Accounting question and answers for September 19, 2023
- Q The static budget, at the beginning of the month, for Singleton Company follows: Static budget: Sales volume: 1,000 units; Sales price: $70.00 per unit Variable costs: $33.00 per unit; Fixed...
- Q TB MC Qu. 16-36 Gutsen Communications Inc. manufactures a ... Gutsen Communications Inc. manufactures a scrambling device for cellular phones. The main component of the scrambling device is...
- Q These expenditures were incurred by Pharoah Company in purchasing land: cash price $59,270, assumed accrued taxes $4,640, attorne/s fees $2,130, real estate broker's commission $3,970, and...
- Q The following data for Throwback Industries Inc. relate to the payroll for the week ended December 9 . Required: 1. Prepare a payroll summary for Throwback industries inc....
- Q Required Use the following information to prepare a multistep income statement and a classified balance sheet for Eller Equipment Co. for Ye 1. (Hint: Some of the items...
- Q Newhard Company assigns overhead cost to jobs on the basis of 117% of direct labor cost. The job cost sheet for Job 313 includes $26,300 in direct...
- Q Kaspar Industries expects credit sales for January, February, and March to be $220,000,$260,000, and $300,000, respectively expected that 75% of the sales will be...
- Q An estimate of an asset's value to the company, calculated by discounting the future cash flows from the investment at the project's required rate of retum and then subtracting...
- Q Sunland Company applies manufacturing overhead to jobs on the basis of machine hours used. Overhead costs are estimated to total $282,000 for...
- Q The controller of Arrowroot Company wishes to improve the company's control system by preparing a monthly cash budget. The following information relates to the month ending July 31, 2021:...
- Q You are considering the purchase of a 1,824SF industrial building in Bellflower. Below, you are given the information you need to analyze the investment and decide...
- Q whats the "Free cash flow"? The following is a condensed version of the comparative balance sheets for Sheridan Corporation for the last two years at December...
- Q On January 1, 2020, Holland Corporation paid $9 per share to a group of Zeeland Corporation shareholders to acquire 60,000 shares of Zeelands outstanding voting stock, representing a 60 percent...
- Q Sheffield Company is constructing a building. Construction began on February 1 and was completed on December 31. Expenditures were $1,992,000 on March 1,$1,272,000 on June 1, and $3,020,740...
- Q Company distributes a single product. The company's sales and expenses for last month follow Total Per Unit Sales Variable expenses $...
- Q I need step by step solution Use AstroTurf Company's income statement below to answer the following questions. Operating costs (excl. depreciations & amortization): $4.5m Depreciation and amortization: $1.5m Interest: $0.7m...
- Q On January 1, 2009, $5,000,000, 10-year, 8% bonds were issued at $5,150,000. Interest is paid each January 1 and July 1. If the straight-line method of amortization is used to...
- Q Kiona Co set up a petty cash fund for payments of small amounts. The following transactions involving the petty cash fund occurred in May (the last...
- Q Por favor ayuda urgente para grabar esto. First Attempt There are entry errors on this input screen. Please make the necessary corrections before revalidating your work. Info-Data Computer...
- Q 24,500 Required information Problem 17-5A Comparative ratio analysis LO A1, P3 [The following information applies to the questions...
- Q At the beginning of Year 2, the Redd Company had the following balances in its accounts. During Year 2 , the company experienced the following events:...
- Q Littleton Books has the following transactions during May. May 2 Purchases books on account from Readers Wholesale for $3,600, terms 1/10,n/30. May 3 Pays cash for freight costs...
- Q Using the trial balance of gross balances for Fargo and the additional information given below, answer the following questions about the operations of Fargo. Put answers in box when...
- Q Required information [The following information applies to the questions displayed below] Ramer and Knox began a partnership by investing $70,000 and $105,000, respectively. During its first year, the...
- Q Obj4 E10-15 Predetermined factory overhead rate Novus Engine Shop uses a job order cost system to determine the cost of performing en gine repair work. Estimated...
