Accounting question and answers for July 04, 2023
- Q Jorge and Anita, married taxpayers, earn $148,500 in taxableincome and $62,000 in interest from an investment in City of Heflinbonds. (Use the U.S. tax rate schedule). (Do not round intermediatecalculations....
- Q ETHICS: WHAT'S IT TO YOU in relations to CPA?
- Q Selected year-end financial statements of Cabot Corporation follow.(All sales were on credit; selected balance sheet amounts atDecember 31, 2016, were inventory, $52,900; total assets, $199,400;common stock, $89,000; and retained earnings,...
- Q Go to (www.irs.gov) and search for IRS e-filesecurity. Required:(1) Look at the facts (list two) that the IRS cites about whye-filing is secure.(2) What (list two) about these practices makes the...
- Q Metlock Co. has the following postretirement benefit planbalances on January 1, 2020.Accumulated postretirement benefit obligation$2,239,000Fair value of plan assets2,239,000The interest (settlement) rate applicable to the plan is 10%. OnJanuary 1,...
- Q Problem 17-4A Calculation of financial statement ratios LO P3Selectedyear-end financial statements of Cabot Corporation follow. (Allsales were on credit; selected balance sheet amounts at December31, 2016, were inventory, $52,900; total...
- Q Boise Company is the exclusive Montana distributor of lawnmowers for a small manufacturing company. It sells only one modelat $650 per unit and for which Boise pays $250. Boise's othervariable...
- Q At the beginning of the current season on April 1, the recordsof Flounder Pro Shop showed Cash $2,940, Inventory $3,500, andCommon Stock $6,440. The following transactions occurred duringApril 2017.Apr. 5Purchased...
- Q January 1, 2017, the stockholders’ equity section of JayhawkCorporation’s balance sheetshowed the followingPreferred stock, $100 par value, 5%, 50,000 sharesauthorized,5,000 shares issued and outstanding$500,000Paid in capital in excess of par,...
- Q Problem 8-30 Integration of the Sales, Production, and DirectMaterials Budgets [LO8-2, LO8-3, LO8-4]Milo Company manufactures beach umbrellas. The company ispreparing detailed budgets for the third quarter and has assembledthe following...
- Q 19. Salmond signs a note for the purpose of lending credit toJohn. Salmond also makes his father Richard sign the note becauseof his shaky financial condition. This indicates that Richard...
- Q what do you believe is an ethical concern or potential for fraudrelated to foreign currency transactions and/or the translation offoreign currency financial statements. Provide a detaileddescription of the ethical concern...
- Q The September 30, 2018 balance sheet of ABC Corporationdisclosed the following information relating to itsreceivables:Accounts Receivable(net of $18,000 allowance)$342,000ABC prepares quarterly financial statements. The followingoccurred during the fourth quarter of...
- Q True or False1._____ Dividends in arrears on cumulative preferred stock neednot be recorded as a liability.2._____All long-term debt maturing within the next year must beclassified as a current liability on...
- Q In 2018, Ava, an employee, who files single, has AGI of $29,900and incurred the following miscellaneous itemized deductions thisyear:Union dues and work uniforms: $990Home office expenses: $2,970Unreimbursed employee expenses: $1,386Gambling...
- Q Henrich is a single taxpayer. In 2018, his taxable income is$450,500. What is his income tax and net investment income taxliability in each of the following alternative scenarios? Use TaxRate...
- Q Julie paid a day care center to watch her two-year-old son whileshe worked as a computer programmer for a local start-upcompany.What amount of child and dependent care credit can Julie...
- Q Assume that the City of Coyote has already produced itsfinancial statements for December 31, 2015, and the year thenended. The city’s General Fund was only for education and parks.Its Capital...
- Q The September 30, 2018 balance sheet of ABC Corporationdisclosed the following information relating to itsreceivables:Accounts Receivable(net of $18,000 allowance)$342,000ABC prepares quarterly financial statements. The followingoccurred during the fourth quarter of...
- Q In 2018, Sheryl is claimed as a dependent on her parents' taxreturn. Sheryl did not provide more than half her own support.What is Sheryl's tax liability for the year in...
- Q Trey has two dependents, his daughters, ages 14 and 17, atyear-end. Trey files a joint return with his wife.What amount of child credit will Trey be able to claim for...
- Q The accounting records of Wall'sChina Shop reflected the following balances as of January 1,2016: Cash$19,100 Beginninginventory14,260 (155units @ $92) Commonstock15,000 Retainedearnings18,360 The following five transactions occurred in 2016:1.First purchase (cash) 120 units@ $942.Second purchase (cash) 205...
- Q Imagine that you are one of three partners in an accountingfirm. Five years ago, the firm was appointed as externalaccountants to a successful startup company, engaged to prepareyear end accounts...
