Accounting question and answers for September 25, 2023
- Q Suppose you want to have $700,000 for retirement in 35 years. Your account earns 5% interest. Round your answers to the nearest cent.a) How much would you need to deposit...
- Q New-Project AnalysisThe Campbell Company is considering adding a robotic paintsprayer to its production line. The sprayer's base price is$940,000, and it would cost another $19,500 to install it. Themachine falls...
- Q Cost of Goods SoldPietro Frozen Foods, Inc., produces frozen pizzas. For nextyear, Pietro predicts that 49,400 units will be produced, with thefollowing total costs:Direct materials?Direct labor69,000Variable overhead27,000Fixed overhead240,000Next year, Pietro...
- Q Explain the types of Intangible Assets.
- Q Arnez Company’s annual accounting period ends on December 31,2017. The following information concerns the adjusting entries tobe recorded as of that date.An analysis of the company's insurance policies provided thefollowing...
- Q Expenditures made to extend an asset's life are called revenueexpenditures.True False
- Q What do you understand by impairment of long-lived tangibleasset?
- Q Fred’s Fun-Time Arcade Rentals-Accounting Cycle On December 1,2018, Fred and Patsy Forrest formed a corporation called Fred’sFun-Time Arcade Rentals. The newly formed corporation rents retrovideo arcade games, pinball machines, dunk...
- Q Use the following information to answer the questions relatingto Mugudia:Mugudia and Daughters Company is a wholesale seed distributor.The records reflected the following for January Year 1. Allpurchases and sales were...
- Q On 11 August 2020, Vanya Ho entered into a contract with DiegoToh to renovate her school, The Umbrella Learning Centre and to setup the internet system for the school’s online...
- Q Comfy Corporation manufactures furniture in several divisions,including the patio furniture division. The manager of the patiofurniture division plans to retire in two years.The manager receives a bonus based on the...
- Q Bledsoe Corporation has provided the following data for themonth of November:BeginningEndingRaw materials$25,800$21,800Work in process$17,800$10,800Finished Goods$48,800$56,800Additional information:Raw materials purchases$72,800Direct labor cost$92,800Manufacturing overhead cost incurred$42,880Indirect materials included in manufacturing overhead costincurred$4,080Manufacturing overhead...
- Q What are Pepsi Company's products and operations? Also, what are5 costs that the company would probably incur and their costbehavior?
- Q What is meant by due professional care? What is sufficientappropriate audit evidence?
- Q Ross Company had the following adjusted trial balance:Additional ResourcesAccount TitlesDebitCreditCash$25,580Accounts Receivable18,500Supplies9,800Equipment35,100Accumulated Depreciation$9,800Accounts Payable4,530Deferred Rent Revenue1,540Capital Stock21,510Retained Earnings22,400Dividends13,600Commission Revenue56,800Rent Revenue5,500Depreciation Expense5,900Utilities Expense8,500Supplies Expense5,100Total$122,080$122,080The president of Ross Company has asked you to...
- Q Vincent Fairfield, CEO of MetroAir, sat at his desk, examiningthe company's latest financial statements. “This just doesn't makesense to me,” Vincent thought. “We're reporting $1,662,015 in netincome, yet our Cash...
- Q list four principal instrument for collection indescriptive research designIn research methodology
- Q The production department of Zan Corporation has submitted thefollowing forecast of units to be produced by quarter for theupcoming fiscal year: 1st Quarter 2nd Quarter 3rd Quarter 4thQuarter Units to...
- Q do the report for Accounting for issuance of convertiblesecurities
- Q Lansing, Inc. provides the following information for one of itsdepartment’s operations for June (no new material is added inDepartment T):WIP inventory—Department TBeginning inventory (8,500 units, 30% complete with respect toDepartment...
- Q Auto Lavage is a Canadian company that owns and operates a largeautomatic carwash facility near Quebec. The following tableprovides data concerning the company’s expectedcosts:Fixed Costper MonthCost perCar Washed Cleaning supplies $0.90 Electricity $3,450 0.30 Maintenance 0.50 Wages and...
- Q Starry Point Music is a not-for-profit organization that bringsguest artists to the city. Starry just leased a concert hall fornext year's performances, lease payments are $1,000 per month forall 12...
- Q In this discussion, explain why inherent risk is set for auditobjectives for segments (classes of transactions, balances, andpresentation and disclosure) rather than for the overall audit.What is the effect on...
- Q Lansing, Inc. provides the following information for one of itsdepartment’s operations for June (no new material is added inDepartment T):WIP inventory—Department TBeginning inventory ((8,900 units, 20% complete with respect toDepartment...
- Q Odessa, Inc., manufactures one model of computer desk. Thefollowing data are available regarding units shipped and totalshipping costs:MonthNumber of Units ShippedTotal Shipping CostJanuary40$2,950February753,650March252,250April351,850May302,300June553,250July503,000Required:1. Prepare a scattergraph of Odessa’s shipping cost...
- Q Problem 6-5 (LO 3) Consolidated income statement, affiliatedfirm for tax. On January 1, 2015, Dawn Corporation exchanges 12,000shares of its common stock for an 80% interest in Mercer Company.The stock...
