Accounting question and answers for December 14, 2023
- Q How Corporate Governance has helped in reducing NPAs of Singapore Banks explain with Quantitative and Qualitative Research.Citing example of a Singapore bank.
- Q M2) Let it Snow, Inc., makes three kinds of snowboards, but it has a limited number of machine hours available to make them. Product line data are as...
- Q Shaggy Limited purchased a new van on January 1, 2014. The van cost $20,000. It has an estimated life of five years and the estimated residual value is $5,000. Shaggy...
- Q If a company has gross sales revenue of $630,000, net sales of $600,000, and cost of goods sold of $378,000, the gross profit rate is Question 9 options: 1) 37%....
- Q From which retirement plan are the benefits that are paid to retirees tax-free? Defined benefit plan Defined contribution planO 401(k) salary reduction plan Roth IRA
- Q Trent Woodman's fifth birthday party was held at Bounce Party, an indoor play area with inflatable play equipment operated by Kera. During the party Trent jumped off the slide and...
- Q Three entrepreneurs were looking to start a new brewpub near Sacramento, California, called Roseville Brewing Company (RBC). Brewpubs provide two products to customersfood from the restaurant segment and freshly brewed...
- Q 1. Account for a numerical sequence of remittance advices and determine whether there is a cross-reference mark for each one, indicating that it has been recorded in the cash receipts...
- Q Department A had 5,000 units in work in process that were 61% completed as to labor and overhead at the beginning of the period, 33,500 units of direct materials were...
- Q Blossom Inc. began business on January 1, 2021. Its pretax financial income for the first 2 years was as...
- Q What is the law which has been decided in the case of Associated Metal Smelters Ltd vs Tham Cheow Toh (1971) 1 MLJ 271?
- Q Franchising and other forms of licensing are never in conflict with competition laws in a host country. * True False
- Q On April 1st, the TJD Company issued $72,000, 10%, 10-year bonds dated 1/1 at 98 plus accrued interest. Interest paid semi annually on 7/1 and 1/1. Record the issuance of...
- Q An investor receives $2,500 in capital gains from the sale of a TFSA mutual fund. The taxable amount is: a)...
- Q What is a legacy bank? What is Costas clients business environment (externalities)? Does it look attractive? Discuss the main characteristics defining the profile of a legacy bank, the banking industry,...
- Q Kenneth is unhappy with his business's current level of net income and wants to increase it to $70,000. Assuming a $100 sales price, $60 variable cost per unit, total fixed...
- Q A Company grants CEO stock options on January 1, 2018 The total fair value of the stock options is $175,000. The stock options cliff vest after 4 years. On June...
- Q M = $ 212960 + (16% A ) A = $ 261690 + (12% M ) Solve the equations, If required round any decimal to three places in your computations....
- Q Which security should sell at a higher price: A 3-month expiration put option with an exercise price of $80 versus a 3-month put on the same stock with an exercise...
- Q A contract of sale of goods is the same as hire purchase. Discuss
- Q What is the sales journal used for? Why do we have special journals? What is a subsidiary ledger? How does a subsidiary ledger differ from a regular general ledger account
- Q CASE STUDY ON MRS. B Background information Mrs. B, recently widowed and in her mid to late 40s, is a senior executive working for a Singapore-based multi-national corporation...
- Q 4) What are Generally Accepted Accounting Principles? 5) What Is an Accounting Standard? 6) What Are Accounting Policies?
- Q Briefly describe some of the similarities and differences between U.S. GAAP and IFRS with respect to the accounting for investments.
- Q Stevie and Lindsey form a partnership. Stevie contributed musical equipment that she has held for many years with a fair market value of $335,000; her tax basis in the...
- Q Kalifo Company manufactures a line of electric garden tools that are sold in general hardware stores. The company
- Q On June 1, 2020, Krypton Industries [KI] purchased a call option for $ 2,400, giving it the right to buy 2,000 shares of Kriminel Corporation for $ 20 per share....
