Accounting question and answers for August 31, 2023
- Q a) compute the EOY noncontrolling interest equity balance b) prepare the consolidation journal entries 4-On January 1, 2020, Wondersome Company acquired a 70%...
- Q If A company reports in its financial statements that it uses the FIFO method of inventory costing. This is an example of the disclosure principle. True or...
- Q Period costs are classified as inventory until sold and are then expensed as Cost Of Goods Sold. True False
- Q Katy Corp. purchased an item of equipment on 1 July 2020 and leased this equipment to Perry Ltd on the same day. The equipment is to be depreciated on...
- Q John Joos is the owner and operator of Personality Shine LLC, a motivational consulting business. At the end of its accounting period, December 31, 2013, Personality Shine has assets of...
- Q On January 1,2019, Conroe Corporation sold $500,000 of 13% bends at 107 . Each $1,000 bond carried 20 warrants, and each warrant...
- Q I ONLY NEED HELP WITH THE ADJUSTING JOURNAL ENTRIES AT THE BOTTOM THERE SHOULD BE ONLY 5. THANK YOU. Event The company pays its monthly rent (Check...
- Q AT&T LTE 4:17 PM Xjustified-wages.pdf Case 17-8 Justified Wages Justified Wages Inc. (the "Company) is a privately held provider of cloud-based...
- Q The company purchased 2,000 shares of equity securities for $27 per share. The shares were purchased as an available-for-sale investment. Make the journal entry necessary to record the purchase.
- Q if you can help explain how to do these questions so I can understand how to do them, it would be appreciated ...
- Q a) i What are responsibility centers? Give examples of each type. ii) What is the difference between RI and ROI as performance measurement tools. Explain with a numerical example. (8)
- Q On 1 January 2021 the net assets of Fatimas business amounted to 74,000. During the year ended 31 December 2021, her business recorded a profit of 33,000, Fatima withdrew 26,000...
- Q The element Other operating expenses of the income statement should not be part of a products cost price. Is this statement true or false and explain why
- Q Russell and Shannon are married and file a joint return. Their MAGI is $79,000. Russell has losses of $ 18,000 from a rental activities in which he actively participates. Shannon...
- Q Question 1 Hari S. runs a successful consulting business. His taxable trading income for the year is 193,900. In addition, he received the following: 1. During 2020/21, Hari's accounts were...
- Q 6.John owns a retail business and has claimed a deduction under s 25-35 ITAA97 for a $20,000 bad debt that he has written off in the current income year. What...
- Q nep DOVE ERIE Super Case Construction Company, a three-year-old business, provides contracting and construction services to a variety of clients. Given that...
- Q Airline X depreciates its airplanes over a 15-year period and estimates a salvage value of 10% of the cost of the plane. At the same time, Airline Y depreciates identical...
- Q Packaging Solutions Corporation manufactures and sells a wide variety of packaging products. Performance reports are prepared monthly for each department. The planning budget and flexible budget for the...
- Q Estimate the implied repo rate of 8.5% of 2/15/20 with a settlement on 7/14/01, delivery on 9/30/01, conversion factor of 1.2748, a futures price of 91, and a quoted bond...
- Q Assume that Sandra Rice owns a HO-3 policy for his home. The limits set in his policy are provided below: Type Coverage A ...
- Q Using the following table and the equations underlying each of the four basic financial statements
- Q What are the major purposes of obtaining representation letters (Letter of Representation) from audit clients? Please remember that a minimum of 250 words is required, and please be sure to...
- Q The total equity of Kava Ltd at 31 December 2020 amounted to 7,690,000. During the financial year ended 31 December 2021, the company: Successfully issued 100,000 new ordinary shares...
- Q Use either the gross method or net method to record the following transactions 10/1 Purchased $5,000 of tables on account the terms of payment are 1/15n30 10/5 Returned $1,000 of...
- Q Please take a look at the balance sheets of Bank of America and Central Bank of Boone County. What is the size (measured as total assets) of Bank of America...
- Q Which account should be credited to record a gift of cash which is from an outside party to an animal rescue agency and is used for expenses to care for...
- Q On May 19, Obermayer Repair Service extended an offer of $145,000 for land that had been priced for sale at $166,000. On June 4, Obermayer Repair Service accepted the seller's...
- Q ou have been hired by an international company identified as cooperating with a foreign country that the U.S. is boycotting. Present a defense for the company to overcome the presumption...
- Q Lower-of-Cost-or-Market Method On the basis of the following data, determine the value of the inventory at the lower-of-cost-or-market by applying lower-of-cost-or-market to each inventory item, as shown in Exhibit 10....
- Q On January 1, 2024, Splash City issues $380,000 of 8% bonds, due in 15 years, with interest payable semiannually on June 30 and December 31 each year. Required: Assuming the...
- Q Sarbanes Oxley applies to:
- Q Plumbers-on-the-Go Ltd. started the year with total assets of $120,000 and total liabilities of $75,000. During the year, the business recorded $82,000 in service revenues, $45,000 in expenses, and paid...
- Q Who are the board members who are standing for election at Ford? How does Ford determine director independence?
- Q J. Morgan of SparkPlug Incorporated has been approached to take over a production facility from B.R. Machine Company. The acquisition will cost $1,900,000, and the after-tax net cash inflows will...
- Q Huron Company produces a commercial cleaning compound known as Zoom. The direct materials and direct labour standards for one unit of Zoom follow: The budgeted fixed overhead cost...
- Q Which of the following statements is false concerning forms of business organization? a. A limited partnership must have at least one general partner. b. It is easier for a...
- Q Zain Ltd took out a 7.5 million 10% loan on 1 January 2016 to build a new warehouse during the year Construction of the warehouse began on 1 February 2016...
