Accounting question and answers for August 31, 2023
- Q Paul has the following long-term capital gains and losses for 2016: $62,000 28% gain, $21,000 28% loss, $18,000 25% gain, and $64,000 0%/15%/20% gain. He also has a $53,000 short-term...
- Q 2. With reference to the 1136 Tenant's Corporation case, what was the main difference in the way the client and the CPAs viewed the work to be done in an...
- Q BE. 5 Presented below are the basic assumptions and principles underlying financial statements. a. Historical cost principle b. Economic entity assumption c. Full disclosure principle d....
- Q Managerial Accounting Supreme Videos, Inc., produces short musical videos for sale to retail outlets. The company's balance sheet accounts as of January...
- Q Wade Company prepares monthly financial statements and uses the gross profit method to estimate ending inventories. Historically, the company has had a 40% gross profit rate. During June, net sales...
- Q Capital Rationing Decision for a Service Company Involving Four Proposals Renaissance Capital Group is considering allocating a limited amount of capital investment funds among four proposals. The amount of proposed...
- Q On July 14, Jones Sporting Goods sold equipment that originally cost $50,000. After updating depreciation, the Accumulated Depreciation minusEquipment had a normal balance of $44,000. The selling price of the...
- Q What should an auditor do if they discover an illegal act during the course of their audit?
- Q The accountant at Paige Company is figuring out the difference in income taxes the company will pay depending on the choice of either FIFO or LIFO as an inventory costing...
- Q 2. On April 1, XYZ company purchased a two-year (24 months) insurance policy for $15000, Prepare the necessary adjusting entry on Dec 31 of the same...
- Q a 12-year bond with a par value equaling $1,000, pays 7% annually. if similar bonds are currently yielding 6% annually, what is the market value of the bond? use semi-annual...
- Q The following is selected financial information for Joker Company for 2017. Cash $ 13,000 Accounts receivable 11,000 Current asset 36,000 Current liabilities 33,000 Long-term debt 170,000 Short-term debt 10,000 Total...
- Q An investment generates an 10.4 % return, of which 7 % is in the form of price appreciation, and the rest is in the form of qualified dividend yield. If...
- Q Required: 1. What is the financial advantage (disadvantage) of discontinuing flight 482? Profits have been decreasing for several years at Pegasus Airlines. In an effort to improve...
- Q Pluto Corp. is considering investing in an automated manufacturing line. Installation of the line will cost $2,440,000. This amount will be paid up front. It will be depreciated...
- Q what is the unit price for a subproject according to the quantities bill rules ?
- Q Charlottes' Chocolate Company retires its 8% bonds for $850,000 before their scheduled maturity. The bonds were originally issued two years ago at a face value of...
- Q Cramer Company sold five-year, 8% bonds on October 1, 2016. The face amount of the bonds was $100,000, while the issue price was $102,000. Interest is payable on April 1...
- Q Darby Company, operating at full capacity, sold 76,950 units at a price of $75 per unit during the current year. Its income statement for the current year is...
- Q The equity method is the only method for investment if ownership is above 50% and there is a control? a) True b) False
- Q Liquidity Analyses for Kellogg's and General Mills The following information was summarized from the balance sheets included in the Form 10-K for the 2015 fiscal year...
- Q Is the $100 floor on personal-use casualty loss imposed on each individual loss item if more than one item of property is destroyed in a single casualty? Is the floor...
- Q Carla Vista Wolf Company has the following balances in selected accounts on December 31, 2024. Carla Vista has a calendar year end. All the accounts have normal balances. The information...
- Q complete the following table
- Q Inventory records for Herb's Chemicals revealed the following: March 1, 2021, inventory: 1,000 gallons @ $7.20 per gallon = $7,200 Purchases: Sales: Mar. 10 600 gals @ $ 7.25 Mar....
- Q Using John Boatright, craft a three-point code of finance ethics and explain briefly why these points are important.
- Q Partnership: Changes in Ownership Study the scenario below and answer the question that follows: Jones and Smith Partnership The following balance occur in the books of of Jones and Smith...
- Q what are some home loanproviders that can take a down payment of 15% or lower on an investment property or second home? currently interested in buying in Florida. provide an...
- Q On the financial crisis that began in 2008. What are the long-term ramifications of this crisis? How will this affect the future of business?
- Q Complete the table to determine the effect of the number of compounding periods when computing interest. Suppose that $17,000 is invested at 4% interest for 9 yr under...
- Q Keith and Nancy Diem have personal property coverage with a $250 limit on currency, a $1,000 limit on jewelry, and a $2,500 limit on gold, silver, and pewter. They do...
- Q Con qu precisin pueden los gerentes planificar las necesidades futuras de recursos humanos?
- Q Anita purchased a hamster while she was away from home. When she arrived at her dorm, the resident supervisor reminded Anita of the "no pets" policy, and Anita...
- Q Using the cost approach, find the value of a small general-use building with the following characteristics. Reproduction Cost: $435,000 Accrued Economic Depreciation: $105,000 Replacement Cost:...
- Q In the boolean expression A + 1 = 1 O O
- Q PLEASE do this one correctly!! And make it neat, with the tables and names next to it! The last person didn't do it right. The Little Rock Shirt Company...
- Q otto uses his 2016 dodge ram truck in his landscaping buisness, he also has a rental property about 100 miles away that he goes to once a month. he uses...
- Q may I know this answer pls May I know this answers plss
- Q Question 1 Kraft Enterprises owns the following assets at December 31, 2012. Cash in banksavings account ...
- Q The Lucy Corporation purchased and used 129,000 board feet of lumber in production, at a total cost of $1,548,000. Original production had been budgeted for 22,000 units with a standard...
