Accounting question and answers for July 26, 2023
- Q A company has fixed costs of $900 and a per-unit contributionmargin of $3. Which of the following statements is true? ______A) Once the break-even point is reached; the company willincrease...
- Q Consider the following incomestatement for the Heir Jordan Corporation: HEIR JORDAN CORPORATIONIncome Statement Sales$48,800 Costs34,800 Taxable income$14,000 Taxes (30%)4,200 Net income$9,800 Dividends$3,200 Addition to retainedearnings6,600 The balance sheet for the Heir Jordan Corporation follows. Basedon this information and the...
- Q Forecast Sales Volume and Sales BudgetFor 20Y6, Raphael Frame Company prepared the sales budget thatfollows.At the end of December 20Y6, the following unit sales data werereported for the year:Unit Sales8"...
- Q On January 4, Year 1, Larsen Corp purchased 10,000 shares ofWarner Corp for $119,000 plus a broker’s fee of $2,000. Warner Corphas 50,000 common shares outstanding and it is presumed...
- Q Q.2 (Max Marks:90)Bombera Ltd operates at capacity and makes glass-topped diningtables and wooden chairs, which are then typically sold as sets offour chairs with one table. However, some customers purchasereplacement...
- Q Survey empirical evidence to discuss the impact of governmentregulations (e.g., Sarbanes–Oxley Act of 2002 and Dodd–Frank WallStreet Reform and Consumer Protection Act of 2010) on corporateoperation and financial performance.Please provide...
- Q The debits to Work in Process—Roasting Department for MorningBrew Coffee Company for August, together with informationconcerning production, are as follows:Work in process, August 1, 500 pounds, 60%completed$2,300**Direct materials (500 X...
- Q McCaffy Company uses a periodic inventory system. It sold 1,000units of Product H. Its beginning inventory and purchases duringthe month were as follows: April 1 Beginning inventory 200 units @$1...
- Q Arbour Inc. had the following balances on its balance sheet atthe beginning of year 4. The balances in the two accounts are"normal" (so Accounts receivable is a positive asset and...
- Q Occupational fraud victims are concerned about how to detectfraud effectively and efficiently. Write an essay on "OccupationalFraud: Detection". In the essay, State and describe the manner inwhich occupational fraud may...
- Q Required information[The following information applies to the questionsdisplayed below.]North Star prepared the following unadjusted trial balance atthe end of its second year of operations ending December 31.AccountTitlesDebitCreditCash$11,700Accounts Receivable5,700Prepaid Rent2,340Equipment20,700Accumulated Depreciation$1,130Accounts...
- Q 1. Who can contribute to a traditional IRA, and how much? Nick,age 53, is single and has AGI of $67,000. He contributes $5,000 tohis IRA in 2018. How much can...
- Q J.P. Morgan, the iconic financier, is reputed to have estimatedthe proper compensation for an organization's chief executiveofficer to be 20 times the salary of its lowest paid employee.Today, however, the...
- Q Problem 3Hood leased equipment from Rowe on January 1, 2021. Rowemanufactured the equipment at a cost of $200,000. Both lessee andlessor have December 31 year ends. Lease terms: Lease term...
- Q Feather Friends, Inc., distributes a high-quality woodenbirdhouse that sells for $40 per unit. Variable expenses are $20.00per unit, and fixed expenses total $200,000 per year. Its operatingresults for last year...
- Q How does managerial accounting differ from financial accounting?Please focus on the following elements: 1- Past versus Present 2-Precision versus Timeliness 3- Requirement to follow GAAP/IFRS
- Q How do you calcuate the Fixed Overhead (FOH) spending varianceand the Fixed Overhead (FOH) production volume variance given thefollowing information:(budgeted assembly time is 2 hrs per unit of output)Actual ResultsStatic...
- Q Talbot Riding Stables provides stables, care for animals, andgrounds for riding and showing horses. The account balances at thebeginning of 2018 were:Problem Set B Enlarge Image During 2018, the followingtransactions...
- Q Briggs Excavation Company is planning an investment of $307,300for a bulldozer. The bulldozer is expected to operate for 2,000hours per year for five years. Customers will be charged $120 perhour...
- Q 4. Spartan Inc. (a US based MNC) is planning to open asubsidiary in Switzerland to manufacture shoes. The new plant willcost SF 1.0 billion. The salvage value of the plant...
- Q XYZ Company makes two products, W and P, in a joint process. Atthe split-off point, 45,000 units of Product W and 70,000 units ofProduct P are available each month. Monthly...
- Q 6) Unearned revenueis classified asa. an asset account.b. a revenue account.c. a contra-revenue account.d. a liabilityaccount.7) Which of thefollowing would not result in unearnedrevenue?a. Rent collected in advance fromtenantsb. Services...
- Q Jet Li Berhad (JLB) has built an offshore wind farm with thepurpose of testing the efficiency of its prototype wind turbines.JLB has applied to the authority for approval for production...
- Q Wallace & Wallace, CPAs, audited the financial statements ofWest Co., a nonpublic entity, for the year ended September 30,20X1, and expressed an unqualified opinion. For the year endedSeptember 30, 20X2,...
- Q The use of long-term debt is a traditional part of the fiscalpolicy of state and local governments.True or FalseWhen a lease payment is made, an entry is made in the...