- Q Calculate the breakeven price from the following information. Show your calculations. Quantity of services = $3,000 Fixed costs = $45,000 Average cost per unit = $150.00...
- Q Q 2-39 Where must a companys code of ethics be made available? Q 2-40 Describe the Treadway Commission. Q 2-41 WhyistheCOSOreportoninternalcontrolsystems important under requirements of the Sarbanes-Oxley Act? Q 2-42...
- Q Calla Company produces skateboards that sell for $51 per unit. The company currently has the capacity to produce 95,000 skateboards per year, but is selling 80,200 skateboards per year. Annual...
- Q Joseph Communications Inc., is considering the purchase of a new piece of computerized data transmission equipment. Estimated annual net cash inflows for the new equipment are $575,000. The equipment costs...
- Q A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 330 units. Ending inventory at January 31 totals 140...
- Q Quick Cleaners is considering whether to purchase a delivery truck that will cost $29,000; last six years; and have an estimated residual value of $5,000. Average annual net income from...
- Q Jurisdiction B levies a flat 7 percent tax on the first $5 million of annual corporate income. Jersey Inc. generated $3.4 million income this year. Compute Jerseys income tax and...
- Q XYZ is a calendar-year corporation that began business on January 1,2023. For the year, it reported the following information in its current-year audited income statement. Notes with...
- Q Which of the following is NOT a purpose of the Statement of Cash Flows? A. Proves that the accounting equation...
- Q Ringo owns 5 acres of rental property. Yoko rents the property to graze cows for one year and pays the rent with autographed copies of old records autographed by her...
- Q Thomlin Company forecasts that total overhead for the current year will be $14,245,000 with 185,000 total machine hours. Year to date, the actual overhead is $7,252,200, and the actual machine...
- Q On April 1, 2016, the premium on a one-year insurance policy was purchased for $2,700 cash with the insurance coverage beginning on that date. The books are adjusted only at...
- Q Journalize the following merchandise transactions: Sold merchandise on account, $18,000 with terms n/30. The cost of the goods sold was $10,800. Received payment. Refunded $600 to customer for defective merchandise...
- Q In the preparation of consolidated financial statements, why are adjustments required to the subsidiaries assets and liabilities if the carrying amounts are not equal to fair value? Using the following...
- Q Jack Parton has approached Madelene Company with a special order for Product V135. Capacity exists to satisfy the special order. Unit costs to manufacture and sell Product V135 are as...
- Q How would you use activity-based costing (ABC) in the organization you work/worked at? Explain activity level in your organization in addition to the steps needed to follow while implementing ABC....
- Q Can you please help me solve the intercompany transactions? With the ones below, what accounts are affected and by how much? What statements do these changes go on? Year end...
- Q 7. Company A manufactures and sells a single product which sells for $50 per unit and has a contribution margin ratio of 30%. The companys monthly fixed expenses are $25,000....
- Q assignment- comparative analysis ecco and clarks shoes
- Q The following information relates to the financial statements of Company T, for its year end date of 31/12/x6: cash: R 1 245 000 Receivables: R1 109 000 ...
- Q When Oprah gave away Pontiac G6 sedans to her TV audience, was the value of the cars taxable? On Labor Day weekend in 2006 World Furniture Mall in Plano, Illinois,...
- Q Dr. Lis Family Dental has the following trial balance: Dr. Lis Family Dental Trial Balance December 31, 2016 Debit Credit Cash $6,000 Accounts receivable 13,000 Supplies 4,000 Equipment 22,000 Land...
- Q Amanda has worked since June 1st, 2014 for Standard Enterprises, a small manufacturing company. Amanda earns a salary of $70,000 per year plus 6% vacation pay. On December 31st, 2020...
- Q A company issues $100,000 of 12%, 6-year bonds that pay interest semiannually. The bonds are issued when the market rate is 10%. The present value of an annuity table indicates...
