Accounting question and answers for December 11, 2023
- Q At the end of an accounting. Account of the petty cash shows that the phone contains cash of $180 and expense vouchers for supplies of $45 in postage...
- Q gains are what in accounting
- Q Bruce is single and had itemized deductions of $11,800 on his 2022 tax return when the standard deduction was $12,550. He included $1,000 of state taxes in his...
- Q Adriana Corporation manufactures football equipment. In planning for next year, the managers want to understand the relation between activity and overhead costs. Discussions with the plant...
- Q All of a company's depreciation, property taxes, and insurance premiums are considered manufacturing overhead.True false question.TrueFalse
- Q Lui 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 then transferred...
- Q Marshas Pet Store employs six employees. Their duties are to sell pets, replenish the stock, keep the pets cages clean, feed the pets, and maintain good records. Marsha pays a...
- Q hese problems must be submitted in an Excel worksheet, with each problem on a separate tab. Label the tabs accordingly. You must show your work for each problem. Problems:...
- Q Alice J. and Bruce M. Byrd are married taxpayers who file a joint return. Their Social Security numbers are 123-45-6784 and 111-11-1113, respectively. Alice's birthday is September 21, 1971, and...
- Q Following are summary financial statement data for Logitech International. $ thousands FY3 FY2 FY1 Sales $13,154,642 $12,605,470 $7,142,042 Net income 1,546,8312,273,4171,079,335 Total...
- Q In liquidating a partnership, any partnership cash remaining after paying liabilities and liquidation expenses is distributed to the individual partners on the basis of their respective
- Q 1.Use the same facts as above: Teddy Dog Food Incorporated (TDFI) currently makes and sells one type and size of dog food, a 16 ounce bag of all-natural...
- Q QUESTION 4[9 MARKS]BT & W has 400 watches that cost P150 each to manufacture. The watches are out of fashionand cannot be sold in their current state. However,...
- Q In performing accounting services for small businesses, you encounter the following situations pertaining to cash sales. 1. Crane Company enters sales and sales taxes separately...
- Q How much will Carlos pay in FICA tax for 2022 if he earned $90,000 from a sales business he owns and has no business deductions ? Note: The...
- Q When Mauricio's son went to college, he purchased a property for his son near campus for $90,000 with $9,000 of the property value allocated to the land. After...
- Q Identify whether the following definitions relate to assets, liabilities, or equity. Question content area bottom Part 1 Definition Element Probable future sacrifices of economic benefits...
- Q Pureform, Inc. manufactures a product that passes through two departments. Data for a recent month for the first department follow: Units Materials Labour Overhead Work in process, beginning 5,000 $...
- Q A calendar-year reporting company preparing its annual financial statements should use the phrase "At December 31,2018" in the heading of which of the following? Group of answer...
- Q Personal vices or debts can lead to to commit fraud. (Enter only one word per blank.)
- Q Agnew Manufacturing produces and sells three models of a single product, Standard, Superior, and DeLuxe, in a local market and in a regional market. At the end of the first...
- Q Match the following terms relating to bonds with the appropriate statement. The choices are bond premium, amortization, carrying value of bond, face value of bond, bond proceeds, bond discount,...
- Q GASB Codification Section 2200 identifies the minimum content for the financial section of a CAFR as consisting of which of the following?prospective forecasts and expectationsauditor's reportMD&Abasic financial statementssummary...
- Q Smart Ltd., a Canadian private corporation, owns 30% of the voting shares of Arch Ltd. In the current year, Arch Ltd. paid an eligible dividend of $120,000,...
- Q You have been assigned to audit the work-in-process accounts of a manufacturing firm. What are examples of how you can use machine learning to assist with your validation...
- Q Mia Wiz sells computers. During May, it sold 600 computers at a $1,000 per unit price. The fixed budget for May predicted sales of 650 computers at an per unit...
- Q Which audit risk variable can be set to zero? Audit Risk Inherent Risk Control Risk Detection Risk Audit Risk Increases Inherent Risk Increases ...
- Q Below is information from the statement of cash flow and income statement for Garland Products, Inc. for 2012 and 2011. Marketable securities represent investments of excess cash that Garland Products...
- Q For the year 2023, personal casualty loss deductions are never allowed on Form 1040.TrueFalse
- Q What are 3 depreciation methods that are allowed by GAAP?
- Q For May, Mariana company planned production of 14,400 units (80% of its production capacity of 18,000 units) and prepared the following overhead budget. The company applies overhead with a standard...
- Q The main function of professional corporations and limited liability partnerships is to Question 9 options: minimize the tax burden of the business and simplify...
- Q True or False:Current GAAP requires that share-based compensation be expensed at the grant date of the stock options award.
- Q Sofia made a gift to David of a passive activity (adjusted basis of $40,000, suspended losses of $10,000, and a fair market value of $60,000). No gift tax resulted from...
- Q Which of the following is not one of the components of the fraud triangle? Multiple choice question. Honesty Rationalization Opportunity Pressure...
- Q -Elements of FS of Business Enterprises-defines 10 elements of financial statements, later amended in SFAC 6-doesn't include: type of capital maintenance concept to use matters of recognition-reversal of...
- Q A company has to choose between two different investments. Investment A: This investment requires an immediate outlay of $60,000 and another investment of $50,000 in year 3. The investment will...
