Accounting question and answers for December 11, 2023
- Q In 2000, Ms. Ennis, a head of household, contributed $79,000 in exchange for 790 shares of Seta stock. Seta is a qualified small business. This year, Ms. Ennis sold all...
- Q 5. The Kingwood Company reported net income of $43,000 and average total assets of $390,000. Calculate the company's return on assets. Round answer to one decimal place. (Ex. 0.2345 =...
- Q How much would the company pay the investor who purchased the bond listed below and how much would the investor who purchased it have to pay for the bond? Issue...
- Q Due to erratic sales of its sole producta high-capacity battery for laptop computersPEM, Incorporated, has been experiencing financial difficulty for some time. The companys contribution format income statement for the...
- Q Why do you think people reacted so fiercely against the changes early poets made at the turn of the 1900s? Do you think that still happens when artists and poets...
- Q On June 30, 2019, Blue, Inc. leased a machine with a 5-year useful life from Large Leasing Corporation. The lease agreement calls for Blue to make semiannual lease payment over...
- Q Cumulative Preferred Dividends Capital stock of Barr Company includes: Common stock, $5 par, 640,000 shares outstanding $3,200,000 Preferred stock, 15% cumulative, $50 par, 12,000 shares outstanding 600,000 As of December...
- Q Problem 3: The following selected accounts are taken from the general ledger of the Little Milton Company. Accumulated Depreciation $10,000 Depreciation Expense 7,000 Retained Earnings 20,000 Salaries and Wages Expense...
- Q Georgeland Cycles makes and sells two models of electric bicycles. The Commuter (a folding model) sells for $2,503.00 and the Tour-X (a fat-tire trail model) sells for $4,503.00. Unit variable...
- Q The management of Firebolt Industries Inc. manufactures gasoline and diesel engines through two production departments, Fabrication and Assembly. Management needs accurate product cost information in order to guide product strategy....
- Q There are at least two ways that an investor can profit by investing in stock: (1) dividends and (2) stock price increases. Some investors care more about dividends, and others...
- Q In accounting, which of the following best defines "country risk"? a) The risk associated with individual companies within a country. b) The risk of political,...
- Q You are the accountant for Mon Inc., a manufacturer of automobiles. Mon Inc. has the following information available for you (assume there are no indirect materials). Only use numeric characters...
- Q Wildhorse Co. purchased equipment on March 27, 2018, at a cost of $ 264,000. Management is contemplating the merits of using the diminishing-balance or units-of-production method of depreciation instead of...
- Q An announcement of a new CEO would most likely be reported on which SEC form? Multiple Choice 10-K 10-Q 8-K ...
- Q Examine the financial statements effects template below. Then select the answer that best describes the transaction. Balance Sheet ...
- Q Matt works for Fresh Corporation. Fresh offers a cafeteria plan that allows each employee to receive $15,000 worth of benefits each year. The menu of benefits is as follows: Benefit...
- Q Pearl Products Limited of Shenzhen, China, manufactures and distributes toys throughout South East Asia. Three cubic centimeters (cc) of solvent H300 are required to manufacture each unit of Supermix, one...
- Q Littleton Medical Center (LMC) has three service departments (accounting, HR, and Janitorial/maintenance) and two patient units: hospital and an outpatient clinic. The following table summarizes the Operations of LMC for...
- Q Toxaway Company is a merchandiser with two divisionsCommercial and Residential. The companys accounting intern was asked to prepare segmented income statements the companys divisional managers could use to calculate their...
- Q An investment will pay $16,700 at the end of each year for eight years and a one-time payment of $167,000 at the end of the eighth year. (FV of $1,...
- Q Adlyn. Co started a business on 1st January 2020. As of the date, the business purchased equipment for $23,500 and paid by cheque. On 1s June 2020, the business...
- Q Which of the following is not allowed under IFRS accounting standards? FIFO LIFO LIFO and FIFO None...
