Accounting question and answers for July 11, 2023
- Q Tax Planning Dan plans to reduce his work schedule and work only half-time for W333 in 2017. He has been writing songs for several years and wants to...
- Q Question The manufacturing account and the statement of profit or loss should be shown separately - vertical layout Question 2: Manufacturing Accounts Clazed Curtainz Enterprise, a drapery manufacturer,...
- Q Schell Company manufactures automobile floor mats. It currently has two product lines, the Standard and the Deluxe. Schell has a total of $39,060 in overhead. It currently uses...
- Q yes, you can proceed QUESTION 22 Mary purchased on office property in March 2019. She paid $15,550,000 and incurred closing costs...
- Q ExplainEachAspect of depreciation Methods in detail and compare it a form of heading or complete table ?and share it as an MS word doc file. 1) Why would you...
- Q Compute the amount of goods available for sale, ending inventory, and cost of goods sold at December 31 under each of the inventory costing methods. (Round...
- Q IFRS 3 requires the contingent consideration to be recorded at cost at the acquisition date as part of the acquisition cost. True False
- Q Which of the following accounting methods is generally used to compute amortization expense? A. straight-line B. first - in, first-out C. units-of-production D. declining - balance
- Q In 2020, the details for the latest software product from A Co. are as follows. $570,990 total spent on the project prior to the release to customers, of which $182,782...
- Q Streamplay Incorporated is a music streaming service. Subscriptions for the streaming service generated pre-tax income of $210,000 in its first year of operations. After paying taxes, the...
- Q On February 8, ABC Co. sells merchandise on account to XXX inc. for $7,000, terms 2/10, n/30. On February 16, XXX Inc. pays the...
- Q Listed below are several transactions that took place during the first two years of operations for the law firm of Perez Associates....
- Q please help! Determine how each change affects the elements of the cost-volume-profit graph. (Complete al answer boxes. If the change does not apply to an element, select...
- Q 20. Presented below are terms preceded by letters a throughfand followed by a list of definitions 1 through 6. Match the letter of the terms with the definitions....
- Q 4. Which of the following should NOT be included in the inventory account of a company? A. Goods held on consignment from another company. B. Goods...
- Q Castor Incorporated is preparing its master budget. Budgeted sales and cash payments for merchandise purchases for the next three months follow. Budgeted April May June ...
- Q P14-29. Estimating Share Value Using the ROPI Model Following are forecasted sales, NOPAT, and NOA for Colgate-Palmolive Company for 2019 through 2022. Required a. Forecast the terminal period...
- Q ...
- Q G october sales are estma X ps:/ mework Saved Help Exercise 14-7 Preparing an inventory purchases budget LO...
- Q 8 lrgmeanywelore coided in the Blendingparin uo precesing cepearimkeging...
- Q The chart below describes the 1231 assets sold by the Ruff-n-Ready Company (a sole proprietorship) this year. Compute the gain or loss from each asset disposition and determine the...
- Q Problem 7-2A Estimating and reporting bad debts LO P2, P3 [The following information applies to the questions displayed below.] At December 31, 2017, Hawke Company reports the following...
- Q For Walgreens 10K 2023 : Analyze the companys creditworthiness, based on credit ratings and coverage/liquidity/ solvency ratios calculated from the adjusted financial statements. Only analysis for the current...
- Q Tanner Corporation is considering the acquisition of a new machine that is expected to produce annual savings in cash operating costs of $72,000 before income taxes....
- Q Group Project Final submission due in Unit 10 Worth 15% of the final grade Students will be allowed to form groups. To be submitted online (Moodle). Please submit ALL...
- Q Question 2 In the year ending 31 December 2018, Happy Ltd bought a newmachine and made the following payments in relation to it:$Cost as per supplier’s list 48,000Discount received from...
- Q Please assist to explain the differences between a financialaccountant and a management accountantThanks you so much.
- Q Case one: Intergovernmental working group of experts on internationalstandards of accounting and reporting1. What are International Financial Reporting Standards (IFRS)? 2. Many concerns are expressed in this article. List three...
- Q Statement of Cash Flows—Indirect MethodThe comparative balance sheet of Livers Inc. for December 31,20Y3 and 20Y2, is shown as follows:Dec. 31, 20Y3Dec. 31, 20Y2AssetsCash$301,740$281,660Accounts receivable (net)109,310101,160Inventories308,580299,510Investments0116,040Land158,2700Equipment340,460264,800Accumulated depreciation—equipment(79,710)(71,410)Total assets$1,138,650$991,760Liabilities and Stockholders'EquityAccounts...
- Q Question 4Samdisk Ltd owns a property which was purchased on 1 January2015 for $5,000,000, of which $1,000,000 was consideredto relate to the land on which the building is situated. Thecompany...
- Q HR Slugger is a professional baseball player in a Major LeagueBaseball league. He is a well-known player and is very popularthroughout the league, but especially with the local fans. Much...
