Accounting question and answers for July 25, 2023
- Q In refrence to accounting fraud What do you see as the potential challenges to the indirect method of tracing illicit transactions? Do you think this method is just as reliable...
- Q A tax-exempt organization may file form 990-N if annual gross receipts are normally? A) More than $50,000 B) $50,000 or less C) more then $500,000 D) $500,000...
- Q Minden Company is a wholesale distributor of premium European chocolates. The companys balance sheet as of April 30 is given below: Minden Company Balance Sheet...
- Q Which class interval is the median group? 97.498.29 (B) 100.1100.99 98.399.19 99.2100.09
- Q Flexible Overhead Budget Leno Manufacturing Company prepared the following factory overhead cost budpet for the Press Department for October of the current year,...
- Q hey
- Q Explain the meaning of cost classification for Fixed cost and Variable cost. 200 words
- Q O 54000 not OSMO O 57000 f t 50000 vorable O O 5000 Type here to search
- Q Paying your employees would be an example of an _________________ activity. A. Financing B. Operating C. Investing
- Q XYZ Inc. had outstanding 50,000 shares of non-par value common stock, with a stated value of $450, on December 31, 2022. The directors voted to split on a 3-for-1 basis...
- Q Loan payments of $3900 due three years ago and $2400 due in four years are to be replaced by two equal payments. The first replacement payment is due now and...
- Q ABC Co. and XYZ Co. are identical firms in all respects except for their capital structure. ABC is all equity financed with $575,000 in stock. XYZ uses both stock and...
- Q Green Manufacturing Company produces a product that has variable cost of 70 per unit Fixed costs amount to $ 340,000 The selling price of the product is $78 The margin...
- Q Sunland Corp. sells idle machinery to Sandhill Compamy on July 1,2025, for $31,000. Sunland agrees to repurchase this equipment. from Sandhill on June 30,2026 , for...
- Q Estudio de caso "Apple Inc. en 2020" de la Escuela de Negocios de Harvard 1. descripcin general del caso 2. Fondo 3. anlisis 4 Cules fueron...
- Q Cover-to-Cover Company is a manufacturer of shelving for books. The company has compiled the following cost data, and wants your help in determining the cost behavior. After reviewing the data,...
- Q these are all the option that can be filled in the table. Wrap Ltd. is a Canadian-controlled private corporation. At the end of 2019, Wrap had the following...
- Q 7 Q 1-2 Example of requirements: Question portions: Required information The following information applies to the questions displayed below.] Vail Company recorded the...
- Q declared quarterly dividend of $0.50per share on common stock and $1 per share on preferred stock. on the date of record 100000 shares of common stock were outstanding
- Q amortization of premium using the straight-line method. If an amount box does not require an entry, leave it blank
- Q Give the general journal entries to record the following transactions: 1. On December 31, 2020, Bay Co. established a bond sinking fund investment by depositing $20,000 with the fund trustee....
- Q Plant Company acquired all of Sprout Corporation's stock on January 1, 20X6 for $150,000 cash. On December 31, 20X8, the trial balances of the two companies were as follows: ...
- Q Year 2019 2020 Net sales 10000 16800 Costs of goods 5000 5700 Depreciation 1000 900 Taxes paid 1000 900 Cash 10700 10800 Accounts receivable 2000 1700 Inventory 1300 800 Current...
- Q Exercise 12-32 (Algo) After-Tax Net Present Value and IRR (Non-MACRS Rules-Straight-Line vs. DoubleDeclining-Balance Depreciation Methods) [LO 12-4] eEgg is considering the purchase of a...
- Q which of the following is not a characterstic of the balance sheet?
- Q Star Videos, Inc., produces short musical videos for sale toretail outlets. The company’s balance sheet accounts as of January1 are given below. Star Videos, Inc. Balance Sheet January 1 AssetsCash...
- Q ACCT Corp. is a manufacturer of truck trailers. On 1 January2020, ACCT Corp. leased a trailer to a customer under a six-yearlease agreement. The following information about the lease and...
- Q On July 1, 2017, Torvill Construction Company Inc. contracted tobuild an office building for Gumbel Corp. for a total contractprice of $1,900,000. On July 1, Torvill estimated that it wouldtake...
- Q The sch of technology, art, and design STAD isconsidering buying a package machine for its Engineering Technologyprogram. it is expected that this machine will generate a revenuefor the school through...
- Q Record transactions using journal entries:Suppose Mask, Inc. identified the following transactions duringJanuary 2018:1/1/18: Purchased inventory worth $11,300 on account.1/3/18: Sold inventory, which originally cost $2,750, for $3,180on account to customers.1/15/18:...
- Q The Polaris Company uses a job-order costing system. Thefollowing transactions occurred in October:Raw materials purchased on account, $210,000.Raw materials used in production, $189,000 ($151,200 directmaterials and $37,800 indirect materials).Accrued direct...
