Accounting question and answers for December 14, 2023
- Q A company provided the following data regarding beginning inventory and various purchases. During the year, the company sold 800 units. Therefore, 200 units remained in inventory at year-end. ...
- Q Which of the following activities would internal auditors NOT typically perform in a large company? a. Evaluate internal controls. b. Assist with increasing the efficiency of operations. c. Prepare the...
- Q b.Suggest additional tables and information that you would like to see in a database like this, the kinds of queries that it would facilitate, and how such queries would help...
- Q Negredo Medical Supplies uses LIFO cost flow assumption and has developed the following data for its products: Surgical Equipment Surgical Supplies Number of units in inventory 400 370 Per unit:...
- Q The CDG Carlos, Dan, and Gail Partnership has decided to liquidate as of December 1, 20X6. A balance sheet on the date follows: ...
- Q What is the issuance cost of a preferred stock with the following characteristics: 10% preferred stock that is expected to sell for its $80-per share value. The cost of issuing...
- Q What are consolidated financial statements also the advantages and disadvantages?
- Q From the video The Michelangelo of Microsoft Excel what did you learn about these creatives uses of Excel on creating art with Excel
- Q To prepare common-size financial statements, each line item needs to be calculated to a common-size percent. The formula for common-size percent is (_________) x 100. analysis amount - base amount...
- Q Amortization Entries: Voss Company acquired patent rights on January 6, 2011, for $480,000. The patent has a useful life equal to its legal life of eight years. On...
- Q On January 1, 2021, Yellow Company issued a 4% $100,000 bond for $94,000. The market rate for a bond of this type is 5%. The bond pays interest semi-annually on...
- Q Provide a specific example of a large dataset, and how it can be used. What are some of the challenges of working with large datasets, and how you think you...
- Q You have been assigned to examine the financial statements of Waterway Company for the year ended December 31, 2017. You discover the following situations. 1. Depreciation of $3,000 for 2017...
- Q Land was purchased by issuing common stock this transaction would read reported on the statement of cash flows as a
- Q This case is a classic retirement problem. A friend is celebrating her birthday and wants to start saving for her anticipated retirement. She has the following years to retirement and...
- Q rosita wants to determine how much to deposit today at 14% interest to provide four withdrawals of $26,000 at the end of each year, beginning five years from...
- Q Jane Cooper's Department Stores allocates the costs of the Personnel and Payroll departments to three retail sales departments, Housewares, Clothing, and Furniture. In addition to providing services to the operating...
- Q Imagine you are the senior accountant at an organization and management is considering leasing some equipment; however, management is unsure of the impact that a capital lease would have on...
- Q Just-in-time (JIT) processing gained popularity in Japan.While it is being used successfully by many US businesses, its use by domestic enterprises may never achieve the level of implementation and degree...
- Q Ben incurs a debt of $2500 with an annual interest of 24%. This is a monthly rate of 24/12 = 2%. Each month his debt accumulates interest, but he makes...
- Q Magnum is single. He has some stock that he bought for $5.00 many years ago which is now worth $30,000, and he would like to sell it. He has no...
- Q Family members can elect to be treated as one shareholder for S corporation purposes. True False
- Q Accounting Help A company manufactures three products using the same production process. The costs incurred up to the split-off point are $ 208,400. These costs are allocated to the...
- Q Assume that the taxpayers, George A. Warden (social security number 333-33-3330) and Mary S. Warden (social security number 444-44-4440) file a joint return. Both are 50-years old, have good eyesight,...
- Q Write an introduction of the new tax plan
- Q 10. Mention some motivation and advantages for merger and acquisition. (minimum 5 items)
- Q In your initial post utilize the JCQ algorithm to create a matrix that shows the relationship between demand and control in the workplace for the data from the hazard analysis...
- Q The __________blank provides the dependent information necessary to develop the operating budget. cash forecast sales forecast labor forecast operating forecast
- Q Payroll is normally a very large and substantial expenditure in a company. (a) Discuss the procedures and the purpose of a surprise payroll audit. [10 marks] (b) Discuss three important...
- Q Cutter Enterprises purchased equipment for $66,000 on January 1, 2021. The equipment is expected to have a five-year life and a residual value of $6,000. Using the sum-of-the-years'-digits method, depreciation...
- Q 37. How often must employers deposit federal payroll taxes with the IRS? a). Monthly. b). Quarterly. c). Semi-annually. d). Annually....
- Q Geneva Company reports the following information for July: Sales $ 750,000 Variable cost of goods sold 225,000 Fixed cost of goods sold 100,000 Calculate the contribution margin for July. Multiple...
- Q The starting point for the bank portion of the bank reconciliation is labelled a. account balance b. bank balance c. transaction balance d. cash balance
- Q The Alpine House, Inc., is a large retailer of snow skis. The company assembled the information shown below for the quarter ended March 31: ...
- Q A code of ethics should do which of the following? Select one: A. Provide a summary of a company's policies that define ethical standards of employee conduct B. Include broad...
- Q Complete the following statement by choosing the correct answer: In a perpetual inventory system, the inventory of materials control account is debited or credited ?
- Q In Kretchmar v. United States, 9 Cl: Ct. 191 (1985) the US Claims Court (currently known as Court of Federal Claims) discusses equitable estoppel and it pertains to a...
- Q Listed property includes which of the following? A)Computers not used exclusively in a regular place of business. B)Furniture not used exclusively in a regular place of business. ...
- Q On September 12, Vander Company sold merchandise in the amount of $5,800 to Jepson Company, with credit terms of 2/10, n/30. The cost of the items sold is $4,000. Vander...
