Accounting question and answers for July 24, 2023
- Q Using the data in the attached spreadsheet, complete the consolidation worksheet by: entering the consolidation entries in the appropriate columns for the elimination entries [E], and the addition of the...
- Q Problem 15-16 (Algorithmic) (LO. 4) Zebra, Inc., a calendar year 5 corporation, incurred the following items this year. Sammy is a 40%...
- Q On March 19, Modern Kitchens, a retail store, received Credit Memorandum 244 for $4,170 from J & M Appliance Corporation. The credit memorandum covered a return of damaged trash compactors...
- Q Current Position Analysis a. Determine the (1) current ratio and (2) quick ratio for both years. Round to one decimal place. b. What conclusion can be drawn from...
- Q Last month, Quaid Company had a $70,000 net operating loss on sales of $300,000, when fixed costs were $120,000 for the month. What amount of sales revenue would...
- Q Tanya has the following sources of income and deductions: Gross employment income $35,000, Net employment income 34,000, Business loss 14,000, Taxable capital gain 4,000, Allowable capital loss 2,000, What is...
- Q What term refers to the optimization of value-adding activities and elimination of nonvalue-adding activities that are part of a value stream
- Q Question 4
- Q Use the following data to answer questions the next 3 questions On November 10 of the current year, Cherokee Industries sold materials to a customer for $8,000 with credit terms...
- Q Cordova manufactures three types of stained glass window, cleverly named Products A, B, and C. Information about these products follows: Sales price Variable...
- Q DuBois Corporation purchased a non-strategic investment in 1,000 shares of Scotiabank (BNS) for $31 per share. On the next balance sheet date, BNS is quoted at $35 per share. DuBois's...
- Q Refers to an estimate of the cost of an item that includes all costs related to the procurement and use of an item, including the costs of disposal...
- Q A Taxpayer transfers property with an adjusted basis of $10,000 and a fair market value of $50,000 to a controlled corporation in exchange for stock worth $30,000, cash of $10,000,...
- Q At January 1, 2022, Sheridan, Inc. has beginning inventory of 3900 surfboards. Sheridan estimates it will sell 15100 units during the rst quarter of 2022 with a 10% increase in...
- Q Crane Companybudgeted manufacturing costs for 30000 tons of steel are: Fixed manufacturing costs $50000 per month Variable manufacturing costs $12 per ton of steel...
- Q Trueform Products, Inc., produces a broad line of sports equipment and uses a standard cost system for control purposes. Last year the company produced 5,100 varsity...
- Q Describe all steps in NET PAY CALCULATION
- Q Which of the following privileged communications generally is NOT recognized in federal court? A) Husband/wife B) Accountant/client C) Priest/penitent D) Attorney/client
- Q True or False Completion is the management assertion being tested by the auditor during the review of the repairs expense to identify any capital expenditures
- Q Kitchen World Inc. is a Canadian controlled private corporation (CCPC) that operates a retail business selling cooking utensils, knives and small appliances for both professional chefs and home cooks. Kitchen...
- Q The controller of the city of F, who is independent of the chief executive, purposefully underestimates revenues and publishes revenue statements that show actual revenues only. (a) How can one...
- Q Explain, and in details, how you can test the empirical validity of the Capital asset Pricing Model. In addition, comment on what determines the value of systematic risk (beta).
- Q An analysis of the Marketable Securities control account of Fancher Products, Inc., shows the following entries during the year. Balance, Jan. 1 $ 290,000 Debit entries 250,000 Credit entries (120,000...
- Q What forecasting technique makes use of written surveys or telephone interviews
- Q PLEASE HELP!!!!!!! Question 1 (10 marks) 1a) On 1 May 2020 Harry's Plastics Ltd acquires goods from a supplier in the US. The goods are shipped f.o.b. from the...
- Q 11. Gonyo Inc., which produces and sells a single product, has provided the following contribution format income statement for December appears below: ...
- Q Your firm has limited capital to invest and is therefore interested in comparing projects based on the profitability index (PI), as well as other measures. What is the PI of...
- Q 8. Discuss the different means for funding a sport business. Be specific
- Q Cutter Enterprises purchased equipment for $78,000 on January 1, 2021. The equipment is expected to have a five-year life and a residual value of $6,600. Using the straight-line method, depreciation...
- Q Use the DuBois Corporation data in question 2. The company reports changes in fair value through net income DuBois's income statement should report. Question 3 options: Unrealized loss of $4,000...
- Q In budgeting cash, cash disbursements include payments to employees and suppliers as well as for depreciation. Answer choices True False
- Q Liston Fry Co. has the following selected account balance at June 30, 2009. Prepare the Stockholders equity section of the Company Balance Sheet. 15 puntos -Common Stock, no par -Inventory..$112,000...
- Q Calculate the deduction for the decline in value using the prime cost method of a new delivery van purchased during the current income tax year by taxpayer and used solely...
- Q How does the depreciation value end up being $2900?
- Q Consider your current company, or a company that you have formerly worked for, and describe and critique the budgeting processes that are used for that organization. If you do not...
- Q What is Kelly's basis for her partnership interest in the following situation? The partners share the economic risk of loss from recourse liabilities according to their partnership interests. Kelly...
- Q Assume that Casio Computer Company, LTD. sells handheld communication devices for $110 during August as a back-to-school special. The normal selling price is $150. The standard variable cost for each...
- Q 13 Post ll None Collapse All Expand All ge Actions Margarita Pastora Chapter 13 -Discussion Questions 1. Explain the difference between financial reporting and financial statements....
