Accounting question and answers for July 04, 2023
- Q Cost of Goods ManufacturedSlapshot Company makes ice hockey sticks. During the month ofJune, the company purchased $123,000 of materials. Also during themonth of June, Slapshot Company incurred direct labor cost...
- Q 1) Does the use of some sort of ‘current cost’ for statement offinancial position valuation increase the usefulness of thestatement? Does it cause problems?
- Q Oxford Company has two divisions. Thames Division, which has aninvestment base of $80,800,000, produces and sells 950,000 units ofa product at a market price of $145 per unit. Its variable...
- Q A loan is for $600,000 (mortgage), 30 years monthly, 4% fixedrate interest. What is the payment, 5-year payoff, 5-year principalpaid, and 5-year interest paid?
- Q In your own words, describe why a Organizational Standard isnecessary in order for an IT Auditor to conduct their review of anorganization's controls. How do Standards communicate specificideas/requirements to an...
- Q Professionals will inevitably face decisions in the workplacethat may have a variety of consequences, including ethicalconsequences. Such a decision can either be beneficial ordetrimental to the interests of other people,...
- Q As the management accountant for Pleasanton Raft Company, Inc.,you have been asked to attend a planning session for the nextseason. The owner, Mara Mason specifically wants to be able topredict...
- Q Prepare your report for the Board, covering thefollowing matters:a) Discuss the directors’ concerns about the amount of resourcesbeing allocated to the monitoring process.b) Outline the objectives of an audit committee.c)...
- Q Section A1: All staff members receive an annual bonus of $200plus an additional percentage of their Annual Income. Each staffmember has been allocated their own percentage bonus rate (columnC). In...
- Q Determine whether the following taxpayers are eligible for theQBI deduction and the deduction amount (if any). Cathy is marriedand files a joint return with her spouse. Cathy operates a smallfamily...
- Q On 1 July 2021 Fairval Ltd (the lessee) contracts a leaseequipment for five years at an annual rental of $20,000, with thefirst payment payable immediately and subsequent annual paymentsdue on...
- Q Superior Markets, Inc., operates three stores in a largemetropolitan area. A segmented absorption costing income statementfor the company for the last quarter is given below:Superior Markets, Inc.Income StatementFor the Quarter...
- Q Mona Company incurs $60,000 of annual fixed costs inmanufacturing and selling a product that it sells for $15 per unit.The variable costs of manufacturing and selling the product are $9per...
- Q Question 2 Qui Limited was incorporated in Nova Scotia on May21, 1936. The corporation has never carried on business in Canada,but held its annual directors' meeting in Nova Scotia each...
- Q Equipment was acquired at the beginning of the year at a cost of$562,500. The equipment was depreciated using the straight-linemethod based on an estimated useful life of 9 years and...
- Q You are a manager in the audit division at Miller Yates Howarth(MYH), an accounting firm with offices throughout the majorregional centres of NSW and Queensland. Although a medium sizedfirm by...
- Q On December? 31, 2018?, when the market interest rate is 10?%,McCann Realty issues $ 400 comma 000 of 7.25?%, 10?-year bondspayable. The bonds pay interest semiannually. Determine the presentvalue of...
- Q You manage the shipping of item #A452 from your supplier. Theshipments for this item are delivered to the nearest port, and youhave to transport them to the distribution center. You...
- Q On 1 July 2021 Fairval Ltd (the lessee) contracts a leaseequipment for five years at an annual rental of $20,000, with thefirst payment payable immediately and subsequent annual paymentsdue on...
- Q The following account balances are provided for eXactoReproductions, Inc. at March 31, 2018: Title Balance Accountspayable $ 84,000 Accounts receivable 70,000 Note payable (dueOctober 1, 2018) 202,000 Cash 50,000 Commissions...
- Q The Polaris Company uses a job-order costing system. Thefollowing data relate to October, the first month of the company’sfiscal year. a. Raw materials purchased on account, $210,000. b.Raw materials issued...
- Q PRACTICE PROBLEMUtilizing the following information, prepare a classifiedbalance sheet for Shoe Company at December 31, 2017.Inventory120,700Notes Payable*10,000Unearned Service Revenue90,000Notes Receivable**140,000Equipment200,000Accounts Receivable161,000Cash37,000Notes Payable (long-term)80,000Allowance for Doubtful Accounts12,000Trading Securities***70,500Accumulated Depreciation - Equipment53,000Land307,000Bonds...
- Q ProCannons Donuts: An alum of BSU, Donna Smith, knew the donutsbaked by ProCannons donuts would sell like wildfire in the citywhere She was the new CEO of a local supermarket....
- Q The production manager of Rordan Corporation has submitted thefollowing forecast of units to be produced by quarter for theupcoming fiscal year:1stQuarter2ndQuarter3rdQuarter4thQuarterUnits to be produced11,0008,0008,50010,800Each unit requires 0.75 direct labor-hours, and...
- Q Polaski Company manufactures and sells a single product called aRet. Operating at capacity, the company can produce and sell 42,000Rets per year. Costs associated with this level of production andsales...
