Accounting question and answers for September 22, 2023
- Q Is a high inventory turnover ratio good or bad for a company? Explain your reasoning.
- Q Annapolis Company was recently sold for $470,000. Annapolis had assets & liabilities appraised at the time of the sale in the amounts of: Item Amount Accounts Receivable assumed by buyer...
- Q Becker Office Service purchased a new computer system on January 1 , Year 1 , for $34,700. It is expected to have a five-year useful life and a...
- Q 52000000 sont the center was 55.00, the amount of Docent MO
- Q Wayman Corporation reports the following amounts in its December 31, 2024, income statement. Required: Prepare a multiple-step income statement
- Q 3. Assuming a service level of 99% for all parts, what will be the impact on the total inventory investment if the number of warehouses is reduced from 8 warehouses...
- Q Garden Sales, I nc., sells garden supplies. Management is planning its cash needs for the second quarter. The company usually has to borrow money during this quarter to...
- Q The following information is available for Shamrock, Inc. for the year ended December 31,2022 . Question 3 of 3 22/40 Shamrock,...
- Q best cost driver for maintenance costs was machine hours. Below are data from the previous fiscal year for maintenance expense and machine hours: Using the high-low method, total...
- Q si una empresa usa $1,340 de su efectivo para comprar suministros, el efecto en la ecuacion de la cuenta seria? los activos aumentan $1,340 y los pasivos disminuyen $1340...
- Q atements models shows how recognizing depletion expense will affect GMC's Year 1 financial statements? Multiple Choice atements models shows how recognizing depletion expense will affect GMC's Year...
- Q The annual production and sales of one of its products, the Znget, are 700 units. The folowing data relate so the production and sales of Zingers...
- Q Alcoser Corporation's most recent balance sheet appears below: Comparative Balance Sheet Ending Beginning Balance Balance Assets: Cash and cash equivalents Accounts receivable Inventory Property, plant, and equipment Less...
- Q A company started a new product, and in the first month started 120,000 units. The ending work in process inventory was 15,000 units that were 100% complete with materials and...
- Q Problem 21A-3 a-d Marigold Steel Company, as lessee, signed a lease agreement for equipment for 5 years, beginning December 31, 2017. Annual rental payments of $56,000 are to...
- Q Wolverine Company had the following account balances as of September 30: Cash $39,000 Equipment $25,000 Accounts Payable $2,800 T. Lohan, Capital $72,800 T. Lohan, Drawing $6,000 Income from Services $45,000...
- Q Results of Discontinued Operations During December 2016, Smythe Company decides to sell Division F (a component of the company). On December 31, 2016, the company classifies Division F as held...
- Q Cullumber Company had the following assets and liabilities on the dates indicated. \table[[December 31,Total Assets,Total Liabilities],[2021,$487,000,$345,000
- Q Wingate Company, a wholesale distributor of electronic equipment, has been experiencing losses for some time, as shown by its most recent monthly contribution format income statement Sales Variable expenses...
- Q Auditing Related Party Transactions ABSTRACT As part of the risk assessment of a client firm, auditors are required to evaluate the risks of material misstatement associated with related party transactions....
- Q Which of the following should be added to net income calculating net cash flow from operating activities using the indirect methoda) an increase in inventory b) a decrease in account...
- Q 4) Aquamarine Manufacturing is analyzing the opportunity to accept a special sales order for 2,000 bench seats at a price of $150 per unit. Fixed costs would remain unchanged. The...
- Q The journal entry for the sale of goods for cash when a company uses the perpetual inventory system would be: XX XX XX XX XX XX...
- Q Our firm purchased equipment for 200,000 Artemedal dollars (AD$) on December 1, 2016. Our year end is December 31, and the payable is due on February 28, 2017. On December...
- Q Homestake Mining Company Homestake Mining Company is a 120-year-old international gold mining company with substantial gold mining operations and exploration in the United States, Canada, and Australia. At...
- Q Which of the following could NOT explain an increase in the return on equity ratio? a. Declaring a final dividend b. Purchase of land on credit...
- Q What is 3:4 ratio in partnership!
- Q 7T-5 Vaughn, Inc. sold 30,000 units last year for $80 each. Variable costs per unit were $16 for direct materials, $24 for direct labor, and $4 for variable...
- Q Imagine you are the marketing manager for a firm that is planning to introduce a new product. You need to estimate the daily net profit for this product, which will...
- Q Perfect House Contractors had 3 contracts in progress at 31.12. 2019 QUESTION 13 Perfect House Contractors had 3 contracts in progress at 31.12.2019 Contract Number PH12 PH13 PH14...
- Q Futura Company purchases the 67,000 starters that it installs in its standard line of farm tractors from a supplier for the price of $11,90 per unit....
- Q Hajjar Jewelers uses a perpetual Inventory systemn and had the following purchase tansactions. Journalize all necessary transactions. Explanations are not required. Jun. 20 Purchased inventory of $5,900 on...
- Q Barco Company Kyan Company Barco Company Kyan Company ...
- Q Standard Product Cost Sana Rosa Furniture Company manufactures designer home furniture. Sana Rosa uses a standard cost system. The direct labor, direct materials, and...
- Q Cost of common stock equity: CAPM J&M Corporation common stock has a beta, b, of 1.2. The risk-free rate is 6%, and the market return is 11%. a. Determine the...
- Q Consider again the Sport Hotel example and Example 9.1. Suppose that if the franchise is accepted the value of the hotel is not $8 million but instead $8.75....
- Q 9. Sam Inc. had the following account balances at the end of the current accounting period: Beginning inventory $53,500 Net purchases 75,500 Net sales revenue 93,700 A normal gross profit...
- Q 3 Required information (The following information applies to the questions displayed below. Part 1 of 2 Phillips Company manufactures air-conditioning units for commercial buildings and has noticed considerable...
