Accounting question and answers for July 01, 2023
- Q On January 1, 2019, Sharon Matthews established Tri-City Realty,which completed the following transactions during the month:Jan.1Sharon Matthews transferred cash from a personal bank accountto an account to be used for...
- Q What are the different types of intangible assets? So,what is the accounting procedure for patents and how does theamortization works for these type of assets...
- Q On January 1, 2018, the Excel Delivery Company purchased adelivery van for $57,000. At the end of its five-year service life,it is estimated that the van will be worth $5,400....
- Q Is it ethical for a fraud investigator not to include somethingin a report that she believes to be true and that would help herclient but would increase the chances of...
- Q 9. On March 1, 2018, Unicorp granted 1,000 Non-qualified StockOptions to Haley (an employee). The exercise price on the shareswas $2 per share. On December 31, 2018, Jim exercised all...
- Q Question: In a small scale market study investigating brandliking (Y) for product variations with differen...In a small scale market study investigating brand liking (Y) forproduct variations with different moisture content...
- Q What stage of the money-laundering process is occurring if themoney launderer is selling a legitimate business that was purchasedwith the proceeds of criminal money? The sale and proceeds of thelegitimate...
- Q At the end of this week, you reviewed a video of the attorneyof Stella Liebeck in Liebeck v. McDonald's when discussing productsliability. Liebeck spilled hot McDonald’s coffee in her lap,suffering...
- Q Members of the financial community often allege that corporatemanagers “manage” their company’s reported accounting results. Toaccomplish this, they commonly use “discretionary accountingaccruals.” Discuss the possible motivations behind this behavior.Could you...
- Q Your client built a house in 2012 at a cost of $2 million.During Harvey storm, the house got flooded and there was a 2 ft.water in the house. He finished...
- Q Recent financial statements for a major public company reportsthe following:Average total assets$2,355,000Average shareholders' equity$1,295,000Net income$211,750Required:Calculate the company’s return on equity and return onassets.If the average ROE = 10.5% and average...
- Q Abc inc. is planning the production schedule for the next 8weeks. the forecasted demand for the next 8 weeks is 700, 800, 900,500, 1100, 1000, 800, and 900 respectively. abc...
- Q The Bancroft Company manufacturesskateboards. Several weeks ago, the firm received a special-orderinquiry from the Kiger company. Kiger wants to market a skateboardsimilar to one of Bancroft’s models and has offered...
- Q Required:1. For each transaction, identify the inappropriate treatmentand accounting principe violated.2. Give the original entry should have been made.Question 1. Routine repairs on equipment were recorded asfollows: dr equipment 500,...
- Q Business ethics means many different things to different people.If you are a manager with many new hires who do not have a businessdegree and have never studied what you have...
- Q Required:1. For each transaction, identify the inappropriate treatmentand accounting principe violated.2. Give the original entry should have been made.Question a) Merchandise purchased for resale was recorded as adebit to inventory...
- Q Question 5Sonya Landrum (17) is a dependent of her parents. Shehad wages of $1,525 and earned $185 in interest from her savingsaccount. The maximum amount she may contribute to a...
- Q CASE 3–18 Ethics and the Manager [Course ObjectiveB] Terri Ronsin had recently been transferred to the HomeSecurity Systems Division of National Home Products. Shortly aftertaking over her new position as...
- Q Hillyard Company, an office supplies specialty store, preparesits master budget on a quarterly basis. The following data havebeen assembled to assist in preparing the master budget for thefirst quarter:As of...
- Q Hildreth Company uses a job order cost system. The followingdata summarize the operations related to production for April, thefirst month of operations:Materials purchased on account, $1,920.Materials requisitioned and factory labor...
- Q APA format is required. References should be listed immediatelyafter the question that is being answered. Each question lists aminimum number of unique scholarly references; the textbook isconsidered one unique reference...
- Q Kelly Company’s most recent contribution format income statementis shown below:TotalPer Unit Sales (50,000 units)$700,000$14 Variable costs300,0006 Contribution margin400,000$8 Fixed costs240,000 Operating income$160,000Required:Prepare a new contribution format income statement with a perunit column under each of...
- Q Instructions 1. Column C. should be TYPE: ASSET, LIABILITY,EQUITY, REVENUE OR EXPENSES 2. COLUMN D OR E SHOULD HAVE A YES ORNO.EXAMPLE CASH IS ON THE BALANCE SHEET. HINT: NONE...
- Q Prepare the necessary adjusting entries at December 31, 2018,for the Microchip Company for each of the following situations.Assume that no financial statements were prepared during the yearand no adjusting entries...
- Q ScenarioMike and Sharon, a married couple from Texas, purchased a usedcabinet at an auction for $200. After getting home, they discovered$1,000 cash tucked in the cabinet. Being unable to determine...
- Q Required information[The following information applies to the questionsdisplayed below.]The following transactions pertain to Smith Training Company forYear 1:Jan.30Established the business when it acquired $54,000 cash from theissue of common stock.Feb.1Paid...