- Q B: Provide an example of who you believe is the “ideal virtuousperson.” Describe their character and what virtues they possessthat makes them “ideal.”
- Q THE SCENARIO: 31 Scoops Ice Cream a new concept in gourmet icecream is finishing up its business plan for upcoming VentureCapital rounds and just needs to complete its break-even analysisto...
- Q QUESTIONS 4 AND 5 ARE BASED ON THE FOLLOWING INFORMATION:INFORMATIONCorel Ltd’s Statement of Comprehensive Income for the year ended31 December 2018 and Statement of Financial Position as at 31December 2017...
- Q Select any Technology driven company, which has gonefrom very small scale to Large-scale organizationthrough Technology driven approach. Do some research on their pastand present businessprocesses, which have made a significant...
- Q QUESTION 5 FINANCIAL STATEMENTS (20) The trial balance,adjustments and additional information given below were extractedfrom the accounting records of Concha Traders on 28 February 2017,the end of the financial year....
- Q 1) Cy-Ski Unlimited Inc. wants tolaunch a new line of ski jackets for their winter collection. Thejackets are expected to sell at a price of $ 200 each. You canprocure these...
- Q Which of the following transactions will affect theliquidity metric of a company?a.Supplies used for manufacturing a productb.Depreciation charged on fixed assetc.Salary owed but not paidd.Services provided but not billed to...
- Q 500 words on how would you use the skills you learned atamerican intercontinential university to benefit others andsociety
- Q When Patey Pontoons issued 10% bonds on January 1, 2018, with aface amount of $560,000, the market yield for bonds of similar riskand maturity was 11%. The bonds mature December...
- Q Suppose that the annual demand for a componet is aproximately60,000 units. The company ordes the component from a supplier whohas offered the following quantity discount shedule.order Quantity Price per unit0-999...
- Q Preble Company manufactures one product. Its variablemanufacturing overhead is applied to production based on directlabor-hours and its standard cost card per unit is as followsDirect material: 5 pounds at $9.00...
- Q Steve Reese is a well-known interior designer in Fort Worth,Texas. He wants to start his own business and convinces RobO’Donnell, a local merchant, to contribute the capital to form apartnership....
- Q Preble Company manufactures one product. Its variablemanufacturing overhead is applied to production based on directlabor-hours and its standard cost card per unit is as follows:Direct material: 5 pounds at $9.00...
- Q 30.) Determine the amount of the standard deduction allowed for2018 in the following independent situations. In each case, assumethat the taxpayer is claimed as another persons dependent.a.) Curtis age 18...
- Q Compare the financial performance of the twoorganizations and provide suggestions (based on the comparison) forthe Walden Conservatory of Music, both from a financial andoperational perspective. In Memo Format.New England Conservatory...
- Q 1. Cash Flow StatementsPrepare a cash flow statement for Anna’sApples Ltd using the information below. Use the indirect method foroperating cash flows.Net Profit for year ended 30 June 2017:$200,000 30June2017 1July 2016Cash ? $20,000Inventory $30,000 $40,000AccountsPayable $15,000 $30,000UnearnedRevenue $12,000 $15,000Prepaid Insurance $18,000 $33,000Goodwill $50,000 $0Equipment $300,000 450,000Acc...
- Q Problem 16-3A (Part Level Submission) Thakin Industries Inc.manufactures dorm furniture in separate processes. In each process,materials are entered at the beginning, and conversion costs areincurred uniformly. Production and cost data...
- Q Module - Management AccountingThe main role of Management Accounting is:PlanningControl andDecision making.Decision making is the selection of the correct cost element andtake the rightdecision in the best interest of the...
- Q A department uses the FIFO method of process costing. All directmaterials are added at the beginning of the process. Thisdepartment has the following data for this month.239 units in beginning...
- Q Hi Max. The availability of information is certainly an issue.When we contrast pre-internet times with post-internet times, weare basically looking at night and day in terms of informationavailability. Prior to...
- Q eTrade Pays Up eTrade, an online retailer, fulfills its onlineorders by shipping its products directly to customers in all 50states. eTrade does not have a brick-and-mortar store presence inany state,...
- Q In the early part of 2018, the partners of Hugh, Jacobs, andThomas sought assistance from a local accountant. They had begun anew business in 2017 but had never used an...
- Q 1. PR.25-02A.ALGOCash Payback Period, Net Present Value Method, and AnalysisElite Apparel Inc. is considering two investment projects. Theestimated net cash flows from each project are as follows:YearPlant ExpansionRetail Store Expansion1$167,000$140,0002137,000164,0003118,000112,0004107,00079,000533,00067,000Total$562,000$562,000Each...
- Q discuss with examples, the nature of a reclassificationadjustment and the arguments for and against allowingreclassification of items to profit or loss
- Q Which management actions can affect the cash flow budget?Discuss in 80–100 words
- Q 1. An entity manufactures 4 products:ACEFCM/Unit$21.16$30.93$26.07$36.62Kg of Y used16102KG of X used3.004.008.327.89Expected demand (units)388018319533867Material X is very scarce and it is anticipated that only 24324 kgwill be available next year....