- Q The SEC adopted rules strengthening auditor independence consistent with the requirements of the SarbanesOxley Act. Required: a) Discuss those rules required by the SarbanesOxley Act . b) Discuss the influence...
- Q Tempe Office Services and Supplies (TOSS) provides various products and services in the Tempe Research Park, home to numerous high-tech and bio-tech companies. Making color copies is one of its...
- Q Specter Co. combines cash and cash equivalents on the balance sheet. Using the following information, determine the amount reported on the year-end balance sheet for cash and cash equivalents. ...
- Q The following taxpayers are required to lodge and income tax return, and each has a tax liability in respect of the 2022/23 tax year. ...
- Q IDX Technologies is a privately held developer of advanced security systems based in Chicago. As part of your business development strategy, in late 2008 you initiate discussions with...
- Q Accumulated dividends (in-arrears) of accumulative preferred shares must be presented a.as dividends to be distributed in the shareholders' equity section. b. as a long-term debt. c. like a current debt....
- Q The following information relates to two married couples: Click...
- Q Calculate and Use Overhead Rate Selected data for the consulting department of Austin Consulting, Inc., follow: Estimated consulting overhead cost for the year $540,000 Estimated direct labor cost for the...
- Q Oriole Manufacturing incurs unit costs of $7.40 ( $5.40 variable and $2.00 fixed) in making a sub-assembly part for its finished product. A supplier...
- Q Some policy makers have claimed that the U.S. government should purchase illegal drugs, such as cocainc, to increase the price that drug users face and therefore...
- Q I appreciate explanation! Apr 2018 May 2018 Jun 2018 6 mos total 03 104 105 Heron, Inc. 106 107 Budgeted Income...
- Q Use the percentage method to compute the federal income taxes to withhold from the wages or salaries of each employee. Employee No. Employee...
- Q The following accounts and balances were drawn from the records of Hoover Company on December 31, 2013: $1,800Accounts Receivable $1,050 1,375 1,200 750 Cash 900 Common Stock Dividends...
- Q -In your own words, briefly define audit risk and identify its components. -How does the audit risk model help auditors assess and respond to risks in the planning process? -What...
- Q Present Value Computation Pete Frost made a deposit into his savings account three years ago, and earned interest at an annual rate of 8%. The deposit accumulated to...
- Q The beginning inventory of Soft Toys Inc. was $46,000. The purchases (excluding returns) and sales revenue for the year were $230,000 and $325,000, respectively. The purchase returns amounted to $30,000....
- Q Auditors provide reasonable assurance that the financial statements are fairly stated in accordance with the established and applicable criteria, either GAAP or IFRS. However, the responsibility of the auditors is...
- Q Cost of Goods Sold Budget Play-Disc makes Frisbee-type plastic discs. Each 12-inch diameter plastic disc has the following manufacturing costs: Direct materials $1.75 Direct labor...
- Q compute acid test ratio for each of the three year did acid test ratio inprove or worsen? compute current ratio for each of the three years did current...
- Q The cash account for Stone Systems at July 31,20Y5, indicated a balance of $7,475. The bank statement indicated a balance of $9,830 on July 31,20Y5. Comparing the bank...
- Q Which of the following bases is the most appropriate for the appointment of rent and rates expenses? Relative floor area of departments Number of employees in the department Technical estimation...
- Q The following data from the just completed year are taken from the accounting records of Mason Company. Required. Prepare a schedule of cost of...
- Q The Shoshone law firm has four departments: Bankruptcy, Personal Injury, Criminal, and Estate Planning. Each department uses the Word Processing Department's services to...
- Q 1 41-1 tempe af in M orce Land a domad 12. Shak PWE) ( d Andme PP Gemston
- Q at December 31,2020, pharoah corporation has the following account balances bonds payable due janurary 1,20291,900,000 discount bonds payable 99,000 interest payable 92,00 show how the above accounts should...
- Q OM Ltd. Delhi invoices goods to its Mumbai and Kolkata branch offices at 20% less than the list price which is cost plus 50% with instructions that cash sales are...
- Q a. With a view of the law of Tort, discuss in details with the deep understanding of the law, whether there is any contributory...
- Q Vaughn Company has completed all of its operating budgets. The sales budget for the year shows 46,000 units and total sales of $2,070,000. The total cost of making...
- Q Exercise 7-3A (Algo) Preparing a schedule of cash receipts LO 7-2 The budget director of Heather's Florist has prepared the following sales...
- Q For project A, the change in net working capital is expected to be 900 dollars at time 0, the cash flow effect from the change in net working capital is...
- Q Asignacin: 10 3 tareas Conestoga College Escenario: Usted es el pasante de marketing de Conestoga College y trabaja en el Departamento de marketing bajo la direccin de Paul...
- Q Break-Even Sales Anheuser-Busch InBev Companies, Inc., reported the following operating information for a recent year: Sales $8,640,000 Cost of goods sold $2,160,000 Selling, general and administration...
- Q Apex Fitness Club uses straight-line depreciation for a machine costing $22,100, with an estimated four-year life and a $2,350 salvage value. At the...
- Q used during the month. The cost sheets for the four jobs entering production during the month are as follows, in summary form: Required: a. Journalize the summary entry...
- Q Post Parts manufactures components used in audio and video systems. The year just ended was Post's first year of operations and they are preparing financial statements. The immediate issue facing...
- Q You have been provided with the Unadjusted Trial Balance for Drummond Ltd. as at June 30, 2019. The company uses...
- Q Activity Flexible Budgeting, Performance Report, Volume Variance Novo, Inc., wants to develop an activity flexible budget for the activity of moving materials. Novo uses eight forklifts to move materials from...
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