Accounting question and answers for December 14, 2023
- Q The following lots of a particular commodity were available for sale during the year: Beginning inventory 10 units at $60 First purchase 25 units at $65 Second purchase 30 units...
- Q Explain the legal basis for a cause of action against an auditor. What are the defenses available to the auditor to rebut such charges? How does adherence to the ethical...
- Q Creative Furniture Inc. is setting standard costs for one of its products. According to the standard, wage rate per hour should be $20.60 per hour and the number of hours...
- Q Is it ethical or fair to use LIFO and why?
- 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 Mr. Carter is the manager of Simmons Farm and Seed Company, a wholesaler of fertilizer, seed, and other farm supplies. The company has been successful in recent years primarily because...
- Q Rooney Chemical Company makes three products, B7, K6, and X9, which are joint products from the same materials. In a standard batch of 374,000 pounds of raw materials, the company...
- Q Explain the rationale for the ceiling and floor in the lowerof- cost-or-market method of valuing inventories.
- Q Case Study: Structure and Role of the Accounting Profession in Society Background: In a rapidly evolving global economy, the accounting profession plays a pivotal role in ensuring transparency, accountability, and...
- Q Placid Lake Corporation acquired 80 percent of the outstanding voting stock of Scenic, Inc., on January 1, 2020, when Scenic had a net book value of $480,000. Any excess fair...
- Q 1.Conduct Applied Research on Accounting Theory and the Relevance to Financial Reporting. Please provide 2 pages long and please post a post not already posted.
- Q Assume a third party such as a successor audit firm quickly discovers a fraud that the predecessor external auditor has overlooked for years. Do you think this provides evidence supporting...
- Q INFORMATION FOR HENRON, INC. BUDGET PROJECT 1. Heron, Inc. is a company that re-sells one product, a particularly comfortable lawn chair. An overseas contractor makes the product exclusively for Heron,...
- Q 1-True or False. Directors fees paid to directors in the private sector are subject to Employment Insurance premiums. 2- Death benefits are subject to: a-Canada/Qubec Pension...
- Q ikea: identify and assess their success and/or failure at upholding their code of ethics/conduct (include limitions in analysis)
- Q Definition(s) of the traditional costing system. Circumstances which favour the use of the traditional costing system. Circumstances which do not favour the use of the traditional costing...
- Q The Hale Company finished their sales projections for the coming year. The company produces one product. Part of next years sales projections are as follows: ...
- Q Maritime Corp. is a junior mining company listed on the TSX. The common share price of Maritime fluctuates in value. Recent swings went from a high of $17 to a...
- Q Current Attempt in Progress Sunland Company is considering an investment that will return a lump sum of $900,000,6 years from now. Click here to view the...
- Q Question 45) All or part of the interest earned on Series EE bonds issued after 1989, or Series I bonds, may be excluded from income if, during the year of...
- Q if company D operates a variable cost system and incurs a debit overhead variance of $2800 for the year, what conclusion(s) can you draw?
- Q Find the zeros of each polynomial function algebraically. Give exact answers, NOT decimal approximations. A) f(x)=x^-9x-9 B) f(x)=9x^3+x^2-9x-1 c) f(x)=-4x+5 D) f(x)=x^4-7x^2+12 (Hint:Let u=x^2) Find the inverse of the function...
- Q n 2016, the Westgate Construction Company entered into a contract to construct a road for Santa Clara County for $10,000,000. The road was completed in 2018....
- Q when writing a process what is your typical writing environment is it quiet or is nosy organized or not? Do you feel your environment helps or hinder your writing do...
- Q Nash Furniture Company started construction of a combination office and warehouse building for its own use at an estimated cost of $4,953,300 on January 1, 2017. Nash expected to complete...
- Q Discuss the pressures accountants face to meet corporate expectations and how they can avoid the pitfalls of fraud and deceit by applying Biblical principles
- Q We want to buy a new apartment. In order to raise the necessary capital, we paid 3677000 HUF to our savings account at the end of each year in...
- Q Payroll Inc. Office Services is considering the purchase of a new computer system to replace the one in operation. Data on the new computer system are as...
- Q On December 31, Year 1, RAV Company purchased 60% of the outstanding common shares of ENS Company for $1,260,000. On that date, ENS had common shares...
- Q Molly Company sells 23,000 units at $50 per unit. Variable costs are $36.50 per unit, and fixed costs are $180,100. Determine (a) the contribution margin ratio, (b) the unit contribution...
- Q Dean Company has sales of $100,000, and the break-even point in sales dollars is $57,000. Determine the company's margin of safety percentage. Round answer to the nearest whole number. %
- Q Aladdin has a production facility that produces carpets, wool costs $200,000 and separation process costs $90,000 for a total joint costs of $290,000. At the split off point there are...
- Q On August 1, 2018, Towson Corp., declared a 5% stock dividend on its common stock when the market value of the common stock was $16 per share. The balance in...
- Q Swagger Corporation purchases potatoes from farmers. The potatoes are then peeled, producing two intermediate products-peels and depeeled spuds. The peels can then be processed further to make a cocktail of...
- Q Tamarisk Merchants reported the following on its income statement for the fiscal year ended December 31, 2021 and 2020....
- Q Compare between Deductive and Inductive pocesses, using your own examples. (about 3-5 paragraphs).
- Q Tami Tyler opened Tamis Creations, Incorporated, a small manufacturing company, at the beginning of the year. Getting the company through its first quarter of operations placed a...
- Q Later in life, Devon convinces her friend Taylor to start saving for retirement as well. Even though Taylor is the same age as Devon, she...
- Q When adjusting Opening Retained Earnings and Operating Profit After Tax to determine the NCl share, your consolidation journal entries (if correct) show you exactly what to add or subtract...