- Q The following selected transactions were completed by AmsterdamSupply Co., which sells office supplies primarily to wholesalersand occasionally to retail customers. Also note that the companyuses a clearing house to take...
- Q How defined benefit, defined contribution, and postretirementbenefit plans are reported on financial statements?
- Q Purchase-Related TransactionsThe debits and credits from four related transactions arepresented in the following T accounts.CashAccounts Payable (2)300 (3)3,920 (1)20,580 (4)16,660 (4)16,660Inventory(1)20,580 (3)3,920 (2)300 Describe each transaction.1. 2. 3. 4.
- Q Suppose you win the lottery when the jackpot amount is $162million. You can receive the jackpot amount paid out evenly over 26years or you can elect to take an immediate...
- Q Fish Fillet Incorporated obtains fish and then processes theminto frozen fillets and then prepares the frozen fish fillets fordistribution to its retail sales department. Direct materials areadded at the initiation...
- Q Sales-Related Transactions, Including the Use of CreditCardsJournalize the entries for the following transactions:a. Sold merchandise for cash, $25,000. The costof the goods sold was $17,500. (Record the sale first.)b. Sold...
- Q Complete the balance sheet and sales information using thefollowing financial data:Total assets turnover: 1.4×Days sales outstanding: 36.5 daysaInventory turnover ratio: 5×Fixed assets turnover: 2.5×Current ratio: 2.0×Gross profit margin on sales:...
- Q lizabeth, David and Ethan form a new partnership (EDE) to whichElizabeth and David each contribute assets worth $50,000 and basisof $20,000, and Ethan contributes his technical services worth$50,000. The value...
- Q Multiple-Step Income StatementOn March 31, 2018, the balances of the accounts appearing in theledger of Royal Furnishings Company, a furniture wholesaler, are asfollows:<Accounts Receivable$170,000Inventory980,000Accumulated Depreciation—Building$750,000Notes Payable250,000Administrative Expenses435,000Office Supplies20,000Building3,500,000Retained Earnings1,987,000Cash80,000Salaries Payable8,000Common...
- Q Exercise 171A job cost sheet of Fugate Company is given below.Job Cost SheetJOB NO. 172Quantity1,500FOR James CompanyDate Completed5/31DateDirectMaterialsDirectLaborManufacturingOverhead5/101,330121,1201555082522480720241,000271,870316701,005Cost of completed job:Direct materialsDirect laborManufacturing OverheadTotal costUnit costAnswer the following questions.What is...
- Q Williams Ltd manufactures and sells a single product. Theselling price is R18. The following information relates to itsyearly production and cost data. (Assume that there is no change tothe stock...
- Q Grandma's Attic Company produces soft pillows made from goosedown. The company uses a standard cost system and has set thefollowing standards for materials and labour for each pillow:Feathers from 5...
- Q The following selected accounts and their current balancesappear in the ledger of Clairemont Co. for the fiscal year endedMay 31, 2018:Cash$ 240,000Accounts receivable966,000Inventory1,690,000Estimated returns inventory22,500Office supplies13,500Prepaid insurance8,000Office equipment830,000Accumulated depreciation-office equipment550,000Store...
- Q 1. Please describe the difference between an accounts receivableand a notes receivable.2. There are times when businesses cannot collect the money thatis owed to them by their customers. When this...
- Q Speedy Pty Ltd operates a suburban delivery business. It isconsidering the replacement of a 2-ton van with a 3-ton van. Detailof the respective vehicles are as follows:2-ton truck3-ton truckRemaining life3...
- Q Baden Company has gathered the following information. Units inbeginning work in process 0 Units started into production 43,900Units in ending work in process 8,500 Percent complete in endingwork in process:...
- Q 1. Please describe the difference between an accounts receivableand a notes receivable.2. There are times when businesses cannot collect the money thatis owed to them by their customers. When this...
- Q Outose Concept manufactures small tables in its ProcessingDepartment. Direct materials are added at the initiation of theproduction cycle and must be bundled in single kits for each unit.Conversion costs are...
- Q Question 1Norway (Pty) Ltd is a divisionalised company, where the divisionalmanagers’ remuneration packages are linked to the return oninvestment of their divisions. Return on investment is based on thenet book...
- Q 1. How companies account for defined benefit, definedcontribution, and postretirement benefit plans?
- Q Companies where IT is an important part of their productofferings presumably also have a sales force that is well versed intechnology. Why is it then necessary to take the CIO...
- Q Select a publicly-traded company (the home depot inc.)and access the company’s most recent annual report (select the“Investors” menu item). Locate the notes to the financialstatements and identify the information topics...
- Q Select a publicly-traded company and access thecompany’s most recent annual report (select the “Investors” menuitem). Locate the notes to the financial statements and identifythe information topics disclosed in these footnotes...
- Q Comfort Corporation manufactures and sells various types ofchairs. The below are the costing details of a chair model, namely,Curver:Variable manufacturing cost per unit = $60Total fixed manufacturing cost for the...
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