- Q Oneco Industries manufactures two products: Works and Best. Theresults of operations for 20x1 follow.WorksBestTotalUnits15,0004,00019,000Sales revenue$420,000$760,000$1,180,000Less: Cost of goods sold330,000420,000750,000Gross Margin$90,000$340,000$430,000Less: Selling expenses90,000210,000300,000Operating income (loss)$0$130,000$130,000Fixed manufacturing costs included in cost of...
- Q Matt and Meg Comer are married and file a joint tax return. Theydo not have any children. Matt works as a history professor at alocal university and earns a salary...
- Q Imaging Inc., a developer of radiology equipment, has stockoutstanding as follows: 16,000 shares of cumulative preferred 3%stock, $120 par, and 53,000 shares of $15 par common. During itsfirst four years...
- Q Marcelino Co.'s March 31 inventory of raw materials is $84,000.Raw materials purchases in April are $570,000, and factory payrollcost in April is $384,000. Overhead costs incurred in April are:indirect materials,...
- Q Problem 15-2 Pronghorn Company had the following stockholders’equity as of January 1, 2017. Common stock, $5 par value, 21,000shares issued $105,000 Paid-in capital in excess of par—commonstock 297,000 Retained earnings...
- Q In 2018, Gray Corporation, a calendar year C corporation, has a$75,000 charitable contribution carryover from a gift made in 2013.Gray is contemplating a gift of land to a qualified charity...
- Q Percent of Sales MethodAt the end of the current year, Accounts Receivable has abalance of $895,000; Allowance for Doubtful Accounts has a creditbalance of $8,000; and sales for the year...
- Q What are the requirements to establish a quasi-contract?
- Q Explain the businesses allocates its costs when preparing jobcosting. University standard.
- Q Taylor Inc. uses a standard cost system. The company has thefollowing results for the current period: BudgetActual Fixed overhead$160,000$160,000 Units6,500units6,000units Direct labour-hours (DLH)13,333hours12,500hoursStandard quantity of DLH per unit2.0152hours Variable overhead is applied at $27.50 per...
- Q Is gerrymandering fair? Are there better ways to redistrict?Are there fairer ways to redistrict? Should there be fairer ways toredistrict? Could there realistically be a more objective method ofchoosing districts?
- Q Problem 8-31 Completing a Master Budget [LO8-2, LO8-4, LO8-7,LO8-8, LO8-9, LO8-10]Hillyard Company, an office supplies specialty store, preparesits master budget on a quarterly basis. The following data havebeen assembled to...
- Q Sorry for the format, please just ignor the lines and boxes.1. Tyler Industries operates a mineral deposit with an estimated1,500,000 tons of available ore. The mineral deposit was purchasedfor $1,500,000,...
- Q state the objective of IFRS conceptual framework and the outlinethe enhancing qualitative characteristics included in the IFRsconceptual framework
- Q Splish Company has decided to expand its operations. Thebookkeeper recently completed the balance sheet presented below inorder to obtain additional funds for expansion.SPLISH COMPANYBALANCE SHEETFOR THE YEAR ENDED 2017Current assets Cash$241,000 Accounts...
- Q The comparative statement of financial positions and statementof profit or loss of Karvina Electronics Limited are asfollows:Karvina Electronics LimitedStatement of financial positions /Balance Sheets At 31 December20172017 2016 $ $Assets:Cash 107,267 123,040Accounts receivable 32,180...
- Q an audit committeemust be comprised of "outside" members that sit on the board ofdirectors, must be "financially literate" and have at least one"financial expert". With this in mind I want...
- Q #9 - Determine the amount of sales (units) that would benecessary underBreak-Even Sales Under Present and Proposed ConditionsDarby Company, operating at full capacity, sold 75,600 units ata price of $120...
- Q Internal ControlCase1True Aussie Co. is a manufacturing company located in Melbourne.The company has liberal policy among its staff. The company allowsmanagers in the various departments to acquire supplies, furniture,equipment and...
- Q TF Qu. 13-4 Verticalanalysis is the comparison of...Vertical analysis is the comparison of a company's financialinformation over time.True or False?
- Q Which of the following is a mixed cost?a) a cost that is $32.00 per unit when production is 80,000 and$40.00 per unit when production is 128,000.b) a cost that is...
- Q Bergamo Bay's computer system generated the following trialbalance on December 31, 2017. The company’s manager knows somethingis wrong with the trial balance because it does not show anybalance for Work...
- Q In response to question 4.2 from the textbook, demonstrate yourunderstanding of the differences in the design, applications, andusage of the relational database as compared to the use ofspreadsheets.Question 4.2 Most...
- Q Advantages and disadvantages of the Sarbane-Oxley Bill and theDodd-Frank Bill
- Q Samantha Kelly, a student at SWOSU, plans to open a barbequestand inside SWOSU’s Milam stadium during home games. There areseven home games scheduled for the upcoming season. The footballseason is...
- Q GoGo Juice is a combination gas station and convenience storelocated at a busy intersection. Recently, a national chain opened asimilar store only a block away; consequently, sales have decreasedfor GoGo....
