Accounting question and answers for September 23, 2023
- Q Charles deposited $12,000 in the bank. He withdrew $5000 fromhis account after one year. If he receives a total amount of $9340after 3 years, find the rate of simple interest.
- Q Cash BudgetThe controller of Bridgeport Housewares Inc. instructs you toprepare a monthly cash budget for the next three months. You arepresented with the following budget information:SeptemberOctoberNovemberSales$91,000$117,000$145,000Manufacturing costs38,00050,00052,000Selling and administrative expenses32,00035,00055,000Capital...
- Q The following are transactions of Samantha PayapagAdvertising Company for the month of July2013Prepare Journal Entries,Ledger, T- Accounts,Trial Balance, Income Statement,and Balance SheetJuly 3 Samantha Payapag invested 500,000 in thebusiness.July 5...
- Q Carr Company has the following ledger accounts and adjustedbalances as of December 31, 2019. All accounts have normalbalances. Carr’s income tax rate is 20%. Carr has 300,000 shares ofCommon Stock...
- Q Is the issue of airbus discovering discrepancies in itsdisclosures about middlemen used to win commercial export deals,have to do with accounting? If so can someone please explainhow?
- Q Aquella Company produces towels for hotels. The followingstandards to produce a large towel have been established:Direct materials (2.2 kilograms @ $6.30)$13.86Direct labour (1.5 hour @ $16.60)$24.90Standard prime cost for each...
- Q Factor Company is planning to add a new product to its line. Tomanufacture this product, the company needs to buy a new machine ata $540,000 cost with an expected four-year...
- Q On February 1, 2018, Strauss-Lombardi issued 8% bonds, datedFebruary 1, with a face amount of $630,000. The bonds sold for$572,036 and mature on January 31, 2038 (20 years). The marketyield...
- Q It is preferable for shareholders to own preference sharesinstead of ordinary shares.
- Q Single Plantwide Factory Overhead RateSalty Sensations Snacks Company manufactures three types ofsnack foods: tortilla chips, potato chips, and pretzels. Thecompany has budgeted the following costs for the upcomingperiod:Factory depreciation$24,331Indirect labor60,298Factory...
- Q Drs. Glenn Feltham and David Ambrose began operations of theirphysical therapy clinic, called Northland Physical Therapy, onJanuary 1, 2017. The annual reporting period ends December 31. Thetrial balance on January...
- Q Why might some organizations push employees to behave in adishonest or corrupt manner? Are there personal benefits tocorruption that organizational culture can counteract?
- Q The stockholders’ equity section of Stellar Inc. at thebeginning of the current year appears below. Common stock, $10 parvalue, authorized 1,043,000 shares, 321,000 shares issued andoutstanding $3,210,000 Paid-in capital in...
- Q ABC Company manufactures and sells a single product. Thefollowing information is available concerning the operations for1999.a. The company's single product sells for $60 per unit. Budgetedsales in units for the...
- Q Scenario:* 300-word minimum*The Chief Financial Officer (CFO), Karl Richland of Semtell Companyin Cincinnati, Ohio is asking for your advice. The CFO explainssales are increasing but there is a constant matter...
- Q New revenue accounting standard impact: • What is the potentialimpact (old vs new) on their revenue recognition of the newstandard on the company. It would be better if you provide...
- Q The Little Theatre is a nonprofit organization devoted tostaging plays for children. The theatre has a very small full-timeprofessional administrative staff. Through a special arrangementwith the actors’ union, actors and...
- Q Answer the following 1-10 questions for intermediateaccounting:1. Companies value and report short-termreceivables at net realizable value, the net amount they expect toreceive in cashTrueFalse2. When should the loss on an...
- Q The following are several transactions of Ardery Company thatoccurred during the current year and were recorded in permanent(that is, balance sheet) accounts unless indicated otherwise:DateTransactionApr. 1Purchased a delivery van for...
- Q Dowell Company produces a single product. Its income statementsunder absorption costing for its first two years of operationfollow.20162017Sales ($46 per unit)$1,012,000$1,932,000Cost of goods sold ($31 per unit)682,0001,302,000Gross margin330,000630,000Selling and administrative...
- Q Pearl Company sells one product. Presented below is informationfor January for Pearl Company. Jan. 1 Inventory 105 units at $4each 4 Sale 83 units at $8 each 11 Purchase 162...
- Q What are the rules regarding an auditor's responsibility todetect fraud? In what situations could the auditor be liable?
- Q How did the TCJA alter the relative preferences in terms oforganizational form? Illustrate this using a simple example where abusiness has pretax taxable income of $100 and operates:a. A C...
- Q Why is an investment more attractive to management if it has ashorter payback period? Should this be the only consideration?Explain.
- Q Give five examples of organizational forms used to produce goodsand services. What tax characteristics distinguish one from theother?
- Q Problem 23-4A (Part Level Submission) Kansas Company uses astandard cost accounting system. In 2017, the company produced27,600 units. Each unit took several pounds of direct materials and1.6 standard hours of...
