Accounting question and answers for September 21, 2023
- Q 8. Montoya Enterprises produces a sword that sells for $200. Although the company's production capacity is 3,000 swords per year, only 2,500 swords are currently being...
- Q PLEASEW SOLVE Vertical Adventures has an open line of credit with a zero balance at its credit union using a fixed interest rate of 7.15%....
- Q On January 1, 2019, Aperture Science, Inc. issued $400,000 of twenty-year bonds when a market rate was 2%. The annual interest payment each year is $16,000....
- Q Question What are the dangers associated with taking an old contract and merely changing the name of the supplier for use in a new, three-year contract with a...
- Q Smoky Mountain Corporation makes two types of hiking boots--the Xtreme and the Pathfinder. Data concerning these two product lines appear below: Xtreme...
- Q Assume initial investment is $95,000 for all three projects and interest = 6.0%: Year 1 2 3 4 5 Project A Cash Flows 25,000 25,000 25,000 20,000 20,000 Project...
- Q Using the following information answer the next four questions. Balance Sale Purchase Purchase Sale Purchase 5 units at $53 3 units...
- Q Pavo Real sells a sprinkler that carries a 1-year unconditional warranty against product failure. Pavo Real estimates that between the sale and the lapse of the product warranty, 3.2% of...
- Q QUESTION 24 Perverents differ from come presentation because they chame the way adimce thith, feels, or acts E doar cate a poution mon QUESTION 25 bet...
- Q 19. In a clothing factory, clothing items are sewn by hundreds of workers using sewing machines and hand stitching. The sewing machines are used 80 percent of the time it...
- Q Marilyn, age 38, is employed as an architect. For calendar year 2023, she had AGI of $100,000 and paid the following medical expenses: Peter and Esther...
- Q TB MC Qu. 6-35 (Algo) A manufacturing company that ... A manufacturing company that produces a single product has provided the following data...
- Q QUESTION 1 At 31 December 2016, the end of the financial year. Ron Ashman...
- Q The following is an incomplete trial balance. Which of the following balances are recorded on the wrong side? Trial Balance Account Sales Purchases Carriage Inwards Carriage Outward Debit $...
- Q Jan. 1 Inventory Costing Methods-Periodic Method The following information is for the Vista Company; the company sells just one product: Units Unit Cost Beginning Inventory: 200 $10 Purchases:...
- Q All of the UKs top auditors have failed to hit quality targets for checking companies books, a damning report has revealed. None of the so-called Big Four EY, KPMG,...
- Q Current Attempt in Progress The adjusted account balances of Sunland Centre at July 31 are as follows: Prepare the end-of-year closing entries for Sunland Centre....
- Q [The following information applies to the questions displayed below.] Wichita, Inc. reported the following amounts on its financial statements prepared as of the end of the current accounting period: ...
- Q China Inn and Midwest Chicken exchanged assets. China Inn received delivery equipment and gave restaurant equipment. The fair value and book value of the restaurant equipment were...
- Q THE FOL TOWDGG INFORMATON APPL IES TOO Cunandy produces six products. Under their traditional cost system ush costs $168.00 per unit. An analysis of the actividies...
- Q 5) On March 31, 2017, Alpha Corporation recorded the following factory overhead costs incurred: Factory Manager Salary $6,000 Factory Utilities 2,500 Machinery Deprecation 10,000 Machinery Repairs 2,000 Factory Insurance (prepaid)...
- Q Question 1 9 marks Maldive Company completes construction of a building. The following independent items are the costs and other aspects relevant to the purchase of the lot and construction...
- Q - methods of allocating joint costs - Calculate: using the relative sales value method to determine the allocation of joint costs. - Calculate: If processed further, the cost...
- Q Pago
- Q Both the budget process and budgets themselves can impact management actions, both positively and negatively. For instance, a common practice among not-for-profit organizations and government agencies...
- Q Problem 18-03The federal corporate income tax rate is 35 percent and firmsmay carry-back losses for two years and carry-forward losses for 20years. The carry-back must occur before carry-forward. Acorporation breaks...
- Q Collyer Products Inc. has a Valve Division that manufacturesand sells a standard valve as follows: Capacity in units260,000 Selling price to outside customers on theintermediate market$ 19 Variable costs per unit$ 11 Fixed costs...
- Q Herbert Fancypants, a popular professional golfer, has becomeknown for the knickers (not underwear; Google/Bing it) he wears ineach golf tournament. This attire has become his trademark;however, he has no trademark...
- Q The comparative balance sheets for 2018 and 2017 and thestatement of income for 2018 are given below for Dux Company.Additional information from Dux's accounting records is providedalso.DUX COMPANYComparative Balance SheetsDecember...