- Q The following information relates to the manufacturing operations of the Abbra Publishing Company for the year: Beginning Ending Raw materials...
- Q Lucy Gray Baird, a cash-basis taxpayer, owes $19,000 in tax-deductible accounting fees for her business. Assume that it is December 28th and that Lucy Gray Baird can avoid any finance...
- Q Your friend, Malaya Claire, recently opened a retail shoe store. She knows she needs to pay sales tax but isn't sure how much. The GST and PST are calculated by...
- Q Shoe Company makes loafers. During the most recent year, Comfy Foot Shoe Company incurred total manufacturing costs of $ 24 comma 200 comma 000. Of this amount,...
- Q Feb. 3: Purchased $3,800 of merchandise inventory on account under terms 2/10, n/EOM and FOB shipping point from CarnationDateAccountsDebitCreditFeb. 3Feb. 7: Returned $900 of defective merchandise purchased on...
- Q If we calculate the cumulative value of several amounts at one future point in time, the process is known as ... Select one: a....
- Q Charley Long is a truck driver, the 18-wheeler variety. He is an independent contractor for Fishy Co., a seafood company in Mobile, Alabama. Charleys job entails delivering fresh fish to...
- Q Item1 2 points eBookPrintReferencesCheck my workCheck My Work button is now enabledItem 1 Far Eastern Group Ltd. of Charlottetown, PEI, acquired its manufacturing...
- Q Spencer Limited has 50,000 common shares outstanding, with an average issue price per share of $8. On August 1, 2017, the company reacquired and cancelled 600 shares at $40 per...
- Q An accountant of ABC company found the below information of their computer system: Cost basis of the asset, I = $15,000 Useful life, N = 5 years Estimated salvage value,...
- Q In addition to the International Accounting Standards Committee (IASC), which of the following organizations was considered to be one of the two most important forces in efforts to harmonize accounting...
- Q In the 1790s, the Commonwealth of Pennsylvania made the States account books open to the public where all citizens could review them and verify them with their own eyes. The...
- Q Which one of the following is the approach that is taken to full costing where all of the units of output are identical?
- Q List out the different types of accounting changes and the related accounting treatment as provided in MFRS 108 Accounting Policies, Changes in Accounting Estimates and Errors.
- Q Q 12.43: Clarendon Co. is considering purchasing new equipment with a 6-year useful life.The equipment will cost $309,120 and have annual depreciation expense of $47,040 using the straight-line method.Clarendon plans...
- Q Which of the following are liquidity ratios? I. cash coverage ratio II. current ratio III. quick ratio IV. inventory turnover II and III only I and II only...
- Q In order to set standard costs a business needs to consider factors such as packaging costs. ...
- Q what are the theoretical underpinnings for the preparation of financial statements?
- Q The Orinoco Manufacturing Company produces the following three products: Saws Knives Measuring Tapes Selling price per unit $40 $16 $50 Variable costs per unit 28 12 30 Contribution per...
- Q which of the following is added to net income to compute net cash from operating activities using the indirect method? A. an increase in accounts receivable B. a gain on...
- Q At year-end (December 31), Chan Company estimates its bad debts as 0.60% of its annual credit sales of $620,000.
- Q Cost of Production Report Hana Coffee Company roasts and packs coffee beans. The process begins by placing coffee beans into the Roasting Department. From the Roasting Department, coffee beans are...
- Q According to the COSO Framework, internal control is a process that is designed to achieve objectives in three different categories. Which of the following responses is one of the objectives...
- Q P3 Operating cash flows. Strong Tool Partners has been considering purchasing a new lathe to replace a fully depreciated lathe that would otherwise last 5 more years. The new...
- Q BIS 647 Design Thinking Case Study Design Thinking Design Thinking is a methodology used by designers to solve complex problems and find desirable solutions for clients. A design mindset is...