- Q Ted Mosby is a professor at Columbia University where heteaches architecture. Although Ted enjoys his job, theadministration at Columbia University and him do not get along. Theadministration is sick and...
- Q Badlands, Inc. manufactures a household fan that sells for $20per unit. All sales are on account, with 45 percent of salescollected in the month of sale and 55 percent collected...
- Q ATD Corporation starts its business in January 1, 2010 inBuford, GA to produce and sell mobile homes. On January 1, 2010,ATD Corporation issued $1,200,000 of ten-year, 7% bonds at aneffective...
- Q Vernon Mills, Inc. is a large producer of men's and women'sclothing. The company uses standard costs for all of its products.The standard costs and actual costs per unit of product...
- Q An established corporation currently pays out 50% of earnings asdividends. The CFO asks you whether paying dividends toshareholders other than corporations is advantageous. How do yourespond?
- Q Bug-Off Exterminators provides pest control services and sellsextermination products manufactured by other companies. Followingis the company's unadjusted trial balance as of December 31, 2019.December 31, 2019 Unadjusted Trial Balance Cash...
- Q Sorfina Berhad, a diversified manufacturer has four divisionsthat operate throughout Malaysia. The company has historicallyallowed its divisions to operate autonomously. Corporateintervention occurred only when planned results were not obtained.Corporate management...
- Q Whispering Company has two classes of capital stock outstanding:8%, $20 par preferred and $5 par common. At December 31, 2017, thefollowing accounts were included in stockholders’ equity.Preferred Stock, 137,800 shares$...
- Q Cost of Units Completed and in Process The charges to Work inProcess—Assembly Department for a period, together with informationconcerning production, are as follows. All direct materials areplaced in process at...
- Q Hemming Co. reported the following current-year purchases andsales for its only product. DateActivitiesUnits Acquired at CostUnits Sold at RetailJan.1Beginning inventory220units@ $10.80=$2,376Jan.10Sales190units@ $40.80Mar.14Purchase330units@ $15.80=5,214Mar.15Sales280units@ $40.80July30Purchase420units@ $20.80=8,736Oct.5Sales390units@ $40.80Oct.26Purchase120units@ $25.80=3,096Totals1,090units$19,422860unitsRequired:Hemming uses a periodic inventory...
- Q Delta Company produces a single product. The cost of producingand selling a single unit of this product at the company’s normalactivity level of 94,800 units per year is:Direct materials $...
- Q Problem 5-1AWinters Hardware Store completed the following merchandisingtransactions in the month of May. At the beginning of May, Winters’ledger showed Cash of $11,200 and Common Stock of $11,200.May 1Purchased merchandise...
- Q On May 3, 2017, Nassau Company consigned 80 freezers, costing$500 each, to Exuma Company. The cost of shipping the freezersamounted to $840 and was paid by Nassau Company. On December...
- Q Entries for Sale of Fixed AssetEquipment acquired on January 8 at a cost of $176,530 has anestimated useful life of 17 years, has an estimated residual valueof $9,250, and is...
- Q Belden, Inc. acquires 30 percent of the outstanding votingshares of Sheffield, Inc. on January 1, 2017, for $316,000, whichgives Belden the ability to significantly influence Sheffield.Sheffield has a net book...
- Q isthe cost of capital irrelevant if the company uses retainedearnings to fund capital equipment? please explain
- Q Do parent corporations generally prefer to file consolidated taxreturns with their subsidiaries as opposed to filing separatereturns? Why or why not?
- Q would like to use apple for my company below is the questionthank you no plagiarism pleasefinancial ratios help to analyze the company’s financial health.Go to Yahoo Finance and select a...
- Q Please review the following six ratios for Simpson Company andABC Inc. for the year ended 2014, then address the two questionsbelow.Ratio NameSimpson CompanyABC Inc.(a) Days’ Sales Outstanding3630(b) Inventory Turnover5.64.9(c) Asset...
- Q Pronghorn Equipment Co. closes its books regularly on December31, but at the end of 2017 it held its cash book open so that amore favorable balance sheet could be prepared...
- Q Olds Company declares Chapter 7 bankruptcy. The following arethe asset and liability book values at that time. Administrativeexpenses are estimated to be $20,000:Cash$32,000Accounts receivable68,000(worth $36,000)Inventory78,000(worth $64,000)Land (secures note A)208,000(worth $168,000)Building...
- Q a. Caro Manufacturing has two production departments, Machiningand Assembly, and two service departments, Maintenance andCafeteria. Direct costs for each department and the proportion ofservice costs used by the various departments...
- Q The Filling Department of Eve Cosmetics Company had 3,300 ouncesin beginning work in process inventory (50% complete). During theperiod, 37,000 ounces were completed. The ending work in processinventory was 2,600...
- Q Charleston Corporation operates a branch operation in a foreigncountry. Although this branch operates in euros, the U.S. dollar isits functional currency. Thus, a remeasurement is necessary toproduce financial information for...
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