Accounting question and answers for September 21, 2023
- Q howdo internal controls relate to business?identify an internal control you have observed in the businesseither in your current job or as a customer of a organization whatis the internal control...
- Q tyler hawes and piper albright Formed a partnership, investing$216,000 and $144,000, respectively.Determine their participation in the year is net income of $420,000under each of the following independent assumptions:a. no agreement...
- Q Managers are responsible for numerous activities includingplanning, operating, and controlling.Define these three types of activities and provide at least oneexample of each.Click here to edit your answer.2.Grant Enterprises is considering...
- Q Ralph Rover is a small company that manufactures specialheavy equipment for use in under water oil fields. The line workersare specially trained and earn $35/hour. The company uses job ordercosting...
- Q The Green Thumb Gardener is a retail store that sells plants,soil, and decorative pots. On December 31, 2019, the firm's generalledger contained the accounts and balances that appearbelow.ACCOUNTS AND BALANCESCash$6,200Dr.Accounts...
- Q On January 1, 2014, Giamartino, Inc. issues a4-year bond with a face value of $100,000. Thesemi-annual interest payments of $6,000 are due July 1 and January1 of each year.Coupon Rate...
- Q Its Cultural intelligence needed?Give an example of success or failure at the internationallevel
- Q In 2018, Susan (44 years old) is a highly successful architectand is covered by an employee-sponsored plan. Her husband, Dan (47years old), however, is a Ph.D. student and unemployed. Compute...
- Q The Sweater Company produces sweaters. The company buys raw woolon the market and processes it into wool yarn from which thesweaters are woven. One spindle of wool yarn is required...
- Q what is the business model of Indian oil corporation?
- Q Based on your understanding of how chains are managed, would youagree or disagree that an outlet of a large department store chainshould be treated as an investment center? What about...
- Q On September 1, 2016, Carolina Electronics Company has 1,000Blu-ray players ready for sale. On October 1, 2016, 870 are sold,on account, at $125 each with a 1-year assurance-type warranty.Carolina estimates...
- Q Assume Nortel Networks contracted to provide a customer withInternet infrastructure for $2,650,000. The project began in 2016and was completed in 2017. Data relating to the contract aresummarized below:20162017 Costs incurred during...
- Q For August, Royal Consulting and Mediation Practice (RCMP)worked 900 hours for Alberta Company and 2,100 hours for OntarioCorporation. RCMP bills clients at the rate of $450 per hour; laborcost for...
- Q Question 2Hydropure Ltd commenced operations at the beginning of thecurrent year. One of the company’s products, an alkalineantioxidant water filter, sells for $299 per unit. Informationrelated to the current year’s...
- Q A company is considering purchasing a new second machine inorder to expand their business. The information for the new machineis:Cost= $100,000Increase in contribution margin= $25,000Life of the machine= 5 yearsRequired...
- Q The flowing numbers come from an equity statement for fiscalyear 2011 (in millions):Shareholders’ equity May 31, 2010 $2,700Issue of shares for exercise of stock options 405Repurchase of shares (132)Net income...
- Q In 1993, Skysong Company completed the construction of abuilding at a cost of $2,120,000 and first occupied it in January1994. It was estimated that the building will have a useful...
- Q Exercise 15-18 (Part Level Submission)Cheyenne Company reported the following amounts in thestockholders’ equity section of its December 31, 2016, balancesheet.Preferred stock, 10%, $100 par (10,000 shares authorized, 2,000shares issued)$200,000Common stock,...
- Q PLEASE Fill in the blanks:1) The group responsible for overseeing the corporation'sactivities is /are the ________.2) A corporation is responsible for its own acts and debtsbecause it is considered a...
- Q Ringmeup, Inc., had net income of $137,200 for the year endedDecember 31, 2016. At the beginning of the year, 39,000 shares ofcommon stock were outstanding. On May 1, an additional...
- Q Clopack Company manufactures one product that goes through oneprocessing department called Mixing. All raw materials areintroduced at the start of work in the Mixing Department. Thecompany uses the weighted-average method...
- Q Basic ConceptsRoberts Company is considering an investment in equipment thatis capable of producing more efficiently than the currenttechnology. The outlay required is $2,293,200. The equipment isexpected to last five years...
- Q ¿ 3IFRS Disandvantages ?
- Q Wells Technical Institute (WTI), a school owned by TristanaWells, provides training to individuals who pay tuition directly tothe school. WTI also offers training to groups in off-sitelocations. Its unadjusted trial...
- Q Present Value of Bonds Payable; PremiumMoss Co. issued $100,000 of five-year, 11% bonds with interestpayable semiannually, at a market (effective) interest rate of8%.Determine the present value of the bonds payable,...
- Q Denzel Brooks opened a Web consulting business called VentureConsultants and completed the following transactions inMarch.March1Brooks invested $175,000 cash along with $28,000 in officeequipment in the company in exchange for common...