- Q Which of the following best describes costs assigned to the product under the variable costing method? Direct labor (DL) Direct materials (DM) Variable selling and administrative (VSA) Variable manufacturing overhead...
- Q Sherman Company manufactures and sells small pumps made to customer specifications. It has two service departments and two production departments. Data on current year operations follow: ...
- Q Kenneth wants to retire at the end of this year (2025). His life expectancy is 20 years from his retirement. Kenneth has come to you, his CPA, to learn how...
- Q Albany Corp. earned net income of $500,000 in 2021 and had 100,000 shares of common stock outstanding throughout the year. Also outstanding all year was $800,000 of 8% bonds, which...
- Q The Walden Manufacturing Corporation has office support salaries of $4,100, factory supplies of $1,400, indirect labor of $6,200, direct materials of $16,100, advertising expense of $2,700, office expense of $14,100,...
- Q Kenneth is unhappy with his business's current level of operating income and wants to increase it to $81,000. Assuming a $100 sales price, $60 variable cost per unit, and total...
- Q Your firm just acquired a bank loan in the amount of $30,000 at 6% APR. Equal payments are to be made annually...
- Q A company paid $110,000, plus a 9% commission and $8,500 in closing costs for a property. The property included land appraised at $87,500, land improvements appraised at $35,000, and a...
- Q Radar Company sells bikes for $450 each. The company currently sells 3,950 bikes per year and could make as many as 5,000 bikes per year. The bikes cost $235 each...
- Q Sunspot Beverages, Ltd., of Fiji uses the weighted-average method in its process costing system. It makes blended tropical fruit drinks in two stages. Fruit juices are extracted from fresh fruits...
- Q Which of the following would generally be considered the most risky for an annual holding period (with respect to volatility of annual returns)? 1. these alternatives would all be equally...
- Q During the first quarter of the current year, the company sold 4,000 batteries on credit for $150 each plus state sales tax of 6%. What is the amount of the...
- Q Fitness Fanatics is a regional chain of health clubs. The managers of the clubs, who have authority to make investments as needed, are evaluated based largely on return on investment...
- Q ProForm acquired 80 percent of ClipRite on June 30, 2017, for $1,760,000 in cash. Based on ClipRite's acquisition-date fair value, an unrecorded intangible of $650,000 was recognized and is being...
- Q Westin Watercrafts predetermined overhead rate for year 2011 is 200% of direct labor. Information on the companys production activities during May 2011 follows. ...
- Q If the property tax required levy SAR 9,085,000 and the Net assessed value of property is SAR 80,400,000 (taxable assessed value). The millage rate is: a- 0.01129 b- 1.129 c-...
- Q The price per unit is $120 for JMO manufacturing company, its variable cost per unit is $80, and fixed costs are $4000. What is the break even point in units...
- Q Derrek transfers land and equipment adjusted bases of $350,000 and $50,000, respectively, to a newly formed corporation in exchange for 100% of the stock. The corporation assumes a $500,000 liability...
- Q Elise and Joe Farmalot borrow $195,000 on March 15. Joe and Elise expect to repay $100,000 on October 15 and the remaining balance on November 15. Calculate the total interest...
- Q Ahmed is trying to understand the term "cost of capital." Define the term, and indicate its relevance to the decision rule under the annual rate of return technique.
- Q TipTop Flight School offers flying lessons at a small municipal airport. The schools owner and manager has been attempting to evaluate performance and control costs using a variance report that...
- Q Southern Atlantic Distributors began operations in January 2024 and purchased a delivery truck for $40,000. Southern Atlantic plans to use straight-line depreciation over a four-year expected useful...
- Q 6. Financial distress has multiple negative consequences for the companies, and if they have high business risks their assets are easily destroyed in financial distress. State some example of these...
- Q Cash Flow from Operating Activities (Indirect Method) Zaire Company had a $26,000 net loss from operations. Depreciation expense for the year was $9,600, and a dividend of $2,000 was...
- Q In December 2010, Gomez Companys manager estimated next years total direct labor cost assuming 50 persons working an average of 2,060 hours each at an average...
- Q Write a response to the following question: (What does it mean to be a leader?) A minimum of 3 pages, double spaced,
- Q Stark Company, a 90% owned subsidiary of Parker, Inc., sold land to Parker on May 1, 2010, for $85,000. The land originally cost Stark $80,000. Stark reported net income of...
- Q The social security tax is an example of a(n) tax structure because individuals do NOT incur this tax on earnings in excess of...
- Q 8. A Sensitivity analysis allows for forecasting using historical, true data. Please make and provide an example of sensitivity analysis, please be creative in making it!
- Q Save-the-Earth Company reports the following income statement accounts for the year ended December 31. Sales discounts $ 750 Office salaries expense 2,000 Rent expenseOffice space 1,500 Advertising expense 500 Sales...
- Q Chuck, a single taxpayer, earns $80,200 in taxable income and $15,600 in interest from an investment in City of Heflin bonds. (Use the U.S. tax rate schedule.) Required: If Chuck...
- Q Emerge Solutions Company deposits all receipts and makes all payments by cheque. The following information is available from the cash records: MARCH 31 BANK RECONCILIATION Balance per bank...
- Q Palmona Co. establishes a $200 petty cash fund on January a. On January 8, the fund shows $38 in cash along with receipts for the following expenditures: postage, $74; transportation-in,...
- Q How are limited liability companies classified for federal income tax purposes?
- Q what legal and ethical actions might Dunn have taken to prevent further leaks of sensitive information? HP Patricia Dunn
- Q After consulting his broker Sgt..Henry Pepper purchase 600 shares of Octopus,Inc.stock at $1.31 per share.He also pays $0.84 per shares for 800 of her Majesty Co.stick.His broker charges a fee...
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