...
- Q You are an intern, working with the statistical expert taskedwith completing the study for the bank. She is interested in yourthoughts on the project, and has asked you to write...
- Q What are the unique financial reporting implications of thePartnership entity in comparison with the Proprietorship andCorporate structures? How does the closing process differ for thePartnership?
- Q Rand Medical manufactures lithotripters. Lithotripsy uses shockwaves instead of surgery to eliminate kidney stones. Physicians’Leasing purchased a lithotripter from Rand for $2,730,000 andleased it to Mid-South Urologists Group, Inc., on...
- Q InstructionsJournalize the transactions for the month of January 2018,beginning on page GJ1. Be sure and list the Debit Account(s) first;Credit Account(s) next. Write a brief explanation for eachtransaction, and skip...
- Q Mervin March and George Gamble are equal partners. On January 1,2018, each had an adjusted basis in the partnership of $10,000.During 2018, the partnership borrowed $15,000, for which thepartners are...
- Q Cheese Ahead Frankie’s Homemade Cheese Shop (“Frankie’s”) signedan advertising agreement with Simmons Boards (“Owner”) forbillboard advertising rights along Route 33 in thetown of Hampton. Frankie’s has the right to select...
- Q EZ-Seat, Inc., manufactures two types of reclining chairs,Standard and Ergo. Ergo provides support for the body through acomplex set of sensors and requires great care in manufacturing toavoid damage to...
- Q Montoure Company uses a perpetual inventory system. It enteredinto the following calendar-year purchases and salestransactionsDateActivitiesUnits Acquired at CostUnits Sold at RetailJan.1Beginning inventory600units@ $60 per unitFeb.10Purchase480units@ $57 per unitMar.13Purchase120units@ $42 per...
- Q Apply the ConceptsA pediatric ward in a metropolitan hospital has the followinginformation:ResourcesCost of ResourcesActivitiesNursing hoursSupervision$80,000Supervising nurses2,000Supplies and uniforms40,000Treating patients5,000Salaries500,000Providing hygienic care4,000Computer15,000Responding to requests6,000Monitor30,000Monitoring patients3,000Total$665,00020,000Monitors are used only for the monitoring...
- Q Which core behavior within the Code of Ethics do you personallythink would be most challenging? Why?
- Q 8) What type of investments can be classified as “Hold toMaturity” and how are they reported/valued on the balancesheet.9) What type of investments can be classified as “Trading” or“Available for...
- Q Campaign Printing has two service departments, S1 and S2, andtwo production departments, P1 and P2.The data for May were as follows:Services provided to:ActivityPre-allocation CostsS1S2P1P2S1$90,00010%40%50%S2$60,00020%55%25%Pre-allocation CostsP1$360,000P2$520,000Required:Allocate service departments costs (S1 &...
- Q Yes No Are you placed under pressure to meet demanding worktargets or deadlines? If yes, is the pressure a result of externalsources or your own disorganisation? Has there been consistency...
- Q A COMPREHENSIVE ACCOUNTING CYCLE PROBLEM - NEED ASAP! THANKYOUOn December 1, 2018, John and Maggie Driscoll formed Cape ClearIsland, LLC. They began operations using the followingaccounts:CashAccounts ReceivablePrepaid RentUnexpired InsuranceOffice SuppliesRental...
- Q a) Must consideration always bepresent to render a promise enforceable?b) Does the magnitude of considerationmatter? Explain.c) how have the common law courts insome cases permitted a debtor to enforce a...
- Q Splish Company invests $10,400,000 in 5% fixed rate corporatebonds on January 1, 2017. All the bonds are classified asavailable-for-sale and are purchased at par. At year-end, marketinterest rates have declined,...
- Q You have conducted several interviews with departmentsupervisors who oversee the acquisition/payment process. Thefollowing is a summary of your discussions. Use this narrative toprepare a system flowchart to depict Plume’s acquisition/paymentsystem.checks...
- Q Albright Chemical Company currently operates three manufacturingplants in?Colorado, Utah, and Arizona. Annual carbon emissions forthese plants in the first quarter of 2018 are120,000metric tons perquarter? (or 480,000 metric tons in...
- Q Zugar Company is domiciled in a country whose currency is thedinar. Zugar begins 2017 with three assets: cash of 25,800 dinars,accounts receivable of 81,500 dinars, and land that cost 215,000dinars...
- Q The company exchanged an asset for a similar asset. The exchangewas with another company in the same line of business. The oldasset had a cost of $1,000 and accumulated depreciation...
- Q A company produces a product which has a standard variableproduction cost of $8 per unit made up asfollows: $Per UnitDirectmaterial $4.60(2kg X $2.30 per kg)Direct labour $2.10(0.7 hours x $3.00 per hour)Variable overhead $1.3Fixed...
- Q Service Department ChargesIn divisional income statements prepared for LeFevre Company,the Payroll Department costs are charged back to user divisions onthe basis of the number of payroll distributions, and thePurchasing Department...
- Q 1. What is the balance in a bank account at the end of 10 yearsif $2,500 is deposited today and the account earnd 4% interestcompounded annually? Quarterly?2. If you deposit...
- Q Explain the auditors’ responsibilities when planning theaudit
- Q Differential Analysis for a Discontinued ProductThe condensed product-line income statement for Suffolk ChinaWare Company for the month of May is as follows:Suffolk China Ware CompanyProduct-Line Income StatementFor the Month Ended...
- Q 7. An intercompany sale took place whereby the bookvalue exceeded the transfer price of a depreciable asset. Whichstatement is true for the year following the sale?a A worksheet entry is made...
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