Accounting question and answers for December 06, 2023
- Q James owns a small business with two employees. Which form will James need to file to report wages, withholding and employment taxes? Form 940. Form 941. Form 720. Form 1099-NEC.
- Q In 2021, Geyer, Inc., a calendar-year corporation, had net income (loss) per books of $(60,000). Included in Geyers gross revenues were taxable dividends of $20,000 received from an unrelated 20%-owned...
- Q Aiello Company incurred the following costs during the year: Research and development costs $112,000 Patent 22,500 ...
- Q Question 3: Sami a sole trader started business in 2014 and prepares his Income statement by the end of March. The Recent Income Statement for the year ended 31 March...
- Q L(b) * A * B * C Ltd. incurred the following cost during the year. Direct material 60,000, Direct Labour 75,000, Manufacturing Overhead 20,000 and Selling & Administration Overhead *24,000....
- Q i want this question for free please = the accounting records of best metal factory, include the following informationfor the year ended 31 december 2020
- Q 10. The Assembly Department started the month with 38,000 units in its beginning work in process inventory. An additional 492,000 units were transferred in from the prior department during the...
- Q balance Sheet of GeneralProducts Inc. on December 31,2021.ASSETSCurrent AssetsCash and Cash Equivalent11,980Accounts Receivables20,520Inventory317,060Inventory of Premiums (@0.10 per premium)660Total Current Assets350,220LONG TERM ASSETSInvestments66,775Property Plant and Equipment750,000Less Accumulated Depreciation90,000660,000Total Long...
- Q Years ago a member of Congress proposed eliminating federal income tax withholding. What criterion for evaluating tax systemsdid this proposal violate? What would likel1y have been the result of eliminating...
- Q How much 40% cocoa and 70% cocoa should be combined to make 80 g of chocolate consisting of 52% cocoa
- Q The Sombrero Company began operations on January 1, 2018. As at December 31, 2019 the partial balance sheet of Sombrero Company reflected the following balances: Long-term bank loans:...
- Q Discuss why accrual accounting should be adopted by governmental units globally rather than a cash basis accounting system currently used by many governments.
- Q Using the following assumptions, what was the change in cash from financing? Starting cash was $10,000, increase in inventory by $5,000, increase in accounts payable by $8,000, decrease to accounts...
- Q Assume that Nike's trial balance reported a debit of $18,600 in Accounts Receivable and a credit of $3,120 in Allowance for Doubtful Accounts. If Nike records a journal entry to...
- Q 1) Under IAS 19, Employee Benefits, which of the following benefits are covered? Only post-employement benefits such as defined benefit and defined contribution plan arrangements. Post-employment benefits, compensated absences and...
- Q 200 wordsExplain how you think Activity Based Costing could be used in a service organization. Please use examples to strengthen your assertions.
- Q Marvel Parts, Incorporated, manufactures auto accessories. One of the companys products is a set of seat covers that can be adjusted to fit nearly any small car. The company has...
- Q A truck acquired at a cost of $295,000 has an estimated residual value of $15,000, has an estimated useful life of 40,000 miles, and was driven 3,600 miles during the...
- Q Olongapo Sports Corporation distributes two premium golf ballsFlight Dynamic and Sure Shot. Monthly sales and the contribution margin ratios for the two products follow: ...
- Q Question Content Area Accounting Rate of Return Each of the following scenarios is independent. Assume that all cash flows are after-tax cash flows. Cobre Company is considering...
- Q Tammy's Toy Shop is contemplating going public around 2020 and would like an example of what the impact would be on the financial statements. Tammy provides you with a scenario...
- Q Broze Company makes four products in a single facility. These products have the following unit product costs: Products ...
- Q If you were to become an accountant would you rather be a financial or a managerial accountant and why?
- Q Acme Company has 3,000 shares of common stock that are owned by the public. The par value for each of these shares is $8. These shares were originally sold to...
- Q Match each of the fundamental and enhancing qualitative characteristics of financial information with the following statements a. Accounting information cannot ve selected, prepared, or presented to favor...
- Q A project requires a $42,000 initial investment and is expected to generate end-of-period annual cash inflows of $19,000 for each of three years. Assuming a discount rate of...
- Q 86. Pharoah Company bought a machine on January 1, 2017. The machine cost $128000 and had an expected salvage value of $24000. The life of the machine was estimated to...
- Q 16-41. Adopted AICPA Simulation Foreach of the account balances and associated assertions below...
- Q Your assignment # 1 relates to chapter 1 Case 1-1 Coach X: Effective Hospital Administrator? by Mosley, Pietri, Mosley, designed to reinforce the learning objectives of the course ...
- Q Which of the following is an example of Tax Avoidance? Select one: a. Failing to include assessable income in a tax return b. None of the above c. Paying a...
- Q Question 1: At the end of the current year, Accounts Receivable has a balance of $800,000; Allowance for Doubtful Accounts has a credit balance of $7,500; and sales for the...
- Q P Corporation, a widely held conglomerate, has 200,000 shares of a single class of common stock outstanding. Each share is worth $90. P has E&P of $900,000. P plans on...
- Q On October 1, 2014, Donna Equipment signed a one-year, 6% interest-bearing note payable for $41,000. Assuming that Donna Equipment maintains its books on a calendar year basis, how much interest...
- Q Labeau Products, Ltd., of Perth, Australia, has $20,000 to invest. The company is trying to decide between two alternative uses for the funds as follows: ...
- Q The unadjusted trial balance as of December 31,2024, for the Bags Consulting Company appears below. December 31 is the companys reporting year-end. Account Title Debits Credits...
- Q Yuko redeemed Series EE bonds, receiving $10,000 of principal and $3,000 of interest. Yuko uses the proceeds to pay $11,000 of qualified higher education costs for her son...
