Accounting question and answers for July 25, 2023
- Q In the current? year, Mick?, Hank?, and Dawn form AresCorporation. Mick contributes land? (a capital? asset) having a$62,500 FMV in exchange for 200 shares of Ares stock. He purchasedthe land...
- Q [The following information applies to the questionsdisplayed below.]The accounting records of Nettle Distribution show the followingassets and liabilities as of December 31, 2016 and 2017.December3120162017Cash$42,759$6,324Accounts receivable23,21018,197Office supplies3,6612,682Office equipment112,390119,717Trucks43,98052,980Building0146,610Land036,583Accounts payable61,02030,264Note payable083,193Required:1....
- Q Establish an Excel Worksheet for the financial statementanalysis framework. Refer to the following information:a. On January 1, 2014, Frances Corporation started doingbusiness and the owners contributed $200,000 capital in cash.b....
- Q Please make it original in your words. Each part require150 words only please. 450 in total.· As aprofessional accountant, how would the process for completing thepractice set assignment (a manual...
- Q How does the Canadian Government treat special assessment tax ingovernmental accounting?
- Q Q1. Relate the Sarbanes-Oxley Act with globalconvergence of the financial reporting standards.Q2. Sketch the concept of Debit and Credit interms of accounting equation’s elements.Q3. Summarize the following entries in JournalLedger...
- Q Distinguish among a statutory merger, a statutory consolidation,and a stock acquisition.
- Q Problem 13-25 Net Present Value Analysis of a Lease or BuyDecision [LO13-2]The Riteway Ad Agency provides cars for its sales staff. In thepast, the company has always purchased its cars...
- Q Eagle Company makes the MusicFinder, a sophisticated satelliteradio. Eagle has experienced a steady growth in sales for the pastfive years. However, Ms. Luray, Eagle's CEO, believes that tomaintain the company's...
- Q The following information pertains to the most recent quarter atPrecious Production Limited. Purchases of rawmaterials$385,500 Raw materialsinventory, beginning46,800 Raw materialsinventory, ending76,500 Depreciation,factory210,500 Insurance,factory21,700 Direct labour251,900 Maintenance,factory126,800 Administrativeexpenses293,600 Sales2,208,000 Utilities,factory116,500 Supplies,factory4,170 Sellingexpenses335,300 Indirect labour271,900 Work in processinventory, beginning28,850 Work in processinventory, ending123,400 Finished goodsinventory, beginning42,550 Finished goodsinventory, ending170,200 1....
- Q Eli Fish Corp. (EFI), a passive investor, owns variousinvestments in debt and equity securities.EFI’s policy is to prepare journal entries for adjustments andaccruals at year end. The company elects to...
- Q Sunland Steel Corporation, as lessee, signed a lease agreementfor equipment for five years, beginning January 31, 2020. Annualrental payments of $50,000 are to be made at the beginning of eachlease...
- Q what are an accountants global issues?
- Q Running Data began operations on February 1. The companyproduces GPS watches designed for runners. On February 15, thecompany purchased 1,600 DVD discs to include with each runningwatch it sells. The...
- Q Compute the amount that a $20,000 investment today wouldaccumulate to at the end of 10 years, 8% interest compoundedquarterly.$ __________ Part (b) Fran wants to retire at the end of...
- Q Determine Cash FlowsNatural Foods Inc. is planning to invest in new manufacturingequipment to make a new garden tool. The new garden tool isexpected to generate additional annual sales of 5,000...
- Q what are an accountants Social Responsibilities andDiversity
- Q It has been said that advances in information technology havemade in both easier and more challenging to conduct. Please explainwhat is meant by this statement and provide examples of eachpoint.
- Q In the Customer and Vendors Centers, you were introduced toseveral features that QuickBooks uses in place of ledgers. Featuresand give examples on how a company might use them. Specifically, Iam...
- Q a. Analyze the following Graph and the breakeven pointand discuss how this analysis is used for decisionmaking?b- If fixed costs are $400,000, selling price per unitis $150, and variable cost...
- Q Miller Toy Company manufactures a plastic swimming pool at itsWestwood Plant. The plant has been experiencing problems as shownby its June contribution format income statement below:BudgetedActualSales (7,000 pools)$255,000$255,000Variable expenses:Variable cost...
- Q Northwest Building Projects manufactures two lumber productsfrom a joint milling process: residential building lumber andcommerical building lumber. A standard production run incurs jointcosts of $350,000 and results in 120,000 units...
- Q Badgersize Company has the following information for its FormingDepartment for the month of August.Work in Process Inventory,August 1: 20,000 unitsDirect materials: 100%complete$80,000Conversion: 20% complete24,000Balance in work in process,August 1$104,000Units started...
- Q Exercise 3-21On January 1, 2018, the general ledger of Dynamite Fireworksincludes the following account balances: AccountsDebitCredit Cash$25,800 AccountsReceivable7,200 Supplies5,100 Land70,000 AccountsPayable5,200 Common Stock85,000 RetainedEarnings17,900 Totals$108,100$108,100 During January 2018, the following transactions occur: January2Purchase rental space for one year in advance, $12,000($1,000/month).January9Purchaseadditional...
- Q Elastigirl owns a piece of real property with an adjusted basisof $480,000 and a fair market value of $1,000,000 and which issubject to a $400,000 mortgage. She exchanges the real...
