Accounting question and answers for July 16, 2023
- Q Following are separate financial statements of Michael Company and Aaron Company as of December 31,2024(credit balances indicated by parentheses). Michael acquired all of Aarons outstanding voting stock...
- Q Which of the following best describes hard capital rationing? a-Extra capital is available to the company due to external factors such as banks who are keen to lend. ...
- Q Records hasployees who wropone land of each month for the other cach wyron pay ofw stare py withheld for boome te. Each momake Canada Pension Plan...
- Q ABC Corporation enters into a three-year employment contract with its CEO, who is a covered employee as defined by IRC Section 162(m). The terms of the contract include $1 million...
- Q Customer profiles can contain the following information: Select one or more: a. Product and usage summary data a. Product and usage summary data...
- Q Home Store common stock sells for $50.00 a share and has a market rate of return of 17 percent. The company just paid an annual dividend of $2.50...
- Q With relevance to relevant CASES, explain the provision of Section 4 of the Partnership Act 1961 and its effects
- Q Sea Pines Villa: Are They Ready For The Big One? Margaret N. Boldt, Ph.D., CMA Department of Accounting and Finance Southeastern Louisiana University INTRODUCTION Sea Pines Villa (SPV) manages and...
- Q Tiffany received a loan of $8,600 at 4.75% compounded monthly. She settled the loan by making periodic payments at the end of every three months for 5 years, with the...
- Q need to make an income statement
- Q Steven Company has fixed costs of $148,658. The unit selling price, variable cost per unit, and contribution margin per unit for the company's two products are provided below....
- Q Make a journal entry for this Transaction: Cash collected form customers on accounts receivable. $2,000 was the collection of an amount written off a year ago. Amount: $22,000
- Q Which of the following statements is generally considered desirable? a. An increase in sales along with a larger decrease in the gross profit ratio. b. A decrease in the cash...
- Q Biotech Limited Financial year end 30 June 2020 You are an auditor in Smit & Chandra, a mid-tier audit firm. Your firm is the incumbent auditor on Biotech...
- Q Donnie Hilfiger has two classes of stock authorized: $1 par preferred and $0.01 par value common. As of the beginning of 2024,400 shares of preferred stock and...
- Q On January 3, 2022, Persoff Corporation acquired all of the outstanding voting stock of Sea Cliff, Incorporated, in exchange for $8,608,000 in cash. Persoff elected to exercise control over Sea...
- Q Identifying Performance Obligations obluations are in the contract
- Q Comprehensive Problem Bug-Off Exterminators 5,500 a Bug-Off Exterminators provides pest control...
- Q Speedy Taxi Service uses the units-of-production method to calculate depreciation on its taxicabs. Each cab is expected to be driven 325,000 km over its life. Taxi 10 was purchased on...
- Q Which of the following payments may be considered alimony? A. cash payment B. Child support 500 month C. Property settlement D. Payment on former spouces estate
- Q Wiset Company completes these transactions during April of the current year...
- Q Question 1 Determine the missing amount: Assets = Liabilities + Owner's Equity 164000419000
- Q Trump Corporation sold $180,000 in inventory to Bannon Enterprises during 2017, for $270,000. Bannon resold $108,000 of this merchandise in 2017 with the remainder to be disposed of during 2018....
- Q Aadakilerden hangisi bir LLC iin geerli deildir? A - ekillendirilmesi kolaydr B - 100 ye ile snrldr. C - Snrl sorumluluklar vardr. D - Geili varlk...
- Q The following sales invoices were issued by Quincy in July: Date Customer Inv# Ledger Sales 8 July Simpson 1100 A8 $411.25 (including sales tax) 10 July Burns 1101 B5 $1,300...
- Q If market research is such a valuable element of marketing, whatdrivers influence management's decision to not focus on it or havelimited financial support for it?(250 words)
- Q What suggestions do you have for a company's leadership relatedto market research and the value it can add? (250 words)
- Q Prepare Journal Entries in good form for the following(unrelated) equity transactions:1) Billbo Company issues 1,000 $.01 par stock for $10 cash pershare on February 1st.2) Conner's directors declare a 10%...
- Q Saskatewan Can Company manufactures recyclable soft-drink cans.A unit of production is a case of 12 dozen cans. The followingstandards have been set by the production-engineering staff and thecontroller.Direct Labor:Direct Material:Quantity,0.16...
- Q Problem 13-23 Comprehensive Problem [LO13-1, LO13-2, LO13-3,LO13-5, LO13-6]Lou Barlow, a divisional manager for Sage Company, has anopportunity to manufacture and sell one of two new products for afive-year period. His...