- Q How can a buiness owner end up getting personally sued even ifthe business is incorporated?
- Q STEP 1 TransactionsSelect a business of your own choice and make up at least 15transactions of your own choice. These transactions should focus onCash Receipts, Cash Payments, Sales, Purchases, Sales...
- Q The treasurer of Amaro Canned Fruits, Inc., has projected thecash flows of Projects A, B, and C as follows: YearProject AProject BProject C0?$205,000?$370,000?$205,0001132,000228,000142,0002132,000228,000112,000 Suppose the relevant discount rate is 7 percent per...
- Q Problem 2A-4AWaterway Company uses a job order cost system in each of its threemanufacturing departments. Manufacturing overhead is applied tojobs on the basis of direct labor cost in Department D,...
- Q For the year ended December 31, 2018, Norstar Industriesreported net income of $655,000. At January 1, 2018, the companyhad 900,000 common shares outstanding. The following changes in thenumber of shares...
- Q The chief accountant for Grandview Corporation provides you withthe company’s 2018 statement of cash flows and income statement.The accountant has asked for your help with some missing figures inthe company’s...
- Q Thalassines Kataskeves, S.A., of Greece makes marine equipment.The company has been experiencing losses on its bilge pump productline for several years. The most recent quarterly contributionformat income statement for the...
- Q 3.Swathmore Clothing Corporation grants its customers 30 days’credit. The company uses the allowance method for its uncollectibleaccounts receivable. During the year, a monthly bad debt accrual ismade by multiplying 2%...
- Q Discuss how you view the use of emerging accountingtechnology in an accounting career.
- Q Required information[The followinginformation applies to the questions displayed below.]Arndt, Inc., reported the following for 2018 and 2019 ($ inmillions):20182019Revenues$995$1,055Expenses798838Pretaxaccounting income (income statement)$197$217Taxable income(tax return)$185$255Tax rate:40%Expenses each year include $40 million...
- Q Problem 14-5A Straight-Line: Amortization of bond premium anddiscount LO P1, P2, P3[The followinginformation applies to the questions displayedbelow.]Legacy issues $710,000of 8.0%, four-year bonds dated January 1, 2017, that pay interestsemiannually...
- Q Equivalent Units of Production and Related Costs The charges toWork in Process—Assembly Department for a period, together withinformation concerning production, are as follows. All directmaterials are placed in process at...
- Q Wayne has a beginning basis in a partnership of $46,000. Hisshare of income and expense from the partnership consists of thefollowing amounts: Ordinary income $86,000, Guaranteed payment24,000, Long-term capital gain...
- Q Mergers and acquisitions(M&A)What is merger and acquisitionDid Facebook Buy WhatsApp? What is the process of mergeand acquisition??? mention important points.How do interest rates affect M&A?How low-interest rates affect the M&A...
- Q On April 1, 2017, Flounder Company received a condemnation awardof $490,200 cash as compensation for the forced sale of thecompany’s land and building, which stood in the path of a...
- Q Assuming the government does not eliminate LIFO, whatare the ethical implications of a company switching its accountingpolicy from FIFO to LIFO, or the other way—from LIFO to FIFO? Whenand why...
- Q Ford Corporation is pulling together its direct labor budget forthe next two months. Each unit of output requires 0.05 directlabor-hours. The direct labor rate is $7.80 per direct labor-hour.The production...
- Q Door2DoorCo are a large courier company who have just received ashipment of X new vans. They wish to lock in a tyre supply contractto keep these vans well shod over...
- Q On Jan 1, Bike Mart had a beginning inventory of 20 bicycleswhich it purchased for $365 each.During January, the company purchases four more bicycles for$400 each. None were sold in...
- Q 3-6On April 1, 2017, Jiro Nozomi created a new travel agency,Adventure Travel. The following transactions occurred during thecompany’s first month.April1Nozomi invested$34,000 cash and computer equipment worth $25,000 in the company...
- Q Case Inc. is a construction company specializing in custompatios. The patios are constructed of concrete, brick, fiberglass,and lumber, depending upon customer preference. On June 1, 2020,the general ledger for Case...
- Q Required information[The followinginformation applies to the questions displayed below.]Arndt, Inc., reported the following for 2018 and 2019 ($ inmillions):20182019Revenues$995$1,055Expenses798838Pretaxaccounting income (income statement)$197$217Taxable income(tax return)$185$255Tax rate:40%Expenses each year include $40 million...
- Q Software Inc. is considering the purchase of new computerequipment totaling $150,000 with an estimated salvage value of$25,000 after three years. Maintenance, repairs, supplies, andother operating costs are estimated to be...
