Accounting question and answers for July 23, 2023
- Q What is the importance of having an effective compliance andethics program with respect to the FCPA? What is the role ofconfidential reporting and internal investigations in thecompliance program?
- Q 13. Alice owns an apartment complex with an adjusted basis of$305,000. A flood occurs on a property, and the insurance policyreimburses Alice $500,000 for the loss. The transaction may betaxable...
- Q 19. Matching: Place the number below next to the correspondingbusiness entity being described:ECI _____FDAP ______FIRPTA _____Portfolio Interest_____Branch Profits Tax _____1. Exception from FDAP withholding on interest income fromcertain portfolio debt...
- Q Define a “Section 1231 Asset”? Why would the disposition of aSection 1231 be considered the “best of both worlds” for ataxpayer?
- Q Multiple Choice ( 20 Marks)A..Properties or economic resources owned by a business, alsodescribed as probable future economic benefits, are called:A)Assets.B)Revenues.C)Liabilities.D)Owner's Equity.E)Expenses.B.Net income is:A)Assets minus liabilities.B)The excess of revenues over expenses.C)The...
- Q Grichuk Power leased high-tech electronic equipment from KoltenLeasing on January 1, 2018. Kolten purchased the equipment fromWong Machines at a cost of $250,000, its fair value. (FV of $1, PVof...
- Q ABC Company issues bonds on January 1, Year 1. The bonds have apar value of $10,000,000, a coupon rate of 10% with interest paidsemi-annually on every June 30 and December...
- Q Multiple Choice Question 147Swifty Corporation issues 2600, 10-year, 6%, $1000 bonds datedJanuary 1, 2018, at 99. The journal entry to record the issuancewill show a:A. debit to Cash of $2600000.B....
- Q The following data has been provided by Moretta Corporation, acompany that produces forklift trucks:Budgeted production 3400 trucksStandard machine-hours per truck 2.9machine-hoursStandard suppliescost $1.50 per machine hourActualproduction 3800 trucksActualmachine-hours 10930 machine-hoursActual supplies cost(total) $17496Supplies...
- Q Audit SamplingWhy you do substantive testingWhy you test controlWhat is the characteristics of samplingwhat is the objective choosing a sampleTER = how to controlRelation with ARIA, TER , EPERDefinition of risk...
- Q Which of the following affect the weighted average cost ofcapital?Select one:A. Interest on bank loansB. Dividends expected by investorsC. Expected increases in the value of stock in the companyD. Bond...
- Q Financial Accounting 17th edition chapter 5 5PSA step by stepsolutionNext Job, Inc., provides employment consulting services. Thecompany adjusts its accounts monthly but performs closing entriesannually on December 31. The firm’s...
- Q The Converting Department of Hopkinsville Company had 1,000units in work in process at the beginning of the period, which were70% complete. During the period, 20,800 units were completed andtransferred to...
- Q No external link is required.Choose at least two concepts you have learned in IntermediateAccounting, 2nd edition and explain how you may use them in yourpresent or future accounting position. Make...
- Q In 2018, the Westgate Construction Company entered into acontract to construct a road for Santa Clara County for$10,000,000. The road was completed in 2020. Information related tothe contract is as...
- Q The following balances are from the accounts of CrabtreeMachining Company:January 1 (Beginning)December 31 (Ending)Direct materials inventory$98,500$110,700Work-in-process inventory107,200105,100Finished goods inventory43,10046,400Direct materials purchased during the year amount to $513,400,and the cost of...
- Q Please show formulas using excelBuild a spreadsheet: Construct an Excel spreadsheet to solve allof the preceding requirements. Show how the solution will change ifthe following data change: the April 1...
- Q How can I, do I or should I, perform a financial analysis usingfinancial ratios to evaluate the firm's liquidity, solvency, andprofitability for two sequential years using Amazon as thecompany?
- Q QUESTION: Paraphrase this article into your ownwords.Article: Ghost Goods: How to Spot Phantom Inventory byJOSEPH T. WELLSIn this article “Ghost Goods: How to Spot Phantom Inventory” byJOSEPH T. WELLS examinesthe...
- Q On January 1, 2019, Pronghorn Corporation purchased a buildingto use as its factory, and some equipment to manufacture itsproduct. The following information was determined at the time ofpurchase:CostUseful LifeResidual ValueDepreciationBuilding$2,550,00020...
- Q A, B and C, three individuals, form a general partnership bycontributing the following property in exchange for equal 1/3interests in the partnership’s capital, profits, and losses: Acontributes land, a capital...
- Q Kubin Company’s relevant range of production is 24,000 to 31,000units. When it produces and sells 27,500 units, its average costsper unit are as follows: Amount per UnitDirect materials$8.40Direct labor$5.40Variable manufacturingoverhead$2.90Fixed manufacturingoverhead$7.10Fixed...
- Q Topic: Current accounting for leases requiresthat certain leases be capitalized. For capital leases, an assetand the associated liability are recorded. Whether or not the leaseis capitalized, the cash fows are...
- Q Explain and provide an example for the following job order costsystem entries: initial purchase of raw materials, the requisitionof materials from the warehouse to the production floor, andfactory labor used...