- Q Jordon and Heidi share income equally. For the current year, the partnership net income is $40,000. Jordon made withdrawals of $14,000, and Heidi made withdrawals of $15,000. At the beginning...
- Q What has been your experience in this class using Excel to solve math problems?
- Q Root Company sells a product for $35. Budgeted sales for the first few months of 2020 are as follows: January $600,000 February 300,000 March 900,000 April 735,000 The company typically...
- Q PLEASE HELP ASAP!!!!!! Morton Company's budgeted variable manufacturing overhead is $2.70 per direct labor-hour and its budgeted fixed manufacturing overhead is $330,000 per year. The company manufactures a...
- Q Megan purchasd an interest-bearing promissory note for $4,000.00 at 6.00% p.a., due in 60 days. If she sold the note in 24 days by discounting it at 7.00%...
- Q REQUESTED CLOSING ENTRIES from the presented adjusted trial balance Rockford Corporation
- Q An investment trust fund is used to report the net position available to the: Multiple Choice Sponsoring government only. External participants only. Financial institution that acts...
- Q c q PART 3 Objective The objective of Part 3 is to reinforce your understanding of the preparation of Operating...
- Q S&L Financial buys and sells securities which it classifies as available-for-sale. On December 27, 2016, S&L purchased Coca-Cola common shares for $700,000 and sold the shares on January 3, 2017,...
- Q Franklin Company operates three segments. Income statements for the segments imply that profitability could be improved if Segment A were eliminated. Required a. Prepare a schedule of...
- Q WA EUP a. \table[[Beginning WIP Inventory (40$s complete),20,000],[Units started in production,700,000],[Units transferred out,688,000],[Ending WIP Inventory (70% complete),32,000],[EU of production,]] b. \table[[Beginning WIP Inventory (30%...
- Q OQ1. What tables and fields could address the question of the profit margin (sales price less cost) on each product (SKU) available for sale?
- Q Question: Think about a product or a service that would solve a problem in our Palestinian Society.
- Q During 2017, Cullumber Company disposed of Pine Division, a major component of its business. Cullumber realized a gain of $2980000, net of taxes, on the sale of Pine's assets. Pine's...
- Q Product A Product B Product C Product D Product E Product F Product G Price 7.00 12.00 16.00 9.00 13.00 20.00 6.00 ...
- Q Vulcan Company's contribution format income statement for June is as follows: Vulcan Company Income Statement For the Month Ended June 30 Sales Variable expenses Contribution margin Fixed expenses...
- Q 20. Brigman Inc. has the following financial statement information for 2009 and 2008: Balance Sheet Information: 2009 ...
- Q On January 1, Year 7, Bob the Builder issues a 10-year bonds with face value of $100,000 at 103. However, the net proceeds from the issuance of bonds is only...
- Q Record this transaction: On August 4, Lett sold merchandise on account to Smiley Company for $610,terms 2/10, n/30.
- Q On January 1, 2016, Solo Inc. Issued 1,400 of its 9%, $1,000 bonds at 98. Interest is payable semiannually on January 1 and July 1. The bonds mature on January...
- Q please complete 2019 form 1120, schedule C, J, K, L improve Rho's Bent U TAX FORM/RETURN PREPARATION PROBLEMS odic Musical Sales, Inc. is...
- Q On January 1, 2019 Inglewood Corporation purchased a new warehouse facility for $5 million. Inglewood made a 10 down payment and financed the remaining $4.5 million with a 30-year...
- Q E17-17B (L03) (Equity Method) On January 1, 2017, LabTech Inc. purchased 40% of the common shares of UnderTech Company for $280,000. During the year, UnderTech earned net income...
- Q Fixed costs are not relevant to the decision when A) They can be reduced B) They cannot be reduced or eliminated C) The revenue is increasing D) The direct material...
- Q Ayayai Corp. has issued 90,000 shares of $4 par value common stock. It was authorized 490,000 shares. The paid-in capital in excess of par value on the common stock is...
- Q E9-11. On July 1, 2015, Friedman Inc. invested $720,000 in a mine estimated to have 900,000 tons of ore of uniform grade. During the last 6 months of 2015, 100,000...
- Q B. Convertible Preferred Stock Love Company issued 1,000 shares of convertible preferred stock, $1,000 par, for 103 (103% of face value) on June 30, 2014. Each preferred share was convertible...
- Q request to respond ASAP Harrison Company makes two products and uses a conventional costing system in which a single plantwide, predetermined over rate is computed...
- Q Question 10 Check all those that could be classified as 'payments' for calculating taxable income. Select one or more: a. payroll tax b. superannuation...
- Q Qu importancia tiene el capital circulante para la organizacin sanitaria actual? Por qu es diferente en el cuidado de la salud en comparacin con otras industrias?
- Q On January 1, 2018, the general ledger of Big Blast Fireworks includes the following account balances: Accounts Debit Credit Cash $...
- Q Your client is about to introduce a very high-quality product that will remove an invasive form of pepper plant in the southern United States. The Marketing Department has established a...
- Q Crow Manufacturers, Inc. projected sales of 75,000 bicycles for 2012. The estimated January 1, 2012, inventory is 5,000 units, and the desired December 31, 2012, inventory is 8,000 units. What...
- Q What are examples of Other Comprehensive Items?
- Q Which of the following is not a characteristic of a general partnership
- Q 1A. Define Financial and Managerial Accounting Discuss the differences between Financial and Managerial AccountingDiscuss the possible uses of and benefits of Managerial Accounting information in a specific company, or business...
- Q Munoz Company is a retail company that specializes in selling outdoor camping equipment. The company is...
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