- Q Old Tyme Soda produces one flavor of a popular local soft drink.It had no work-in-process on October 31 in its only inventoryaccount. During November, Old Tyme started 10,300 barrels.Work-in-process on...
- Q The general model for calculating a quantity variance is:Multiple ChoiceActual price × (Actual quantity of inputs used ? Standardquantity allowed for output).Standard price × (Actual quantity of inputs used ?...
- Q Outback Outfitters sells recreational equipment. One of thecompany’s products, a small camp stove, sells for $100 per unit.Variable expenses are $70 per stove, and fixed expenses associatedwith the stove total...
- Q Sandhill Windows manufactures and sells custom storm windows forthree-season porches. Sandhill also provides installation servicefor the windows. The installation process does not involve changesin the windows, so this service can...
- Q The sales method for estimating bad debts is calculated using________.A) aging of accounts receivableB) a percentage of credit salesC) a percentage of net accounts receivableD) the current balance in accounts...
- Q Date of lookup data:March 1st, 2019Money Market Rates, etc.U.S. Treasurys [†,1]SecurityYieldT-Bill, Note, BondYield1-month Euro LIBOR-0.41%1-month T-Bill2.44%1-month U.S T-Bill2.39%2-month T-Bill2.46%1-month LIBOR2.48%3-month T-Bill2.44%Federal Funds2.40%6-month T-Bill2.52%Federal Reserve Discount Rate1.00%1-Year T-Bill2.55%Negotiable CDs2.69%2-Year T-Note2.55%U.S Commercial...
- Q Look up the definition: Tax CourtPost the word and you're definition with a couple of paragraphsabout what you learned and why the tax court is new to you?
- Q On December 31, 2015, Berclair Inc. had 442 million shares ofcommon stock and 5 million shares of 9%, $100 par value cumulativepreferred stock issued and outstanding. Net income for the...
- Q Six Company sells an asset with a $1 million fair value to ACompany. A Company agrees to make six equal payments, each to bepaid one year apart, commencing on the...
- Q Swanson, Inc., manufactures an advanced swim fin for scubadivers. Management is now preparing detailed budgets for the thirdquarter, July through September, and has assembled the followinginformation to assist in preparing...
- Q Oscar Clemente is the manager of Forbes Division of Pitt, Inc.,a manufacturer of biotech products. Forbes Division, which has$4.02 million in assets, manufactures a special testing device. Atthe beginning of...
- Q Ansoff's matrix is useful for what?and explain about 2 followingcompanies, 1. Joanie wants to open a new store location 100 milesfrom her existing shop. Which of these strategies is sheconsidering?2.Tom...
- Q Exercise 21A-1 a Splish Brothers enters into an agreement withTraveler Inc. to lease a car on December 31, 2016. The followinginformation relates to this agreement. 1. The term of thenon-cancelable...
- Q ?he P/E (price to earnings) ratio show us the expected price ofa stock based on its earnings. Investors tend to invest in acompany with a high P/E ratio and buy...
- Q 1. What areshare splits and what accounting entries are necessary when a sharesplit is undertaken?2. Arepreference shares debt or equity? Briefly provide yourreasoning?3. On 1 July 2019 Campbell Ltd provided 1million options...
- Q U3 Company is considering three long-term capital investmentproposals. Each investment has a useful life of 5 years. Relevantdata on each project are as follows.Project BonoProject EdgeProject ClaytonCapital investment$163,200$178,500$204,000Annual net income:Year 114,28018,36027,540 214,28017,34023,460 314,28016,32021,420 414,28012,24013,260 514,2809,18012,240Total$71,400$73,440$97,920Depreciation...
- Q CA14-2. (Bond Theory: Price, Presentation, and Redemption) OnMarch 1, 2017, Sealy Company sold its 5-year, $1,000 face value, 9%bonds dated March 1, 2017, at an effective annual interest rate(yield) of...
