Accounting question and answers for July 29, 2023
- Q Exercise 2-15 Plantwide and Departmental Predetermined OverheadRates; Job Costs [LO2-1, LO2-2, LO2-3, LO2-4][The followinginformation applies to the questions displayedbelow.]Delph Company uses ajob-order costing system and has two manufacturingdepartments—Molding and Fabrication....
- Q [The following information applies to the questionsdisplayed below.]Near the end of 2011, the management of Simid Sports Co., amerchandising company, prepared the following estimated statementof financial position for December 31,...
- Q Appendix F: Willow WadeInformationFor your sixth client, your boss wants you to prepare Form 1040,Schedule C, and SE for Willow Wade.Facts:Willow Wade is a successful, 30-year old attorney. She has a law...
- Q Financial statement presentationAppliances Ltd, a manufacturing company, commenced operations on1 July 2017. The draft trial balance for the year ended 30 June2018 has been prepared as follows:Appliances LtdDraft trial balance...
- Q Hedge of Firm Commitment: Short in CommodityFuturesOn May 1, 2021, Keister, Inc., sells 100,000 units of commodityfutures at $5/unit for delivery in 120 days and makes an initialmargin deposit of...
- Q The Garrison Company manufactures two products: Oxy Cleaner andSonic Cleaner. The costs and revenues are as follows:Oxy CleanerSonic CleanerSales Price$75$44Variable cost per unit4021Total demand for Oxy is 10,000 units and...
- Q Starfax, Inc., manufactures a small part that is widely used invarious electronic products such as home computers. Operatingresults for the first three years of activity were as follows(absorption costing basis):Year...
- Q Entries for Selected Corporate TransactionsNav-Go Enterprises Inc. produces aeronautical navigationequipment. Nav-Go Enterprises' stockholders’ equity accounts, withbalances on January 1, 20Y1, are as follows:Common Stock, $10 stated value (350,000 shares authorized,240,000...
- Q O’Brien Company manufactures and sells one product. Thefollowing information pertains to each of the company’s first threeyears of operations:Variable costs per unit:Manufacturing:Direct materials$29Direct labor$15Variable manufacturingoverhead$6Variable selling andadministrative$1Fixed costs per year:Fixed...
- Q company: AGL energy. prepare a presentation to the CEO of theorganisation (AGL Energy) discussing i) the limits of the 2018 IFRSConceptual Framework and ii) how the integratedreporting/sustainability report addresses some...
- Q How are consolidated balances calculated for a combined entityimmediately after consolidation? In your opinion, what are some ofthe account balances that are challenging to calculate?Explain.
- Q (TCO 1) To evaluate the financial operation and health of abusiness ratio analysis is used. (1) Provide the formula for theAcid-test (or Quick) Ratio and explain how it is computed...
- Q Conduct research about the ‘Centro case’, described in theAustralian Financial Review article by Adele Ferguson: “Dick Smithdirectors hit with legal action from receiver”.Using the AREA framework, find parallels of the...
- Q Most medical services entities do not receive cash payments, sotheir administrators and directors must clearly understand how tobest manage the payments made by the insurance companies that arecovering the medical...
- Q Metlock, Inc. sells products that carry a two year warranty. Anydefective product is replaced with a new item taken from inventory.Management believes that this is the most cost effective way...
- Q Government G levies an income tax with the following ratestructure:Percentage Rate Bracket6 % Income from –0– to $30,00010 Income from $30,001 to $70,00020 Income from $70,001 to $200,00028 Income in...
- Q Record the Journal EntriesOn February 3, 2017, FCM signed an agreement with Deion Sandersto provide media consulting for his football camp. On December 1,FCM completed some of the work for...
- Q a) Consider Ford's inventory account on the balance sheet, alongwith the footnote. What are the most relevant assertions thatmanagement is making with regard to its inventory?b) There exists demand for...
- Q 1. On January 7, 20Y5, the materials departmentof Deacon Corporation received the following items: ReceivingReport No. 40 for $1,400, materials requisition for Job 70 for$400, and materials requisition for Job...