- Q What are the three reasons why corporations utilize debt and stock investment securities?
- Q Lornas Bubble Tea Group provided the 2021 and 2020 comparative Balance sheets and 2021 Income Statement as follow: Lornas...
- Q If inventory is paid for up front (using the check form), the cost should be entered in the Item Details section of the form. Select one: True False
- Q Return on total assets A company reports the following income statement and balance sheet information for the current year: Net income $364,680 Interest expense 64,350...
- Q 1. Bo Bo started his own consulting firm, Wedding Consulting, on May 1, 2020. The trial balance at May 31 is as follows ...
- Q On January 1,20XX, Drake Company had a $100,000 balance in Accounts Receivable and a $5,000 balance in the Allowance for Doubtful Accounts. During the year ended December 31,20XX,...
- Q (a) Set up a Cash Receipts Journal (page CR4) with the following headings: Date, Account Cr., Memo, Folio, Accounts Receivable Cr., Sales Cr., GST Payable Cr., PST Payable Cr., General...
- Q 1. What are the cashflow implications when a company records depreciation expense? 2. Difference between capitalizing and expensing? 3. Differences between LIFO FIFO and weighted average cost. Which ones are...
- Q X Company issued at par 4-year term bonds with a par value of $100,000, dated January 1, 2020, and bearing interest at an annual rate of 6 percent payable annually...
- Q Keesha Company borrows $165,000 cash on November 1 of the current year by signing a 90-day, 11%, $165,000 note. 1. On what date does this note mature? 2. & 3....
- Q Exercise 8-5 At December 31, 2016, Finzelberg Company had a credit balance of $15,500 in Allowance for Doubtful Accounts. During 2017, Finzelberg wrote off accounts totaling...
- Q You bought a stock at $28 last year. After one year, you received a dividend of $0.37 and then sold the stock for $34. What was your rate of return...
- Q Problem 1: Chapter 2 (25 pts total, 5 pts each) Brown Corporation has the following items for Year 1. Its income statement is as follows. Income Sales 4,440,000...
- Q What is a good ending inventory to have if my beginning inventory is 50
- Q Pearl Enterprises provides the following information relative to its defined benefit pension plan. Balances or Values at December 31, 2020 Projected benefit...
- Q sample of Scope of Study on the topic major crisis and supply chain disruptions
- Q 2. Alvin Cagle was a potato farmer in Alabama who had had several business dealings with the H.C. Schmieding Produce Co. Several months before harvest, Cagle entered into an oral...
- Q Based on predicted production of 20,000 units, a Barney Company anticipates $469,000 of fixed costs and $294,700 of variable costs. The flexible budget amounts of fixed and variable costs for...
- Q Calloway Corporation recorded a right-of-use asset of $120,000 in a 10-year finance lease. Payments of $19,529 are made annually at the end of each year. The interest rate charged by...
- Q Can you help me with this problem? Some of the categories are filled in but not all and I still got all of the numbers wrong. The Golden Mushroom...
- Q While in the process of posting from the journal to the ledger, a company failed to post a $500 debit to the Equipment account. The effect of this...
- Q Income Method.Nancy is a widow with two teenage children. Nancy's gross income is $4,000 per month, and taxes take about 25% of her income. Using the income method,...
- Q Peters, Inc. produces 3 products: P1, Q2, and R3. P1 requires 400 purchase orders, Q2 requires 600 purchase orders, and R3 requires 1000 purchase orders. Peters has identified an ordering...
- Q An accountant volunteers 20 hours of her services to a charity for no charge. She would normally charge a client $150 per hour. Assuming the charity chooses to record this...
- Q Koontz Company manufactures a number of products. The standards relating to one of these products are shown below, along with actual cost data for May. ...
- Q If Slatnick Company collects $27,900 in June 2020 for five months of service, which would take place from November 2020 through March 2021, then the revenue reported from this transaction...
- Q Polaski Company manufactures and sells a single product called a Ret. Operating at capacity, the company can produce and sell 36,000 Rets per year. Costs associated with this level of...
- Q QUESTION QUESTION 20 Marks uChampion (uC) Shop commenced business on 1...
- Q FIFO and LIFO Costs Under Perpetual Inventory System The following units of an item were available for sale during the year: Beginning inventory 22 units @ $46 Sale 19 units...
- Q Pentagone owns two subsidiaries that it acquired as follows: 1 July 2011 90 % of Contragone for K6, 000m when the carrying value of the net assets of Contragone was...
- Q An advance payment of $1,000 for services was received on December 1 and was recorded as a liability. By the end of the year, $400 had been earned. Demonstrate what...
- Q On January 1, 20X1, Pepper purchased 80% interest in Salt for $800K. At the time of the purchase, Salts assets and liabilities were equal to book value except for Inventory,...
- Q Earnings per share Financial statement data for the years 20Y5 and 20Y6 for Black Bull Inc. follow: 20Y5 20Y6 Net income $1,679,000 $2,678,000 Preferred dividends $50,000 $50,000 Average number of...
- Q he accounting principle that assumes that a company will operate in the foreseeable future is:
- Q 5. Ccc Corporation, a C corporation, sells inventory and uses accrual accounting. Give an example and explain when it has to record income. 6. In a C corporation, A. What...
- Q Company B needed additional financing to grow its business, so it took out a loan from the local bank for $100,000 on March 1st. The bank requires that the principal...
- Q which of the following items decreases a partners at risk basis 1 a borrowed amount, secured by property used outside activity, contributed by a partner 2 cash contributed to...
- Q Investment income includes which of the following? a. Interest income b. Dividend income ...
- Q ABC Company had the following asset on its books. Assume depreciation is recorded to date. Match the journal entries for each of the following situations. Truck 20,000 ...
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