- Q Financial Statements of a Manufacturing FirmThe following events took place for Chi-Lite Inc. during June,the first month of operations as a producer of road bikes:•Purchased $481,100 of materials.•Used $413,700 of...
- Q Oak Creek Company is preparing its master budget for 2020.Relevant data pertaining to its sales, production, and directmaterials budgets are as follows.Sales: Sales for the year are expected to total...
- Q The transactions relating to the formation of Blue Co. StoresInc., and its first month of operations follow.The firm was organized and the stockholders invested cash of$8,700.The firm borrowed $5,500 from...
- Q Use the following informationfor questions #1 - 3:An accounting student runs a hotdogconcession at his college’s football games. After the first threegames the following limited information is available to assessperformance...
- Q For the following situation, state whether the CPA has violatedthe CHARTERED PROFESSIONAL ACCOUNTANTS OF ONTARIO ProfessionalRules of Conduct and/or Independence Standard, and explain yourreasoning.a. Emily, CPA, owns a material amount...
- Q For the following situation, state whether the CPA has violatedthe CHARTERED PROFESSIONAL ACCOUNTANTS OF ONTARIO ProfessionalRules of Conduct and/or Independence Standard, and explain yourreasoning.1. Martha, CPA, has a practice with...
- Q Equivalent Units and Related Costs; Cost of Production Report;EntriesDover Chemical Company manufactures specialty chemicals by aseries of three processes, all materials being introduced in theDistilling Department. From the Distilling Department,...
- Q compare and contrast the definition of liability under IASB andFASB and whih one is better and why?
- Q Discussion Question One:Your uncle is working in a company managing their investmentcenter. You approach him with the sales of a large piece ofequipment that can help the company save money...
- Q Vernon Company is considering adding a new product. The costaccountant has provided the following data:Expected variable cost ofmanufacturing$42per unitExpected annual fixedmanufacturing costs$70,000The administrative vice president has provided the followingestimates:Expected sales...
- Q Eliminating Entries, Previously Unreported Intangibles,GoodwillPirin Company acquires all of the voting stock of SkodaAutomotive for $40 million in cash. Skoda’s balance sheet accountsat the date of acquisition are listed below.(in...
- Q Petrel Corporation acquires all of the stock of Samson Companyfor $30 million in cash. Samson’s balance sheet accounts at thedate of acquisition are listed below. Date-of-acquisition fairvalues for Samson’s assets...
- Q Entries and Schedules for Unfinished Jobs and Completed JobsHildreth Company uses a job order cost system. The followingdata summarize the operations related to production for April, thefirst month of operations:a)...
- Q Analyzing Manufacturing Cost AccountsFire Rock Company manufactures designer paddle boards in a widevariety of sizes and styles. The following incomplete ledgeraccounts refer to transactions that are summarized for June:MaterialsJune 1Balance26,400June...
- Q Sandhill Warehouse distributes hardback books to retail storesand extends credit terms of 2/10, n/30 to all of its customers.During the month of June, the following merchandising transactionsoccurred.June 1Purchased books on...
- Q Journalizing and Posting Transactions and AdjustmentsD. Roulstone opened Roulstone Roofing Service on April 1.Transactions for April follow.Apr. 1Roulstone contributed $23,000 cash to the business in exchangefor common stock.2Paid $12,200 cash for...
- Q Companies lose millions of dollars each year through employeetheft and fraud. To prevent this, internal controls areimplemented. We will examine the types of controls companies use,and discuss what happens when...
- Q Underwater Mortgage. Bernie Madeoff pays $250,000 for a newfour-bedroom 2,400-square-foot home outside Tonophah, Nevada. Heplans to make a 20% down payment, but is having trouble decidingwhether he wants a 15-year...
- Q why in the study of management accounting, so much attention isfocused on costs and efficiency
- Q think of a time when you misunderstood a message. what was yourphsychological state at the time. do you think
- Q 1a. Can we state and discuss the five components ofinternal Control?1b. What is the role of materiality in planning an audit?Discuss
- Q OverviewHow we account for and present debt and equity investments onthe financial statements is an important part of U.S. GAAP as wemove towards an asset/liability approach as to how certaintransactions...
- Q Cost of Units Completed and in ProcessThe charges to Work in Process—Assembly Department for a period,together with information concerning production, are as follows.All direct materials are placed in process at...
- Q The following is a list of accounts, in alphabetical order, forSandhill, Inc. at July 31, 2018:Accountspayable$ 9,800Income taxexpense$ 2,900Accountsreceivable14,000Insuranceexpense1,700Accumulateddepreciation—equipment20,800Interestexpense3,600Bank loan payable,due 202039,100Prepaidinsurance200Cash5,900Rent expense9,100Common shares37,000Repairs andmaintenance expense10,400Depreciationexpense9,400Retainedearnings20,800Dividendsdeclared800Salariesexpense25,500Equipment98,600Salariespayable700Held for tradinginvestments22,000Servicerevenue75,900Additional information:All accounts...