- Q 105. What statement is false? a. Employee morale ranks first as non-cash damage from fraud. b. Tips and complaints are the number one way of detecting fraud. c.Cash is the...
- Q Hailee makes the following contributions in 2019 (all of which she can substantiate): Goodwill, clothing she bought for $950 with a FMV of $310. Salvation Army, automobile, FMV of $750,...
- Q Maryanne brings in four Forms 1098 with mortgage interest for the following properties: First mortgage on her home, $157,350 balance with interest paid of $6,294. Equity debt on her home...
- Q Problem 6-23 CVP Applications; Contribution Margin Ratio: Degree of Operating Leverage [LO6-1, LO6-3, LO6-4, LO6-5, LO6-8] Feather Friends, Inc., distributes a high-quality wooden birdhouse that sells for $80 per unit....
- Q Question 2: (C1&C2&C3) (16 Marks) Read the following statements carefully: 1- Recalculate the allowance of Accounts receivables. 2- Vouch sales journal entries to...
- Q Which of the following items do not have to be reported separately on a partnership return? a. Typical MACRS depreciation expense b. Dividend income ...
- Q Vacation Pay Aylmer has 11 full-time employees. Each employee earns vacation pay at a different rate. Vacation pay, for days earned, may be taken after January 15th of the...
- Q Question 1 The production-volume variance is a component of the sales-volume variance. True False Question 2 Long-run planning and short-run planning are best performed in combination with each...
- Q Which of below positions are classified as taxes and fees a) VAT input, CIT, real estate tax b)VAT output, CIT and PIT regarding employees c) Real...
- Q On a worksheet, the unearned consulting revenue account has a $3,000 normal balance. When preparing the income statement columns on the worksheet, the unearned consulting revenue amount would...
- Q Vertical Analysis of Balance Sheet Balance sheet data for Alvarez Company on December 31, the end of two recent fiscal years, follow: Current Year Previous...
- Q At December 31 the cash balance per books of Heinisch Company was $12,485.20, and the cash balance per the bank statement was $20,154.30. The bank did not make any errors,...
- Q CON10-1(Algo) Recording and Reporting Liabilities LO10-5 Pool Corporation, Incorporated, sells swimming pool supplies and equipment. It is a publicly traded corporation that trades on the...
- Q Mar corp management reports the following metrics: wait time 12 days, process time 4.8 days, inspection time: 7.6 days, move time 6 days, queue time 3 days. Required: 1. what...
- Q Erindale Bank offers you a $51,000, six-year term loan at 8.0% annual interest. What will your annual loan payment be(Do not round intermediate calculations. Round the final answers to 2...
- Q On 1/1/20, Coke Co. paid $2,800,000 to acquire all of the common stock of Dodo Corp. On that date, Dodo's equity included $1,000,000 capital stock and $1,600,000 of retained earnings....
- Q ABC Ltd sells goods worth $10,000 to XYZ Ltd. The sales agreement specifies that XYZ Ltd will pay the money owned to ABC Ltd on 10...
- Q Del Gato Clinic's cash account shows an $14,033 debit balance and its bank statement shows $13,209 on deposit at the close of business on June 30. ...
- Q A record of all the changes in a particular asset during a period of time is found in a(n): (1 Point) A)...
- Q As the infection rates begin to drop in certain countries around the world, Global Travel, a travel agency, surveyed customers to find out their customers perceived frequency of travel before...
- Q If Dakota Company issues 1,800 shares of $7 par common stock for $30,600, a.Paid-In Capital in Excess of Par will be credited for $12,600. b.Paid-In Capital in Excess of Par...
- Q Consider the following cost items: 1. Sales commissions earned by a company's sales force. 2. Raw materials purchased during the period. 3. Current year's depreciation on a firm's manufacturing facilities....
- Q Answer all questions. Marks will be allocated based on the rubric provided Scenario Atlas Medical Center, Inc., owned by a publicly held company, is a small...
- Q the following information is available for the first month of operations for brandt, inc.: (note: these are excerpts from the financial statements; no need to try to reconcile financial statement...
- Q Consider the following financial statement information for the Newk Corporation: Item Beginning Ending Inventory $ 10,600 $ 11,600 Accounts receivable 5,6005,900 ...
- Q Question: It is time to prepare financial statements. We must determine value the inventory at cost or market value. Product Units On hand Per Unit Cost...
- Q What is the value of the ending inventory using First In First out for a periodic Inventory System? $620 $770 $775 $780
- Q Which of the following statements is true? Debits and credits must be equal when preparing journal entries. Debits and credits must be equal when preparing a trial balance. Debits are...
- Q On January 3, 2019 Harry sold 1000 shares of Max co. stock for $1000 the fair market value. he had original purchase the shares for $12,000 in 2014 on January...
- Q Manny Kant is invested two passive activities: Categorical, LLC and Imperative, Inc. As of 1/1/2021 he had the following At-Risk Basis and Suspended Losses in each...
- Q Problem 2 Build the multistep Income Statement Sales 300,000 Cost of Sales 200,000 Rent Expense 40,000 Depreciation...
- Q On 1 July 2021 Rise and Shine Limited granted 100 share options to each of its 57 employees. Each grant is conditional on the employee working for...
- Q P purchased a machine on January 1, 2028 for $14779 At the time of purchase, the machine was expected to have a useful life of 14 years and a...
- Q If the variable cost per unit increases, what is the effect on the break-even point? (Assume no other changes) A. The break-even point is zero B. The break-even point increases...
- Q Justify with an example how delivery of service can be measured. The Effect of Standards on Product and Service Quality Setting standards in an organization may be primarily to...
- Q Using your new knowledge of single application rate overhead allocation vs. activity-based costing: 1. Which types of firms do you think are more likely to use each...
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