- Q Ridgecrest Company manufactures plastic storage crates and hasthe following information available for the month of April: Work inprocess, April 1 (100% complete for materials, 47% for conversion)23,600 units Direct materials...
- Q Transactions The selected transactions below were completed bySilverado Delivery Service during February: Indicate the effect ofeach transaction on the accounting equation by choosing theappropriate letter from the following list: Increase...
- Q The following trial balance of Blues Traveler Corporation doesnot balance.BLUES TRAVELER CORPORATION TRIAL BALANCE APRIL 30, 2017DebitCreditCash5912Accounts Receivable5240Supplies2967Equipment6100Accounts Payable7044Common Stock8000Retained Earnings2000service revenue5200Office Expense432024,53922,2441. Cash received from a customer on account...
- Q We are considering hiring a catering company. Currently, we arepreparing meals for employees. The following is the cost ofpreparing a meal: Food $3.00 Labor 2.00 Fixed overhead 1.00 Total$6.00 The...
- Q Under current U.S. GAAP, assets that have been donated to acompany are recorded at fair value. By basing your argument on theconceptual framework, argue in favor of the current GAAP...
- Q Mears Production Company makes several products and sells themfor an average price of $75. Mears' accountant is considering twodifferent approaches to estimating the firm's total monthly costfunction, account analysis and...
- Q Activity-Based Product CostingRoberts Company produces two weed eaters: basic and advanced.The company has four activities: machining, engineering, receiving,and inspection. Information on these activities and their driversis given below.Basic Advanced TotalUnits produced 130,000 390,000 —Prime costs $9,620,000 $41,340,000 $50,960,000Machine...
- Q Listed below are types of errors or fraud that might occur infinancial statements. Although a number of audit procedures mightdetect an error or fraud, select the most likely effective auditprocedure...
- Q Jordan and Taylor are beginning to understand break-evenanalysis.Selling price to Yumminess at $10 per tin. The cost is $8 pertin, which includes $6 of direct material and $1.50 of directlabor....
- Q Salmone Company reported the following purchases and sales ofits only product. Salmone uses a periodic inventory system.Determine the cost assigned to ending inventory using LIFO.DateActivitiesUnits Acquiredat CostUnits Sold atRetailMay 1Beginning...
- Q The Smith & Jones Company is considering either the purchaseor lease of a new machine details asfollows: PurchaseCost of newmachine $97,000 AnnualMaintenance Costs payable at start ofyear $10,000 Onlypayable if machine ispurchased. MachineUseful Life 5years Salvage Value at...
- Q Pay Incentives and Fraudulent ActivityMany management contracts include pay incentives. Are theseincentives an invitation to commit fraud? Who determines whethermanagement has achieved its goals? Are there certain types ofincentives that...
- Q Proposal #1 would extend trade credit to some customersthat previously have been denied credit because they wereconsidered poor risks. Sales are projected to increaseby $150,000 per year if credit is...
- Q 3 Fraley Chemical Company accounts for its production activitiesusing first-in, first-out (FIFO) process costing. Inventory recordsfor the process show a January 1 work-in-process inventory of10,000 gallons, 80 percent complete as...
- Q Porto Berhad is an all-equity firm. The company is consideringthe following projects:ProjectBetaExpected returnBarcelona0.7011%Juventus0.8514%PSG1.3016%Chelsea1.5018%The T-bill rate is 9 percent and the expected return on themarket is 12 percent.a.Evaluate which projects have...
- Q Miller and Sons' static budget for 10,000 units of productionincludes $36,700 for direct materials, $45,400 for direct labor,variable utilities of $6,100, and supervisor salaries of $16,500. Aflexible budget for 13,300...
- Q What are especif audit objectves? explain their relashionship tothe general audit objectives
- Q Derby Phones isconsidering the introduction of a new model of headphones with thefollowing price and cost characteristics:Sales price$355per unitVariablecosts140per unitFixed costs451,500per monthRequired:a.What number must Derby sell per month to break...
- Q Derby Phones isconsidering the introduction of a new model of headphones with thefollowing price and cost characteristics:Sales price$17per unitVariablecosts8per unitFixed costs20,000per monthAssume that theprojected number of units sold for the...
- Q Max, Nat and Roberta formed a partnership to operate adry-cleaning business. They agreed to share initial capital andsubsequent income in a 5:3:2 ratio. Each partner’s contributions tothe new venture are...
- Q Fortes Inc. has provided the following data concerning one ofthe products in its standard cost system. Materials price variancesis calculated on material purchased and materials quantity is basedon Material used...
- Q Chaz Corporation has taxable income in 2018 of $452,000 forpurposes of computing the §179 expense and acquired the followingassets during the year:Assume that the qualified improvement property has satisfiedthe conditions...
- Q James Corp. applies overhead on the basis of direct labor hours.For the month of May, the company planned production of 10,000units (80% of its production capacity of 12,500 units) and...
- Q Young Professional Couple are concerned as to the funding oftheir children's higher educations. Their alma mater has aQualified Tuition Program and they hav ealso hear about savingsbonds and Educational Savings...
- Q A23. (Capital budgeting—payback method) Allenby Corp. has $10million to invest. Listed below are the expected future cashinflows to be received for four alternative investments, inmillions of dollars.Investment A, Investment...
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