- Q b)Everything else equal, which annuity has the greater futurevalue: an annuity or an annuity due?Why?c) What is the difference between an ordinary annuity and anannuity dued) All else equal, which...
- Q 1.What is psychology...?2. What is psychological state/situation in auditing..?3. How could psychological state/situation be happened?4. What is psychological state/situation in Auditor?5. What is psychological state/situation in Auditee?6.What is the risk...?7...
- Q QUESTION4 PARTNERSHIPS (20)The information given below was extracted from the accountingrecords of Salmon Traders, a partnership business with Sally andMonty as partners. The financial year ends on the last day ofFebruary each...
- Q Prime Company holds 60 percent of Suspect Company’s stock,acquired on January 1, 20X2, for $150,000. On the date ofacquisition, Suspect reported retained earnings of $58,000 and$130,000 of common stock outstanding,...
- Q Presents highly accurate and appropriately detailed advice onhow to account for Convertible Bond at issuance, interest dates,maturity and conversion based on Australian accountingstandards.
- Q QUESTION 2 continued. a) This question relates to loanrepayments and loan terms. James and Mary Hall wish to borrow$750,000 to buy a home. The loan from the Federal Bank requiresequal...
- Q QUESTION 3CREDITORS RECONCILIATION(20)The information given below was extracted from the records ofZebro Traders for May 2017.REQUIRED3.1Prepare the correct Creditors Control account for May 2017.Balance the account.3.2Prepare the corrected Creditors List...
- Q Entries for Equity Investments: Less than 20% OwnershipOn February 22, Triangle Corporation acquired 34,000 shares ofthe 500,000 outstanding common stock of Jupiter Co. at $25 pluscommission charges of $680. On...
- Q ADA Pharmaceutical Company produces three drugs—Diomycin,Homycin, and Addolin—belonging to the analgesic (pain-killer)family of medication. Since its inception four years ago, ADA hasused a direct labor hour–based system to assign manufacturingoverhead...
- Q Ellie Mosk, CEO of X-Space Industries, decided to expand thecompany’s product offering beyond the core model rocket business.After investigation, she decided to set up a separate division todesign and manufacture...
- Q Completion of a Work Sheet Showing a Net Loss 1. Complete theAdjustments columns. 2. Complete the work sheet. 3. Enter theadjustments in a general journal. If an amount box does...
- Q Terms of warehouse contract with PremierStorage:-The warehouse lease began on January 1, 2018, with a three-yearterm. The warehouse has an expected remaining useful life of 20years. There is no provision...
- Q Contribution MarginVariance, Contribution Margin Volume Variance, Market ShareVariance, Market Size VarianceSulert, Inc., producesand sells gel-filled ice packs. Sulert’s performance report forApril follows:ActualBudgetedUnits sold290,000300,000Sales$1,450,000$1,515,000Variable costs652,500636,300 Contribution margin$ 797,500$ 878,700Market size (in units)1,250,0001,200,000Required:1.Calculate...
- Q Debt Investment Transactions, Available-for-Sale ValuationRekya Mart Inc. is a general merchandise retail company thatbegan operations on January 1, Year 1. The following transactionsrelate to debt investments acquired by Rekya Mart...
- Q Select an IPO that occurred in the last five years and researchit using credible financial publications (e.g., Bloomberg, TheFinancial Times, The Wall Street Journal, The Economist). Referringto your research and...
- Q in general when is a journal entry required?specifically would an entry be required (please explain why ) whengood are ordered but not yet delivered and no payments have beenmade yet?...
- Q Segmented Reporting and VariancesPittsburgh-Walsh Company (PWC) is a manufacturing company whoseproduct line consists of lighting fixtures and electronic timingdevices. The Lighting Fixtures Division assembles units for theupscale and mid-range markets....
- Q On February 1, 2018, Arrow Construction Company entered into athree-year construction contract to build a bridge for a price of$8,500,000. During 2018, costs of $2,200,000 were incurred, withestimated costs of...
- Q Vandross Company has recorded bad debt expense in thepast at a rate of 1½% of accounts receivable, based on an aginganalysis. In 2017, Vandross decides to increase its estimate to...
- Q Often a firm will calculate the break-even point for aprice. That is, if we set the price at $X, then how many units willwe need to sell to cover costs...
- Q The following description represents the policies andprocedures for agent expense reimbursements at Excel InsuranceCompany.Agents submit a completed expense reimbursement form totheir branch manager at the end of each week. The...
- Q General Optic Corporation operates a manufacturing plant inArizona. Due to a significant decline in demand for the productmanufactured at the Arizona site, an impairment test is deemedappropriate. Management has acquired...
- Q Question 1 (word limit: 600 words) You are part of the management team ina medium-size Internet server company. Driven by rapid changes inthe business environment in recent years, the management team...
- Q "FinancialAnalyst Skills" Please respond to the following:Assess the key ratios for profitability, liquidity, and solvencyused by financial analysts to evaluate the financial performance ofa company. Next, indicate one (1) ratio...
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