Accounting question and answers for July 06, 2023
- Q A hauling company receives an order to transport 120 packages. They have large vans which can take 15 packages, and cost $6 a journey to run. They also have small...
- Q PurchaseReturns & Allowances Sales Returns & Allowances 4,500.00 Goods Available for Sale 69,000.00 Freight In 2,000.00 Freight Out 3,000.00 Merchandise Inventory, Beg....
- Q Capital has a credit balance of $1,885,000 and Teresa Schafer, Drawing has a balance of $770,000. a. Journalize the entry required to close the Teresa Schafer, Drawing account....
- Q As of April 30,$3,000 of interest expense has accrued on a note payable. The full interest payment of $9,000 on the note is due on...
- Q Under our usual assumptions (state what these are) consider a sealed-bid all-pay auction in which every buyer submits a non-negative bid, the highest bidder receives the good, and...
- Q In the opinion of the residents of the Bottom, what was the unforgiveable thing that Sula was guilty of in sula
- Q Ajax Inc. was formed on April 25 and elected a calendar year for tax purposes. Ajax paid $12,700 to the attorney who drew up the articles of incorporation and $6,600...
- Q Sampling risk is the probability that: some errors are not detected because of the auditing procedures used by the auditor some irregularities are not detected because...
- Q The Company's year-end unadjusted trial balance shows accounts receivable of $104,000, allowance for doubtful accounts of $650 (credit), and sales of $330,000. Uncollectibles are estimated to be 1.50%...
- Q Gladstone Company tracks the number of units purchased and sold throughout each accounting period but applies its inventory costing method at the end of each period, as if...
- Q your help is greatly appreciated. In 2020, founder and CEO Matt Gilmore commenced business as Gilmore & Co., Inc., a...
- Q IFRS 8 Operating Segments's roles & uses
- Q Can you please explain why the cash has 25% and 50%? I dont understand thanks.
- Q TB MC Qu. 12-27 How has the SEC exercised its power with... How has the SEC exercised its power with regard to the continuing evolution of accounting principles?...
- Q When a company issues a note payable to satisfy an account payable, there will be: a. no change in net assets. b. a decrease in expenses. c. an increase...
- Q Comment on the cash budget and provide recommendations, where applicable. CASH BUDGET FOR THE PERIOD 01 JANUARY TO 31 MARCH 2024 JANUARY (R) FEBRUARY (R) MARCH (R) RECEIPTS 1 284...
- Q calculate net profit margin, ROA, ROE, Liquidity ratio, solvency ratio of Qatar airways in the year 2019-2020
- Q 4. The following information is for Crochet Niche Output (units) Total cost (S) 300 8 000 400 9 000 Required: [2 marks! (a) Find the variable...
- Q Crane Company produces and sells automobile batteries, the heavy-duty HD-240. The 2022 sales forecast is as follows. The January 1, 2022, inventory of...
- Q 1. The Conceptual Framework for Financial Reporting sets and discusses the objective and fundamentals that serve as the basis for developing financial accounting and reporting standards in different...
- Q The Regal Cycle Company manufactures three types of bicyclesa dirt bike, a mountain bike, and a racing bike. Data on sales and expenses for the past quarter follow: ...
- Q S2 Ltd S $ Extracts from the group's statements of financial position as at 31 December 2020 are set out below. P S1 ple Ltd...
- Q List 4 benefits of good corporate citizenship.
- Q Statement of Cost of Goods Manufactured for a Manufacturing Company Cost data for Firetree Manufacturing Company for the month ended March 31 are as follows: ...
- Q FIFO and LIFO costs under perpetual inventory system The following units of an item were available for sale during the year: Beginning inventory 8,000 units at $170...
- Q Choose a manufacturing company and explain if its inventoryshould use a hybrid-costing system (combination of process costingand job order costing). Explain what type of manufacturing companywould choose to use a...
- Q Exercise 10.7. On Jul 31, 2016, the payroll register ofReed Wholesale Company showed the following totals for the month:gross earnings, $39,600; social security tax, $2,455.20; Medicaretax, $574.20; income tax, $3,135.16;...
- Q Explain step one and step two for the production cost report
- Q Millco, Inc., acquired a machine that cost $600,000 early in2016. The machine is expected to last for eighth years, and itsestimated salvage value at the end of its life is...
- Q The following information appeared in the financial records ofthe Cracker Corporation at year-end:Accounts receivable$ 23,000Accounts payable11,000Supplies9,000Cash8,000Equipment138,000Capital stock130,000If the beginning of year balance in retained earnings is $30,000and $12,000 in dividends...
