Accounting question and answers for September 20, 2023
- Q one company's practice is to provide bonuses to salespeople who exceed their sales targets. which of the following advantages of budgeting enables the company to establish its recognition program. A-...
- Q Levine Manufacturing pays its production managers a bonus based on the companys profitability. During the two most recent years, the company maintained the same cost structure to manufacture its products....
- Q On January1, 2025, Bridgeport Corporation issued $700000 of 9% bonds, due in 8 years. The bonds were issued $662068, and pay interest each July 1 and January 1. Bridgeport uses...
- Q Una empresa tiene un proceso que da como resultado 15 000 libras del Producto X que se pueden vender a $8 por libra. Una alternativa sera procesar ms el Producto...
- Q 1. On 12/31/6, the accountant is reconciling notes related to cash and cash-related holdings for Bece. Corp. After scrutinizing cash receipts, bank accounts, and related information,...
- Q Post Delivery Service acquired at book value 80 percent of the voting shares of Script Real Estate CompanyOn that date, the fair value of the noncontrolling interest was equal to...
- Q 2018 Tax YearJohn earned $175,000 of qualified business income this year from his sole proprietorship and has taxable income, before any QBI (Section 199A) deduction, of $150,000. John is permitted...
- Q I saw this posted but without Version B 1 Accounting 2301 Instructions and Information for the Case Requirements: 1) Using the information given...
- Q If Blossom Mooney invests $6,246.00 now and she will receive $10,000 at the end of 12 years, what annual rate of interest will Blossom earn on her investment?...
- Q Manufacturing Income Statement, Statement of Cost of Goods Manufactured Several items are omitted from the income statement and cost of goods manufactured statement data for two different companies for the...
- Q Describe and explain three reasons why you believe the fraud at HealthSouth involving Richard Scrushy occurred and did so much harm to the company and its stakeholders.
- Q A company uses the completed-contract method to account for a long-term construction contract. Revenue and gross profit are recognized when billings on construction Are Collected...
- Q Overhead allocation based solely on a measure of volume such as direct labor-hours or number of students will systematically overcost high-volume products and undercost low-volume products. In other words, a...
- Q vickers company uses the units of activity method in computing depreciation. a new plan asset is purchased for 26,000 that will rpoduce an estimated 110000 units over its useful life....
- Q Price Unit = $100 VC/Unit = $30 CM/Unit = $70 Total Fixed Costs = $20,000 How many units need to be sold to make...
- Q Jake makes frequent purchases of the common shares of Picnic Ltd. His transactions during 2019 and 2020 are as follows: Shares Purchased (Sold) Per Share Value January 15, 2019 Purchase...
- Q \begin{tabular}{lcc} & \multicolumn{2}{c}{ Beginning-of-Year Balances } \\ \cline { 2 - 3 } Total assets & $45,000 & $162,000 \\ Total stockholders'...
- Q Spring Designs Decorators issued a 180-day, 9% note for $88,400, dated April 13 to Jaffe Furniture Company on account. Required: A. Determine the due date of the...
- Q Matlock Company utiliza un sistema de inventario perpetuo. Su inventario inicial consta de 54 unidades que cuestan $37 cada una. Durante junio, (1) la empresa compr 162 unidades a $37...
- Q Create Journal and ledger for: 2/1 Maleficent buys 2000 mushrooms for 5000$ in 30 days but I offer her 2/2 Net 30 (I offered the discount because she scares me)
- Q How would you compare the MACRS method for personal property to non-tax financial depreciation? Describe the MACRS system for personal property in terms of both (1) Recovery Period and (2)...
- Q El balance de prueba ajustado de Lopez Company muestra los siguientes datos correspondientes a las ventas al final de su ao fiscal, el 31 de octubre de 2014: Ingresos de...
- Q ../2 Question 3 View Policies Current Attempt in Progress Blossom Company issues $250,000, 20-year, 6% bonds at 101. Prepare the journal entry to record the sale...
- Q Even if production costs are higher in a foreign country, a U.S. MNC may establish a manufacturing plant in the foreign country if the government of that country: Group of...
- Q Lightfoot Inc., a software development firm, has stock outstanding as follows: 10,000 shares of cumulative preferred 2% stock, $20 par, and 13,000 shares of $75 par common. During its first...
- Q Microsoft Dynamics GP Write off an Uncollectible accountsreceivable Under the allowance method, the write off of a specificaccounts receivable:1. Decreases net income and decreases accounts receivable.2. Decreases net income and...
- Q “In my opinion, we ought to stop making our own drums and acceptthat outside supplier’s offer,” said Wim Niewindt, managingdirector of Antilles Refining, N.V., of Aruba. “At a price of...
- Q Required information Problem 13-6AA Income statementcomputations and format LO A2 [The following information applies tothe questions displayed below.] Selected account balances from theadjusted trial balance for Olinda Corporation as of...
- Q Describe benefit of training within industry in leanproduction practices?