- Q These items are taken from the financial statements of IvanhoeCompany for 2022.Retained earnings (beginning of year)$33,800Utilities expense2,160Equipment66,300Accounts payable20,560Cash13,750Salaries and wages payable6,640Common stock21,800Dividends12,000Supplies3,600Debt investment (long-term)5,600Trademarks1,900Service revenue71,700Prepaid insurance7,140Maintenance and repairs expense1,640Depreciation expense3,270Accounts...
- Q Explain and provide an example for the following job order costsystem entries: sale of goods to the customer, administrative costsincurred and selling costs incurred. For each journal entry,identify if the...
- Q Explain and provide an example for the following job order costsystem entries: actual manufacturing overhead used in production,estimated manufacturing overhead applied in production and cost ofgoods manufactured transferred from the...
- Q Last month, two employees were terminated for submittingfraudulent timesheets which were approved and paid through theaccounting system. The leadership team expressed concern that thispractice could be widespread. As a financial...
- Q please continue and identify and describe the two balance sheetliability classifications and explain the purpose of financialstatement disclosures? Why do we need financial statements and howdoes it really do for...
- Q FRAUDD EXAMINATIONCase 4Stephanie Adkins is an accountant who is trained in forensicaccounting. She is an experienced fraud investigator. She wasrecently hired by Lake Side Hotels, a closely-held corporation, toinvestigate a...
- Q Moana is a single taxpayer who operates a sole proprietorship.She expects her taxable income next year to be $250,000, of which$200,000 is attributed to her sole proprietorship. Moana iscontemplating incorporating...
- Q In 2008, Doolan Company sold 10,000 units of inventory at twicetheir purchase price of $27.50 each. In 2009, Doolanhad a gross profit of $200,000 and cost of goods sold of$225,000.A....
- Q Oscar Clemente is the manager of Forbes Division of Pitt, Inc.,a manufacturer of biotech products. Forbes Division, which has $7.7million in assets, manufactures a special testing device. At thebeginning of...
- Q if a company was incorporated in England in 1952,however did not begin operating in Austrlalia until February 2017.The head office continued to be located in England, with themajority of shareholders residing...
- Q Does knowing the different responsibility centers give you adifferent perspective on responsibility accounting?
- Q 3. Analyze and Journalize the followingentries; On June 1, 2012 Sam Near created a travel agencycalled Tours-For-Less. These activities occurred during thecompany’s first month:June1Near created the new company by investing...
- Q Woh Che Co. has four departments: materials, personnel,manufacturing, and packaging. In a recent month, the fourdepartments incurred three shared indirect expenses. The amounts ofthese indirect expenses and the bases used...
- Q Marathon Running Shop has two service departments (advertisingand administrative) and two operating departments (shoes andclothing). The table that follows shows the direct expensesincurred and square footage occupied by all four...
- Q Based on actual dollars, discuss Apple Inc performancecompared to the prior year. 2017,2019,2018 from the company'sbalance sheet. Explain how you can tell whether the company isperforming better or worse, and...
- Q Problem 13-28 Net Present Value Analysis [LO13-2]Bilboa Freightlines, S.A., of Panama, has a small truck that ituses for intracity deliveries. The truck is worn out and must beeither overhauled or...
- Q Facts and information beloware needed to resolve questions 24 through 26:Jim Realty LLC, a partnership owned entirely by individuals,sells an apartment building for $72,200,000. The basis of thebuilding immediately prior...
- Q Cost Data for Financial Reporting and Special OrderDecisionsFriendly Greeting Card Company produces a full range ofgreetings cards sold through pharmacies and department stores. Eachcard is designed by independent artists. A...
- Q Andretti Company has a single product called a Dak. The companynormally produces and sells 83,000 Daks each year at a sellingprice of $56 per unit. The company’s unit costs at...
- Q Break-even sales and sales to realize operating income For thecurrent year ended March 31, Cosgrove Company expects fixed costsof $485,300, a unit variable cost of $46, and a unit selling...
- Q You are preparing to discuss borrowing needs with your? bank'sloan officer who asks you to prepare? pro-forma financialstatements. Below are the financial statements for the year justended. Your sales department...
- Q Kingsport Containers Company makes a single product that issubject to wide seasonal variations in demand. The company uses ajob-order costing system and computes plantwide predeterminedoverhead rates on a quarterly basis...
- Q As you know, we have been renting Building X for several yearsto the Smith Company for $30,000 per year. Their lease expires atthe end of the year. Instead of renewing...
- Q Trico Company set the following standard unit costs for itssingle product. Direct materials (30 Ibs. @ $5.10 per Ib.) $ 153.00Direct labor (8 hrs. @ $14 per hr.) 112.00 Factoryoverhead—variable...
- Q Question 9 Presented below is selected information for CarlaVista Company. Answer the questions asked about each of the factualsituations. 1) Carla Vista purchased a patent from Vania Co. for$1,180,000 on...
- Q 4. What is the purpose of an audit of a company’s financialstatements?5. What are audit objectives?1. Explain the four sources of auditor liability.
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
- Unlimited Question Access with detailed Answers
- Zin AI - 3 Million Words
- 10 Dall-E 3 Images
- 20 Plot Generations
- Conversation with Dialogue Memory
- No Ads, Ever!
- Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!