Accounting question and answers for August 09, 2023
- Q Piscataway Plastics Company manufactures a highly specializedplastic that is used extensively in the automobile industry. Thefollowing data have been compiled for the month of June. Conversionactivity occurs uniformly throughout the...
- Q The comparative financial statements of Marshall Inc. are asfollows. The market price of Marshall common stock was $82.40 onDecember 31, 20Y2.Marshall Inc.Comparative Retained Earnings StatementFor the Years Ended December 31,...
- Q Consider a $760 CF at the beginning of 2063. The interest rateis 3.9%. What is the equivalent uniform amount for a series ofend-of -year CFs spanning 2050-2055? (answer: $87.88)Please show...
- Q Hi-Tek Manufacturing, Inc., makes two types of industrialcomponent parts—the B300 and the T500. An absorption costing incomestatement for the most recent period is shown:Hi-Tek Manufacturing Inc.Income StatementSales$1,755,600Cost of goods sold1,217,906Gross...
- Q On April 1, 12,000 shares of $5 par common stock were issued at$24, and on April 7, 3,000 shares of $50 par preferred stock wereissued at $106.Required:Journalize the entries for...
- Q Belden, Inc. acquires 30 percent of the outstanding votingshares of Sheffield, Inc. on January 1, 2017, for $320,000, whichgives Belden the ability to significantly influence Sheffield.Sheffield has a net book...
- Q Discuss any aspect of "Process Costing.
- Q Revenue Recognition: Sparrow Film Productions (SPF) wished toexpand its production facilities so it borrowed $10,000,000 fromFirst National Bank early in 2018. As a condition of making thisloan, the bank requires...
- Q Compute the Missing Inventory Values.The following information was disclosed in the 2012 annual reportof The Arcadia Company.Fill in the missing values.201220112010Beginning inventory$Answer$Answer$12,760Purchase of inventory46,850Answer42,940Inventory available for saleAnswerAnswer55,700Ending inventoryAnswer11,855AnswerCost of goods...
- Q As an audit manager at Gung & Ho, CPAs, you have beenscheduled to serve as the discussion leader for an in-officetraining session on consideration of the internal control structurein a...
- Q La Famiglia Pizzeria provided the following information for themonth of October:a. Sales are budgeted to be $157,000. About 85% of sales is cash;the remainder is on account.b. La Famiglia expects...
- Q Suppose, three years ago, you purchased a 15-year coupon bondpaying 5% interest annually with a face value of $1000. It is nowthree years later and you just received an interest...
- Q Lamonda Corp. uses a job order cost system. On April 1, theaccounts had balances as shown in the T-accounts below:The following transactions occurred during April:(a) Purchased materials on account at...
- Q Statement of Stockholders' EquityThe stockholders’ equity T accounts of I-Cards Inc. for thefiscal year ended December 31, 20Y9, are as follows.COMMON STOCKJan. 1Balance900,000Apr. 14Issued9,600 shares384,000Dec. 31Balance1,284,000PAID-IN CAPITAL IN EXCESS OF...
- Q Lindon Company is the exclusive distributor for an automotiveproduct that sells for $40 per unit and has a CM ratio of 40%. Thecompany’s fixed expenses are $264,000 per year. The...
- Q A small but growing manufacturer of business class networkrouters. They produce two main types of routers, Model A and themore expensive variant, Model B. The company has a capacity ofproducing...
- Q Rowland Company is a small editorial services company owned andoperated by Marlene Rowland. On August 31, 2018, the end of thecurrent year, Rowland Company’s accounting clerk prepared thefollowing unadjusted trial...
- Q 1- What information is provided in the operating cash receiptsportion of the cash budget?2 - What information is provided in the operating cash paymentsportion of the cash budget?3 - Describe...
- Q The following were selected from among the transactionscompleted by Babcock Company during November of the current year:Nov. 3 Purchased merchandise on account from Moonlight Co., listprice $93,000, trade discount 30%,...
- Q Discuss your ability to use specialized audit tools includingsampling methods. Can you be an effective auditor without usingthese tools when auditing transaction cycles such as the RevenueCycle? Explain.
- Q Horizontal Analysis of the Income StatementIncome statement data for Winthrop Company for two recent yearsended December 31, are as follows: CurrentYear PreviousYearSales$736,600$580,000Cost of goods sold607,600490,000Gross profit$129,000$90,000Selling expenses$37,440$32,000Administrative expenses33,75027,000Total operating expenses$71,190$59,000Income before income...
- Q Medico Limited intends investing in a project during March 2021.The project is expected to cost R2 500 000 with a five-year usefullife, and no residual value. The annual volume of...
- Q Resource Usage and Supply, Activity Rates, ServiceOrganizationEcoBrite Labs performs tests on water samples supplied byoutside companies to ensure that their waste water meetsenvironmental standards. Customers deliver water samples to the...
- Q Income StatementPietro Frozen Foods, Inc., produces frozen pizzas. For nextyear, Pietro predicts that 54,900 units will be produced, with thefollowing total costs:Direct materials?Direct labor62,000Variable overhead22,000Fixed overhead240,000Next year, Pietro expects to...
- Q Growing Pains at Groupon Case9. Groupon’s management needed significant cash to fund itsgrowth. It had three options:(A) seek private investment, (B) sellthe company to Yahoo! or Google, or (C) go...