- Q Comparative financial statements for Weller Corporation, amerchandising company, for the year ending December 31 appearbelow. The company did not issue any new common stock during theyear. A total of 500,000...
- Q On January 1, 2016 Venti Corporation exchanged $344,000 cash fora 90% interest in Krunk Corporation’s outstanding voting stock.Krunk’s acquisition balance sheet is in the accompanying Excelspreadsheet along with the financial...
- Q John Fleming, chief administrator for Valley View Hospital, isconcerned about the costs for tests in the hospital’s lab. Chargesfor lab tests are consistently higher at Valley View than at otherhospitals...
- Q Sarasota Company sponsors a defined benefit pension plan for itsemployees. The following data relate to the operation of the planfor the year 2017 in which no benefits were paid. 1....
- Q P 14 - 2On January 1, 2018, Baddour Inc., issued 10% bonds with a faceamount of $160 million. The bonds were priced at $140 million toyield 12%. Interest is paid...
- Q 1.Another name for the static budget is...select one:a. master budgetb. overhead budgetc. permanent budgetd. flexible budget2. Costs incurrd indirectly and allocated to a responsiblitylevel are consideted to be...select one:a. nonmaterialb....
- Q Wytch Corporation bases its budgets on machine-hours. Thecompany's static planning budget for February appears below:Budgeted number of machine-hours6,000Budgeted variable costs: Supplies (@ $6.90 per machine-hour)$41,400 Power (@ $3.70 per machine-hour)22,200Budgeted...
- Q EBP Limited is a small firm involved in the production and saleof electronic business products. The company is well known for itsattention to quality and innovation.During the past 15 months,...
- Q Business law(1) Can a small-holding (minor) shareholder have an influence onhow a company is managed? What are the main restrictions and arethe number of shares held relevant?
- Q Near the end of 2011, the management of Simid Sports Co., amerchandising company, prepared the following estimated statementof financial position for December 31, 2011.SIMID SPORTS COMPANYEstimated Statement of Financial positionDecember...
- Q The balance sheet data of Ivanhoe Company at the end of 2017 and2016 are shown below.20172016Cash$29,800$35,300Accounts receivable (net)54,50044,900Inventory65,00044,900Prepaid expenses15,20024,700Equipment90,00074,700Accumulated depreciation—equipment(18,000)(8,100)Land70,50040,000$307,000$256,400Accounts payable$64,900$51,700Accrued expenses15,00017,800Notes payable—bank, long-term–0–22,800Bonds payable30,000–0–Common stock, $10 par188,000157,500Retained earnings9,1006,600$307,000$256,400Land was...
- Q Issue PriceThe following terms relate to independent bond issues:530 bonds; $1,000 face value; 8% stated rate; 5 years; annualinterest payments530 bonds; $1,000 face value; 8% stated rate; 5 years;semiannual interest...
- Q QUESTION 1 [41 MARKS]ABC Holdings is considering two projects. The projects are similarin nature and are expected to both operate for four years. Due tounavailability of funds to undertake both...
- Q Explain in details what are the factors that forces AustralianCompanies to disclose environmental and climate change information.Provide examples to substantiate your answer. Kindly do not copyand paste .
- Q Anna is a Vice President at the J Corporation. The company isconsideringinvesting in a new factory and Anna must decide whether it is afeasibleproject. In order to assess the viability...
- Q Exercise 9-3 Service department expenses allocated to operatingdepartments LO P2Advertising department expenses of $57,800 and purchasingdepartment expenses of $57,800 of Cozy Bookstore are allocated tooperating departments on the basis of...
- Q Dexter Industries purchased packaging equipment on January 8 for$87,200. The equipment was expected to have a useful life of threeyears, or 20,000 operating hours, and a residual value of $7,200.The...
- Q Examine the following statements andtick the right answer –The term sheet is a legal agreement between the founders of acompany and the investors.-YES /NOThe term sheet is a legal agreement...
- Q Mickey, Mickayla, and Taylor are starting a new business (MMT).To get the business started, Mickey is contributing $290,000 for a40 percent ownership interest, Mickayla is contributing a buildingwith a value...
- Q how to tell if an expenditure is being recorded as an asset orif it is being expensed immediately when looking at a balancesheet.
- Q Discuss the requirements for the tax year-end and accountingmethods that may be required/adopted by Partnerships.
- Q Established in 1891 in Eindhoven, the Netherlands, KoninklijkePhilips NV is one of the world’s oldest multinational companies.The company began making lighting products and over timediversified into a range of businesses...
- Q During Heaton Company’s first two years of operations, itreported absorption costing net operating income as follows:Year 1Year 2Sales (@ $62 per unit)$992,000$1,612,000Cost of goods sold (@ $39 per unit)624,0001,014,000Gross margin368,000598,000Selling...
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