- Q The contribution format income statement for Huerra Company forlast year is given below:TotalUnitSales$996,000$49.80Variable expenses597,60029.88Contribution margin398,40019.92Fixed expenses316,40015.82Net operating income82,0004.10Income taxes @ 40%32,8001.64Net income$49,200$2.46The company had average operating assets of $493,000 during...
- Q Derby Phones is considering the introduction of a new model ofheadphones with the following price and cost characteristics.Sales price$21per unitVariable costs9per unitFixed costs26,000per monthAssume that the projected number of units...
- Q Craig Phillips is a buyer at Socon, a manufacturer of largeindustrial pumps. He has a requirement for a customized subassemblythat his preferred supplier, Oriel, is building for the first time.He...
- Q Why does the write-off of uncollectible accounts have no effecton the accounts receivable on the balance sheet if bad debts areestimated? If not directly written off as bad debts expense...
- Q Davis Uniform Corporation operates a store that sells uniforms.The following are the transactions that occurred during the firstquarter of operation- Jan. 1 to Mar. 31, 2019.Jan. 1 Davis issues 20,000shares...
- Q Beech Corporation is a merchandising company that is preparing amaster budget for the third quarter of the calendar year. Thecompany’s balance sheet as of June 30th is shown below:Beech CorporationBalance...
- Q 14-16 5Lydex CompanyComparative Balance SheetThis YearLast YearAssetsCurrent assets:Cash$1,020,000$1,320,000Marketable securities0300,000Accounts receivable, net2,940,0002,040,000Inventory3,660,0002,100,000Prepaid expenses270,000210,000Total current assets7,890,0005,970,000Plant and equipment, net9,640,0009,110,000Total assets$17,530,000$15,080,000Liabilities and Stockholders' EquityLiabilities:Current liabilities$4,070,000$2,450,000Note payable, 10%3,700,0003,100,000Total liabilities7,770,0005,550,000Stockholders' equity:Common stock, $75 par value7,500,0007,500,000Retained...
- Q What is the difference between a cost center and a profitcenter? Give a complete answer that demonstrates what criticalelement distinguishes the profit center from the cost center.
- Q Alpha and Beta are divisions within the same company. Themanagers of both divisions are evaluated based on their owndivision’s return on investment (ROI). Assume the followinginformation relative to the two...
- Q Nautical Creations is one of the largest producers of miniatureships in a bottle. An especially complex part of one of the shipsneeds special production equipment that is not useful for...
- Q A partner of your accountancy firm has requested you to preparedetailed notes on the impact of redundancy pay. During this briefmeeting with you, the partner said the following, “When theemployment...
- Q QUESTION 1 BANK RECONCILIATION The information givenbelow was extracted from the accounting records of Mika Stores.REQUIRED 1.1 Complete the Cash Receipts Journal and Cash PaymentsJournal of Mika Stores for March...
- Q Worley Company buys surgical supplies from a variety ofmanufacturers and then resells and delivers these supplies tohundreds of hospitals. Worley sets its prices for all hospitals bymarking up its cost...
- Q Superior Company provided the following data for the year endedDecember 31 (all raw materials are used in production as directmaterials): Selling expenses $ 214,000 Purchases of raw materials $261,000 Direct...
- Q Remember all responses must be thorough... complete and propersentences are expected!1. What human relations skills do you think would be helpful toyou in a new job (accountant)?2. What conclusions can...
- Q Garrison, Inc. purchased an asset for $63,282 and negotiated anon-cancelable lease with Jasper Corporation on January 1, 20X1.Jasper will lease the asset from Garrison over a 10-year leaseperiod with annual...
- Q Selected information about income statement accounts for theReed Company is presented below (the company's fiscal year ends onDecember 31):20182017Sales$4,500,000$3,600,000Cost of goods sold2,880,0002,020,000Administrative expenses820,000695,000Selling expenses380,000332,000Interest revenue152,000142,000Interest expense204,000204,000Loss on sale of assets...