- Q Jonathan Wright is a single taxpayer with an AGI (and modified AGI) of $250,000, which includes $210,000 of salary, $25,000 of interest income, $15,000 of dividends, and $5,000 of long-term...
- Q Which of the following accounts in the adjusted trial balance columns at the end of period spreadsheet would be reported on the statement of shareholders equity a utility expense...
- Q Newman D.G., Eschenbach, T.G., Lavelle, J.P., and Lewis, N.A.,2020, Engineering Economic Analysis, 14th Edition, Oxford University Press, Inc.
- Q what is the special type of business which distributes profits to its owners as a reduction in cost, thus making these profits not subject to income tax
- Q Nuthatch Corporation began its operations on September 1 of the current year. Budgeted sales for the first three months of businessSeptember, October, and Novemberare $236,000, $319,000, and $407,000, respectively. The...
- Q Which statement about the federal tax law is false? Multiple choice question. New tax legislation is typically passed once every two to four years. The Internal...
- Q Is the CFO correct when she claims that the change in estimated depreciation is allowed by GAAP?
- Q The post closing trial balance will have fewer accounts than the adjusted trial balance. Question 7 options: True False
- Q Mason Corporation had $1,045,000 in invested assets, sales of $1,226,000, income from operations amounting to $224,000, and a desired minimum rate of return of 14%. Round your answer to two...
- Q When attempting to build patient relations and customer service in the revenue cycle related to the patient's financial obligations, providers should focus which of the following approaches?a. Consumer-centric...
- Q Target sells gift cards that can be used at any Target store or on Target.com. Target encodes information on each card's magnetic strip, including the card's value and the...
- Q A company reports the following information: Invoice cost of merchandise purchases $ 110,000 Purchase discounts 15,000 Purchase returns and allowances 7,000 Transportation...
- Q Colleges-R-Us Inc. is at the end of 2020, the firm must prepare and file their financial statements with the SEC. However, the Columbus virus has infected the accountants...
- Q Explain the key points to communicate to the CFO. Use the data sets linked in the Supporting Materials section to answer questions a, b, and c. Include...
- Q Journalize the following adjustments. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the...
- Q cullumber 85,100 bramble 95,600 Marin?
- Q The canada revenue agency charges interest on unpaid:
- Q a) b)c) d)
- Q Unrealized holding gains and losses are included in other comprehensive income for securities that are classified as available-for-sale. Group startsTrue or FalseTrue, unselectedFalse, unselected
- Q Beginning inventory, purchases, and sales for an inventory item are as follows: Sep. 1 Beginning Inventory 26 units $16 5 Sale 15 units ...
- Q Cost classifications used for assigning costs to cost objects include: Multiple Choice Variable cost and fixed cost. Direct cost and indirect cost. Product...
- Q On January 2,2024, Thomas Company purchased land that cost $670,000, a building on the land that cost $1,100,000, and equipment that cost $70,000. The building has an estimated...
- Q Assuming a SUTA tax rate of 4.2% and a SUTA wage base of $11,000, the SUTA tax owed for an employee who has year-to-date earnings prior to the current period...
- Q Mercury Company has only one inventory pool. On December 31, 2018, Mercury adopted the dollar-value LIFO inventory method. The inventory on that date using the dollar-value LIFO method was $218,000....
- Q Introduction: Business executives, managers, analysts, and accountants must be able to effectively communicate. It is one of the most important skills a business executive can possess. As...
- Q A taxpayer who completes a 2024 retrurn and who answers "Yes" to the FBAR question on Schedule B is required to complete FinCEN forom 114 by what date?...
- Q George and Helen have an 18-year-old son, Joshua, who lived with them all year and is a college student. George and Helen provided all the support for Joshua...
- Q 15.Four years ago, Susan loaned $7,000 to her friend Joe. During the current year, the $7,000 loan is considered worthless. Explain how...
- Q 1/ Under Title VII of the Civil Rights Act of 1964, an employer has a duty to ____________________ the religious practices and observances of its employees. Group of answer choices...
- Q You have just been hired as a new management trainee by Earrings Unlimited, a distributor of earrings to various retail outlets located in shopping malls across the country. In the...
- Q Simulation 2-40(Algo)[LO 2-1,2-2,2-3,2-4,2-9] For each term in the first column, select the partial (or complete) definition or illustration. Each partial (or complete) definition or illustration may...
- Q the following account balances in the trial balance of Concord Corporation at June 30,2025
- Q Consider each of the transactions below. All of the expenditures were made in cash. The Edison Company spent $23,000 during the year for experimental purposes in connection with the...
- Q Assume the following (1) variable expenses = $282,000, (2) unit sales = 10,000, (3) the contribution margin ratio = 25%, and (4) net operating income = $10,000. Given these four...
- Q In the current year norman rambis a single taxpayer has 50000 or ordinary income, a net short term capital loss of 10,000, a net long term capital gain...
- Q A company expects the following sales for the coming year: Quarter 1 Quarter 2 Quarter 3 Quarter 4 ...
- Q The accounting equation must remain in balance ________. a throughout every step of the accounting cycle b ...
- Q MY Autobody's adjusted trial balance on December 31, 2023, appears in the work sheet as follows: Account Credit No. 101 124 128 167 168 201 210 301 302 401...
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