- Q Identify and explain of the five main modules used in SAPsoftware
- Q 1. What are the components of an ordinary and necessary businessexpense?2. List 4 examples of ordinary and necessary business expenses abusiness cangenerally take.3. List 4 examples of business expenses that...
- Q Marko Company sold spray paint equipment to Spain for 4,000,000pesetas (P) on October 1, with payment due in six months. Theexchange rates wereOctober 1, 20X61 peseta=$0.0048December 31, 20X61 peseta=0.0075April 1,...
- Q Describe (150 to 180 words) how the assigning of numbers in theChart of Accounts can assist in identifying accounts particularlywith regard to organisations with many locations.
- Q "Please can I get a feedback to this discussion post below in 2hours. ThanksThere was only one current agency conflict that I found and thatwas the improperly handling of customers’...
- Q Pina Colada Corp. purchased equipment on January 1, 2021 for$148,500. It is estimated that the equipment will have a $8,250salvage value at the end of its 5-year useful life. It...
- Q Sydney Steelworks is engaged in a costing dispute with PublicWorks Canada. The company has a cost-plus contract to supplyspecialty steel that has no evident market price. The contractcalls for Sydney...
- Q On July 1, Year 1, Danzer Industries Inc. issued $68,000,000 of20-year, 11% bonds at a market (effective) interest rate of 14%,receiving cash of $54,404,080. Interest on the bonds is payablesemiannually...
- Q During the year ended December 31, 2019, Parent Company (theparent) sold merchandise to Subsidiary Corporation (a 90%-ownedsubsidiary) for a price of $32,340, at a markup of 32% of cost.Subsidiary sold...
- Q Equipment was acquired at the beginning of the year at a cost of$35,000. The equipment was depreciated using the A method ofdepreciation that provides periodic depreciation expense based onthe declining...
- Q Activity-Based BudgetOlympus, Inc., manufactures three models of mattresses: theSleepeze, the Plushette, and the Ultima. Forecast sales for nextyear are 15,600 for the Sleepeze, 12,700 for the Plushette, and5,100 for the...
- Q 1. Alicia has been working for JMM Corp. for 32 years. Aliciaparticipates in JMM’s defined benefit plan. Under the plan, forevery year of service for JMM she is to receive...
- Q Katie's Wedding Planning Service completed the followingtransactions: (10 MARKS)a. Billed clients for service,$1,350.b. Completed work for clients who paid$500 cash.c. Received a billfor utilities to be paid later, $120. d....
- Q The debits to Work in Process—Roasting Department for St.Arbucks Coffee Company for July 2016, together with informationconcerning production, are as follows:Work in process, July 1, 600 pounds, 40%completed$1,944**Direct materials (600...
- Q The Regal Cycle Company manufactures three types of bicycles—adirt bike, a mountain bike, and a racing bike. Data on sales andexpenses for the past quarter follow:TotalDirtBikesMountainBikesRacingBikes Sales$925,000$262,000$405,000 $258,000 Variable manufacturing and selling expenses463,000113,000196,000 154,000 Contribution...
- Q Income StatementPietro Frozen Foods, Inc., produces frozen pizzas. For nextyear, Pietro predicts that 53,700 units will be produced, with thefollowing total costs:Direct materials?Direct labor72,000Variable overhead23,000Fixed overhead250,000Next year, Pietro expects to...
- Q The December 31, 2019, balance sheet for Franklin Corporation ispresented here. These are the only accounts on Franklin’s balancesheet. Amounts indicated by question marks (?) can be calculatedusing the following...
- Q question: Why is retained earnings on December 31, 2018, equalto $80,000 in all three cases despite the reporting of differentamounts of net income each year?Is it A,B, or C?A: Net...
- Q Troy Engines, Ltd., manufactures a variety of engines for use inheavy equipment. The company has always produced all of thenecessary parts for its engines, including all of the carburetors.An outside...
- Q 1.These items are taken from the financial statements of GrouperCorporation for 2022.Retained earnings (beginning of year)$33,280Utilities expense2,110Equipment68,280Accounts payable22,570Cash15,070Salaries and wages payable5,840Common stock12,000Dividends12,000Service revenue69,290Prepaid insurance6,340Maintenance and repairs expense1,690Depreciation expense3,490Accounts receivable15,970Insurance expense2,310Salaries...
- Q On June 30, 2018, Georgia-Atlantic, Inc., leased warehouseequipment from IC Leasing Corporation. The lease agreement callsfor Georgia-Atlantic to make semiannual lease payments of $403,067over a five-year lease term, payable each...
- Q 201620172018Compensation Expenses (Base & VariablePay):38.541.740.6Pay-for-Performance Expenses:7.510.39.9Benefits Expenses:18.319.919.3Total Operating Expenses:65.672.774.0Total Revenue:199.1191.9178.7Total Compensation Expense Factor:0.870.850.81Pay-for-Performance Expense Factor:0.110.140.13Total Compensation Revenue Factor:0.290.320.34Pay-for-Performance Revenue Factor:0.040.050.06What trends did you notice? What implications do they have?