- Q Green Thumb Gardening is a small gardening service that usesactivity-based costing to estimate costs for pricing and otherpurposes. The proprietor of the company believes that costs aredriven primarily by the...
- Q Financial Statements of a Manufacturing FirmThe following events took place for Chi-Lite Inc. during June,the first month of operations as a producer of road bikes:•Purchased $481,100 of materials.•Used $413,700 of...
- Q The partnership of Frick, Wilson, and Clarke has elected tocease all operations and liquidate its business property. A balancesheet drawn up at this time shows the following account balances:Cash $...
- Q for a fraud investigationthe current trends in interview techniques. How do you thinkthis process has changed over the years or do you believe it hasremained the same? Provide 3 questions...
- Q The following balance sheet information (in $ millions) comesfrom the Annual Report to Shareholders of Merry International Inc.for the 2021 fiscal year. The following additional information froman analysis of Merry's...
- Q Discuss the differences, if any, in the way you would conduct afinal interview with a 10-year corporate controller accused ofembezzling funds and a new cashier accused of stealing cash.Include a...
- Q X Company started business on June 1 and prepares monthlyfinancial statements. The following were June transactions:received $45,000 from a group of investorsbought $8,413 of merchandise, $3,920 for cash and $4,493...
- Q Fiberform Industries produces a line of motorboats. The assemblydepartment programs computerized equipment to shape and bend themetal railings for each boat. This equipment is capable ofproducing 40 railings per hour....
- Q Income statements for Gibson Company for Year 3 and Year 4follow:GIBSON COMPANYIncome StatementsYear 4Year 3Sales$200,000$180,000Cost of goods sold143,400121,400Selling expenses22,00020,000Administrative expenses12,90014,900Interest expense3,8005,800Total expenses$182,100$162,100Income before taxes17,90017,900Income taxes expense5,4003,500Net income$12,500$14,400Requireda. Perform a horizontal...
- Q A study in the May 4 2004 issue of the Annals of InternalMedicine considered the cost-effectiveness and cost-benefit ofscreening people with hypertension (blood pressure of 140/90 orhigher) for Type 2...
- Q Mackinaw Inc. processes a base chemical into plastic. Standardcosts and actual costs for direct materials, direct labor, andfactory overhead incurred for the manufacture of 78,000 units ofproduct were as follows:Standard...
- Q Golden Corporation uses direct labor-hours in its predeterminedoverhead rate. At the beginning of the year, the estimated directlabor-hours were 22,700 hours. At the end of the year, actualdirect labor-hours for...
- Q Jordan and Taylor are beginning to understand break-evenanalysis.Selling price to Yumminess at $10 per tin. The cost is $8 pertin, which includes $6 of direct material and $1.50 of directlabor....
- Q Jordan and Taylor are too busy baking brownies to schedule anappointment with you. They did send you the enclosed questions foryou to answer.Chapter 21 Questions:1. Units to be produced annually:...
- Q On January 1, 20X9, Parent Corporation acquired 90 percent ofSmall Corporation's stock for $315,000 cash. At that date, the fairvalue of the noncontrolling interest was $35,000, and smallreported common stock...
- Q Use a firm of yourchoice, either real or of your own creation aand write as from theperspective who has just been hired to conduct and audit of thefirm.a) Using the...
- Q Exercise 4-10 Contrasting ABC and Conventional ProductCosts [LO4-2, LO4-3, LO4-4]Rocky Mountain Corporation makes two types of hikingboots—Xactive and Pathbreaker. Data concerning these two productlines appear below:XactivePathbreakerDirect materials per unit$65.60$51.80Direct labor...
- Q Exercise 4-7 Contrast ABC and Conventional Product Costs[LO4-2, LO4-3, LO4-4]Kunkel Company makes two products and uses a conventionalcosting system in which a single plantwide predetermined overheadrate is computed based on...
- Q The Shirt Shop had the following transactions for T-shirts for2018, its first year of operations:Jan. 20 Purchased 420 units @ $ 9 = $ 3,780Apr. 21 Purchased 150 units @...
- Q The partnership of Wingler, Norris, Rodgers, and Guthrie wasformed several years ago as a local architectural firm. Severalpartners have recently undergone personal financial problems andhave decided to terminate operations and...
- Q Summary.Research a recent article on auditing cash,financial instruments, sales, or receivables.
- Q A certain dealer owns a warehouse that can store a maximum of600 units of a given commodity. He has on hand 100 units of thecommodity and knows the buying and...
- Q The Sheldon Corporation began a consulting business specializingin on-site computer training on January 1, 2018. The followingtransactions took place during its first three months ofoperations.Summary of TransactionsJan. 1 Sold 5,000...
- Q How these items are impacted under the New Legislation.1. Unearned Income of Children2. Capital Gains and Qualified Dividend rate3. Alternative Minimum Tax Exemption.4. Business Income of Individuals.5. Limitation on Non...
- Q Respond to the following in a minimum of 175 words: What isactivity-based costing? What are some of the key elements ofactivity-based costing? How does this method differ from a moretraditional...
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