Accounting question and answers for September 24, 2023
- Q The Financial Accounting Standards Board (FASB) is responsiblefor the Generally Accepted Accounting Principles (GAAP). Select aConcept or Principle and explain how it impacts business.
- Q Assume you are a new employee at Payroll Inc. a company whichprocess payroll, advises small businesses on payroll issues, andremits all withheld funds to the government along with payrollforms required....
- Q Please consider the following, and offer three (3) responsesbetween one (1) and three (3) sentences in length.Scenario: You read in the local newspaper (ok, probably on youriPhone) that Genitempo-Cardoza Drilling...
- Q Why are tangible assets depreciated? Briefly describedtwo or three depreciation methods and how they work.
- Q E6-5 Calculating Contribution Margin and Contribution MarginRatio; Identifying Break-Even Point, Target Profit [LO 6-1,6-2]Sandy Bank, Inc., makes one model of wooden canoe. Partialinformation for it follows:Required:1. Complete the following table....
- Q A comparative statement of financial position for SheffieldIndustries Inc. follows:SHEFFIELDINDUSTRIES INC.Statement of Financial PositionDecember 31, 2020December31Assets20202019Cash$22,500$35,500Accounts receivable117,00055,300Inventory231,000199,000Land86,000130,000Equipment278,000204,000Accumulateddepreciation—equipment(70,500)(42,900) Total$664,000$580,900Liabilities andShareholders’ EquityAccounts payable$52,700$60,200Bonds payable164,400218,400Common shares234,000180,000Retained earnings212,900122,300 Total$664,000$580,900Additional information:1.Net income for the fiscalyear...
- Q This problem is based on the transactions for the Sweet HomesCompany in your text. Prepare journal entries for each transactionand identify the financial statement impact of each entry. Thefinancial statements...
- Q In a responsibility accounting reporting system, as one moves upeach level of responsibility in information. True or false
- Q Why are Not for Profits susceptible to sophisticatedscams?
- Q MULTIPLE CHOICE QUESTIONS1. Kayaks-For-Fun produces two kayak models, "River" and "Sea".The River model sells for $500 and has variable costs of $100 perunit. The Sea model sells for $600 and...
- Q Can someone show me how this is supposed to look in a tableformat. I want to double check that I'm formatting and doing thenumbers properly. Thank you!Timber Construction constructs furniture. They’vedecided...
- Q E6-22 Computing Target Profit, Preparing Contribution MarginIncome Statement, Computing Margin of Safety [LO 6-2, 6-3]Erin Shelton, Inc., wants to earn a target profit of $880,000this year. The company’s fixed costs...
- Q Preston Company manufactures car seats in its San Antonio plant.Each car seat passes through the assembly department and thetesting department. This problem focuses on the assemblydepartment.Physical UnitsDirectConversion(Car Seats)Materials CostsWork in? process,...
- Q Question 4 Brown Manufacturing has four categories of overhead.The four categories and expected overhead costs for each categoryfor next year are listed below: N$ Maintenance 200 000 Materialshandling 32 000...
- Q A ten year loan of $10,000 at 8% annual effective can be repaidusing any of the four following methods: (i) Amortization method,with annual payments at the end of each year....
- Q On January 1, 2018, Mania Enterprises issued 12% bonds datedJanuary 1, 2018, with a face amount of $20.1 million. The bondsmature in 2027 (10 years). For bonds of similar risk...
- Q Sharp Company manufactures a product for which the followingstandards have been set:Standard Quantityor HoursStandard Priceor RateStandardCostDirect materials3feet$5per foot$15Direct labor?hours?per hour?During March, the company purchased direct materials at a costof $43,335,...
- Q Selected comparative financial statements of Korbin Companyfollow:KORBIN COMPANY Comparative Income Statements For Years EndedDecember 31, 2017, 2016, and 20152017 2016 2015 Sales $ 392,189 $ 300,449 $ 208,500 Cost of...