- Q Chapter 4 1 of 3 Old Country Links Inc. produces sausages in three production departmentsMixing, Casing and Curing, and Packaging. In the Mixing Department, meats are...
- Q Tony and Suzie graduate from college in May 2021 and begin developing their new business. They begin by offering...
- Q Provide the financial health of the U.S. federal government for 2019 and 2020?
- Q Question 6 When affiliated companies sell on credit the trade balances, intercompany receivables and payables a) appear only on the books of the parent in consolidated...
- Q The following accounts and corresponding balances were drawn from Delsey Companys Year 2 and Year 1 year-end balance sheets. Account Title Year 2 Year...
- Q The following annual income statement is for Tatum \& Associates, a firm that provides legal services to its customers. Tatum \& Associates is concerned about the...
- Q of his xo follo book 11. Alice and Alex decide to merge their proprietorships into a partnership called AA Partners. Financial records showed...
- Q Chapter 17 Rodriquez Corporation's comparative balance sheets are presented below. 2020 2019 $ 15,200 $ 17,700 Cash Accounts receivable 25,200 22,300 20,000 Investments 16,000 Equipment 60,000 70,000 Accumulated...
- Q Simmons Company is a merchandiser with multiple store locations. One of its store managers is considering a shift in her store's...
- Q The standards for direct labor for a product are 2.5 hours at $4 per hour. Last month, 8,600 units of the product were made and the...
- Q The year-end adjusted trial balance of Hilltoppers Corporation included the following account balances: Cash, $3,300; Equipment, $15,300; Accounts Payable, $1,300; Common Stock, $12,000; Retained Earnings, $3,800; Dividends, $1,200; Service Revenue,...
- Q Taxpayer sued her former employer who caused the car collision she was injured in. She claimed $100,000 in damages for loss of income, $300,000 for medical bills, and $500,000 in...
- Q De acuerdo con los PCGA, la divulgacin de las polticas contables adoptadas por una entidad que informa es importante para los lectores de estados financieros al determinar a. ingreso...
- Q Tonga Toys manufactures and distributes a number of products to retailers. One of these products, Playclay, requires five pounds of material A135 in the manufacture of each unit. The company...
- Q Stay in style hotels Angus considering the construction of a new hotel for 60 million. The expected life of the hotel is 19 years with no residual value. The hotel...
- Q Why a good knowledge of accounting is necessary for a manager? What are the advantages and limitations of a journal in accounting? ...
- Q PLEASE READ THIS INSTEUCTIONS WELL Winfield Co produces wine. The company expects to produce 2,535,000 two-liter bottles of Chablis in 2021. Winfield purchases empty glass bottles from...
- Q Discuss the strength and weaknesses of cash-flow based valuation models. How do variations in the required cost of capital for debt and equity shareholders affect valuation? do...
- Q Nottingham Manufacturing Company allows employees to purchase, at cost, manufacturing materials, such as metal and lumber for personal use. To purchase materials for personal use , an employee must...
- Q A $16,000 loan is to be amortized for 10 years with quarterly payments of $559.55. If the interest rate is 7%, compounded quarterly, what is the unpaid balance immediately after...
- Q Starsky and Hutch formed a partnership with capital contributions of $150,000 and $180,000, respectively. Their partnership agreement called for Starsky to receive a $60,000 annual salary allowance. They also agreed...
- Q Use the actuarial method to find the payoff amount for the loan paid in full before its due date. Regular Monthly Payment: $452.31 APR: 6.0% Remaining Payments After Payoff:...
- Q WD sells kitchen linens and provides the following information: At the breakeven point, 12,000 linens were sold and variable expenses were $100,000. Variable expenses are typically 40% of revenue. How...
- Q Fragment Company leased a portion of its store to another company for eight months beginning on October 1, at a monthly rate of $1,100. Fragment collected the entire $8,800 cash...
- Q Congress would like to increase tax revenues by 11 percent. Assume that the average taxpayer in the United States earns $46,000 and pays an average tax rate of 15 percent....
- Q Christopher sold 190 shares of Cisco stock for $13,870 in the current year. He purchased the shares several years ago for $5,890. Assuming his ordinary income tax rate is 24...
- Q A master budget consists of an interrelated long-term plan and operating budgets. financial budgets...
- Q Question 16 Mehta Company traded a used welding machine (cost $12,510, accumulated depreciation $4,170) for office equipment with an estimated fair value of $6,950. Mehta also paid $4,170 cash in...
- Q The following information is available for Park Company at December 31, 2010: beginning inventory $80,000; ending inventory $120,000; cost of goods sold $900,000; and sales $1,200,000. Park's inventory turnover in...
- Q Consolidation: non-controlling interest (NCI) Partial goodwill method ** Question : 4. Prepare the consolidation worksheet entries at 30 June 2019. Assume a profit for Chris Ltd for the year...
- Q You are making a presentation to the board of directors of HugeCo about the merits of acquiring Bitty, Ltd., an important supplier. One board member, knowing that you are a...
- Q Which set of accounts below would have a normal debit balance? O Expenses, Dividends; Common Stock O Dividends; Expenses; Unearned rent O Expenses; Dividends; Cash O Revenues; Dividends, Prepaid...
- Q B2B Company is considering the purchase of equipment that would allow the company to add a new product to its line. The equipment costs $377,600...
- Q Client: Beach Vibes (same client and information as in Task 2) has requested you to inform them if they could possibly qualify as a small business corporation and to calculate...
- Q ________________B_________________ Forest Components makes aircraft parts. The following transactions occurred in July. 1....
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