Accounting question and answers for December 12, 2023
- Q According to the authors there have been "numerous political movements to replace the current progressive tax system with a flat tax" (Cruz, et al., 2019, p. 1-4). Should the...
- Q Required information is on top, two questions needed to be answered. ...
- Q How does inventory differ from other types of purchases and discuss what controls pertain specifically to inventory processes How does inventory differ from other types of purchases and discuss what...
- Q 1. Franklin Company produces two products. Budgeted annual income statements for the two products are provided here: Power Lite ...
- Q If our suppliers increase the cost we have to pay to buy inventory over a given period of time, which method, FIFO or LIFO, would result in a higher Gross...
- Q Ruiz Co.s budget includes the following credit sales for the current year: September, $152,000; October, $143,000; November, $127,000; December, $164,000. Credit sales are collected as follows: 10% in the month...
- Q Parkside Pool reporta ventas netas de $625,000, ganancias brutas de $275,000 e ingresos netos de $15,000. El costo de los bienes vendidos de la empresa es: R. $335,000. B $350,000....
- Q Saul Lawson has a spouse and a 12 years old daughter. His 2020 Net Income For Tax Purpose is $70000. Medical expenses for Saul, his spouse, and his 12 years...
- Q Which of the following best describes earned income? All worldwide income from whatever source derived, unless excluded from taxation by law. Gross income less allowable reductions. Income received for services...
- Q Why do businesses sometimes accept notes receivable from customers? A. the note receivable provides greater legal protection than an account receivable. B. The customer is unable to pay the accounts...
- Q The rate that applies to CCA on residential rental buildings acquired after 1987 is ________ percent. Choose the correct answer. A. 6 B. 7 C.4 D.5
- Q Company XYZ had the following information during 2020: Beginning inventory was $50,000. Purchases of inventory was $20,000. Ending inventory was 35% of beginning inventory at the end of the...
- Q During August, Keenan Company accumulated 720 hours of direct labor costs on Job 40 and 800 hours on Job 42. The total direct labor was incurred at a rate of...
- Q Define contingent liability. What is the criteria to determine whether or not to report the contingency on financial statements? What supporting documentation is required? Please provide a detailed example of...
- Q Morales, presidente de Tradewind Industries, Inc., tendra autoridad implcita real para: a. emitir acciones corporativas. b. destituir a un vicepresidente...
- Q Given the following data Per units total Sales $15 $45,000 Less variable expense 9. $27,000 Contribution margin 6 $18,000 Less fixed expenses $12,000 Net income. $6,000 If dales decrease...
- Q Which of the following payments received by an individual are tax free? Choose the correct answer. A. eligible dividends B. capital distributions C. stock...
- Q Suppose that in addition to common stock outstanding, Sherbert, Corp. also had outstanding, 15 million shares of 10% $9 par value preferred stock. Also suppose that Sherbert declared $40M in...
- Q when an individual taxpayer contributes property to a c-corp and property has a liability assumed by the c-corp, individual taxpayer may have to recognize taxable gain on the transfer if...
- Q In a lump sum purchase of land, building, and equipment, the components were appraised at $10,000, $20,000, and $30,000, respectively. If $50,000 was paid for the total purchase, how much...
- Q The ability of a firm to earn enough from their activity to be able to pay for expenses and other capital investments is captured by what financial concept: ...
- Q Which of the following methods is used to account for long-term investments in equity securities when the investor has a significant influence? A. Market value method B. Investment method C....
- Q 7) What are Accounting Principles? 8) What is an Accounting Convention? 9) What is the Hierarchy of GAAP?
- Q Given the following information for Mako Company please answer the following questions: Sales $500,000 Turnover 3 ...
- Q A factory provides you information about overheads for given period. Budgeted output 25,000 units, budgeted hours 4,000, budgeted fixed overhead OMR 10,000 and budgeted variable overhead OMR 6,000. Actual output...
- Q Tax Research Project: TOPIC: Qualified Business Income (QBI) research your selected topic to address the following: Background (history) of the topic Impact on individual income taxation at...
- Q What are the differences between an 1120-S business form and an LLC form?
- Q Lee Delivery Company was organized at the beginning of Year 1. The following transactions occurred during the year: Received $41,500 cash from the organizers in exchange for shares in the...
- Q David is the CEO of a large organization. His company has made a lot of changes over the past nine months, and he wants to see how these changes have...
- Q Following information is available about a process. 2,000 kg material input costing OMR 20,000 and labour and overhead is OMR 5,000. During a period 1500 kg are completed. The remaining...
- Q Last month when Holiday Creations, Incorporated, sold 36,000 units, total sales were $144,000, total variable expenses were $119,520, and fixed expenses were $35,300. Required: 1. What is the companys contribution...
- Q 10. (10 pts) Buff Construction just purchased a new piece of equipment. The equipment cost is $300,000. They think they can salvage the equipment for $50,000 in five years. a....
- Q If NAR 13 =21.56% What is NAR 56?
- Q For this discussion, post 24 paragraphs about the types of costs that decision makers may fail to consider when looking at a potential expansion. Include in your discussion: What...
- Q The future value of a $10,000 annuity due deposited at 8 percent compounded annually foreach of the next 5 years is ________. $36,050 $63,359 $40,376 $71,152
- Q Una nota de crdito es la transaccin que elige para crear un crdito de cliente para todas estas situaciones excepto Seleccione una respuesta: emisin de un cheque...
- Q The Integrity and objectivity rule forbids all of the following except: Accepting referral fees from an audit client ...
- Q In March 2020, due to Corona Virus Pandemic, Intelligent consolidated group is likely to wind up, discuss the two possible approaches of winding up companies.
