Accounting question and answers for December 11, 2023
- Q Dave's Duds reported cost of goods sold of $2,400,000 this year. The inventory account increased by $100,000 during the year to an ending balance of $425,000. What was...
- Q What is process of borrowings from BNM? Who charge IR? (10m) How do you think Malaysia could be economically dynamic when surrounded by COVID19...
- Q prepare a journal entry for income tax expense, deferred taxes, income tax payable
- Q On 126,427.7864/5.801913? How did you get the figure 5.801913? Here's the full question: Morgan Fowler borrowed $94,900 on March 1, 2015. This amount plus accrues interest at 6% compounded semiannually...
- Q What are advantage and disadvantage to accounting firm if their client uses ERP system ? answer should focus on accounting firm not on client.
- Q Despite its potential advantages, the adoption of Integrated Reporting across the world has been slow. What are the potential benefits for business entities of adopting Integrating Reporting and what are...
- Q 5. These are items on ABC Banks balance sheet. Classify them as assets or liabilities. Remember that assets = liabilities + bank capital. Calculate the amount of bank capital. What...
- Q 1. Consider the depreciation of a $5,000 asset with $0 salvage value and a 5-year service life. Develop the complete depreciation schedules for the asset showing year-by-year depreciation charges and...
- Q Agamemnon Ltd. disposed of an asset at the end of the eighth year of its estimated life for $20,000 cash. The assets life was originally estimated to be 10 years....
- Q Coronado Industries will receive $17500 today (January 1, 2017), and also on each January 1st for the next five years (2018 2022). What is the present value of the...
- Q 2 70) Given the information in the table below, what is the company's gross profit? Sales revenue Accounts receivable Ending inventory Cost of goods sold Sales returns Sales discounts $350,000...
- Q ActiveBC Ltd. is a CCPC that operates solely in BC. For the 2020 taxation year it had Net Income of $450,000 (consisting of $400,000 in Canadian Active business income and...
- Q Ice Basket Inc. is facing a single legal claim with a 30% likelihood of successful outcome with no cost and a 70% likelihood of adverse outcome with a cost...
- Q COMPILE a cost report for your department in which you clearly identify variances and provide an EXPLANATION of each variance (consider the full range of potential variances refer...
- Q In 2019, Mike, a single parent, reported the following amounts relating to his investments: Net investment income $6,000 Interest expense on a loan to purchase stocks 2,000 Interest expense on...
- Q Which of the following has impact on cash flows of companyRequired to answer. Multiple choice. (3 Points) Depreciation of fixed assets Creation of a provision for pensions A bonus...
- Q Which of the following would not be considered an external user of accounting data for the GHI Company? Customers. Management. Creditors. Internal Revenue Service Agent. Attempts: 0 of 1 usec
- Q The loss of income would be best calculated using the following formula: Lost profits multiplied by business interruption value Lost gross receipts multiplied by business interruption value. Lost gross receipts...
- Q Real estate investors often use the net multiple when evaluating deals. This is because many times there will be a ____ early on in the deal after the property is...
- Q Paul is a general contractor. How much of the following expenses may Paul deduct? Dues paid to the Associated Builders Society $250 Dues paid to the Masonry Society 325 Dues...
- Q Sweeten Company had no jobs in progress at the beginning of March and no beginning inventories. It started only two jobs during MarchJob P and Job...
- Q An interest rate, compounded annually, and a table of values that shows how much money you would have to put down in a single deposit t years from now, at...
- Q #21) Assume Safe Runner Products, Inc. upurchsed converyor -belt machinery. Requirement 1. Classify each of the following expenditures as a capital expenditure or an immediate expense related to machinery. ...
- Q Tanna corporation is considering three investment projects: O, P, and Q. Project O would require an investment of $38,000, Project P of $49,000, and Project Q of $91,000. No other...
- Q Assume that Lavonia's marginal tax rate is 22 percent. If a city of Tampa bond pays 5 percent interest, what interest rate would a corporate bond have to offer for...
