Accounting question and answers for December 12, 2023
- Q George and Terry are equal members in Cool Apparel, LLC. When the LLC was formed, George contributed $60,000 in cash and $70,000 FMV of equipment. George's adjusted basis in the...
- Q Berrie Electric Inc. has the following amounts included in its general ledger at December 31, 2020: Organization costs $34,000 Purchased trademarks...
- Q Which of the following is used in determining the change in cash for a period? A. Comparative Income Statements B. A purchase statement C. An owner's equity statement D. Comparative...
- Q 5. The following information is available for Omari Corporation for 2018 (5 marks): Beginning inventory $ 700,000 Ending inventory 800,000 Cost of goods sold 6,000,000 Sales...
- Q Whispering Inc. issues $3,600,000 of 7% bonds due in 14 years with interest payable at year-end. The current market rate of interest for bonds of similar risk is 10%. Click...
- Q Advanced Company reports the following information for the current year. All beginning inventory amounts equaled $0 this year. Units produced this year 105,000 units Units sold this year 63,000 units...
- Q Alan Jones, who had not previously used any of his lifetime exemption, gave his brother a cash gift of $ 28,000 on January 1, 2022. Alan is not married. Required...
- Q Assume the ending inventory at August 31 is $30,000 rather than $41,000, based on a physical count taken at year-end. What is the significance of this difference? How would...
- Q Use the following information to answer questions. (Algo)Skip to question [The following information applies to the questions displayed below.] The following information is available for ADT Company, which...
- Q Carl and Carol have salaries of $14,000 and $22,000, respectively. Their itemized deductions total $6,000. They are married and both are under age 65. Compute their...
- Q 23. Types of artificial intelligence include all of the following except Image recognition. Robotics. System reboots. Predictive analytics. 35. Using an information system to do the right thing...
- Q Determine the missing amounts in each of the following independent cases Case A Case B Case C...
- Q Blank Corporation Income Statement: Bad debs: $ 16,692 Blank Corporation Balance Sheet Accounts Receivable (net of $7,999 allowance for doubtful accounts): $ 228,829 Blank Corporation computes bad debt expense as...
- Q Why use class tracking? Answer: A. To produce an accurate profit & loss report B. To produce an accurate balance sheet C. To produce reports that focus on assets and...
- Q The carrying value of 9% bonds with face value of $4,500,000 is $4,792,300. The bonds have 6 years to maturity. Interest is payable semiannually. Assuming that the next coupon payment...
- Q As a dog enthusiast,Carol invested in 339 shares of Sheridan Supplies, Inc. stock for $10 per shareon January 9, Year 1. She later sold ALL the shares on June 16,...
- Q Klayton Company has the opportunity to purchase an asset that costs $50,000. The asset is expected to increase net income by $20,000 per year. The asset has a five-year...
- Q 1 1 AyurWhistler Born and raised in Abbotsford, British Columbia, Jude Peter carved out a name for himself as an ice hockey player at the national...
- Q The management of Svetlana Corp. is considering the effects of inventory-costing methods on its financial statements and its income tax expense. Assuming that the price the company pays for inventory...
- Q list some article sources that explain how the covid-19 is affecting the accounting word.
- Q If cash is borrowed on a $76,080, 9-month, 6% note on August 1, how much interest expense would be incurred by December 31?
- Q samwell and gilly want to make a single deposit today into a fund to accumulate $50,000 to buy a horse 5 years from now for their son sam. if tge...
- Q A company has $300 in prepaid advertising before any adjustments. At the end of the year, an adjustung entry is made to debut advertising expense for $70. What is the...
- Q Besides earning a profit, what other objectives might a business have? How can Accounting play an important role in these objectives?
- Q The shares holders equity section mirboo inc consist of 200000 ordinary shares issues at $10 and retained earnings of $300000 a 10% share dividend is declared when the market price...