- Q Clabber Company has bonds outstanding with a par value of $110,000 and a carrying value of $103,300. If the company calls these bonds at a price of $100,000,...
- Q Why wouldn't Processing Costing be an adequate costing system for a law firm or an accounting firm?
- Q If the components of price/earnings ratio are inverted, the resulting percent is referred to as which of the following? A - Book value per share. B - Dividend yield ratio....
- Q Equivalent Units of Materials Cost The Rolling Department of Kraus Steel Company had 1,900 tons in beginning work in process inventory (20% complete) on October 1. During October, 31,300 tons...
- Q There are currently limited circumstances in which intangible assets can be recorded in the financial statements of Australian companies. Do you think this is appropriate or do you think the...
- Q Prepare the liabilities section of O'Brian's balance sheet using the following information: Accounts payable $157,000 Notes payable (due May 1, 2018) $20,000 Bonds payable (due 2021) $900,000 Unearned...
- Q Bill and Ben both operate as sole traders as personal trainers. Bill has a very large customer base and operates from his home. Ben has a smaller business that he...
- Q Nancy sells her daughter stock for $21200.Nancy originally purchased the stock for $16900 3years ago. Calculate the recognized gain or loss. A)$4300 recognized gain B)$4300 recognized loss C)$0 gain or...
- Q Jerry and Elaine own their own home that has a fair market value of $250,000 on which they have a mortgage of $190,000. They took out an $80,000 home equity...
- Q Mrs. Amina has been trading for some years as a wine merchant. The following list of balances has been extracted from her ledger as at 30 April 2018, the...
- Q You have been offered an opportunity to receive $1,900 at the end of one year. You can earn a 5% rate of return on your next best alternative investment. How...
- Q As revenue management can be used in other hotel departments, select which department below can employ revenue management practices. A. Spa 2. Golf Course c. Function Space d. bar...
- Q All of the following activities are classified as investing activities on a statement of cash flows except ________. purchase of land sale of long-term investments gain on sale of securities...
- Q Write a three-page summary to your manager explaining the steps followed in the completion of the accounting cycle. Discuss how automation has facilitated the processing and reporting of financial...
- Q A mining company purchased the rights to a coal mine for four years on January 1, 2021. Purchase price and preparation costs $5,346,000 Tons of coal expected to be extracted...
- Q Assume a company had the following inventory transactions during the month of January: 1/1 beginning inventory 4,000 units @ $33/unit January 10, purchases 2,000 units @ $36/unit...
- Q 12-1 For a firm facing a marginal income tax rate of 32%, what is the after-tax cash flow effect of: (a) a $3,500 increase in contribution margin during the year,...
- Q Why aren't actual overhead costs traced to jobs just as direct materials and direct labor costs are traced to jobs? Give examples
- Q 1. The following items are taken from the financial statements of Cullumber Company at December 31, 2022. Land $196,500 Accounts receivable...
- Q First, describe the concept of a business cost. Once you have defined it, differentiate between the different types of business costs and give some examples as related to a hospitality...
- Q In this problem where shortages are not permitted, the appropriate parameters are K(= 12,000): fixed cost of a replenishment order, h(= 0.30): inventory carrying cost per...
- Q MINI-CASE #1 It i
- Q CSI financial statements 2014 using financial ratios to identify company Clothing Retailer/Department Store Nordstrom 2. Internet Technology Yahoo 3. Grocery Store Kroger 4. Airline Singapore Airlines...
- Q In the current year D withdrew $17,000 from his spousal RRSP and $8,000 from his TFSA. His wife had contributed $5,000 to the plan in each of the last six...
- Q Warner Companys year-end unadjusted trial balance shows accounts receivable of $112,000, allowance for doubtful accounts of $730 (credit), and sales of $410,000. Uncollectibles are estimated to be 1% of sales....
- Q Under full costing, fixed manufacturing overhead costs would be classified as: Multiple Choice Inventory costs. Product costs. Selling costs. Period costs.
- Q During 2017, Magic Machine Company spent $ 196,000 on R&D costs for an invention. This invention was patented on January 1, 2018, at a nominal cost that was expensed in...
- Q which of the following is false regarding a complete liquidation a. a shareholder will recognize dividend income equal to FMV of property received b. a corp is redeeming all of...
- Q What are three categories of members under the AICPA Code of Professional Conduct?
- Q Which of the following items does IFRS require to be presented on the income statement that U.S. GAAP does not require? Group of answer choices litigation settlements finance costs after-tax...
- Q 2) The text book presents the concepts of auditing using an analogy of buying a house and hiring a house inspector, name three desirable qualities of house inspector and how...
- Q 5,000 units are given as input of material into a process at a cost of OMR 25,000. Labour and overhead cost totalled OMR 9,300. At the end of a period...
- Q Hill Insurance Agency started the year with a beginning Retained Earnings balance of $24,500. During the year, Hill Insurance Agency...
- Q Discount on Bonds Payable is ______ (from)(to) bonds payable on the balance sheet. Premium on Bonds Payable is ______ (from)(to) bonds payable on the balance sheet.
- Q If an issuer sells bonds at a premium: Multiple Choice The carrying value of the bond stays constant over time. The carrying value increases from the...
- Q ABC corp issued a 5-year 5% bond, issued on 10/31/y1, with a 1000$ face, and an 800$ original issue price, 7% yield, what is their OID interest expense for year...
- Q A deduction can be the following: a)Cash receipt that reduces gross income. b)Cash payment that reduces gross income c)Direct dollar-for-dollar reduction of the income tax liability. d)Answers a. and b....
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
- Unlimited Question Access with detailed Answers
- Zin AI - 3 Million Words
- 10 Dall-E 3 Images
- 20 Plot Generations
- Conversation with Dialogue Memory
- No Ads, Ever!
- Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!