- Q RealMart, a major retail store, buys 12-packs of a sports drink from a grocery wholesaler, paying $276 for a case of 24/12-packs and sells each 12-pack for $15.99 to consumers....
- Q Sheffield Corp. is purchasing new equipment with a cash cost of $202100 for the assembly line. The manufacturer has offered to accept $46400 payments at the end of each of...
- Q Which one is not correct? 1. Corporations are governed by their stockholders. 2. Common Stockholders have the right on the residual value of the liquidation of a company.
- Q Which of the following is not a part of owners funds? a.Equity shares b.Preference shares c.Retained Earnings Which of the following ratio helps...
- Q Lucido Products markets two computer games: Claimjumper and Makeover. A contribution format income statement for a recent month for the two games appears below: ...
- Q On December 1, XYZ paid $2,400 for the annual insurance premium covering the twelve-month period beginning on December 1. XYZ recorded the $2,400 payment as of December 1 with a...
- Q Paid the semi-monthly payroll, $2,500 if direct labor for Job#1 (250 hours), and $400 for indirect labor (40 hours), and $1,100 as Salary expense [for administrative and selling salaries]. The...
- Q If there was a decrease would the following be recorded as debit or credit: -Inventory -Allowance for uncollectible accounts -Common stock -Acummulated deprectiation -Accounts recievable ...
- Q For the assets involved in transactions below, record the adjusting entry for depreciation at the end of the current year. On January 1, purchased another business for $159,000 cash, including...
- Q "Net working capital" means: a.Current assets Current Liabilities. b.Fixed assets + Current assets. c.Fixed assets - Current assets. d.Current asses + Current liabilities. ...
- Q what opportunities might accounting firm can find to extend their services for those clients that are seeking to acquire an ERP system? Explain why or why not
- Q Suppose that your unsubsidized Stafford loans plus accumulated interest total $ 17000 at the time you start repayment, the interest rate is 7% APR, and you elect the standard repayment...
- Q Describe the difference between the mission, vision, and value statements. Provide an example for each statement and state whether the selected mission, vision, and value statements are effective at communicating...
- Q On March 1, 20X1, your calendar year company borrows $10,000. Terms require repayment of principal andannual interest of 9% after 4 years. At year-end 20X1, an adjusting entry accrues...
- Q 3.Your employer has a MondayFriday workweek and distributes its $20,000 payroll each Friday. In 20X1, December 31 is a Thursday. One of your assistants debited Salaries Expense and credited...
- Q Consider the Puck and Pawn problem introduced in appendix A. There the marginal profits were $2 per hockey stick and $4 per chess set. If the marginal profit for hockey...
- Q On December 31, the Human Bean Coffee Shop paid $33,000 for a full year of rent beginning on January 1. The rent payment was appropriately recorded in the Cash and...
- Q Presented below are selected transactions for Novak Company during September and October of the current year. Novak uses a perpetual inventory system. Sept. 1 ...
- Q A taxpayer may be eligible to deduct which of the following as an allowable business expense in part 11 of Schedule C, Profit or Loss statement? a) Half the cost...
- Q ABC Company began offering a three-year warranty on its products at the beginning of 2022. The warranty program was expected to cost Heinrich 7% of net sales. Net sales made...
- Q . Assume that $100 of interest is earned, as of Oct. 31st, on an outstanding balance due from a customer. Here is the adjusting entry: Oct. 31: Debit: Interest Receivable...
- Q The COVID-19 pandemic is presenting unprecedented challenges for us all, from its effects on our everyday lives, to its impacts on the worlds economies. In response, the Government of Ghana...
- Q Entries and Schedules for Unfinished Jobs and Completed Jobs Hildreth Company uses job order costing. The following data summarize the operations related to production for April, the first month of...
- Q All of the following are types of retirement plans self-employed taxpayers may establish for themselves and their employees Except ?