- Q The first financial instrument was a loan. On January 1, thecompany borrowed 5million on a key shareholder at rate of 3%, atthat time when the market rate of interest was...
- Q are share price always reflective of the underlyingperformance of a company? provide arguments for and against. at theaggregate level, does the stock market always reflect theunderlying performance of all firms?...
- Q You suggest that the Villige Pharmacy should use aflexible budget to assist decision making, planning andcontrol.The company expects to issue prescriptions 20,000 overthe coming year. Assuming that the first 10,000 prescriptions...
- Q Marvel Parts, Inc.,manufactures auto accessories. One of the company’s products is aset of seat covers that can be adjusted to fit nearly any smallcar. The company has a standard cost...
- Q Marvel Parts, Inc., manufactures auto accessories. One of thecompany’s products is a set of seat covers that can be adjusted tofit nearly any small car. The company has a standard...
- Q During the year, Hepworth Company earned a net income of$59,225. Beginning and ending balances for the year for selectedaccounts are as follows:AccountBeginningEndingCash$108,000$125,600Accounts receivable66,60099,150Inventory36,80052,500Prepaid expenses27,20029,400Accumulated depreciation81,90092,500Accounts payable45,30054,425Wages payable26,00015,100There were no financing...
- Q Albuquerque, Inc., acquired 36,000 shares of Marmon Companyseveral years ago for $900,000. At the acquisition date, Marmonreported a book value of $980,000, and Albuquerque assessed thefair value of the noncontrolling...
- Q Tshepo and Onalenna are two graduates who were employed by a bigcompany in Pikwe. after gaining some experience, they gace in tothe temptation to go it alone. They approached a...
- Q Washington County’s Board of Representatives is considering theconstruction of a longer runway at the county airport. Currently,the airport can handle only private aircraft and small commuterjets. A new, long runway...
- Q The Sunbelt Corporation has $44 million of bonds outstandingthat were issued at a coupon rate of 12.175 percent seven yearsago. Interest rates have fallen to 11.50 percent. Mr. Heath, theVice-President...
- Q Smoky Mountain Corporation makes two types of hikingboots—Xtreme and the Pathfinder. Data concerning these two productlines appear below:XtremePathfinderSelling price per unit$140.00$99.00Direct materials per unit$72.00$53.00Direct labor per unit$24.00$12.00Direct labor-hours per unit2.0DLHs1.0DLHsEstimated...
- Q Changes to Itemized DeductionTax reform that affects both individuals and businesses wasenacted in December 2017. It’s commonly referred to as the Tax Cutsand Jobs Act, TCJA or simply tax reform....
- Q Cost, volume, profit analysis identifies a transaction’s“contribution’ to fixed costs. Explain the meaning of‘contribution’ and discuss the usefulness of such analysis inmaking business decisions. (limit 120 words)
- Q 1.Sweet Company’s outstanding stock consists of 2,000shares of cumulative 4% preferred stock with a $100 par value and11,000 shares of common stock with a $10 par value. During thefirst three...
- Q QUESTION ONEBriefly explain the following types of errors:(i) Error ofcommission (ii) Error ofprinciple (iii) Complete reversal ofentries (iv) Compensatingerrors The trial balance of Amanda Ltd as at 30 April 2018 did notbalance. On investigation,...
- Q Chapter 13The following financial statement data is available for theScottsdale Company for Dec. 31, 2019. (30 pts)Comparative Balance Sheet Data 2019 2018Cash $ 39,835 $ 4,000AccountsReceivable 17,500 12,950DividendsReceivable 1,000 0Inventory 42,000 35,000Prepaidrent 3,000 12,000Prepaidinsurance 2,100 900Officesupplies 1,000 750Long-terminvestments 20,000 30,000Land 125,000 175,000Building 350,000 350,000Accumulated depreciation,...