- Q explain in an paragraph what is microfinance and how it isdifferent from regular finance , describe in detail of all thedifferences. how can microfinance help eradicate poverty? Ismicrofinance sustainable? what...
- Q What is Fair Presentation and explain what its' characteristicsare?
- Q The costs per unit and period for Milligan Exploration for allrelevant ranges of activity is as follows: Cost perUnit Cost per Period Selling price perunit 14.25 Directmaterials 5.00 Directlabor 2.90 Variable manufacturingoverhead 1.25 Fixed manufacturingoverhead - $21,000 Salescommissions 1.00 Variable administrativeexpense 0.55 Fixed selling and administrativeexp. $7,5001. If Milligan...
- Q "Wonderful! Not only did our salespeople do a good job inmeeting the sales budget this year, but our production people did agood job in controlling costs as well,” said Kim...
- Q Renter’s DilemmaHucks, Inc. (Hucks), a publicly traded corporation, plans tolease equipment from Jackson Co. (Jackson) on January 1, 2020, fora period of three years. Lease payments of $100,000 are due...
- Q 1. BTC uses the cost formula Y = $5,300 + $0.60X to estimate itsmaintenance costs where X represents machine hours. If the Augustbudget calls for 8,000 hours of planned machine...
- Q Problem 1Hood lease equipment from Ford on January 1, 2019. Fordpurchased the equipment from a manufacturer at a cost of$250,000,its fair value. Terms of the lease are as follows:Lease term...
- Q Amanda would like to organize BAL as either an LLC (taxed as asole proprietorship) or a C corporation. In either form, the entityis expected to generate an 8 percent annual...
- Q 6.Rex, age 55, is an officer of Blue Company, which provides himwith the following nondiscriminatory fringe benefits in 2019:•Hospitalization insurance premiums for Rex and his dependents.The cost of the coverage...
- Q Kramerica Industries decided to compete in the market of "tipcalculators" by designing a cheaper version of the Sharp Wizard andoffering it for only $50 (as opposed to the $200 genuine...
- Q What is meant by the term "arm’s length," and how do you see itas important in tax planning? In what ways can a stock redemptionbe classified? In a stock redemption,...
- Q MC Qu. 102 Charger Companys most recent...Charger Company's most recent balance sheet reports total assetsof $32,612,000, total liabilities of $19,462,000 and total equityof $13,150,000. The debt to equity ratio for...
- Q Pam Corporation holds 70 percent ownership of Spray Enterprises.On December 31, 20X6, Spray paid Pam $29,500 for a truck that Pamhad purchased for $34,500 on January 1, 20X2. The truck...
- Q MC Qu. 111 On January 1 of Year...On January 1 of Year 1, Congo Express Airways issued $2,700,000of 6% bonds that pay interest semiannually on January 1 and July 1.The...
- Q ComprehensiveCaseEthics: Manipulating Data to Establish a Budget(Appendix). Healthy Bar, Inc., produces energy bars forsports enthusiasts. The company’s fiscal year ends on December 31.The production manager, Jim Wallace, is establishing a...
- Q MC Qu. 120 A company issued...A company issued 5-year, 6% bonds with a par value of $92,000.The company received $89,947 for the bonds. Using the straight-linemethod, the amount of interest...
- Q Traditional Product Costing versus Activity-BasedCostingRidgeland Inc. makes backpacks for large sporting goods chains thatare sold under the customers' store brand names. The AccountingDepartment has identified the following overhead costs and...
- Q Sheffield Inc. acquired 20% of the outstanding common stock ofTheresa Kulikowski Inc. on December 31, 2020. The purchase pricewas $1,320,800 for 50,800 shares. Kulikowski Inc. declared and paidan $0.90 per...
- Q A project requires a contractor to excavate 28,000 bank CY dryearth, haul it away to a borrow area located 3 miles away. Thecontractor has 4 weeks to complete the work....
- Q Exercise 5-35 ABC; Selling Costs (LO 5-2, 5-4)Redwood Company sells craft kits and supplies to retail outletsand through its catalog. Some of the items are manufactured byRedwood, while others are...
- Q MC Qu. 145 On July 1, Shady Creek Resort...On July 1, Shady Creek Resort borrowed $390,000 cash by signinga 10-year, 9% installment note requiring equal payments each June30 of $60,770....
- Q MC Qu. 150 On January 1, a company issues...On January 1, a company issues bonds dated January 1 with a parvalue of $370,000. The bonds mature in 5 years. The...
- Q Problem 7-18 Activity-Based Costing and Bidding on Jobs [LO7-2,LO7-3, LO7-4]Mercer Asbestos Removal Company removes potentially toxicasbestos insulation and related products from buildings. There hasbeen a long-simmering dispute between the company’s...
- Q Hipster OpticalTrial BalanceMay 31, 2017Acct.NoAccount TitleDebitCredit101 Cash$17,700106 Accounts receivable7,680124 Office supplies5,600128 Prepaid insurance9,020163 Office equipment24,800201 Accounts payable$1,520230 Unearned service revenue7,000301 Peeta Black, capital55,500302 Peeta Black, withdrawals1,400403 Services revenue21,200623 Wages expense14,200640 Rent expense3,500690 Utilities expense1,320 Totals$85,220$85,220 Required:Using the trial balance provided above, prepare an income statementand...
- Q Whyis ROE net income/ average stockholders equity but my Professortold us about the Basic DuPoint Model and that equation is netincome/ total equity how come you don’t take the average?...
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