- Q Question 2In order to audit a public company more effectively, the PCAOBpurposed the standard of:reviewing quarterly financial statementsauditing a company's financial reporting processreviewing annual financial statementsavoiding rational technical demandsQuestion 3The...
- Q Due to erratic sales of its sole product—a high-capacity batteryfor laptop computers—PEM, Inc., has been experiencing financialdifficulty for some time. The company’s contribution format incomestatement for the most recent month...
- Q File second page ofform 1040 please.1. Charlotte Burton(unmarried) is employed as an office manager at the main office ofCurrier, Ellis & Acton Law firm. Charlotte lives in a home shepurchased...
- Q Due to erratic sales of its sole product—a high-capacity batteryfor laptop computers—PEM, Inc., has been experiencing financialdifficulty for some time. The company’s contribution format incomestatement for the most recent month...
- Q Establish an Excel Worksheet for the financial statementanalysis framework. Refer to the following information:a. On January 1, 2014, Frances Corporation started doingbusiness and the owners contributed $200,000 capital in cash.b....
- Q Let's discuss the format of the Schedule of Cost of GoodsManufactured. What is included in this schedule and what does ittell us?
- Q I have to complete Form 1040, and Schedules 1, A, and B. I amfairly lost at this moment, so anything can helpMartin S. Albert (Social Security number 111-11-1111) is 39years...
- Q Nordway Corporation acquired 90 percent of Olman Company’svoting shares of stock in 20X1. During 20X4, Nordway purchased57,000 Playday doghouses for $26 each and sold 42,000 of them toOlman for $32...
- Q Read the following and answer the related questions that followit.Auric plc is a mining company, whose main business consists ofopen castmining. It has Articles of Association that are in the...
- Q Nordway Corporation acquired 90 percent of Olman Company’svoting shares of stock in 20X1. During 20X4, Nordway purchased51,000 Playday doghouses for $32 each and sold 36,000 of them toOlman for $40...
- Q Pham Toan Vu is chief accountant for the Bank of Australia.Through vigorous marketing the bank has grown rapidly, but there issome evidence of a decline in the quality of the...
- Q Tanner-UNF Corporation acquired as a long-term investment $310million of 6.0% bonds, dated July 1, on July 1, 2018. Companymanagement has the positive intent and ability to hold the bondsuntil maturity....
- Q 2 . Atlantic Company has the following monthly flexible budgetinformation based on an expectation of operating at 80% of thefactory’s capacity or 10,000 units produced:Operating Levels70%80%90%Budgeted output in units8,00010,00012,000Budgeted labor...
- Q Riu Corporation has a Parts Division that does work for otherDivisions in the company as well as for outside customers. Thecompany's Repair Division has asked the Parts Division to provideit...
- Q How does one determine the right level of accountsreceivable
- Q Ex. 5 Using the following information:Purchase of treasury stock $40,000Proceeds from sale of equipment 25,000Interest expense on borrowing 3,000Issuance of bonds payable 52,500Payment of dividends 10,000Gain on sale...
- Q Explain the treatment of non-controlling interest in theconsolidated Statement of Comprehensive Inc
- Q . Answer the followingquestions:a-A tax payer acquires an asset through manufacturing itand he incurred the following costs: direct material SR 100,000,direct labor SR 50,000 and manufacturing overhead SR 50,000. After3...
- Q Why is the Conceptual Framework of Accounting needed? Define oneof the elements, assumptions, principles, or constraints of theConceptual Framework, and explain why it is fundamental for meetingthe objectives of financial...
- Q Case Study 1Chad Pty Ltd (CPL) is preparing to design and implementsustainability systems and processes. You find (as theenvironmental director) that energy is a key resource for businessoperations; first for...
- Q What is continuous assurance? What are the major components ofcontinuous assurance? Select a real-life company which is using orhave implemented continuous assurance and discuss the negativeevents impacting on the implementation...
- Q Critically explain how the Australian Accounting Standards Boardtake part in the global accounting standard setting process (i.e.in setting IFRS). Why is the IFRS set by the InternationalAccounting Standards Board (IASB)...
- Q A 4-year 12% coupon bond has a yield of 10%.a) What are its Macaulay Duration, Modified duration, andconvexityb) What is the actual price change, Modified Duration predictedprice change and Modified...
- Q Olson Company adopted the dollar-value LIFO method for inventoryvaluation at the beginning of 2015. The following information aboutthe inventory at the end of each year is available from Olson'srecords:YearCurrent CostsIndex2014$50,000100201560,000108201670,000115201773,000125201878,000135Required:1....