- Q Many accounting and accounting-related professionals are skilledin financial analysis, but most are not skilled in manufacturing.This is especially the case for process manufacturing environments(for example, a bottling plant or chemical...
- Q Vitex, Inc. manufactures a popular consumer product and it hasprovided the following data excerpts from its standard costsystem:Inputs(1) Standard Quantity or Hours(2)StandardPriceor RateStandardCost(1) × (2)Direct materials2.10pounds$16.50per pound$34.65Direct labor1.00hours$15.40per hour$15.40Variable manufacturing...
- Q AccountsDebitCreditCash26700Accounts Receivable49400Allowance for Uncollectible accounts5800Inventory21600Land62000Equipment23000Accumulated Depreciation3100Accounts payable30,100Notes payable(6%,due april 1, 2019)66,000Common Stock51,000Retained Earnings26,700Totals182,700182,700January 2. Sold gift cards totaling $11,200. The cards areredeemable for merchandise within one year of the purchasedate.January...
- Q 3. On the basis of the following data taken from the AdjustedTrial Balance columns of the work sheet for the year ended March 31for Boles Athletic Company, journalize the four...
- Q 4.Vertical Analysis of Income StatementFor 20Y2, Tri-Comic Company initiated a sales promotion campaignthat included the expenditure of an additional $23,000 foradvertising. At the end of the year, Lumi Neer, the...
- Q The manager of a book store at City College purchases T-shirtsfrom a vendor at a cost of $25 per shirt. The bookstore incurs anordering cost of $100 per order, and...
- Q Westerville Company reported the following results from lastyear’s operations: Sales$1,000,000 Variable expenses300,000 Contribution margin700,000 Fixed expenses500,000 Net operating income$200,000 Average operating assets$625,000 This year, the company has a $120,000 investment opportunitywith the following cost and revenue characteristics: Sales$200,000 Contribution...
- Q Sheffield Inc. was authorized to issue 100000 £10 par valueordinary shares. As of December 31, 2020, the company had issued54000 shares at an average price of £22 per share. During...
- Q Selected information from the adjusted trial balance of WarmersInc. as of December 31, 2019, follows:Department ADepartment BTotalMerchandise Inventory, January 1$43,000$13,000$56,000Merchandise Inventory, December 3153,00010,80063,800Sales493,800329,200823,000Sales Returns and Allowances4,9383,2928,230Purchases190,000105,000295,000Freight In480480960Purchases Returns and Allowances1,4004801,880Sales...
- Q Preparing a Direct Materials Purchases BudgetTulum Inc. makes a Mexican chocolate mix sold in 4-pound boxes.Planned production in units for the first 3 months of the comingyear is:January24,700February22,000March30,200Each box requires...
- Q Kubin Company’s relevant range of production is 21,000 to 25,000units. When it produces and sells 23,000 units, its average costsper unit are as follows: Average Cost per UnitDirect materials$8.10Direct labor$5.10Variable manufacturing...
- Q Comprehensive Master(Operating) BudgetBee Gee Distributors, a wholesale company, is consideringwhether to open a new distribution center near Bowling Green, Ohio.The center would open January 1, 2020. The economic outlook isreasonable,...
- Q IAS 16, Property, Plant and Equipment allows companies to chooseeither the cost model or the revaluation model to measure thecarrying amount of property, plant and equipment subsequent to itsinitial recognition...
- Q Using the following information ... to forecast theincremental expected Profit or Loss from the newclinic.Generic Hospital is contemplating the opening of a clinic in anunderserved rural community. The marketing people...
- Q Fictitious information is provided below. Answer both requiredquestions. **Be sure to show your work in detail. Not doing so willresult in reduced or no credit given.For the year recently completed,...
- Q Skidmore Music Company had the following transactions inMarch:Sold instruments to customers for $16,100; received $11,600 incash and the rest on account. The cost of the instruments was$8,500.Purchased $4,300 of new...
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