- Q Purple Co.'s production budget for Product X for the year endedDecember 31 is as follows:Product XSales (in units)640,000Plus desired ending inventory85,000Total725,000Less estimated beginning inventory, January 190,000Total production635,000In Purple's production operations,...
- Q As of December 31, 2020, Ahab Fisheries Inc. had the followingshare capital:· 50,000 common shares $200,000· 80,000 $2,non-cumulative, preferred shares $600,000During 2021, the following share transactions occurred:· April 1 Issued 10,000 common shares for cash...
- Q Blossom Corporation, a private corporation, was formed on July1, 2018. On July 31, Guy Gélinas, the company’s president, preparedthe following statement of financial position:BlossomCorporationStatement of Financial PositionJuly 31, 2018AssetsLiabilities and...
- Q Marvel Parts, Inc., manufactures auto accessories. One of thecompany’s products is a set of seat covers that can be adjusted tofit nearly any small car. The company has a standard...
- Q Taylor’s is a popular restaurant that offers customers a largedining room and comfortable bar area. Taylor Henry, the owner andmanager of the restaurant, has seen the number of patrons increasesteadily...
- Q - Fixed assets costing $8,000 with a book value of $3,000 weresold for $6,000.- Long term investments costing $5,000 were sold for $5,000.-Redeemed $5,000 of the bond issuance.- Sold stock___________.-Paid...
- Q 1.USA is gettingolder. In retirement, do families have a higher or lower incomethan other parts of their life? So more retireesincreases/decreases poverty?2.Many lament thecrumbling American family. Do single parent families...
- Q Aron Company makes computer screens, Model 1 and Model 2. Aronanticipates selling the screens as follows:Unit ofUnits ofModel 1Model 2Quarter ending 3/315,0006,000Quarter ending 6/304,5005,500Quarter ending 9/305,5006,500Quarter ending 12/316,0007,000The inventory on...
- Q At the end of 2018, Terry Company prepared the followingschedule of investments in available-for-sale debt securities:CompanyAmortized Cost12/31/18 Fair ValueCumulative Change in Fair ValueMorgan Company$30,000$29,200$(800)Nance Company50,00053,2003,200Totals$80,000$82,400$2,400During 2019, the following transactions occurred:July...
- Q Illustrative Example: Retailer Ltd: Preparation of financialstatementsRetailer Ltd, recorded the following transactions during theyear:RmSales :57,959Other non-current assets : 6,304Cost of sales :55,033Trade and other receivables: 1,607Trade and other payables: 8,568Administration...
- Q Chicago contractors got $5,400,000 contract to construct aschool building for the City of Chicago. Work on this contractbegan in 2013 and the financial data pertaining to this contract isavailable here....
- Q E6-4 Analyzing Changes in Price, Cost Structure, Degree ofOperating Leverage [LO 6-4, 6-5]Cove’s Cakes is a local bakery. Price and cost informationfollows:Price per cake$14.31Variable cost per cakeIngredients2.33Direct labor1.11Overhead (box, etc.)0.19Fixed...
- Q Required information[The following information applies to the questionsdisplayed below.] Raner, Harris & Chan is a consulting firm that specializesin information systems for medical and dental clinics. The firm hastwo offices—one in...
- Q Contribution Margin Analysis—SalesSelect Audio Inc. sells electronic equipment. Management decidedearly in the year to reduce the price of the speakers in order toincrease sales volume. As a result, for the...
- Q The Regal Cycle Company manufactures three types of bicycles—adirt bike, a mountain bike, and a racing bike. Data on sales andexpenses for the past quarter follow:TotalDirtBikesMountain BikesRacingBikesSales$924,000$266,000$401,000$257,000Variable manufacturing and selling...
- Q Ferkil Corporation manufacturers a single product that has aselling price of $20.00 per unit. Fixed expenses total $63,000 peryear, and the company must sell 9,000 units to break even. If...
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