- Q Carsen Sorensen, controller of Thayn Company, just received thefollowing data associated with production of a new product:Expected annual revenues: $750,000Projected product life cycle: five yearsEquipment: $800,000 with a salvage value...
- Q You should answer all of the questions listed below as theyrelate to the financial statements of any U.S. public company ofyour choice in its latest annual report. Please use the...
- Q In 2018, Evan Company spent $3,900,000 to acquire 100% of theoutstanding stock of Haven Company, i.e., Evan bought Haven. As aresult of the acquisition, Evan took over 100% of Haven’s...
- Q Analysts use both asset valuation and future sales growth asindicators of current stock values. Describe completely whichmethod you believe provides a more reliable indication of futurevalue, include in your discussion...
- Q Journalize (give journal entries) the following transactions inGaurav's books for April 2017:April 1: gaurav started business with 1000000 of which 25%amount was borrowed from wifeApril 4: purchased goods from Raj...
- Q On January 1, 2018, NFB Visual Aids issued $900,000 of its20-year, 10% bonds. The bonds were priced to yield 12%. Interest ispayable semiannually on June 30 and December 31. NFB...
- Q Differentiate between product costs and period costs. Giveconcrete examples of product costs and period costsWhat are the 3 classes of manufacturing costs? Give concreteexamples for each.Explain variable, fixed, and mixed...
- Q For each employee, first calculate gross pay. Then determinetaxable income used to calculate federal income tax withholding,Social Security tax, and Medicare tax.NOTE: For simplicity, all calculations throughoutthis exercise, both intermediate...
- Q Deliberate what a company subject to a debt-to-equity ratiocovenant might to do to reduce the ratio so that it does not exceedthe bank’s stipulated ratio. (Hint: Abandon conformance to GAAPwhen...
- Q You have studied the two costing methods and the costequation. Please answer one of the following relatedquestions:1. Discuss the differences between variable costing andabsorption costing.2. Why is it important to...
- Q Using a diamond company as an example, discuss what are thecorporate governance tools it has. Among these, which are effectivefor the company? Which are not?
- Q Folsom Inc., which produces and sells a single product, hasprovided the following contribution format income statement forAugust: Sales (4,600 units) $ 105,800 Variable costs 41,400Contribution margin 64,400 Fixed costs 46,000...
- Q You have been hired to investigate possible fraud losses inGreenwor Manufacturing Company. Greenwor’s attorney contacted youin confidence and told you that she has had many tips indicatingthat Chad Wits, the...
- Q The management of Parachute Corporation is considering droppingproduct ABC123. Data from the company's accounting system appearbelow:Sales$260,000Cost of goodssold125,000Building expenses88,000Selling and administrativeexpenses75,000All building expenses of the company are fully allocated toproducts...
- Q At December 31, 2021, Blossom Imports reported this informationon its balance sheet. Accounts receivable $592,000 Less: Allowancefor doubtful accounts 41,000 During 2022, the company had thefollowing transactions related to receivables....
- Q Green Advertising ServicesAdjusted Trial BalanceDecember 31, 2018BalanceAccount TitleDebitCreditCash$14,000Accounts Receivable15,800Office Supplies6,500Land18,400Building47,900Accumulated Depreciation—Building$36,100Furniture19,600Accumulated Depreciation—Furniture14,100Accounts Payable10,600Salaries Payable7,200Unearned Revenue16,000Common Stock30,000Retained Earnings31,400Dividends18,300Service Revenue49,800Salaries Expense28,600Supplies Expense8,400Depreciation Expense—Building2,900Depreciation Expense—Furniture1,300Advertising Expense13,500Total$195,200$195,200Requirement 2. Prepare the statement of retained earnings...
- Q You have learned that inventory may be written down to itscurrent replacement cost or its net realizable value if theseamounts are lower than original cost. Why do you think theaccounting...
- Q For each employee, first calculate gross pay. Then determinetaxable income used to calculate federal income tax withholding,Social Security tax, and Medicare tax.NOTE: For simplicity, all calculations throughoutthis exercise, both intermediate...
- Q Take?home portion:Assume XYZ uses a calendar year forfinancial reporting. The company is authorized to issue 32,500,000shares of $1 par common stock. Listed below is a summary of XYZ’scommon stock...
- Q Question 2 (a) Elaborate on the process taken by the centralbank when conducting a contractionary monetary policy. [15 marks](b) Based on your answer above, select an economic problem where acontractionary...
- Q Estimated Income Statements, using Absorption and VariableCostingPrior to the first month of operations ending October 31,Marshall Inc. estimated the following operating results:Sales (16,800 x $58)$974,400Manufacturing costs (16,800 units):Direct materials588,000Direct labor139,440Variable...
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