- 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 “In my opinion, we ought to stop making our own drums and acceptthat outside supplier’s offer,” said Wim Niewindt, managingdirector of Antilles Refining, N.V., of Aruba. “At a price of...
- Q At December 31, 2017, Novak Corporation reported the followingplant assets. Land $ 3,198,000 Buildings $26,610,000 Less:Accumulated depreciation—buildings 12,712,050 13,897,950 Equipment42,640,000 Less: Accumulated depreciation—equipment 5,330,00037,310,000 Total plant assets $54,405,950 During 2018,...
- Q On January 1, Park Corporation and Strand Corporation hadcondensed balance sheets as follows:ParkStrandCurrent assets$74,500$16,050Noncurrent assets92,25046,200Total assets$166,750$62,250Current liabilities$32,000$12,250Long-term debt51,750Stockholders' equity83,00050,000Total liabilities and equities$166,750$62,250On January 2, Park borrowed $66,000 and used the...
- Q Capital Rationing Decision for a Service Company Involving FourProposalsRenaissance Capital Group is considering allocating a limitedamount of capital investment funds among four proposals. The amountof proposed investment, estimated income from...
- Q Bandar IndustriesBerhad of Malaysia manufactures sporting equipment. One of thecompany’s products, a football helmet for the North Americanmarket, requires a special plastic. During the quarter ending June30, the company manufactured...
- Q Miss Yu is performing the audit on leases of TipuPte Ltd for theyear ended 31 December 2016. From the ledger, Miss Yu noticed thatthere are three items. which are on...
- Q Linda Larue has arthritis. Her chiropractor advised her that sheneeded to swim daily to alleviate her pain and other symptoms.Consequently, Linda and her husband, Philo, purchased for $400,000a new home...
- Q As director of capital budgeting, you are reviewing threepotential investment projects with the following cost and cash flowprojections.Cash FlowProject AProject BProject CInvestment Cost($400,000)($375,000)($400,000)Year One Cash Flow$200,000$75,000$50,000Year Two Cash Flow$50,000$75,000$120,000Year Three...
- Q On June 15, 2016, Sanderson Construction entered into along-term construction contract to build a baseball stadium inWashington, D.C., for $400 million. The expected completion date isApril 1, 2018, just in...
- Q Math SAT scores (Y) are normally distributed with amean of 1500 and a standard deviation of 140. An evening schooladvertises that it can improve students' scores by roughly a thirdof...
- Q what are the formulas forNOPM for the current year as if the company capitalized itsoperating leases.NOAT for the current year as if the company capitalized itsoperating leases.RNOA for the current...
- Q Financial data for Joel de Paris, Inc., for last year follow:Joel de Paris, Inc. Balance Sheet Beginning Balance Ending BalanceAssets Cash $ 139,000 $ 127,000 Accounts receivable 343,000 485,000Inventory 565,000...
- Q In 2021, the Westgate Construction Company entered into acontract to construct a road for Santa Clara County for$10,000,000. The road was completed in 2023. Information related tothe contract is as...
- Q Presented below is the trial balance of Windsor Corporation atDecember 31, 2017.DebitCreditCash$ 198,500Sales$ 8,104,040Debt Investments (trading) (cost, $145,000)157,040Cost of Goods Sold4,800,000Debt Investments (long-term)300,500Equity Investments (long-term)278,500Notes Payable (short-term)94,040Accounts Payable459,040Selling Expenses2,004,040Investment Revenue66,950Land264,040Buildings1,041,500Dividends Payable137,500Accrued...
- Q Packaging Solutions Corporation manufactures and sells a widevariety of packaging products. Performance reports are preparedmonthly for each department. The planning budget and flexiblebudget for the Production Department are based on...
- Q Question 1The Kingsmill Furniture Company sells its products, offering 30days’ credit to its customers. Uncollectible amounts are estimatedto be equal to 2% of credit sales. At the end of the...
- Q On 1/1/2016, XYZ Corporation purchased 75% of the outstandingvoting stock of Sally Corporation for $2,400,000 paid incash. On the date of the acquisition, Sally’sshareholders’ equity consisted of the following:Common stock, $10par $1,000,000APIC 600,000RetainedEarnings 800,000TotalSE $2,400,000The...
- Q 1. Choose a country that has adopted IFRSs (i.e. globalaccounting standards) for at least 3 or more years, as revealed inthe accounting literature, and discuss the following: I. In whatyear...
- Q Contribution MarginHarry Company sells 35,000 units at $26 per unit. Variable costsare $17.42 per unit, and fixed costs are $126,100.Determine (a) the contribution margin ratio, (b) the unitcontribution margin, and...
- Q You have just been hired as a new management trainee by EarringsUnlimited, a distributor of earrings to various retail outletslocated in shopping malls across the country. In the past, thecompany...