- Q Explaining the importance of the professional use of specializedaudit tools (Attributes Sampling, Monetary Unit Sampling, and DataAnalytics Tools).
- Q Profitability RatiosThe following selected data were taken from the financialstatements of Vidahill Inc. for December 31, 20Y7, 20Y6, and20Y5:December 3120Y720Y620Y5Total assets$172,000$155,000$138,000Notes payable (8% interest)60,00060,00060,000Common stock24,00024,00024,000Preferred 7% stock, $100 par12,00012,00012,000(no change...
- Q Ratio of Liabilities to Stockholders' Equity and Times InterestEarnedThe following data were taken from the financial statements ofHunter Inc. for December 31 of two recent years:Current YearPrevious YearAccounts payable$604,000$290,000Current maturities...
- Q Vertical Analysis of Income StatementRevenue and expense data for Innovation Quarter Inc. for tworecent years are as follows: CurrentYear PreviousYearSales$567,000$493,000Cost of goods sold385,560310,590Selling expenses73,71073,950Administrative expenses79,38064,090Income tax expense11,34019,720a. Prepare an income statement in...
- Q On November 30, the end of the first month of operations,Weatherford Company prepared the following income statement, basedon the The reporting of the costs of manufactured products,normally direct materials, direct...
- Q Cost of Goods ManufacturedPietro Frozen Foods, Inc., produces frozen pizzas. For nextyear, Pietro predicts that 50,000 units will be produced, with thefollowing total costs:Direct materials?Direct labor$61,000Variable overhead30,000Fixed overhead205,000Next year, Pietro...
- Q Bramble Company, a manufacturer of ballet shoes, is experiencinga period of sustained growth. In an effort to expand its productioncapacity to meet the increased demand for its product, the companyrecently...
- Q Cost of Goods Manufactured and SoldAnglin Company, a manufacturing firm, has supplied the followinginformation from its accounting records for the last calendaryear:Direct labor cost$493,520Purchases of direct materials375,280Freight-in on materials7,750Factory supplies...
- Q You are a Supplier: A retailer requests to purchase supplies oncredit from your company. You have no prior experience with thisretailer. The retailer’s current ratio is 2.1, its acid-test ratiois...
- Q Jane Botosan operates a bed and breakfast hotel in a resort areanear Lake Michigan. Depreciation on the hotel is $60,000 per year.Jane employs a maintenance person at an annual salary...
- Q Direct Materials Usage Variances: Direct Materials Mix and YieldVariancesEnergy Products Company produces a gasoline additive, Gas Gain.This product increases engine efficiency and improves gasolinemileage by creating a more complete burn...
- Q GE has an outstanding bond issue that is currently selling for$110.21 to yield 6.59%. The bond pays a semi-annual coupon of 8%and will mature in 10 years. Find the convexity...
- Q JY investment Ltd holds a well-diversified portfolio of sharesthat has a market value of $1.5 million on 30 June 2019. JY isconcerned about possible downturns in the share market and...
- Q Keesha Co. borrows $250,000 cash on December 1 of the currentyear by signing a 120-day, 12%, $250,000 note.1. On what date does this note mature?2. & 3. What is the...
- Q Richards Corporation uses the FIFO method of process costing.The following information is available for October in itsFabricating Department:Units:Beginning Inventory: 86,000 units, 70% complete as to materials and25% complete as to...
- Q Problem 12-4A Partnership income allocation, statement ofpartners' equity, and closing entries LO P2[The following information applies to the questionsdisplayed below.]Mo Meek, Lu Ling, and Barb Beck formed the MLB Partnership...
- Q Required informationProblem 12-4A Partnership income allocation, statement ofpartners' equity, and closing entries LO P2[The following information applies to the questionsdisplayed below.]Mo Meek, Lu Ling, and Barb Beck formed the MLB...
- Q T/F and Explain please6) The following journal entry would be made in a processingcosting system when units that have been completed in the finalprocessing department are transferred to the finished...
- Q For your Johnson & Johnson via Calbench or the most recentAnnual Report.1. Review the 10-K report and notes to the financial statementsfor discussions about long-term debt, dividends and any stockbuyback...
- Q Freese, Inc., is in the process of preparing the fourth quarterbudget for 2016, and the following data have been assembled:The company sells a single product at a price of $70...
- Q Use below information for Questions 1 to4:The smelting department of Company X has following productionand cost data for September:Production: Beginning work in process 200 units that are 100%complete as to...
- Q Luxury Furniture designs and builds factory-made, premium, woodarmoires for homes. All are of white oak. Its budgetedmanufacturing overhead costs for the year 2017 are as follows.Overhead Cost Pools Amont ($)Purchasing...
- Q What are the criteria to be part of the inventoryownership of the business?
- Q Froya Fabrikker A/S of Bergen, Norway, is a small company thatmanufactures specialty heavy equipment for use in North Sea oilfields. The company uses a job-order costing system that appliesmanufacturing overhead...
- Q Burns Corporation's net income last year was $97,400. Changes inthe company's balance sheet accounts for the year appear below:Increases(Decreases)Asset and Contra-Asset Accounts:Cash and cash equivalents$22,700Accounts receivable$13,800Inventory$(16,800)Prepaid expenses$4,400Long-term investments$10,400Property, plant, and...
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