- Q Laurel contributed equipment worth $200,000, purchased 10 months ago for $240,000 cash and used in her sole proprietorship, to Sand Creek LLC in exchange for a 15 percent profits and...
- Q PIEAS was provided an endowment fund with $15,000,000 in July 2012. In July 2016, $4,000,000 was expended for facilities, and it was decided to provide $350,000 at the end of...
- Q XYZ Co. purchased a mine for $600,000 and incurred a cost of $80,000 to prepare for the extraction of ore. The mines estimated value is $40,000 after the ore has...
- Q Assume a company had net income of $66,000 that included a gain on the sale of equipment of $4,000. It provided the following excerpts from its balance sheet: This Year...
- Q On July 1, Year 1, Tungushka Corporation purchased factory equipment for $100,000. Salvage value was estimated at $4,000. The equipment will be depreciated over 10 years using the double-declining-balance method....
- Q This year, Darrels distributive share from Alcove Partnership includes $6,000 of interest income, $4,000 of dividend income, and $70,000 ordinary business income. Assume that Darrel does not materially participate in...
- Q J&J Cookies Trading reported actual sales of RM 2,000,000, and fixed costs of RM 400,000. The contribution margin ratio is 25%. Compute the margin of safety ratio (%). ...
- Q 3. Statement of Retained Earnings: Pinson Company began the year with retained earnings of $210,000. During the year, the company recorded revenues of $300,000, expenses of $228,000, and paid dividends...
- Q Clapton Company manufactures custom guitars in a wide variety of styles. The following incomplete ledger accounts refer to transactions that are summarized for May: Materials...
- Q Connie recently provided legal services to the Winterhaven LLC and received a 20 percent interest in the LLC as compensation. Winterhaven currently has $50,000 of accounts payable and no other...
- Q In this case, you will play the role of team president for a minor league baseball team, the Wilmington Lions. The Lions are located in Wilmington, Delaware, and play in...
- Q X Company is considering buying a new machine that will cost $147,000 and that will generate annual cash inflows of $39,548 for 4 years. If the company buys the new...
- Q Why is dividend revenue recorded as an adjustment to stock investment under the equity method of investment accounting?
- Q Question 2 (30 marks) With the future of supply chain to be more flexible, resilient and digitally networked, list and elaborate in detail with examples FIVE (5) appropriate priorities for...
- Q Ivanhoe Industries operates as an investment center. Buddy Hall, the regions division manager, has set a required minimum rate of return of 15%. Ivanhoes total assets are $354,000, current liabilities...
- Q AT&T and Sovintel, a Russian telephone company, joined forces to offer high speed ISDN services for digitized voices, data, and video communications between the two countries. By working together, the...
- Q Which of the following research and development related costs should be capitalized and amortized over current and future periods? a. administrative salaries allocated to research and development b. research findings...
- Q LifeTyme Publishers Inc. budgeted production of 191,900 diaries in 2014. Paper is required to produce a diary. Assume seven square yards of paper are required for each diary. The estimated...
- Q The following items appeared on a company's December 31 work sheet for the current period. Based on the following information, what is the net income for the current period? *...
- Q 5. Consider the Accounting Equation: If Holly Company provided the following financial statement information on their balance sheet: Total Assets = $860,000 Total Stockholder's Equity = $560,000 What is the...
- Q a. Define the term gross income. b. Explain the tax bases for a person who assumes a loan not to recognize the amount of money received from the loan...
- Q The McCreed family hired a college student, Maya, to help care for their children while theytraveled for work. Maya provided occasional childcare services to some other families as well butwas...
- Q Calculate the effective interest rate RM858,000 = [ PVIFA(r,5) x 60,000 ] + [ PVIF(r,5) x 1,100,000] find the r show the calculation in excel or online calculator( need...
- Q The Baldwin Company currently has the following balances on their balance sheet: Total Liabilities $127,195 Common Stock $47,013 Retained Earnings $36,618 Suppose next year the Baldwin Company generates $36,500 in...