- Q Consolidation spreadsheet for continuous sale of inventory - Equity method Assume that a parent company acquired a subsidiary on January 1, 2013. The purchase price was $500,000 million in excess...
- Q Capstone Publishers Inc. collects 50% of its sales on account in the month of the sale and 50% in the month following the sale. If sales on account are budgeted...
- Q The two distinguishing characteristics of a derivative are
- Q decreased Which type of account is with a debit? o Liability o Expense o Dividend o Asset
- Q Fahringer Corporation makes three products that use compound W, the current constrained resource. Data concerning those products appear below: BJ XS QR Selling price per unit $104.78 $527.98 $557.92 Variable...
- Q Old Country Links, Inc., produces sausages in three production departmentsMixing, Casing and Curing, and Packaging. In the Mixing Department, meats are prepared and ground and then mixed with spices. The...
- Q you are presented with the following alphabetical list of items, selected from the financial statements of Saputo Inc.: For each of the below accounts, identify the following:
- Q Becton Labs, Incorporated, produces various chemical compounds for industrial use. One compound, called Fludex, has the following standard cost per unit: During November, the following activity was...
- Q The Fleming Company, a food distributor, is considering replacing a filling line at its Oklahoma City warehouse. The existing line was purchased several years ago for $3,600,000. The lines book...
- Q Income statements and balance sheets follow for Microsoft Corporation and Apple Inc. Refer to these financial statements to answer the requirements. MICROSOFT CORPORATION Income...
- Q Nicolas Inc. sells a product for $84 per unit. The variable cost is $49 per unit, while fixed costs are $401,800. Determine (a) the break-even point in sales units and...
- Q Five males with an X-linked genetic disorder have one child each. The random variable x is the number of children among the five who inherit the X-linked...
- Q help me please PART 2: COMPLETING MISSING INFORMATION BONZZE Electronics manufactures two large-screen television models: the Doyale which sells for $1,650, and a new model,...
- Q Company selected: American Eagle Outfitters (AEO) Financial Analysis Financial Ratio Analysis Credit Analysis Cash Flow Analysis
- Q A company reported sales revenue, all of which arose from credit sales of $48,000 on the income statement. Balance sheet information includes the...
- Q A tractor for over-the-road hauling is purchased for $94,800. It is expected to be of use to the company for 9 years, after which it will be salvaged for $18,200....
- Q State two examples of business segments and explain why these would be feasible business segments. You can use examples from your work or pick a publicly held company and describe...
- Q explain why ethics are an integral of a accounting
- Q Required information Use the following information for Exercises 19-20 below. (Algo) [The following information applies to the questions displayed below] Chase Company posted transactions (a...
- Q With the following information calculate the GDP for nation X The country's spending on consumer goods and services was $60 Businesses invested $15 and built up their inventories of...
- Q Which of the following is NOT consistent with the principle of materiality in accounting? Relatively small errors in record keeping are not likely to produce a...
- Q 4. Mary is a licensed attorney who works part time on a consulting basis. Mary collected $ 75,000 in consulting fees during 2015. Mary does her work at the...
- Q Rebecca and Walter Bunge have been married for 5 years. They live at 883 Scrub Brush Street, Apt. 52B, Las Vegas, NV 89125. Rebecca is a homemaker and Walt is...
- Q Please, I want answers that are specific to me and correct Q1. Discuss with your own examples the two methods of accounting for receivables and the two methods for estimating...
- Q Tempo Company's fixed budget (based on sales of 14,000 units) folllows. Fixed Budget Sales (14,000 units \times $202 per unit)2,828,000 Costs Direct materials...
- Q Which is not a fraud risk related to Fixed Assets Failing to remove assets from the books after a sale Capitalizing expenses All of these answers are fraud risks Reducing...
- Q As part of its executive compensation plan, Vertovec Inc. granted 66,000 of its no-par common shares to executives, subject to forfeiture if employment is terminated within three years. Vertovecs common...
- Q an investment advisor invested $14,000 in two accounts. one investment earned 5% annual simple interest, and the other investment earned 3.5% annual simple interest. The amount of interest earned for...
- Q Question 2 (17 marks) ABC Limited is a public listed company dealing with fast moving consumer goods. The authorized...
- Q Describe the organizations involved in standard setting for auditors in the United States and what their respective roles are in setting current auditing standards for companies in the United States.
- Q Name a company who is a good candidate for standard costs and management by exception. Explain why you believe this. Support your assertions with evidence.
- Q Transactions in a Job Order Cost System Five selected transactions for the current month are indicated by letters in the following T accounts in a job order cost...
- Q Pastor Atkins received 52,000 and ministerial earnings $36,400 salary For ministerial services, 2;600 for performing weddings and 13,000 tax-free parsonage allowance. She incurred 5,800 on unreimbursed expenses connected with her...
- Q Consultex, Inc. was founded in 2012 as a small financial consulting business. The company had done reasonably well in 20122014...
- Q A cash register does not: restrict access to cash. document the amount of cash received for items sold. summarize the cash register's total cash sales. reconcile accrual accounting with cash...
- Q 1. Conner Company borrows $203,600 cash on November 1, 2013, by signing a 120-day, 9% note. What is the total amount of interest that Conner will recognize for this note?...
- Q Which of the following statements is correct regarding a voucher system? The journal entry to record the asset purchased and liability owed should be recorded when the bill for goods...
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