Accounting question and answers for August 23, 2023
- Q How to solve this shining Image company, the cleaning pecember 31, 2017 end of the fiscall year service, reported the following unadjusted Trial Balance as...
- Q Ms. Amalia has set up trading on 1 January 2023 by paying RM25,000 into a business bank account, a unit of old car worth RM15,000 and RM700 into the petty...
- Q oscar is the 100% owner of zyx inc a c corp. which of the following correctly describes the tax consequences if oscar chooses to pay himself dividends from corporate profits....
- Q The information below has been taken from the cost records of Tercel Company for the past year: Raw materials used in production (all direct) $326,000 Total manufacturing costs...
- Q help please! its all one question just diff parts :) E10-6 (Algo) Calculating Return on investment, Residual Income, Determining Effect...
- Q Branded Shoe Company manufactures only one type of shoe and has two divisions: Assembly and Finishing. The Assembly Division manufactures shoes for the Finishing Division. After completing the...
- Q The management of Ballard MicroBrew is considering the purchase of an automated bottling machine for $50,000. The machine would replace an old piece of equipment that costs $13,000 per year...
- Q 2. EX.22.12.ALGO Algorithmic) Direct Labor Cost Budget Ace Racket Company manufactures two types of tennis rackets, the Junior and Pro Striker models. The production budget for...
- Q M18-15. Developing and using a Predetermined Overhead Rate Required a. Determine the 2018 predetermined overhead rate per machine hour. b. Using the predetermined overhead rate per machine hour, determine the...
- Q A company decides to obtain a small-business loan of $237,000. The financial institution from which the company borrows offers two options: a. Borrow $237,000...
- Q Cove's Cakes is a local bakery. Price and cost information follows: Required: Calculate Cove's new break-even point under each of the following independent scenarios: a....
- Q This information is for Wildhorse Corporation for the year ended December 31, 2022. Cash received from lenders Cash received from customers Cash paid for new equipment Cash dividends paid...
- Q Homework:Accounting Cycle Review Question 1, P4A-39B (no worksheet) (similar to) Part 14 of 31 HW Score: 8.9%, 2.94 of 33 points Score: 2.94 of 33 ...
- Q of these business events, (1) identify it as an operating (O), financing (F), or investing (I) event or activity; (2) identify a relate ion event, and (3) identify...
- Q PEM, Incorporated, is experiencing financial difficulty due to erratic sales of its only product, a high-capacity battery for laptop computers. The company's contribution format income...
- Q Project 2: Review of Merchandising Cycle [The following information applies to the questions displayed below.] Wallys Widget Company (WWC) incorporated near the end of 2011. Operations began in January of...
- Q please do both required ones Stout Initial Investment: 24,000 Boise Initial Investment: 30,000 Check my work Mac Co. is considering investing in two different...
- Q Rock Incorporated has three divisions, Granite, Lime and Nina. All fixed costs are common and unavoidable. Following is the income statement for the previous year: ...
- Q Question 6 View Policies Show Attempt History Current Attempt in Progress Your answer is incorrect. Newman Taylor is settling a $20,370 loan due today by making...
- Q On December 31 Year 1, Dana's warehouses (DW) purchased 100% of the shares of Jodi's tools (JT). Dana's Warehouse operates in Toronto, Ontario...
- Q Programs Plus is a retail firm that selis computer programs for home and business use. Programs Plus operates in a state with no...
- Q Lindsey's Pets succeeded so well that Lindsey decided to manufacture her own brand of pet toys - Best Friends Manufacturing. At the end of December 2020,...
- Q Please assist with the following, QUESTION 1 Partially correct Mark 21.00 out of 37.00 Flag question Inferring Purchases Using Cost of Goods Sold and Inventory Balances Geiger Corporation,...
- Q Belleview Bancshares has 34,000 shares of $4 par value common stock outstanding. Suppose Belleview declares and distributes an 8% stock dividend when the market value of its...
- Q reak-Even with Multiple Products Warner Company has $165,000 of total fixed costs and sells products A and B with a product mix of 40% A and 60% B. Selling prices...
- Q Atlas Enterprises Inc. manufactures elliptical exercise machinesand treadmills. The products are produced in its Fabrication andAssembly production departments. In addition to productionactivities, several other activities are required to produce thetwo...
- Q On 1/1/10, R-U Ready issued $100,000, 6.5%, 10-year bonds at aneffective rate of 4.75%. Interest is paid annually on 12/31 of eachyear.Edit:Present the accounts and dollar amounts that would appear...
- Q Link Company acquired Tuna Inc. on January 1, 2017. On January1, 2017 all of Tuna's assets and liabilities had a FVs = BV exceptfor the following:Land was undervalued by $30,000Buildings...
- Q Read the article, “House Counts on Honor Amongst Thieves: VotesAgainst Mandatory Auditor Rotation (Links to an externalsite.)Links to an external site..” Based on the informationpresented in the article, discuss the...