- Q Buffalo Corporation uses a periodic inventory system and thegross method of accounting for purchase discounts.(a)On July 1, (1) Buffalo purchased $33,000 of inventory, terms1/10, n/30, FOB shipping point. (2) Buffalo...
- Q Stock IssuanceThe following transactions are for Weber Corporation in2014On March 1, the corporation was organized and receivedauthorization to issue 5,000 shares of 8%, $100 par value preferredstock and 2,000,000 shares...
- Q the capital investment committee of Ellis Transport and StorageInc. is considering two investment projects. The estimated incomefrom operations and net cash flows from each investment are asfollows:WarehouseTracking TechnologyYearIncome fromOperationsNet CashFlowIncome...
- Q On January 1, 2019, Sharon Matthews established Tri-City Realty,which completed the following transactions during the month:Jan.1Sharon Matthews transferred cashfrom a personal bank account to an account to be used for...
- Q Luzadis Company makes furniture using the latest automatedtechnology. The company uses a job-order costing system and appliesmanufacturing overhead cost to products on the basis ofmachine-hours. The predetermined overhead rate was...
- Q On June 1, 2019, Kris Storey established an interior decoratingbusiness, Eco-Centric Designs. During the month, Kris completed thefollowing transactions related to the business:June1Kris transferred cash from apersonal bank account to...
- Q Carla Vista Ltd., a private company reporting under ASPE,reported the following for the years ended May 31, 2021, and2020.CARLA VISTA LTD.Balance SheetMay 31Assets20212020Cash$25,100$46,750Accounts receivable88,65078,750Inventory184,000159,750Prepaid expenses5,9007,400Land135,75079,500Equipment319,000199,000Accumulated depreciation(77,200)(39,750) Total assets$681,200$531,400Liabilities and Shareholders’EquityAccounts payable$42,850$39,750Dividends...
- Q how would i write down these intojournal entries?1. On February3, 2017, FCM signed an agreement with Deion Sanders to providemedia consulting for his football camp. On December 1, FCMcompleted some...
- Q Worley Company buys surgical supplies from a variety ofmanufacturers and then resells and delivers these supplies tohundreds of hospitals. Worley sets its prices for all hospitals bymarking up its cost...
- Q .A condensed income statement by product line for Crown BeverageInc. indicated the following for King Cola for the past year:Sales$234,800Cost of goods sold110,000Gross profit$124,800Operating expenses143,000Loss from operations$(18,200)It is estimated that...
- Q In July, 2006, a member of the audit team auditing BelhavenUniversity’s annual report was carrying his laptop while walking tohis car parked in the street. He was mugged and his...
- Q HUBBARD CORPORATIONBalance SheetAtDecember 31, 2018AssetsBuildings$756,000Land268,000Cash66,000Accountsreceivable (net)132,000Inventories252,000Machinery286,000Patent(net)106,000Investment inmarketable equity securities72,000Totalassets$1,938,000Liabilities and Shareholders' EquityAccountspayable$221,000Accumulateddepreciation261,000Notespayable512,000Appreciation ofinventories86,000Common stock,authorized and issued106,000 shares of no par stock424,000Retainedearnings434,000Totalliabilities and shareholders' equity$1,938,00Additional information:The buildings, land, and machinery are...
- Q Sweeten Company had no jobs in progress at the beginning ofMarch and no beginning inventories. It started only two jobs duringMarch—Job P and Job Q. Job P was completed and...
- Q Note: This problem is for the 2018 taxyear.Lance H. and Wanda B. Dean are married and live at 431 YuccaDrive, Santa Fe, NM 87501. Lance works for the convention bureau...
- Q Cocoa Company *2016 2017Cash 100 75Cost of Goods Sold 1000 1100Debt (LT) 10000 12000Depreciation 2000 2200Equity (total) 5300 5125Interest Expense 600 720Inventories 400 400Payables 1200 1350Property, Plant, Equipment 1600018000Revenues 6500...
- Q Given that there are various types of seasoned auditors such asgeneralists and specialists, do you think it easier or moredifficult for specialists to perform audit outside their specialty(domain) than generalists?
- Q Mission Foods produces two flavors of tacos, chicken and fish,with the following characteristics:ChickenFishSelling price pertaco$3.00$4.50Variable cost per taco1.502.25Expected sales (tacos)200,000300,000The total fixed costs for the company are $117,000.a. What is...
- Q Froya Fabrikker A/S of Bergen, Norway, is a small company thatmanufactures specialty heavy equipment for use in North Sea oilfields. The company uses a job-order costing system that appliesmanufacturing overhead...
- Q Inventory by ThreeMethods; Cost of Goods SoldThe units of an itemavailable for sale during the year were as follows:Jan. 1Inventory21 units at $1,800May 15Purchase29 units at $1,950Aug. 7Purchase10 units at...
- Q Question 5: Forty-Niner Co purchased a computer for$325,000 on January 2, 2017. The company expects the computer tolast for 8 years or 15,000 hours of operation, with an estimatedresidual value...