- Q Marcelino Co.'s March 31 inventory of raw materials is $84,000.Raw materials purchases in April are $570,000, and factory payrollcost in April is $384,000. Overhead costs incurred in April are:indirect materials,...
- Q (Bank Reconciliation and Adjusting Entries) Presented below isinformation related to Haselhof Inc.Balance per books at October 31, $41,847.85; receipts$173,523.91; disbursements $164,893.54. Balance per bank statementNovember 30, $56,274.20.The following checks were...
- Q Mercer Asbestos Removal Company removes potentially toxicasbestos insulation and related products from buildings. There hasbeen a long-simmering dispute between the company’s estimator andthe work supervisors. The on-site supervisors claim that...
- Q A new office building has been constructed at a cost of$3,000,000. It is estimated to have a life of 50 years with a valueat that time of $200,000. It will...
- Q How can it be that despite the existence of corporate governanceprinciples the Global Financial Crisis was nevertheless notprevented?
- Q Homestead Oil Corp. was incorporated on January 1, 2019, andissued the following stock for cash:850,000 shares of no-par common stock were authorized; 140,000shares were issued on January 1, 2019, at...
- Q Springer Anderson Gymnastics prepared its annual financialstatements dated December 31. The company reported its inventoryusing the LIFO inventory costing method but did not compare thecost of its ending inventory to...
- Q Closing the Balances in The Variance Accounts at the End of theYearYohan Company has the following balances in its direct materialsand direct labor variance accounts at year-end:DebitCreditDirect Materials Price Variance$13,450 Direct...
- Q Life insurance proceeds will be included in the estate if suchproceeds are payable to the estate or are available to pay taxes,debts or other expenses or charges of the insured's...
- Q Balance sheet: What is the Financial position of the company'sAssets, Liabilities, and Stockholder's Equity?
- Q budget variance analysis (5 column analysis)use the contribution margin format( Revenue Less VarableCosts= contribution margin less fixed costs = OperatingIncomePlease show workdata for the month of April:Actual results:Revenue 9,600 pairs...
- Q A new office building has been constructed at a cost of$3,000,000. It is estimated to have a life of 50 years with a valueat that time of $200,000. It will...
- Q The information on the following page was obtained from therecords of Breanna, Inc.:Accounts receivable$10,200Accumulated depreciation50,900Cost of goods sold124,000Income tax expense9,000Cash61,000Sales196,000Equipment124,000Selling, general, andadministrative expenses31,000Common stock (9,100 shares)95,000Accounts payable11,900Retained earnings, 1/1/1623,500Interest expense5,400Merchandise...
- Q In order to accurately calculate an employee's pay, it isimportant that payroll clearly understands the different types ofemployee remuneration. In your own words, list and define the fourcategories of employment...
- Q San Jose Company operates a Manufacturing Division and an AssemblyDivision. Both divisions are evaluated as profit centers. Assemblybuys components from Manufacturing and assembles them for sale.Manufacturing sells many components to...
- Q Eastern Edison Company leased equipment from Hi-Tech Leasing onJanuary 1, 2018. Other information: Lease term 4 years Annualpayments $89,000 on January 1 each year Life of asset 4 yearsImplicit interest...
- Q Find an accounting-related fraud court case that is no more than2 years old and then find an accounting-related fraud court casethat is over 10 years old. Give a brief summary...
- Q White Diamond Flour Company manufactures flour by a series ofthree processes, beginning with wheat grain being introduced in theMilling Department. From the Milling Department, the materials passthrough the Sifting and...
- Q do balance sheets, income statements, cash flow statements, andstatements of shareholders' equity share the relationship to eachother? if not, explain why?
- Q What are some similarities and differences between how income istaxed for C corporations and S corporations?Please comment on both C corporations and S corporations.
- Q Kerekes Manufacturing Corporation has prepared the followingoverhead budget for next month. Activity level 3,100 machine-hoursVariable overhead costs: Supplies $ 15,810 Indirect labor 27,900Fixed overhead costs: Supervision 17,000 Utilities 6,500Depreciation 7,500...
- Q On March 1, Warwick’s Co., a women’s clothing store, purchased$75,000 of merchandise from a supplier on account, terms FOBdestination, 2/10, n/30. On March 5, Warwick’s returned $9,000 ofthe merchandise, receiving...
- Q Identify one of the promotional mix elements,define it, and provide an example ofit.(Note that there are three directions in thissubmission; identify, define, and provide an example of one of thepromotional...
- Q Andretti Company has a single product called a Dak. The companynormally produces and sells 82,000 Daks each year at a sellingprice of $58 per unit. The company’s unit costs at...
- Q Allocating Joint Costs Using the Physical Units MethodOrchard Fresh, Inc., purchases apples from local orchards andsorts them into four categories. Grade A are large blemish-freeapples that can be sold to...
- Q Silven Industries, which manufactures and sells a highlysuccessful line of summer lotions and insect repellents, hasdecided to diversify in order to stabilize sales throughout theyear. A natural area for the...
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