- Q Selected hypothetical financial data of Target and Wal-Mart for2022 are presented here (in millions). Target Corporation Wal-MartStores, Inc. Income Statement Data for Year Net sales $66,600$407,000 Cost of goods sold...
- Q Karla Tanner opened a web consulting business called Linkworksand recorded the following transactions in its first month ofoperations.Apr.1Tanner invests $80,000 cash along with office equipment valuedat $26,000 in the company...
- Q The statement of cash flows is very useful because it providesvaluable information to investors, creditors, and other users.Distinguish among the three types of activities that are reportedin the statement of...
- Q Forten Company, a merchandiser, recently completed itscalendar-year 2017 operations. For the year, (1) all sales arecredit sales, (2) all credits to Accounts Receivable reflect cashreceipts from customers, (3) all purchases...
- Q WEEK #6: VALIDITY, STRENGTH, ANDDETERMINING WHETHER ARGUMENTS ARE INDUCTIVE ORDEDUCTIVEASSIGNMENT 1:A. Determine whether the following deductive argumentsare valid or invalid.1. New York City is either in the U.S.A. or France....
- Q The Foundational 15 [LO2-1, LO2-2, LO2-3, LO2-4][The following information applies to the questionsdisplayed below.]Sweeten Company had no jobs in progress at the beginning ofMarch and no beginning inventories. The company...
- Q On October 29, 2016, Lobo Co. began operations by purchasingrazors for resale. Lobo uses the perpetual inventory method. Therazors have a 90-day warranty that requires the company to replaceany nonworking...
- Q Company is replacing existing equipment with new equipment whichcan replicate what the existing machine does and also support a newproduct line.Old equipment was purchased 3 years ago for 100,000 and...
- Q Gallatin Carpet Cleaning is a small, family-owned businessoperating out of Bozeman, Montana. For its services, the companyhas always charged a flat fee per hundred square feet of carpetcleaned. The current...
- Q Ayayai Corporation had the following stockholders’ equityaccounts on January 1, 2020: Common Stock ($5 par) $500,000,Paid-in Capital in Excess of Par—Common Stock $200,000, andRetained Earnings $120,000. In 2020, the company...
- Q Jobs Inc. has recently started the manufacture of Tri-Robo, athree wheeled robot that can scan a home for fires and as leaks andthen transmit the information to a smartphone. The...
- Q Rotorua Products, Ltd., of New Zealand markets agriculturalproducts for the burgeoning Asian consumer market. The company’scurrent assets, current liabilities, and sales over the last fiveyears (Year 5 is the most...
- Q Variable Costing and Segment Reporting: Tools for Management.Search the Internet and provide a "recent" real world example of acompany's use of any of the concepts discussed in the Chapter
- Q Measuring Cost BehaviorMonth SetupHours(X) Setup Costs (Y)January 100 $1,000February 200 1,250 March 300 2,250 April 400 2,500 May 500 3,750What is the variable cost per unit using least-squaresregression?A. $4.50B. $6.75C. $7.25D. $8.95What is the fixed cost using least-squares regression?A. $100B. $105C. $125D. $135What...
- Q Monticello Company uses a perpetual inventory system and has ahighly labour intensive production process, so it assignsmanufacturing overhead based on direct labour cost. Monticello’spredetermined overhead application rate for 2017 was...
- Q Simple Plan Enterprises uses a periodic inventory system. Itsrecords showed the following:Inventory, December 31, using FIFO ? 44 Units @ $19 = $836Inventory, December 31, using LIFO ? 44 Units...
- Q Tony and Suzie graduate from college in May 2021 and begindeveloping their new business. They begin by offering clinics forbasic outdoor activities such as mountain biking or kayaking. Upondeveloping a...
- Q Diaz Company owns a machine that cost $126,600 and hasaccumulated depreciation of $90,600. Prepare the entry to recordthe disposal of the machine on January 1 in each seperatesituation. The machine...
- Q On January 1, 2018, Instaform, Inc., issued 14% bonds with aface amount of $50 million, dated January 1. The bonds mature in2037 (20 years). The market yield for bonds of...
- Q rake Corporation is reviewing an investment proposal. Theinitial cost and estimates of the book value of the investment atthe end of each year, the net cash flows for each year,...
- Q Slide 22-12Raintree Cosmetic Company sells its products to customers on acredit basis. An adjusting entry for bad debt expense is recordedonly at December 31, the company’s fiscal year-end. The 2017balance...
- Q Shown below is activity for one of the products of Weasel:January 1 balance, 220 units at $50 for a total of $11,000Purchases: January 10-200 units at $42 January20-500 units at $55Sales:...
- Q You are the Accountant for Duke Street, Inc. and your boss asksyou to provide the bank with a profit forecast for the coming year.Sales and profitability have both been trending...
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