- Q Apple 10-K.pdf Financial Statements: 1. Are there any line items on the income statement (i.e., Consolidated Statements of Operations) that indicate they...
- Q Sheridan Company is considering two different, mutually exclusive capital expenditure proposals. Project A will cost $412,000, has an expected useful life of 11 years and a salvage value of zero,...
- Q You have just been hired as a financial analyst for Lydex Company, a manufacturer of safety helmets. Your boss has asked you to perform a comprehensive...
- Q Lambda Limited has a target debt-equity ratio of 1:2. The company anticipates that its capital budget for the accounting year 2020-21 (upcoming year) will be Rs. 900 crores. If Lambda...
- Q how are equivalent units of production, unit cost, and inventory values determined using the fifo method of process costing
- Q Question 40 of 75. In which of the following scenarios may the Military Spouses Residency Relief Act apply? (Assume all nonmilitary spouses have California-source income.) ...
- Q a) Who are the focused users/stakeholders of financial accounting and cost accounting? b) Explain briefly the difference between product cost and period cost & application of Theory of Constraints in...
- Q 1. Discuss the term Zero based budgeting, clearly stating where it can be applied (8 Marks) 2. List down any four (4) benefits and drawbacks of Zero based budgeting (8...
- Q There are UPC codes on everything that you buy. Go to the web and find out how UPC codes are assigned. Who keeps track of the codes? What criteria are...
- Q Coors Company expects sales of $487,500 (6,500 units at $75 per unit). The companys total fixed costs are $250,000 and its variable costs are $25 per unit. Compute (a) break-even...
- Q 8.11 What is the difference between entity-level controls and transaction-level controls? (Auditing question)
- Q A policy choice can be made under IFRS to report dividends or interest paid as a(n) Question 19 options: operating or financing activity....
- Q The following information was available for Tamarisk, Inc. at December 31, 2022: beginning inventory $80000; ending inventory $78000; cost of goods sold $867420; and sales $1104000. Tamarisk days inventory turnover...
- Q Flat TV uses a perpetual inventory system. Shown below are Flat TV's beginning inventory of a particular product and purchases during January: On January 23 (prior to the purchase on...
- Q The equity method gives recognition to the fact that investee earnings increase investee net assets that underlie the investment and investee losses and dividends decrease the net assets. a. True...
- Q Calculate Kolbys gross profit percentage and return on sales ratio. Kolby is planning to add a new product and expects net sales to be $30,000 and cost of goods to...
- Q In your opinion, did the CPA handle Lore's suspicion in a professional manner? Why or Why not? Topic: Howard Street Jewelers
- Q The following transactions were completed by Winklevoss Inc., whose fiscal year is the calendar year: Year 1 July 1 Issued $74,000,000...
- Q On September 1 2019 a firm accepted a 6 month, 10% note for $24,000 from a customer with an overdue account balance. The accrued interest recorded for this note on...
- Q Q1. Compare the different depreciation methods. Give an example of how companies depreciate their plant assets under each method. Q2. Why is it important for companies...
- Q Desmond Carroll's filing status is married filing separately, and he has earned gross pay of $4,120. Each period he makes a 403(b) contribution of 5% of gross pay and contributes...
- Q Why when i search for the US companies annual reports i always find two types of reports I need to know what are these two types' names also what is...
- Q A foundation was endowed with $15,000,000 in July 2010. In July 2014, $5,000,000 was expended for facilities, and it was decided to provide $250,000 at the end of each year...
- Q Clay LLC placed in service machinery and equipment (7-year property) with a basis of $2,450,000 on June 6, 2016. Assume that Clay has sufficient income to avoid any limitations. Calculate...
- Q Please assist with preparing an audit programme for Kelly's store located in Nassau. They sell hardware, houseware, toys, paint and much more. Audit the sales and collection cycle. Speak mainly...
- Q I need financial statements of souq.com before being acquired and merged by Amazon and the years mentioned.
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