Accounting question and answers for September 19, 2023
- Q Transaction 4The owners paid $2,500 for website advertising. They were able toget a good deal because one of the company's owners also owns stockin the website company. The owners also...
- Q List the four health care funding methods used in Canada. Statethe health care funding method used in your jurisdiction anddescribe the payroll implication, if any.
- Q Dahlia is in the 32 percent tax rate bracket and has purchasedthe following shares of Microsoft common stock over the years: DatePurchased Shares Basis 7/10/2008 500 $ 20,000 4/20/2009 400...
- Q Preparation of a complete master budgetThe management of Zigby Manufacturing prepared the followingestimated balance sheet for March, 2015:ZIGBY MANUFACTURINGEstimated Balance SheetMarch 31, 2015ASSETSCash..........................................................$ 40,000Accountsreceivable................................342,248Raw materialsinventory..........................Finished goodsinventory........................98,500 325,540Total currentassets.................................806,288Equipment................................................$600,000Less accumulated depreciation..............150,000 ...
- Q Paulis Kennel uses tenant-days as its measure of activity; ananimal housed in the kennel for one day is counted as onetenant-day. During February, the kennel budgeted for 2,500tenant-days, but its...
- Q Revenues generated by a new fad product are forecast asfollows: YearRevenues1$60,000 230,000 320,000 410,000 Thereafter0 Expenses are expected to be 50% of revenues, and working capitalrequired in each year is expected...
- Q Problem 15-1A Production costs computed and recorded; reportsprepared LO C2, P1, P2, P3, P4[The following information applies to the questionsdisplayed below.]Marcelino Co.'s March 31 inventory of raw materials is $80,000....
- Q P12-2 The management of Shatner Manufacturing Company is tryingto decide whether to continue manufacturing a part or to buy itfrom an outside supplier. The part, called CISCO, is a component...
- Q Skylar and Walter Black have been married for 25 years. Theylive at 883 Scrub Brush Street, Apt. 52B, Las Vegas, NV 89125.Skylar is a homemaker and Walter is a high...
- Q Discussion Topic 1 (Note: Briefly in your own words1 paragraph minimum.)Depreciation:1. What impact do you think depreciation has on a constructioncompany from a financial standpoint? 2. Why do you think we...
- Q Genuine Spice Inc. began operations on January 1 of the currentyear. The company produces eight- ounce bottles of hand and bodylotion called Eternal Beauty. The lotion is sold wholesale in12-bottle...
- Q John and Jessica are married and have one dependent child, Liz.Liz is currently in college at State University. John works as adesign engineer for a manufacturing firm while Jessie runs...
- Q Debate It" Please respond to the following:Absorption costing and other methods make it possible tomanipulate operating income raising some serious ethical concerns.Construct an argument either for or against the use of...
- Q 1. Evaluating IMPACT (Level 5 – Evaluating)As patients continue their recovery, post-acute care (PAC)safely transitions them out of the acute-care hospital. There arefour PAC settings: skilled nursing facilities (SNF), long-term...
- Q Define knowledge management and how it hasevolved.
- Q True/false1- The fair market value of property or services received inbartering must be included in gross income.2- Mr. Barley an accountant, accepted a painting for his officefrom his client in...
- Q internal Control of Cash Payments Abbe Co. is a smallmerchandising company with a manual accounting system. Aninvestigation revealed that in spite of a sufficient bank balance,a significant amount of available...
- Q 4. Bonds Issued between Interest DatesD Company planned on Issuing bonds $2000,000 on January 1, 2018but due to slowdownsthe bonds were not sold until April 1, 2018. These 8 year...
- Q Hancock Company, a merchandising company, prepares its masterbudget on a quarterly basis. The following data have been assembledto assist in preparation of the master budget for the secondquarter.a.As of December...
- Q Sales price P15 per unitVariable costs:SG&A P2 per unitProduction P4 per unitFixed costs (total cost incurred for theyear):SG&A P14,000Production P20,000During the first year, Sherrill Corporation manufactured 5,000units and sold 3,800....
- Q Turner, Roth, and Lowe are partners who share income and loss ina 2:3:5 ratio (in percents: Turner, 20%; Roth, 30%; and Lowe, 50%).The partners decide to liquidate the partnership. Immediatelybefore...
- Q Fogerty Company makes two products, titanium Hubs and Sprockets.Data regarding the two products follow: DirectLabor-Hours per UnitAnnualProductionHubs0.8012,000unitsSprockets0.4043,000unitsAdditional information about the company follows:a. Hubs require $21 in direct materials per unit, and...
- Q Hi-Tek Manufacturing Inc. makes two types of industrialcomponent parts—the B300 and the T500. An absorption costing incomestatement for the most recent period is shown below:Hi-Tek Manufacturing IncIncome Statement:SALES$ 1,693,500COST OF...
- Q Financial Statement Disclosure:International Clothiers Ltd. has offices in Canada, Bermuda,Europe and the United States. Each of the following events haveoccurred after the company’s 31 December 2017 year-end, but beforetheir financial...
