Accounting question and answers for December 11, 2023
- Q Explain why venture capital is a particularly appropriate funding source for industries with long gestation periods.
- Q An employer in Qubec is paying the estate of their employee Angie, a $20,000.00 death benefit. Calculate the federal income tax on the death
- Q Bremond Limited is currently contemplating the appropriate method of financing. As a result, the entity, management presented the entitys statement of financial position as at December 31, 2020 for review...
- Q A minicomputer purchased in 2010 costing $12,000 has no salvage value after 4 years. What is the depreciation allowance for Year 2 and book value at the end of that...
- Q A Company is considering investing in a new dock that will cost $350,000. The company expects to use the dock for 5 years, after which it will be sold for...
- Q The following data are for Guava company's retirees health care paln for the current calendar year: Number of employee covered 5 Years emloyed as of Jan 1 4(each) Attribution period...
- Q archer corp has the follwoing account balances listed in alphabetical order accumalated depreciation 21,000, accounts payable 9,500, accounts receivable 14,000, cash 3,000, equipment 43,000, land 19,000, mortage payable 50,000, prepaid...
- Q Cherokee Inc. is a merchandiser that provided the following information: Amount Number of units sold 13,000 Selling price per unit $ 17 Variable selling expense per unit $ 2 Variable...
- Q What is the difference between working capital management and current asset management and where does financial analysis fit it?
- Q 8. Which of the following phrases should not be used when the auditor is qualifying the audit opinion? a. Except for. b. Subject to. c. With the exception of. d....
- Q intermediate accounting II Chapter 20 Question 1: Describe how changes in accounting principle typically are reported. Question 2: Discuss the primary differences between U.S. GAAP and IFRS with respect to...
- Q what is the Ethics in tax administration of ghana , the practices and compliance not less that 600 words
- Q Which of the following is not a difference between U.S. GAAP and IFRS treatment of impaired assets? The right to reverse prior impairment losses when there is a...
- Q Suzuki Supply reports the following amounts at the end of 2021 (before adjustment). Credit Sales for 2021 $ 255,000 Accounts Receivable, December 31, 2021 $50,000 Allowance for Uncollectible Accounts, December...
- Q Information for XYZ Co. Account Description December 31, 2017 December 31, 2016 Assets ...
- Q Item Y is produced. costs required: raw material costs Rp. 40.000,- labor costs Rp. 20.000,- BOP Rp. 20,000,-. The resulting 2000 units of product X and 5000 units of product...
- Q SalaRitas sales are 32% cash and 68% credit. Of the credit sales, 40% of credit sales are collected in the month of sale, 45% in the month following the sale,...
- Q In the normal course of partnership business, majority rules. True or False
- Q In a document of atleast 2 pages: Explain a tax preparers professional responsibilities in tax return preparation related to gross income, adjusted gross income, and taxable income. Describe how tax...
- Q Astro company changed its inventory cost flow assumption from FIFO to LIFO in a period of rising prices. What was the result of the change on ending inventory in the...
- Q Question 8: Which of the following describes features of a perpetual inventory system? a. Technology is normally used to record inventory changes. b. Merchandise bought is recorded as purchases. c....
- Q under which of the following inventory costing methodologies can lower of cost or market be used
- Q Choose one foundational principle to justify each of the following procedures and practices: The owners car is not reported as the stores assets. ( )
- Q #25) Identify each of the following items as either a capital expenditure(C), Expense on the income statement(E) or Neither(N) Type of Expenditure Transaction 1. Purcahse a computer...
- Q Private Company Case Nicole Jones is the CEO of a large manufacturing firm with operations worldwide. The firm is considering the purchase of a...
- Q Currently the rest free returns 40% and the expected market rate of return is 11% what is expected return of the following three stock portfolios amount invested 200,000 300,000 500,000...
- Q Mark transfers all of the property of his sole proprietorship to a newly formed Baxter Corporation in exchange for all of the Baxter stock. Mark has claimed depreciation on some...
- Q When looking at the Time Value of Money (chapter 9), why is this important to financial managers? How are the future value and present value of money related? What are...
- Q The auditor should use a standardized audit program, without any modifications, for all clients. a. Neither true nor false ...
- Q James purchased a new business asset (three-year personalty) on July 23, 2019, at a cost of $50,000. James takes additional first-year depreciation but does not elect Section 179 expense on...
- Q On January 1, 2022, Beresford, Inc. purchased $100,000 of Union Corporation bonds at a discount of $5,000. The Union bonds pay 6% interest but were purchased when the market interest...
- Q the balance sheet is a snapshot of the entity. which of the following items are included on the balance sheet?A.assets B.Revemues C.expenses D.withdrawls
- Q Illustrate the effects on the accounts and financial statements of the following related transactions of CT Diagnostic Company: a. Purchased $560,000 of merchandise from Schultz co. on account, terms 2/10,...
- Q What is used to increase the account balance of the Dividends account? Debits Credits
- Q What is one company that committed fraud and misstated their key accounts in the acquisition and payment cycle, such as PPE or income and expense accounts. Please explain how.
- Q Personal injury awards in New Jersey: increases by discount rate Are gross income less non-continuing expenses. net of social security taxes net of federal and state taxes
- Q In my opinion, we ought to stop making our own drums and accept that outside suppliers offer, said Wim Niewindt, managing director of Antilles Refining, N.V.,...
- Q Illustrate the effects on the accounts, and financial statements of the following transactions in the accounts of A1 Kitchen Company, a restaurant supply company that uses the allowance method account...
- Q I do not understand question number three. However, I belive the answers to questions number 1 and 2 are already on chegg I just need clarification with how to do...