- Q 2. Below is operating information of Weber Light Aircraft, acompany that produces light recreational aircraft.Per AircraftPer MonthSelling price$100,000Direct materials$19,000Direct labor$5,000Variable manufacturing overhead$1,000Fixed manufacturing overhead$70,000Variable selling and administrative expense$10,000Fixed selling and...
- Q During 2014, Robby’s Camera Shop had sales revenue of $158,000,of which $74,000 was on credit. At the start of 2014, AccountsReceivable showed a $25,000 debit balance, and the Allowance forDoubtful...
- Q The changes in each balance sheet account for Carver Corporationduring the year just completed are as follows:IncreaseDecreaseCash and cash equivalents$3,270Accounts receivable$5,450Inventory$6,180Prepaid expenses$3,180Long-term investments$18,360Property, plant, and equipment$11,770Accumulated depreciation$9,540Accounts payable$8,160Accrued liabilities$5,400Bonds Payable$12,840Common...
- Q Piscataway Plastics Company manufactures a highly specializedplastic that is used extensively in the automobile industry. Thefollowing data have been compiled for the month of June. Conversionactivity occurs uniformly throughout the...
- Q Hello, so for a project in management accounting we wereassigned a fake kayak selling/renting company that opporates in newengland. The project gave us 1,000 to invest in expansion and thelocations...
- Q Provide an example of how your organization uses managerialaccounting. Discuss why this application of managerial accountingcontributes the organization's success
- Q The manufacturing overhead costs are applied to products on thebasis of machine time. Unfortunately, due to system glitch, severalnumbers and labels have been omitted from the analysis of fixedoverhead below....
- Q You were asked to investigate extreme high, unexplainedmerchandise shortages at a department store chain. You found thefollowing:The receiving department supervisor owns and operates aboutique carrying many of the same labels...
- Q Suppose you want to find the auditing standard issued by thePCAOB that discusses auditevidence Which auditing standard is this? Give the official nameWhat are the 7 types of evidence discussed...
- Q Ken entered into a contract to purchase two retail storepremises in June 2003. The cost of each was $300,000, with stampduty of $20,000 each. Settlement was during August 2003.He usedthese...
- Q Branded Shoe Company manufactures only one type of shoe and hastwo divisions, the Stitching Division and the Polishing Division.The Stitching Division manufactures shoes for the PolishingDivision, which completes the shoe...
- Q Thalassines Kataskeves, S.A., of Greece makes marine equipment.The company has been experiencing losses on its bilge pump productline for several years. The most recent quarterly contributionformat income statement for the...
- Q Thome and Crede, CPAs, are preparing their service revenue(sales) budget for the coming year (2017). The practice is dividedinto three departments: auditing, tax, and consulting. Billablehours for each department, by...
- Q Timmy Incorporated leases a piece of equipment to AppleCorporation on January 1, 2017.1. Lease term in years. 42. Fair Value of equipment 25,1003. Book Value of equipment 20,1004. Lease agreement...
- Q Ellis issues 7.0%, five-year bonds dated January 1, 2017, with a$580,000 par value. The bonds pay interest on June 30 and December31 and are issued at a price of $604,738....
- Q What are alaska air groups earnings per share amounts disclosedon the income statement for the most recent year? What dilutivesecurities are discussed in the footnotes? Please identify anddescribe other examples...
- Q Legend Service Center just purchased an automobile hoist for$37,200. The hoist has an 8-year life and an estimated salvagevalue of $3,400. Installation costs and freight charges were $2,600and $800, respectively....
- Q Question 2 BankReconciliationThe Duluth Manufacturing Company has a business chequing accountat the Bank of Ontario. The bank provides a bank statement andcancelled cheques once a month. The cut-off date is...
- Q The partnership of Dennis and Grover reports the following?information:• Mike Dennis withdrew cash of $151,000 for personal use.• Frank Grover withdrew cash of $128,000 during the year.• Net income is...
- Q On January 4, 2018, Runyan Bakery paid $324 million for 10million shares of Lavery Labeling Company common stock. Theinvestment represents a 30% interest in the net assets of Laveryand gave...
- Q Walbin Corporation uses the weighted-average method in itsprocess costing system. The beginning work in process inventory ina particular department consisted of 19,000 units, 100% completewith respect to materials cost and...
- Q 1: Users offinancial statementsIdentify at least three types of users of financial statements.Describe their primary use of the financial statements and how themisstatement of those statements might injure the user.2: Overviewof the...
- Q 1-Direct Materials VariancesSilicone Engine Inc. produces wrist-worn tablet computers. Thecompany uses Thin Film Crystal (TFC) LCD displays for its products.Each tablet uses one display. The company produced 450 tabletsduring December....
- Q Explain computing Earnings & profits and DeterminedDividends received by Shareholders?
- Q [The following information applies to the questionsdisplayed below.]fNotes with important taxinformation are provided belowXYZ is a calendar-year corporation that began business onJanuary 1, 2017. For 2018, it reported the following...
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