- Q Decision on Accepting Additional BusinessBrightstone Tire and Rubber Company has capacity to produce128,000 tires. Brightstone presently produces and sells 98,000tires for the North American market at a price of $109...
- Q The balances in the accounts of Maybe Ltd at 30 June 2019 and 30June 2020 are:2020‘0002019‘000Sales (all on credit)300420Cost of Goods Sold156132Doubtful Debts expense3036Interest Expense2436Salaries3630Depreciation1218Cash172.80166.80Inventory216192Accounts Receivable324300Allowance for Doubtful Debts3642Land180180Plant120108Accumulated Depreciation2436Bank...
- Q The following balance sheet is for a local partnership in whichthe partners have become very unhappy with each other. Cash $51,000 Liabilities $ 41,000 Land 185,000 Adams, capital 118,000Building 175,000...
- Q Alberta Gauge Company, Ltd., a small manufacturing company inCalgary, Alberta, manufactures three types of electrical gaugesused in a variety of machinery. For many years the company has beenprofitable and has...
- Q Pronghorn Corp. was organized on January 1, 2022. It isauthorized to issue 19,800 shares of 7%, $50 par value preferredstock and 462,000 shares of no-par common stock with a stated...
- Q Adelphi Company purchased a machine on January 1, 2017, for$50,000. The machine was estimated to have a service life of tenyears with an estimated residual value of $5,000. Adelphi sold...
- Q flake center is considering purchasing new manufacturingequipment for 90000. the old network can be sold for 7000. the newnetwork will require additional working capital of 10000. itsanticipated eight-year life will...
- Q Production Budget and Direct Materials Purchases BudgetsPeanut Land Inc. produces all-natural organic peanut butter. Thepeanut butter is sold in 12-ounce jars. The sales budget for thefirst four months of the...
- Q Green Acres Farms just purchased a tractor on January 1,2020.The total purchase price (cost) was $600,000.They expect to use the tractor for 5 years and sell for$100,000.Assume according to MACRS,...
- Q Why is GAAP so important for external financial reporting butnot for internal management reporting?
- Q Onthe cash flow statement, buying inventory on account is not a useof cash. True or FalseMost companies use the direct method to prepare the statementof cash flows. True or FalseA...
- Q The following information pertains to the first year ofoperation for Crystal Cold Coolers Inc.: Number of units produced3,000Number of units sold2,300Unit sales price$340Direct materials per unit70Direct labor per unit40Variable manufacturing overhead...
- Q Your dog, Peyton, has severe allergies and cannot have the usualstore-bought dog treats. You have been making homemade treats forhim that are allnatural and hypoallergenic. Over the past year, youhave...
- Q Selected account balances from the adjusted trial balance forOlinda Corporation as of its calendar year-end December 31follow.DebitCredita.Interest revenue$14,000b.Depreciation expense—Equipment$34,000c.Loss on sale of equipment25,850d.Accounts payable44,000e.Other operating expenses106,400f.Accumulated depreciation—Equipment71,600g.Gain from settlement of...
- Q First part of question. Second will come through now.Diversified Products, Inc., has recently acquired a smallpublishing company that offers three books for sale—a cookbook, atravel guide, and a handy speller....
- Q Michael McNamara and Gregory Lau met while in university andalways knew they wanted to be in business together. Shortly afteruniversity Michael went to work for a large mulinational firm whileGregory...
- Q Grouper Corporation is preparing the comparative financialstatements for the annual report to its shareholders for fiscalyears ended May 31, 2017, and May 31, 2018. The income fromoperations for the fiscal...
- Q Argue both sides to this caseBill runs a dry cleaning store called Bill’s Dry Cleaning. Heis in deep financial trouble. His bank will no longer give him anycredit and is...
- Q An investor has two bonds in his portfolio that have a facevalue of $1,000 and pay a 7% annual coupon. Bond L matures in 17years, while Bond S matures in...
- Q Supler Corporationproduces a part used in the manufacture of one of its products. Theunit product cost is $21, computed as follows:Directmaterials$7Directlabor6Variablemanufacturing overhead3Fixedmanufacturing overhead5Unit productcost$21An outside supplierhas offered to provide the...
- Q Income StatementThe goal of a business is to make a profit. Financial statementssuch as income statements and balance sheets report how successfula business has been in achieving this goal.1. Use...
- Q Consider the amount and timing of the following transactionsmade by J. DoeDecember, 2014 : Purchased, paid for and applied fertilizer forthe 2015 crop. $10,000.April, 2015: Purchased and paid for seed,...
- Q On February 1, 2021, Cromley Motor Products issued 8% bonds,dated February 1, with a face amount of $90 million. The bondsmature on January 31, 2025 (4 years). The market yield...
- Q Let's start the week by exploring the accrual basis ofaccounting. Why do accountants use this instead of the cash basisof accounting? What are some of the benefits of using accrualaccounting?Please...
- Q Your company has the sales for year 1 below. You want to selectfrom one of three models for forecasting: a three-month movingaverage, a weighted moving average (you believe that the...
- Q Tanek Corp.’s sales slumped badly in 2017. For the first time inits history, it operated at a loss. The company’s income statementshowed the following results from selling 575,500 units of...
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