- Q Newman Medical Clinic has budgeted the following cashflows.JanuaryFebruaryMarch Cash receipts$101,000$107,000$127,000 Cash payments For inventory purchases90,50072,50085,500 For S&A expenses31,50032,50027,500 Newman Medical had a cash balanceof $8,500 on January 1. The company desires to maintain a cashcushion...
- Q Pedro Spier, the president of Spier Enterprises, is consideringtwo investment opportunities. Because of limited resources, he willbe able to invest in only one of them. Project A is to purchase...
- Q Compare the company’s profitability using company GAAP and U.S.GAAP
- Q You have started a new company that has three separatedepartments and employs over 50 people. You must set up anaccounting system that meets your business needs, but is alsolegally sound....
- Q Flathead Artifacts (a retailer) has the following sales budgetfor next year. Flathead has a gross margin of 40%. Flathead sellseverything on credit. Accounts are expected to be collected asfollows: 35%...
- Q Breakeven AnalysisFlo's Frozen Yogurt shop is evaluating new dispensingmachines.The Flownator has a first cost of $30473 and annual expenses of$9126 that will increase by $553 per year. It will require...
- Q When there are so many other options, why do you supposeaccounting would be considered the language of business?If accounting standards differ by country – and some do – whatare your...
- Q 6.Ratificationa.is an agent’s approval of actions taken by his/herprincipal.b.must be in writing.c.is a principal’s approval of his/her agent’s unauthorizedact.d.must be made within a reasonable time to be effective.7.An undisclosed principala.is...
- Q Sparrow Pharmaceuticals is the maker of several popular drugsused to treat high blood pressure and arthritis. Over time, thecompany has developed a positive relationship with many of thepatients who use...
- Q For Accounting firm, or a cabinets compay, or just in general,talk about the accoutning tool kits - Learning curve, Regression,Supporting cost Allocation, Joint Cost, Processing cost, Flxiablebudget variance, ABC. Talk...
- Q Accrual accounting is considered the more conceptually sound methodof accounting Explain how it produces a more accurate income figurethan Cash Accounting?
- Q What are the main objectives of comparative analysis and why arethey important to external users of the financial statements, suchas investors?What are the main differences in the role of financialaccounting...
- Q What is the test for income recognition in a retail business whenaccrual accounting is used?
- Q CRM Technologies Build Versus Buy Analysis and ProgramManagementYou work for a large Boston based investmentfirm. They are currently using an older CRM (ClientRelationship Management) system. It was home grown/builtin house 10 years...
- Q Describe the interrelationship between the matching principle andaccrual accounting Describe the impact of a $5,500 accrued wageexpense on the financial statements of a business.
- Q E14-11. (Information Related to Various Bond Issues)(LO 1) Karen Austin Inc. has issued three types of debt onJanuary 1, 2017, the start of the company's fiscal year.(a)$10 million, 10-year, 15% unsecured...
- Q Happily Ever After Three years into the project, Corin and Lancehave decided to get married. Because this union creates somedifficult tax decisions, the couple is carefully considering theiroptions. In particular,...
- Q On January 1, 2018, the general ledger of ACME Fireworksincludes the following account balances: AccountsDebitCredit Cash$25,100 AccountsReceivable46,200 Allowance forUncollectible Accounts$4,200 Inventory20,000 Land46,000 Equipment15,000 AccumulatedDepreciation1,500 AccountsPayable28,500 Notes Payable (6%,due April 1, 2019)50,000 Common Stock35,000 RetainedEarnings33,100 Totals$152,300$152,300 During January 2018, the following transactions occur:January 2. Sold...
- Q Sentinel Company is considering an investment in technology toimprove its operations. The investment will require an initialoutlay of $257,000 and will yield the following expected cashflows. Management requires investments to...
- Q #9Lenci Corporation manufactures and sells a single product. Thecompany uses units as the measure of activity in its budgets andperformance reports. During May, the company budgeted for 5,100units, but its...
- Q Frank Weston, supervisor of the Freemont Corporation’s MachiningDepartment, was visibly upset after being reprimanded for hisdepartment’s poor performance over the prior month. Thedepartment’s cost control report is given below:Freemont Corporation–Machining...
- Q [The following information applies to the questions displayedbelow.]Forten Company, a merchandiser, recently completed itscalendar-year 2017 operations. For the year, (1) all sales arecredit sales, (2) all credits to Accounts Receivable...
- Q ATTENTION: I PAY EVERY MONTH TO BE ABLE TO POSTQUESTIONS HERE. tHEREFORE I EXPECT COMPLETE AND QUALITY ANSWERS.PLEASE READ CAREFULLY THE QUESTIONS AND ANSWER THEM THOROUGHLY. DONOT COPY AND PASTE...
- Q Principal Residence DesignationSince 1998, Petumala Fluffy has owned a residence in Kelowna,British Columbia. It was acquired in that year at a cost of$623,000.In 2006, Petumala was appointed to the Senate...
