Accounting question and answers for December 07, 2023
- Q I need help with these journal entries for Quickbooks please ASAP 1.1st of last month Create Invoice Huron Park Community Association received a complete landscape renovation....
- Q Jim Daniels Health Products has eight stores. The firm wants to expand by two more stores and needs a bank loan to do this. Mr. Hewitt, the banker,...
- Q What is the maximum amount of depreciation for a vehicle placed in service in 2023, with no bonus depreciation claimed?
- Q beverage company is considering whether to drop its line of grape soda. What factors will affect the companys decision? What is a qualitative factor? Which of the factors you...
- Q The full market value of casualty and theft losses are deductible when the loss results from a sudden, unexpected, or unusual event.
- Q importance of qualitative factors and starbucks
- Q What is the primary disadvantage of a sole proprietorship that a corporation overcomes
- Q Liabilities are usually listed in order of magnitude, from smallest dollar amount to largest dollar amount.
- Q jackson company accquires 100% of the stock
- Q Explain substantive tests of transactions what do we mean by this term? How does it apply to auditing?
- Q Part-time employees pay a Fick tax at half the tax rate of full-time employers true or false
- Q in accounting for oil and gas exploration costs, companies: Multiple Choice All of the other answer choices are correct. may not use the...
- Q when buying receivables with recourse, the purchaser assumes the risk of collectibility and absorbs any credit loss
- Q X Inc. owns 80% of Y Inc. During 2020, X Inc. sold inventory to Y for $10,000. Half of this inventory remained in Y's warehouse at year end....
- Q United States Motors Incorporated (USMI) manufactures automobiles and light trucks and distributes them for sale to consumers through franchised retail outlets. As part of the franchise agreement,...
- Q An auditor may decide not to test controld related to assertions because the auditor believes
- Q Knowledge Check 01 Selected information from the direct materials budget of Perry Inc. is provided here: FirstSecondThirdFourthRequired production in units of finished...
- Q A new Section of the IRC provides that a non-corporate taxpayer, including individuals, S-Corporations
- Q The accounting basis that records revenues when cash is received and expenses when cash is paid is referred to as:
- Q An asset with a net book value of $1,225 was discarded, having no market value. How much will be recorded as a loss or gain on disposal? ...
- Q which of the following acounts is not closed? depreciation expense, owner withdrawals, service revenue, accumulated depreciation
- Q In determining net cash flows from operating activities using the indirect method gain on the sale of equipment is
- Q On a multi-step income statement, items that are not expected to recur on a regular basis are subtracted from income to determine the amount of...
- Q Is consulting revenue a debut ir credit
- Q which of the following factors weigh in favor of an avtivity being classified as an unrelated business activity
- Q McKinney Enterprises acquired Pottsboro, Inc. on January 1,2019. The $440,000 excess of cost over book valueof Pottsboros net assets was partly attributable to a patent undervalued by $210,000....
- Q Period costs are expensed immediately in the income statement. true or false
- Q A taxpayer whose standard deduction is more than his or her itemized deductions would benefit by itemizing deductions.
- Q match the analytics type, descriptive, predictive, etc to the examples accounting questions'
- Q liabilities and equities are both claims against the assets of a company. in the event of a bankruptcy the shareholders equity is returned first to allow for creditors to...
- Q On May 1, Year 3, Love Corporation declared a $50,000 cash dividend to be paid on May 31 to shareholders of record on May 15.
- Q Adjustments, deductions, and credits are subtracted from your gross income to arrive at your actual taxable income.
- Q The purpose of comparative financial statements is to allow users to (Select all that apply.) Multiple select question. analyze current year data. ...
- Q 1. Which company has the lowest net sales?2. Which company has the highest dollar amount of gross profit?3. Which company has the highest gross profit ratio?4. Which company...
- Q Briefly discuss how governmental budgeting differs from budgeting for businesses.
- Q all of the followiing are true regarding the management and monitoring of cash except
- Q the eight (8) solvency ratio measures
- Q Which of the following is true would weigh in favor of an activity being considered a business rather than a hobby the taxpayer engaging in the activity a has...
- Q Question Lina made the following transfers during the current year: $20,000 to her grandson for his law school tuition. $1,000 to her...