- Q Adverse opinions can only be issued by auditors based on which of the following? a. Violations of GAAP. b. Scope limitations. c. Going concern. d. Lack of independence. e. Either...
- Q Based on research of Target Corporation, explain the corporate structure in terms of consolidation. How is the company organized from a consolidated viewpoint? What are the reasons for this...
- Q Composite depreciation is allowed under GAAP but is rarely used. Under IFRS it is required. Should composite depreciation be required or allowed or prohibited? Defend your answer and remember, it...
- Q Leasing the car Down payment {A} $5,000.00 Interest (compounded annually)...
- Q Broadening Your Perspective 13-2 The financial statements of The Hershey Company and Tootsie Roll are pre THE HERSHEY COMPANY CONSOLIDATED STATEMENTS OF INCOME For the years ended December 31, 2011...
- Q true or false 1.Comparability is an enhancing quality as described by the International Accounting Standards Boards (IASBs) Conceptual Framework. 2.The IASB conceptual framework specifically identifies...
- Q Huff Company began the year with a retained earnings balance of $30,000, reported net income for the year of $45,000, and reported ending retained earnings of $60,000. How much dividends...
- Q Kat works in the Northwest Territories. She received a bonus of $1,400.00 in addition to her regular bi-weekly salary of $1,400.00. Calculate her total Northwest Territories payroll tax
- Q 1. Explain the similarities and differences of lockbox systems and regional collection offices. (200 words) 2. Explain why the bad debt percentage or any other similar credit control percentage is...
- Q Explain why is it important that all areas of the business, not just the Board, understand what major risks the business faces?
- Q 1. Start by defining the qualities of managers. What makes a good manager? Provide at least five examples. 2. Next, define at least five qualities of leaders. What makes a...
- Q Fossil is famous for fashion wristwatches and leather goods. At the end of a recent year, Fossils total assets added up to $345 million, and owners equity was $240 million....
- Q Plastics Limited is currently using a traditional two-stage cost allocation system. In the first stage, all factory overheads are allocated to two production departments, A and B, based on machine...
- Q In the present context, self-discipline is mobilizing one's effort and energy to stay focused on attaining an important goal such as self-development. Which of the following examples illustrates self-discipline? Boris...
- Q Home Office, Inc., an accrual basis taxpayer, leases a copying machine to a new customer on December 27, Year 1. The machine was to rent for $500 per month for...
- Q Case 2: National Bank of Oman SAOG NBO was the first incorporated bank in the Sultanate of Oman(Oman) established in 1973 as a joint-stock company, providing conventional and Islamic...
- Q Tiger Furnishings produces two models of cabinets for home theater components, the Basic and the Dominator. Data on operations and costs for March follow. Basic Dominator Total Units produced 1,000...
- Q Problem 13-11A Common-Size Statements and Financial Ratios for Creditors [LO1, LO3, LO4] Modern Building Supply sells various building materials to retail outlets. The company has just...
- Q An incremental B/C ratio analysis and an incremental IRR analysis are equivalent and will yield the same result a) True b) False
- Q The company sells products to a customer for $60,000 and will receive $15,000 at the end of the second to fifth years. The market interest rate is 6%. Please...
- Q What is the present value of the following set of cash flows, discounted at 14.3% per year? Year 1: $107, year 2: -$107, year 3: $196, year 4: -$196. The...
- Q There are times when an S Corporation offers non-tax advantages over tax Partnerships: Tax partnerships can offer more flexibility regarding owner allocations of income and deductions. Increased transaction costs have...
- Q Star Computer is manufacturing computer in a local market. Because of the competitiveness of the market, the CEO wants to begin by considering about the pricing of the computers to...
- Q For 2019 year, Mr. Wilson had employment income of $40,000, a net rental loss of $16,000, taxable dividends from Canadian corporations of $6,000, interest income of $1,000, and spousal support...
- Q Select the correct statement regarding flexible budgets. Multiple Choice 1.A flexible budget can only be prepared for a single level of activity. 2.A flexible budget is not used for planning....
- Q A numerically controlled milling machine was purchased for $95,000 four years ago. The estimated salvage value was $15,000 after 15 years. What is the machines book value after 5 years...
- Q Partners in the ABCD Partnership decided to dissolve their partnership. On that date, the partners had the following pre-liquidation capital balances: Partner A $28,000 Partner...
- Q Which statement is true about the gross profit method of inventory valuation? It may be used to estimate inventories for annual statements....
- Q An asset's carrying amount is OMR 50,000. Its fair value OMR 40,000 and costs of disposal is OMR 3000 and its value in use is OMR 36,000. There is...
- Q Lorch Company exchanged real property with a $120,700 tax basis and a $155,000 FMV for a real property with a $142,250 FMV and $12,750 cash. If the old asset...
- Q A company has a tax rate of 20% and is considering an investment that will yield cash revenues of $600,000 and cash expenses of $250,000 and depreciation of $90,000, and...
- Q What is the implied volatility of a put option maturing in half a year with P=$174.06, S=1600, strike of $1700, log dividend yield of 8% and log risk free rate...
- Q The decision about the quantum of finance to be raised from various long-term and short term source: a. Financing decision b.Investment decision c.Dividend decision d.Capital budgeting decision...
- Q U has $16,000 of net income in 2020. U had 3,000 shares of common stock outstanding at the beginning of the year, issued an additional 1,000 shares on July...
- Q (Use an Excel spreadsheet) create a household budget showing 2 columns: Monthly Budget and an Annualized Budget. Create a fictitious profile and be sure it has appropriate formatting...
- Q Texas Tires Auto Shop would like to purchase Max's Motor, another auto repair shop in the neighboring town that is being sold for $350,000. Assume cash flows occur at the...
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