- Q Waterway Services Ltd. follows ASPE and had earned accountingincome before taxes of $518,000 for the year ended December 31,2020.During 2020, Waterway paid $80,000 for meals and entertainmentexpenses.In 2017, Waterway’s tax...
- Q Shamrock Corporation’s charter authorized issuance of 100,000shares of $10 par value common stock and 53,400 shares of $50preferred stock. The following transactions involving the issuanceof shares of stock were completed....
- Q Spark Inc is a relatively new company and you have beenrecruited to assist the management with advice and getting to thecorrect financial figures.1. Distinguish between a stock split and a...
- Q The following income statement items appeared on the adjustedtrial balance of Schembri Manufacturing Corporation for the yearended December 31, 2021 ($ in thousands): sales revenue, $15,300;cost of goods sold, $6,200;...
- Q Before Splish Corporation engages in the treasury stocktransactions listed below, its general ledger reflects, amongothers, the following account balances (par value of its stock is$30 per share).Paid-in Capital in Excess...
- Q The main role of Management Accounting is: Planning Control andDecision making. Decision making is the selection of the correctcost element and take the right decision in the best interest ofthe...
- Q Monty Company reported the following amounts in thestockholders’ equity section of its December 31, 2016, balancesheet.Preferred stock, 9%, $100 par (10,000 shares authorized, 1,800shares issued)$180,000Common stock, $5 par (101,500 shares...
- Q JBeats produce and sell a product that has variable costs of $33and a selling price of $68 . Its current sales total $204,000 permonth. Fixed manufacturing costs total $25,000 per...
- Q Discuss the differences between cash and accrual accounting.What is one significant advantage of accrual accounting over cashaccounting?
- Q Chris Guthrie was recently hired by S&S Air, Inc., to assetthe company with its financial planning and to evaluate thecompany's performance. Chris graduated from college five years agowith a finance...
- Q Capricorn Inc. is a private company reporting under ASPE. Itsunadjusted trial balance at its fiscal year end, December 31, 2023is shown below:Capricorn Inc.Unadjusted Trial BalanceDecember 31, 2023DebitCreditCash$38,000Inventory46,500Supplies5,000Building600,000Accumulated depreciation – building120,000Equipment330,000Accumulated...
- Q Mastery Problem: Job Order CostingPurl of Great Price CompanyMaria Young is the sole stockholder of Purl of Great PriceCompany (POGP Company), which produces high-end knitted sweatersand sweater vests for sale...
- Q The WoodruffCorporation purchased a piece of equipment three years ago for$227,000. It has an asset depreciation range (ADR) midpoint ofeight years. The old equipment can be sold for $94,500.A new...
- Q Kubin Company’s relevant range of production is 24,000 to 31,000units. When it produces and sells 27,500 units, its average costsper unit are as follows:Amount per Unit Direct materials $ 8.40...
- Q Thakin Industries Inc. manufactures dorm furniture in separateprocesses. In each process, materials are entered at the beginning,and conversion costs are incurred uniformly. Production and costdata for the first process in...
- Q Absorption and Variable Costing Comparisons: SalesExceed ProductionWright Development purchases, develops, and sells commercialbuilding sites. As the sites are sold, they are cleared at anaverage cost of $2,500 per site. Storm...
- Q Cost of Production ReportThe debits to Work in Process—Roasting Department for MorningBrew Coffee Company for August, together with informationconcerning production, are as follows:Work in process, August 1, 1,000 pounds, 40%completed$3,140**Direct...
- Q Elaborate on the followingstatements: It's wrong to say "Profit = Increase in Cash" It's correct to say "Profit = Increase in Net Worth"
- Q Explain how the choice of one of the following accountingmethods over the other raises or lowers a company’s net incomeduring a period of continuing in?ation.a. Use of FIFO instead of...
- Q For this assignment discuss the importance of ethics infinancial accounting. What issues may arise if ethics iscompromised? How would this impact the company internally, howwould it impact the external users...
- Q Accounts receivable$10,300Accumulated depreciation51,100Cost of goods sold122,000Income tax expense9,000Cash64,000Net sales206,000Equipment129,000Selling, general, and administrative expenses30,000Common stock (8,600 shares)98,000Accounts payable14,200Retained earnings, 1/1/1921,950Interest expense5,700Merchandise inventory38,600Long-term debt37,000Dividends declared and paid during 201919,650Except as otherwise indicated,...
- Q For each of the following items, tell me where they would go ona balance sheet or that they would not go on a balance sheet. Iwant the name of the...
- Q Departmental Overhead RatesLansing, Inc., provided the following data for its two producingdepartments:Molding Polishing TotalEstimated overhead $400,000 $80,000 $480,000Direct labor hours (expected and actual): Form A 1,000 5,000 6,000 Form B 4,000 15,000 19,000 Total 5,000 20,000 25,000Machine hours: Form A 3,600 3,000 6,600 Form B 1,400 2,000 3,400 Total 5,000 5,000 10,000Machine hours are used to assign the overhead...