- Q consider the EPQ MODEL. what shouldbe the relationship between the daily production rate(p) and daily usage rate (d) so that the duration of the inventory cycle during which both production...
- Q Peter's Computers purchased 4 comma 0004,000 shares of its own $ 4$4 par value common stock for $ 92 comma 000$92,000. As a result of this transaction: A.Peter's...
- Q Superior Company provided the following data for the year ended December 31 (all raw materials are used in production as direct materials): ...
- Q How might a business leverage technology and tools to simplify and automate its budgeting process and reporting? What are the benefits and challenges of preparing a master budget? How...
- Q Why are disclosure notes important? List some examples of items that should be disclose
- Q What is the difference between the replaceable rules and a company constitution?
- Q On January 1, 20X2, Illiad, Inc. issued $1,000,000, 6%, 5-year convertible bonds. The bonds were issued for $1,297,091 and each bond is convertible into 10 shares of $5.00 par value...
- Q 1.On January 1, 2018, White Water issues $440,000 of 7% bonds, due in 10 years, with interest payable annually on December 31 each year. Assuming the market interest rate on...
- Q Segregation of duties is a control aimed at ____misstatement.
- Q Reflect on this week's lecture and assignments. In your own words (150-200), summarize the key differences in accounting for partnerships versus accounting for corporations.
- Q Problem 3-3A Preparing adjusting entries, adjusted trial balance, and financial statements LO A1, P1, P2, P3 [The following information applies to the questions displayed below.] Wells Technical Institute...
- Q Tristar Production Company began operations on September 1, 2018. Listed below are a number of transactions that occurred during its first four months of operations. (FV of $1, PV of...
- Q StellarCompany has the following portfolio of investment securities at September 30, 2020, its last reporting date. Trading Securities Cost ...
- Q Question 8 Where are 2 places you can search for apps that work with QuickBooks Online? The ProAdvisor tab in QuickBooks Online Accountant Account...
- Q Replace equipment A machine with a book value of $80,000 has an estimated five-year life. A proposal is offered to sell the old machine for $43,500 and replace it with...
- Q 1. Rahman Company began 2022 with 690,000 shares of common stock outstanding. On September 1, 2022 there was a 2 for 1 stock split. On November 1, 2022, the company...
- Q According to Ian Redpath and Brian O'Sullivan, which of the following statements is correct regarding the choice of entity following enactment of the TCJA? A. The choice of entity decision...
- Q 9. The four types of spending in GDP are personal consumer spending, _____ private domestic investment, government spending, and _____. ...
- Q The cost of an investment is $160,000. During the first year this investment will pay you $35,000. Every subsequent year the payment will increase by $10,000. What is the payback...
- Q Cost Behavior Analysis in a Restaurant: High-Low Cost Estimation Assume a Papa John's restaurant has the following information available regarding costs at representative levels of monthly sales: ...
- Q Music Teachers, Inc., is an educational association for music teachers that has 20,000 members. The association operates from a central headquarters but has local membership chapters throughout the United States....
- Q QUESTION Your Company is considering improvements to its employee benefits plan to be implemented in the next fiscal year. You are the and you have been asked to provide...
- Q Corinne Dunbar, M.D., maintains the accounting records of Dunbar Clinic on a cash basis. During 2019, Dr. Dunbar collected $142,600 from her patients and paid $60,470 in expenses. At January...
- Q Zortek Corporation budgets production of 440 units in January and 380 units in February. Each finished unit requires four pounds of material Z, which costs $2 per...
- Q Zhang Wei Dumplings is a famous and successful Chinese restaurant operating in Melbourne. The owner Wang Xiu Ying provided the following information for the business as at 31 December 2021...
- Q The City of Vermillion has a number of transactions that affected its Sewer Fund which is operated as an enterprise fund. Which of the following is not a component of...
- Q the _____ method of capital investment decision making assumes that each clash inflow received is reinvested at the required rate of return. A. payback period B. ratio analysis C. average...
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