- Q El Gato Painting Company maintains a checking account atAmerican Bank. Bank statements are prepared at the end of eachmonth. The November 30, 2018, reconciliation of the bank balance isas follows:Balance...
- Q The company Smart Inc. is a company that produces T-shirts inToronto area. The results of the company which has been mediocrefor the past couple of years have been presented in...
- Q 1. Change all of the numbers in the data area of your worksheet sothat it looks like this:DataSelling price per unit$292Manufacturing costs:Variable per unit produced:Direct materials$125Direct labor$55Variable manufacturing overhead$23Fixed manufacturing...
- Q On April 1, 2017, Jiro Nozomi created a new travel agency,Adventure Travel. The following transactions occurred during thecompany’s first month.April1Nozomi invested $31,000 cash and computer equipment worth$40,000 in the company...
- Q Prepare general journal entries without explanations to record thefollowing transactionsJan 1 Sold merchandise to Kelly Graham for $1,000 on account.The merchandise cost $600 and the company uses a perpetualinventory system...
- Q Michelle J. and Fred M. Smith aremarried taxpayers who file a joint return. Their Social Securitynumbers are 123-45-6789 and 111-11-1112, respectively. Michelle’sbirthday is September 21, 1971, and Fred’s is June...
- Q Income StatementStatement of Stockholders’ EquityRevenues#33Common stockRetained earningsExpenses:Beginning$300,000$275,000Salaries$325,000Issuance#35Administrative340,000Net income125,000Utilities10,000Dividends#36Total expenses675,000Ending$500,000$350,000Net income #34 Balance SheetAssetsLiabilitiesCash$45,000Accounts payable$20,000A/R55,000Notes payable250,000Supplies#37Total liabilities$270,000Prepaid rent3,000Stockholders’ EquityEquipment450,000Common stock?Building566,800Retained earnings?Total stockholders’ equity#39Total assets#38Total L and SE#4033.$____________Revenue: 37. $__________Supplies: 34. $____________Net Income: 38. $__________Total Assets: 35....
- Q The text states, "Over sufficiently long time periods, netincome equals cash inflows minus cash outflows, other than cashflows with owners." Demonstrate the accuracy of this statement inthe following scenario: Two...
- Q Compare financial and non-financial performance, and explain whyplanning and control systems should consider both.
- Q If you do not complete your posting and your response postingsby the due dates, you will not receive credit for this DQ. Youranswer is worth 1 point and your response...
- Q Select a company you are familiar with or one you are currentlyworking in, or one with information publicly available. Using yourown words as much as possible, and in not more...
- Q The deduction for a contribution to a retirement plan for anowner of a sole proprietorship is not taken on Schedule C.Select one:TrueFalseQuestion 6Not yet answeredPoints out of 1.00Flag questionQuestion textAssuming...
- Q Exercise 194The financial statements of Lowz Company appear below:LOWZ COMPANYComparative Balance SheetDecember 3120202019AssetsCash$36,000$23,000Accounts receivable25,00034,000Merchandise Inventory32,00015,000Property, plant, and equipment50,00078,000Accumulated depreciation(21,000)(24,000) Total$122,000$126,000Liabilities and Stockholder'sEquityAccounts payable$18,000$23,000Income taxes payable9,0008,000Bonds payable8,00033,000Common stock28,00024,000Retained earnings59,00038,000 Total$122,000$126,000LOWZ COMPANYIncome StatementFor the...
- Q Range Energy Corp.’s financial statements for the current yearended December 31, 2017, have been completed and submitted to youfor review. The equity account balances a year ago, at December 31,2016,...
- Q Maserati spa purchased a new machine for its assembly process onAugust 1, 2019. The cost of this machine was 150,000. The companyestimated that the machine would have a residual value...
- Q Pacific Rim Industries is a diversified company whose productsare marketed both domestically and internationally. The company’smajor product lines are furniture, sports equipment, and householdappliances. At a recent meeting of Pacific...
- Q Milden Company has an exclusive franchise to purchase a productfrom the manufacturer and distribute it on the retail level. As anaid in planning, the company has decided to start using...
- Q Raintree, CPA, is conducting a training session for you, a staffauditor, regarding the control environment. For each of the factorsin the table below, identify the appropriate internal controlcomponent by doubleclicking...
- Q Problem 8-29 Completing a Master Budget [LO8-2, LO8-4, LO8-7,LO8-8, LO8-9, LO8-10]The following data relate to the operations of Shilow Company, awholesale distributor of consumer goods:Current assets as of March 31:Cash$7,200Accounts...
- Q For each of the statements below, indicate whether the statementis True or False AND provide one or two explanatory sentences tosupport your answer.a. In New Zealand, the Capital Asset Pricing...
- Q Selected transactions completed by Equinox Products Inc. duringthe fiscal year ended December 31, 2016, were as follows:Record on journal page 10:Jan. 3: Issued 15,000 shares of $20 par common stock...
- Q Write the calculation process, pleaseKU Company Private Limited uses a job-order costing systemand a predetermined overhead rate based on machine hours.At the beginning ofthe year, the company estimated manufacturing overhead for...
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