- Q Bell Products Corporation manufactures after-market clutchplates for motorcycles, automobiles, racing applications, and heavyindustry vehicles. One of the first stages of clutch plateproduction is to stamp the raw plates out of...
- Q 103. Green Corp. uses a predetermined overhead rate based ondirect labor hours. Green has determined that overhead wasoverapplied by $20,000 for the year. The WIP ending inventory was$125,000. The finished...
- Q The following events occurred over the course of a year at BagbyCorp., which uses a job order costing system:1. Direct materials purchases totaled $460,000.2. $230,000 of indirect materials were used...
- Q What is the ATCF rate of return for machine that costs 300,000,lasts for 8 years, has zero salvage value, and is classified as 5year MACRS property? The machine will be...
- Q 5. Bridgemen Inc. ispreparing its 2017 yearend financial statements . Prior to anypossible adjustments from the items listed below, inventory wasvalued at $75,060, based on a physical count of the...
- Q Agri Machinery P/L enters into a lease (to a lessee) agreementand leases harvesting equipment to Grain Holdings Ltd. The leaseconsists of the following; ? Date of inception: 1/1/13 ? Durationof...
- Q Lamour Corporation is a job order costing company that usesactivity-based costing to apply overhead to jobs. The followingoverhead activities were budgeted for the year.ActivityCostDriverAmount ofdriverSetups$240,000Number of setups6,000Purchasing160,000Number of parts20,000Other overhead300,000Direct...
- Q Ms. Brown apparently wasn't up on pension accounting because theplan file contains only the following note: Remember to tell bossthat I need help with accounting for these things! -C.B.It takes...
- Q PROBLEM: Front Range Furniture expects to maintain the sameinventories at the end of 2020 as at the beginning of the year. Thetotal of all production costs for the year is...
- Q what type of services are CPA auditors allowed and disallowed toprovide their public audit clients? private audit clients? Pleasegive examples for both please
- Q Using the appropriate present value table and assuming a 12%annual interest rate, determine the present value on December 31,2018, of a five-period annual annuity of $7,700 under each of thefollowing...
- Q What would be some pros and cons of using acutal versus capacitycost driver rates and vice versus. this is the question i amultimately answering, "Which cost driver rates should be...
- Q Each student should choose an organization with which she/he isfamiliar, such as the place of employment, business patronized, orother situation and describe how that organization either does ordoes not apply...
- Q Jacob is a member of WCC (an LLC taxed as a partnership). Jacobwas allocated $55,000 of business income from WCC for the year.Jacob’s marginal income tax rate is 37 percent....
- Q Neptune Company produces toys and other items for use inbeach and resort areas. A small, inflatable toy has come onto themarket that the company is anxious to produce and sell....
- Q BARDEEN ELECTRIC: FASB ASC AND IFRS RESEARCH CASEOn October 18, 2017, Armstrong Auto Corporation ("Armstrong")announced its plan to acquire 80 percent of the outstanding 500,000shares of Bardeen Electric Corporation’s ("Bardeen")...
- Q The following is a December 31, 2018, post-closing trial balancefor Culver City Lighting, Inc. Account Title Debits Credits Cash $68,000 Accounts receivable 52,000 Inventories 58,000 Prepaidinsurance 28,000 Equipment 120,000 Accumulateddepreciation—equipment...
- Q “Differentiate Between Value-Added and Non-Value-Addedactivities?What are two advantages and two criticisms of activity-basedcosting?Comment, Why ABC and ABM is Necessary in ManufacturingEntity?Explain Few Reasons.”
- Q Earned Income Credit:For each of the following situations, compute the taxpayers’2019 earned income credit. A. Patty and Ron Barnett file a jointreturn, claiming their two sons, ages 3 and 5,...
- Q Based on your future career in accounting, develop a scenariofor managers, relevant to the accounting industry, illustratingwhich behaviors are ethical and which are not, then briefly discussthese. (2-3 examples which...
- Q The stockholders’ equity accounts of Bridgeport Company have thefollowing balances on December 31, 2020.Common stock, $10 par, 298,000 shares issued andoutstanding$2,980,000Paid-in capital in excess of par—common stock1,280,000Retained earnings5,840,000Shares of Bridgeport...
- Q ScenarioWanda is relaxing after a long day of treat baking and turns onher tablet to check Facebook and see what all of her friends havebeen doing while she has been...
- Q Highland Company produces a lightweight backpack that is popularwith college students. Standard variable costs relating to a singlebackpack are given below:Standard Quantityor HoursStandard Priceor RateStandardCostDirect materials?$4.00per yard$?Direct labor???Variable manufacturing overhead?$2per...
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