Accounting question and answers for July 20, 2023
- Q Comprehensive Ratio AnalysisData for Lozano Chip Company and its industry averagesfollow.Lozano Chip Company: Balance Sheet as ofDecember 31, 2019(Thousands of Dollars)Cash$ 235,000Accounts payable$ 600,000Receivables1,575,000Notes payable100,000Inventories1,130,000Other current liabilities560,000 Total current assets$2,940,000 Total current liabilities$1,260,000Net fixed...
- Q You are a water filter manufacturer trying to decide if youshould invest in an automatic or manually operated machinery. Bothalternatives’ present costs are pegged at $5000, however, they leadto different...
- Q BAK Corp. is considering purchasing one of two new diagnosticmachines. Either machine would make it possible for the company tobid on jobs that it currently isn’t equipped to do. Estimatesregarding...
- Q what is Allocate the transaction price to the performanceobligation in the contract--See ASC 606-10-32-28 through 31
- Q Which of the following statements is FALSE?Financial accounting reports historical transactions.Managerial accounting focuses on reporting the consolidatedresults of the company as a whole.Managerial accounting reports do not have to conform...
- Q Using the Internet or the Strayer databases, research the financialstatements of a company of your choice. Next, discuss the type ofbonds it has issued. You will then explain which features...
- Q Personal Budget At the beginning of the school year, KatherineMalloy decided to prepare a cash budget for the months ofSeptember, October, November, and December. The budget must planfor enough cash...
- Q Ariel Inc. uses the allowance method of accounting foruncollectible accounts receivable and estimates that 2% of thecredit sales of $1,650,000 for the year ended will beuncollectible. Allowance for Doubtful Accounts...
- Q Cost of Production Report: Average Cost MethodSunrise Coffee Company roasts and packs coffee beans. Theprocess begins in the Roasting Department. From the RoastingDepartment, the coffee beans are transferred to the...
- Q Bonds, for a federal treasury bill, were issued with a facevalue of $250,000 and a coupon rate of 0.20% per quarter, andpayments are quarterly. This bond is bought in the...
- Q Brian Humphries, a resident of Wayne, NJ, had electricityprovided to his home by PSE&G. Mr. Humphries had always paidhis bill on time. After purchasing a large flat screen highdefinition TV...
- Q The Little TheatreCosts from the Planning BudgetFor the Year Ended December 31Budgeted numberof productions6Budgeted numberof performances108Actors anddirectors wages$252,720Stagehandswages69,120Ticket boothpersonnel and ushers wages52,920Scenery,costumes, and props110,040Theater hallrent90,720Printedprograms63,720Publicity14,040Administrativeexpenses79,920Total$733,200Some of the costs varywith the...
- Q Port Ormond Carpet Company manufactures carpets. Fiber is placedin process in the Spinning Department, where it is spun into yarn.The output of the Spinning Department is transferred to the TuftingDepartment,...
- Q Shelly is the office man for XYZ medical practice. InDecember, XYZ enters into an agreement with a local supply companyto provide office supplies on a monthly basis. The terms of...
- Q Assume that on September 1, Office Depot had aninventory that included a variety of calculators. The company usesa perpetual inventory system. During September, these transactionsoccurred.Sept. 6Purchased calculators from Wildhorse Co....
- Q Bramble Electronics operates as a decentralized company.Bramble’s Battery division manufactures batter chargers that aresold both externally to outside customers and internally to theCamera division. Battery division’s annual capacity is 83,700units....
- Q General Practice (GP) is a not-for-profit organization thatoperates a nursing home in Toronto, Ontario. You are auditing therevenue and receivables at GP. The nursing home has a reputationfor delivering excellent...
- Q Mead Motors purchases an automobile for its new car inventoryfrom Generous Motors, which finances this transaction through itsfinancial subsidary, Generour Motors Credit COmpany. Mead pays nofunds to Generous Motors or...
- Q Problem 1-19 Traditional and Contribution Format IncomeStatements [LO1-6]Todrick Company is a merchandiser that reported the followinginformation based on 1,000 units sold:Sales$285,000Beginning merchandise inventory$19,000Purchases$190,000Ending merchandise inventory$9,500Fixed selling expense$?Fixed administrative expense$11,400Variable selling...
- Q Problem 1-19 Traditional and Contribution Format IncomeStatements [LO1-6]Todrick Company is a merchandiser that reported the followinginformation based on 1,000 units sold:Sales$285,000Beginning merchandise inventory$19,000Purchases$190,000Ending merchandise inventory$9,500Fixed selling expense$?Fixed administrative expense$11,400Variable selling...