- Q Company A applies IFRS 15 when accounting for revenue from contracts with its customers. After establishing it has an obligation to provide goods to a customer, what is the next...
- Q A companys flexible budget for 16,000 units of production showed sales, $81,600; variable costs, $33,600; and fixed costs, $15,000. The fixed costs expected if the company produces and sells 15,000...
- Q Which of the following statements are false? Select all that apply. Select one or more: A. A preferred vendor can be entered for inventory parts. B. The Expense account field...
- Q Direct Materials Variances The following data relate to the direct materials cost for the production of 2,000 automobile tires: Actual: 54,700 lb. at $1.80 Standard: 56,300 lb. at $1.75 a....
- Q Landseeker's Restaurants reported cost of goods sold of $341 million and accounts payable of $65 million for 2022. In 2021, cost of goods sold was...
- Q Annual cash inflows that will arise from two competing investment projects are given below: Year Investment A Investment B 1 $ 5,000...
- Q Some companies make comparisons of costs incurred in one period with those incurred in previous periods and interpret the deviations as evidence of favourable or unfavorable results of cost control....
- Q Kevan, Jerry, and Dave formed Albee LLC. Jerry and Dave each contributed $245,000 in cash. Kevan contributed the following assets: Basis Fair Market Value Kevan: Cash $ 15,000 $ 15,000...
- Q Rosie, Inc. reports the following cost information for March: Cost of Goods Manufactured $75,000 Manufacturing Overhead 19,000 Finished Goods Inventory, March 1 5,000 Finished Goods...
- Q John supports Kevin, his cousin, who lived with him throughout 2016. John also supports three other individuals who do not live with him: Donna, who is John's mother ...
- Q Adjusting Entries for Accrued Salaries Paradise Realty Co. pays weekly salaries of $42,000 on Friday for a five-day workweek ending on that day. a. Journalize the necessary adjusting entry...
- Q Peru Ltd had the following transactions during the month of September. The business is registered for GST and all transactions provided below are INCLUSIVE of GST. September 1 Sold inventory...
- Q Stanford issues bonds dated January 1, 2019, with a par value of $253,000. The bonds annual contract rate is 6%, and interest is paid semiannually on June 30 and December...
- Q Sasha owns eight profitable rental properties and would like to shift some of this income to her children, Darius, age 17, and Delilah, age 11. Darius would be responsible for...
- Q A petty cash fund of $100 had $6 cash and $90 of receipts. What's the entire journal entry to replenish the fund?
- Q The Balance Sheet for governmental funds could potentially include all of the following except: a. The due and payable portion of the net position liability, which is not related to...
- Q Hank started a new business, Hanks Donut World (HW for short), in June of last year. He has requested your advice on the following specific tax matters associated with HWs...
- Q True or False? 5) Under the indirect method, tax expense incurred but unpaid will not affect the statement of cash flows. 6) The primary point of statement of cash flows...
- Q Kellogg Co and Post Holding Inc. Briefly compare and contrast the nature of the business strategies and operations of the two companies. What similarities do the...
- Q In 2005, Mr. Earl, a single taxpayer, contributed $45,000 in exchange for 500 shares of DB stock. In 2008, he paid $40,000 to another shareholder to purchase 1,000 more DB...
- Q Question need be discussed in this chapter: "Are the Canadian bank is safer than American bank? Provide explanation and sources for evidences.? What would happen if one of the major...
- Q ACC-375 8-1 Discussion Question Accounting Cycles Research and select an authoritative article regarding one of the accounting cycles covered in this week's reading (revenue, expenditure, or production). Provide...
- Q Mr. E, a petroleum engineer, earns an $76,500 annual salary, while Mrs. E, a homemaker, has no earned income. Under current law, the couple pays 20 percent in state and...
- Q In 2013, Warehouse 13 had net credit sales of $750,000. On January 1, 2013, Allowance for Doubtful Accounts had a credit balance of $16,000. During 2013, $29,000 of uncollectible accounts...
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