- Q If an individual is required to make quarterly instalmentpayments on their income taxes, list 3 ways to calculate them.
- Q Profit center responsibility reporting for a service companyRed Line Railroad Inc. has three regional divisions organized asprofit centers. The chief executive officer (CEO) evaluatesdivisional performance, using operating income as a...
- Q Provide the missing data in the following table for adistributor of martial arts products: (Enter "ROI" answersto one decimal place.)DivisionAlphaBravoCharlieSales$305,000Net operatingincome$30,500$47,160Averageoperating assets$426,000Margin5%%9%Turnover5.0timestimestimesReturn on investment (ROI)%25.0%18.0%
- Q At the beginning of 2016, IASB issues a new accounting standardfor lease transactions ( IFRS 16), which will be rffective from 01January 2019.1. Explain the accounting treatment for lease transactions...
- Q Corporate Tax PayableWhile for many years, Sweat Ltd. used a December 31 year end, a2017 change in the nature of its business resulted in the Companyrequesting a change in their...
- Q Midlands Inc. had a bad year in 2019. For the first time in itshistory, it operated at a loss. The company’s income statementshowed the following results from selling 76,000 units...
- Q LUKE’S HOLIDAY SUPPLIES, INC.Pro Forma Statements ProblemA) 1. Income Statement BalanceSheet Year Ended2018 12/31/18 Sales $12,520 Cash $ 110 Cost of Goods Sold 9,698 Marketable Securities 360 GrossProfit 2,882 Accounts Receivable 2,220 Expenses 1.594 Inventory 3,210 Earnings Before Interest and Tax 1,228 Total Current Assets 5,900 Interest 278Earnings BeforeTax 950 Property/Plant/Equipment 4,730 Tax(40%) 380 Accumulated Depreciation 680 NetIncome 570 ...
- Q POSTING QUESTION INVOLVING : Journalizing issuance of stock andpreparing the stockholders equity section of the balance sheetKnown History: As of March 23-Common Stock $690The Charter of Trugreen Corporation authorizes the...
- Q In the deferred tax worksheet, can you explain the concepts ofcalculating the future deductible amount of plant/ equipment?Is it just cost minus the accumulated depreciation of plant/equipment (Tax) ?
- Q Ornamental Sculptures Mfg. manufactures garden sculptures. Eachsculpture requires 8 pounds of direct materials at a cost of $4 perpound and 0.4 direct labor hours at a rate of $11 per...
- Q Prem Narayan, a graduate student in engineering, to market aradical new speaker he had designed for automobile sound systems,founded Acoustic Concepts, Inc. Prem established the company’sheadquarters into rented quarters in...
- Q Vines Ltd produces custom machine parts on a job order basis.The company has two direct product cost categories: directmaterials and direct labour. In the past, indirect manufacturingcosts were allocated to...
- Q Transaction Analysis, Trial Balance, and Financial StatementsAngela Mehl operates the Mehl Dance Studio. On June 1, thebusiness's general ledger contained the following information: Cash$6,523 Accounts Receivable 8,162 Total $14,685 Accounts...
- Q At the beginning of 2018, the Redd Company had the followingbalances in its accounts: Cash$8,300Inventory2,300Common stock7,800Retained earnings2,800 During 2018, the company experienced the following events:Purchased inventory that cost $5,800 on account from...
- Q Feather Friends, Inc., distributes a high-quality woodenbirdhouse that sells for $80 per unit. Variable expenses are $40.00per unit, and fixed expenses total $180,000 per year. Its operatingresults for last year...
- Q Multi-step Income Statement and Adjusting EntriesOregon Distributors, whose accounting year ends on December 31, hadthe following normal balances in its ledger accounts at December31.Cash$36,080Accounts Receivable101,200Inventory90,200Prepaid Insurance7,920Office Supplies5,280Furniture & Fixtures30,800Accumulated Depreciation...
- Q Pittman Company is a small but growing manufacturer oftelecommunications equipment. The company has no sales force of itsown; rather, it relies completely on independent sales agents tomarket its products. These...
- Q On January 1 of Year 1, Kamili Company leased a truck for a7-year period under a capital lease and agreed to pay an annuallease payment of $6,000 at the end...
- Q International Federation of Accountants –IFAC=www.ethicsboard.org: Go to Drop down box Standards of Guidance;then, Code of Ethicswrite a one page summary
- Q Each question refers to the same initial data. Treat each Partindividually. Ignore income taxes. Assume no beginning or endinginventories. Unless stated otherwise, all calculations and incomestatements should be based on...
- Q Financial statement presentationAppliances Ltd, a manufacturing company, commencedoperations on 1 July 2017. The draft trial balance for the yearended 30 June 2018 has been prepared as follows:Appliances LtdDraft trial balance...
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