- Q What is a conceptual framework? Why is a conceptual frameworknecessary in financial accounting?
- Q The following balances in itsshareholders’ equity at 1 January:Contributed equity (450 0000 ordinary shares) $2100 000Retained earnings 2 225 000During the year the business had the following transactions1 Mar. Issued...
- Q Journal entries for the following scenarios:2/29/2020Defer revenuePhone Consulting services recorded on invoice #1009 for $875for Rooney Enterprises were deemed unearned as of 2/28/2020. Usejournal entry 15 to defer this revenue.2/29/2020Accrue...
- Q Analyze the income statement for any potential risk factors andcompliance issues with Generally Accepted Accounting Principles(GAAP) or International Financial Recording Standards (IFRS). B.Analyze the risk factors and compliance issues with...
- Q Hemming Co. reported the following current-year purchases andsales for its only product. Date Activities Units Acquired at CostUnits Sold at Retail Jan. 1 Beginning inventory 260 units @ $12.40= $...
- Q Comprehensive Accounting Cycle Review 11-2 (Part LevelSubmission)Karen Noonan opened Metlock Inc. on February 1, 2017. DuringFebruary, the following transactions were completed:Feb. 1Issued 4,000 shares of Metlock common stock for $15,600....
- Q In your own words write and discuses the components of theaccounting equation and its importance? andin which financial statement, we can apply the accountingequation components?
- Q 3 The Aledo Company, which has only been inbusiness since 2017, decided to change from the Average Cost to theFIFO inventory cost flow assumption for financial reportingpurposes. The following data...
- Q Aging of Receivables; Estimating Allowance for DoubtfulAccountsWig Creations Company supplies wigs and hair care products tobeauty salons throughout Texas and the Southwest. The accountsreceivable clerk for Wig Creations prepared the...
- Q Periodic Inventory by Three MethodsPappa's Appliances uses the periodic inventory system. Detailsregarding the inventory of appliances at January 1, purchasesinvoices during the year, and the inventory count at December 31are...
- Q Gallerani Corporation has received a request for a special orderof 5,400 units of product A90 for $28.40 each. Product A90's unitproduct cost is $27.85, determined as follows:Direct materials$3.30Direct labor8.60Variable manufacturing...
- Q o   Examine the five (5) steps to managingaccounts receivable. Speculate on the step that is most vulnerableto fraud. Suggest at least two (2) actions that a company can takein order to...
- Q Discuss the structure of financial statementsand how they interact with each other. Why is a cash flow statementconsidered an accurate indicator to evaluate a company? Locatefinancial statements for a company...
- Q In divisional income statements prepared for Demopolis Company,the Payroll Department costs are charged back to user divisions onthe basis of the number of payroll distributions, and thePurchasing Department costs are...
- Q fraud auditing and IT auditing. 1-Describe the different kindsof fraud andthe Fraud Triangle, an auditor's responsibility toidentify and assess fraud. 2-Describe the specific risks, benefits,and internal controls associated with IT...
- Q wk 5-1 Please explain and provide explanationthe concept of basis, differentiating between outsidebasis and inside basis. Then explain how two partners, each with a50% interest in a partnership, can have...
- Q During the first month of operations ended August 31, KodiakFridgeration Company manufactured 40,000 mini refrigerators, ofwhich 36,000 were sold. Operating data for the month are summarizedas follows:1Sales$8,280,000.002Manufacturing costs:3Direct materials$2,800,000.004Direct labor1,200,000.005Variable...
- Q Which format do you prefer, direct or indirect? Why? What advantages & disadvantages are there for themethod you prefer?
- Q Presented below is selected information from the Larry Company’scurrent period accounting records:Sales$12,000Raw Materials Used2,500Direct labor3,000Allocated overheadSelling and Administrative4,5002,500Beginning Raw Material Inventory300Ending Raw Material Inventory1,000Beginning Work-in-Process Inventory800Ending Work-in-Process Inventory300Beginning Finished Goods...
- Q You work for a manufacturing company and have just completed thebudget process for the upcoming business year. At the end of thefirst quarter you take the actuals and compare them...
- Q 1-Search the EDGAR database to find a 10-Kthat reports a contingent liability. Write a paragraph summarizingone of the liabilities found in the financial statements. Did thecompany disclose the liability in the footnotes...
- Q QuestionsThis questions are multiple choice:The lower of cost or market rules apply when:The market value of the inventory is higher than the cost inthe booksThe market value of the inventory...
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