- Q indicate whether the following statements about the conceptual framwork are true or false. the fundamental qualitative characteristics that make accounting information useful are relevance and verifiability
- Q Blue & Red, Incorporated, sold $800,000 of bonds on an interest payment date at 102. Assume the bonds will be retired in 10 years and interest is paid...
- Q Completed: 5 of 9 My score: 25.14/69 pts (36.44%) Minimize list Skip navigation 1 QI:5-2(similar to) Question 4/4 pts ...
- Q Required information Skip to question [The following information applies to the questions displayed below.] Simon Companys year-end balance sheets follow. ...
- Q Accepted a $24,000,60-day, 12% note in granting Jim Ohlm a time extension on his past-due account receivable.
- Q True or false: After posting all journal entries to accounts. the sum of accounts with debit balances should equal the sum of accounts with credit balances.
- Q melissa bought her first home in June 2008 for $165. She recieved $7500(the maximum available for the first ime homebuyer credit she not sold the home and is...
- Q Hathboards cash flow statement
- Q After visiting Google, Eli Lilly, and Facebook sites, what would you recommend that they do to reassure users that their data will be safe in the future? You...
- Q The responsibilities principle under generally accepted auditing standards does not include which of the following?
- Q Prepare a 6 column work sheet that includes the unadjusted trail balance , the march 31 adjustment a(g) and the adjusted trial balance . Do not prepare closing...
- Q Which of the following statements is false? Group of answer choices The 50/30/20 budgeting ratio highlights the importance of keeping the must-have costs at a...
- Q BJKing owns 80% of Bobbi Inc. In the last year, Bobbi sold inventory costing $400,000 to BJKing for $500,000. At year-end, BJKing had 1/2 of this inventory remaining....
- Q n order to qualify as Section 1244 stock, the: Multiple select question. issuing corporation must have issued no more than $1 million of stock....
- Q bean corporation purchased 35% of the outstbading shares if common stock of williams corporation as a long term investment
- Q formulas for Materials Variances
- Q When an uncollectible account receivable is written off, the amount of total assets is unchanged.
- Q The computation of earnings and profits can only include expenditures that are deductible. Group starts True or False
- Q Ms. Buffy is a salesperson for ABC Corporation.For 2022, her base salary is $210,000.In addition, she received commissions totaling $12,000 during the year. Ms. Buffy...
- Q Required information Skip to question [The following information applies to the questions displayed below.] XYZ is a calendar-year corporation that began business on January...
- Q assertions with a reasonable possibility of resulting in a material misstatement prior to considering internal control are referred to as:
- Q If an organization intends to use an analysis tool to identify the specific steps required to provide a competitive product or service to the customer. This analysis tool...
- Q Documentary evidence. Answer 1 Choose... Measure the effectiveness of the preventive control Answer 2 Choose... Types of internal control activities Answer...
- Q After thinking about it for a while, you suggest the following possbiiliites to help him turn things around. 1. Lower the selling price by 10% to increase...
- Q AP8-1A (Capitalizing costs related to PP&E) C & M Securities made several expenditures during the current fiscal year, including the following: Amount...
- Q Kacy received a Form 1099-R with a distrubution code 7. How should Kacey's distributiion be treated for tax purposes?
- Q starbuck deliverable one financial statement analysis
- Q for thr baiance dheet, identify how esch transaction affects total assets
- Q Perpetual inventory systems eliminate the need for companies to take annual physical counts of inventory True False
- Q Consider the following three product costing alternatives: process costing, job order costing, and standard costing. Which of these can be used in conjunction with absorption costing?
- Q Ledger Accounts 1. Cash Date Description Debit Credit Balance April 2 Investment 45,00045,000 April 3 Rent Expense 2,30042,700 April 4 Office Supplies...
- Q Transactions that affect income do not neccisarily affect cash. Identify the effect
- Q Which statement best describes the Department of labor independence rules? The DOL independence rules are updated on an annual basis
- Q What is meant by cconsistency when discussing ginancial accounting information/
- Q Angel and Nara are married filing jointly with three children all under the age of 13. Angel is a stay-at-home dad while Nara is an engineer for a...
- Q RanchStyle Foods is a start-up company based in Ghana. The President and CEO of the company is based in the United States of America. However, he frequently...
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