- Q Describe how budget assumptions operate over time, what makesthe best budget assumptions and what happens when they becomeinvalid. (100 words)
- Q When researching information to complete the cash flow budget,what needs to be considered?
- Q SYN 960 Business Government & SocietyAlbright CollegeApplication Test #1Read the following case below and then answer the questionsfollowing the case.Case: A Brawl in Mickey’s BackyardOutside City Hall in Anaheim, California—home...
- Q Kara Ries, Tammy Bax, and Joe Thomas invested $26,000, $42,000,and $50,000, respectively, in a partnership. During its firstcalendar year, the firm earned $359,700. Prepare the entry to closethe firm’s Income...
- Q Prepare a statement of cash flows, using the indirectmethod of presenting cash flows from operating activities. Use theminus sign to indicate cash out flows, cash payments, decreases incash, or any...
- Q Meir, Benson, and Lau are partners and share income and loss ina 2:3:5 ratio. The partnership's capital balances are as follows:Meir, $68,000; Benson, $104,000; and Lau, $178,000. Benson decidesto withdraw...
- Q Dozier Companyproduced and sold 1,000 units during its first month of operations.It reported the following costs and expenses for the month:Direct materials$74,000Direct labor$37,500Variable manufacturing overhead$17,000Fixed manufacturing overhead29,500Total manufacturing overhead$46,500Variable selling...
- Q Jane Pty Ltd is the trustee of Moore Family Trust. The trustproperty is worth $450,000. Jane Pty Ltd runs a cafe on behalf ofthe trust. The trust deed notes that...
- Q Kendra, Cogley, and Mei share income and loss in a 3:2:1 ratio.The partners have decided to liquidate their partnership. On theday of liquidation their balance sheet appears as follows. KENDRA,COGLEY,...
- Q Due to erratic sales of its sole product—a high-capacity batteryfor laptop computers—PEM, Inc., has been experiencing financialdifficulty for some time. The company’s contribution format incomestatement for the most recent month...
- Q Dozier Companyproduced and sold 1,000 units during its first month of operations.It reported the following costs and expenses for the month:Direct materials$74,000Direct labor$37,500Variable manufacturing overhead$17,000Fixed manufacturing overhead29,500Total manufacturing overhead$46,500Variable selling...
- Q Thoroughly describe the general format and key steps involved ina capital investment planning process.How is the federal government’s approach different than that ofthe states and local governments?Why is asset a...
- Q What are the arguments for and against open markets andfree-trade policies? Which do you find convincing?
- Q Computing Return on Equity and Return on AssetsThe following table contains financial statment information forWalmart Stores Inc.$ millionsTotal AssetsNet IncomeSalesEquity2015199,58114,694478,61480,5462014203,49016,363482,22981,3942013204,75116,022473,07676,255QuestionsA. Compute the return on euqity (ROE) for 2014 and 2015....
- Q Calculating the Fair Value of DebtThe Longo Corporation issued $60 million maturity value innotes, carrying a coupon rate of six percent, with interest paidsemiannually. At the time of the note...
- Q Plyler Plastics Company produces a variety of custom plasticsproducts for a worldwide clientele. The company's cost accountingmanager, Martha Johns, is beginning to implement an activity-basedcosting system and has gathered data...
- Q 1. John buys shares of stock in Acme Corp. on January 1, 2018 for $50.He gifts the stock to Mary on July 1, 2018 when the stock has afair market value...
- Q 4. John buys shares of stock in Acme Corp. on January 1, 2018 for $50.John dies July 1, 2018 when the stock has a fmv of $60. Maryinherits the stock from...
- Q Exercise 13-14 Comparison of Projects Using Net Present Value[LO13-2]Labeau Products, Ltd., of Perth, Australia, has $18,000 toinvest. The company is trying to decide between two alternativeuses for the funds as...
- Q Steinar loan a friend 9000 to buy some stock 3 yearsago. I the current year the debt became worthless. a. How much isSteinar's deduction for bad debt for this year...
- Q Saldina Hardware is organized into 3 departments. The followingsales and cost data are available for the prior year. DeptA DeptB Dept CSales $265,000 $850,000 $900,000Variablecosts 106,000 510,000 720,000ContributionMargin 159,000 340,000 180,000Less fixedcosts 60,000 85,000 92,000Profit 99,000 255,000 88,000Required:a. What is the weighted average contribution margin ratio?b....
- Q On-the-Go, Inc., produces two models of traveling cases forlaptop computers: the Programmer and the Executive. The bags havethe following characteristics: Programmer Executive Selling priceper bag $ 70 $ 100 Variable...
- Q the owner-manager (OM) would sell a part of his/her equityshares to outside investors, mostly because OM (1) needs externalfunds to finance growth & expansion; (2) wants to reduce therisk of...
- Q No matter what your business, to stay in business you have toattract and retain customers. How do you do that? One way is todeliver a quality product or service in...
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