- Q Service revenue $300,000; income tax payable $25,000; interest expense $20,000; depreciation expense $100,000; accounts receivable $57,500; salaries expense $110,000; dividends $35,000. Required: Prepare closing entries and determine the net change...
- Q Material, Labor, and Variable Overhead Variances The following summarized manufacturing data relate to Thomas Corporations April operations, during which 2,000 finished units of product were produced. Normal monthly...
- Q The Sales Manager of Leather Products (Pty) Ltd asked you to assist him in preparing a motivation to introduce a new leather handbag into the range of products that...
- Q An entry to record Purchases and related Accounts Payable of $13,000 for merchandise purchased on December 23, 2021, was recorded in January 2022. This merchandise was not included in inventory...
- Q A. Determine the average rate of return for a project that is estimated to yield total income of $282,440 over 4 years, costs $559,000, and has a $55,000 residual value?...
- Q The normal balance of an account is: Select one: A. The debit side B. The credit side C. The side on which increases are recorded D. The side on which...
- Q Wesco Incorporateds only product is a combination fertilizer/weedkiller called GrowNWeed. GrowNWeed is sold nationwide to retail nurseries and garden stores. Zwinger...
- Q Describing the advantages of good internal control activities from the viewpoint of the employee. (150-200words)
- Q If both variable costs & fixed costs decrease but sales remain the same, what is expected to happen to the Contribution Margin (CM) and to the Break-Even Point (BE) respectively?
- Q Condensed financial data are presented below for the Phoenix Corporation: 2019 2018 Accounts receivable 267,500 ...
- Q When an auditor lacks independence with respect to a client, which of the following should the auditor issue? a. A disclaimer of opinion. b. An adverse opinion. c. A qualified...
- Q Misti purchased a residence this year. Misti, age 32, is a single parent and lives with her 1-year-old daughter. This year, Misti received a salary of $160,000 and made the...
- Q Sanchez and Sayles were partners with capital account balances of $90,000 and $110,000, respectively. Louis directly paid $36,000 to Sanchez and $42,000 to Sayles for 25% of their interests in...
- Q A procedure that involves only inspection of documentation is usually considered to be of lower quality than a procedure involving reperformance. a. Neither true...
- Q Please help The income tax rate for Hudson Refinery has been 35 percent for each of its 12 years in operation. Company forecasters expect a much-debated tax reform bill to...
- Q Goodwill is: a) The residual interest in the assets of the entity after deducting liabilities b) An intangible asset that arises when one company acquires...
- Q TMZ, Inc. dominates the snack-food industry with its Salty chip brand. Assume that TMZ, Inc. purchsed red chip inc., for $5.9 million cash. The market value of red river chip...
- Q A guitar manufacturer is considering eliminating its electric guitar division because its $106,670 expenses are higher than its $99,070 sales. The company reports the following expenses for this division. Avoidable...
- Q provide workings and journal entries for the impairment loss of the division assuming that the fair value of the land is $62,500. The carrying value of the asset at 30...
- Q Broncos Company has the following information: Month Budgeted Sales January $76,000 February 85,000 March 92,000 April 79,000 Budgeted Expenses Per Month Wages $15,000 Advertising 12,000 Depreciation 3,000 Other expenses 4%...
- Q III. a. Discuss in what ways the operating, investing and financing cash flows of a growing firm might be different from those of a contracting firm. Present your views in...
- Q In 2014, Amber, Inc, reported $700 million in sales, $33 million in net income, and average total assets of $300 million. What is Amber, return on assets in 2014 ?...
- Q Can you please share some examples of the situation when the anchoring bias affect your decision making?
- Q The Bowerman Warehouse Corporation (BWC) is organized in Oregon and operates 15 retail and grocery stores in several of the western US states. BWC is owned by a small group...
- Q Robertson Corporation acquired two inventory items at a lump-sum cost of $96,000. The acquisition included 3,000 units of product CF, and 7,000 units of product 3B. CF normally sells for...
- Q what organization dont require accounting
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