- Q Problem 5-5A Preparing adjusting entries and income statements;computing gross margin, acid-test, and current ratios LO A1, A2,P3, P4[The following information applies to the questionsdisplayed below.]The following unadjusted trial balance is...
- Q Insurance Expense$12,000Accounts Receivable$10,000Cash37,000Notes Payable15,000Accounts Payable13,000Willis, Capital, Dec. 31, 2018?Advertising Expense2,000Salaries Expense21,000Service Revenue125,000Equipment105,000Willis, Withdrawals9,000Owner contribution25,000PrintDoneAccent PhotographyAccent Photographyworks weddings and? prom-type parties. The balance ofWillisWillis?,Capital was$ 18 comma 000$18,000atDecemberDecember3131?,20172017.AtDecemberDecember3131?,20182018?,the? business's accounting records...
- Q QUESTION 1The following information was obtained from the accounting recordsof Williams Limited, a distribution of vehicle motor parts:WILLIAMS LIMITEDTRIAL BALANCE ON 31 DECEMBER 20.11DEBIT RCREDIT R Declared capital: 150 000...
- Q Dec.Dec.1CosmoCosmocontributed$ 20 comma 000$20,000cash in exchange for capital.2Received$ 2 comma 600$2,600cash from customers for services performed.5Paid$ 250$250cash for office supplies.9Performed services for a customer and billed the customer forservices? rendered,$...
- Q QUESTION 3 The accountant hands to you the followingpre-adjustment trial balance of JOU BOU ENTERPRISES: JOU BOU Trialbalance on 28 February 20.4 Dr Cr R R Purchases 107 000Administrative expenditure...
- Q Ahmed has to take a decision to invest in either STC Stock orZain Stock.For the STC Stock, The dividend distributed this year is 2 SRand it will grow at a...
- Q Equivalent Units and Related Costs; Cost of Production Report;EntriesDover Chemical Company manufactures specialty chemicals by aseries of three processes, all materials being introduced in theDistilling Department. From the Distilling Department,...
- Q QUESTION 16 X Ltd is dependent upon its software to process itspurchases and sale transaction and has a year end of 31 January. On15 January 20.5, X Ltd approached a...
- Q The comparative balance sheet of Canace Products Inc. forDecember 31, 20Y6 and 20Y5, is shown as follows:1Dec. 31, 20Y6Dec. 31, 20Y52Assets3Cash$643,460.00$679,530.004Accounts receivable (net)566,490.00548,320.005Inventories1,010,720.00982,600.006Investments0.00240,910.007Land519,510.000.008Equipment879,710.00680,990.009Accumulated depreciation-equipment(243,750.00)(200,970.00)10Total assets$3,376,140.00$2,931,380.0011Liabilities and Stockholders’ Equity12Accounts payable$772,290.00$748,770.0013Accrued expenses...
- Q aria Chavez owns a catering company that serves food andbeverages at parties and business functions. Chavez’s business isseasonal, with a heavy schedule during the summer months andholidays and a lighter...
- Q In 2010, the Top-slice Golf Company decided to augment theirvery successful line of golf clubs with a new line of professionalcaliber golf balls. The executives at Top-Slice were aware of...
- Q Determining of property tax rateThe county legislature approved the budget for 2019. Revenuesfrom property taxes are budgeted at $800,000. According to thecounty assessor, the assessed valuation of all of the...
- Q Use the following information to prepare a multi-step incomestatement and a balance sheet for Sherman Equipment Co. for Year 2.(Hint: Some of the items will not appear oneither statement, and...
- Q Yerke Company makes jungle gyms and tree houses for children.For jungle gyms, the price is $120 and variable expenses are $90per unit. For tree houses, the price is $200 and...
- Q Ivanna, who has three children under age 13, worked full-timewhile her husband, Sergio, was attending college for nine monthsduring the year. Ivanna earned $40,275 and incurred $8,175 of childcare expenses....
- Q Janet Jennings is the general manager for Mercashoe Store. Sheis currently working on a major promotional campaign. Her ideasinclude the installation of a new lighting system and increaseddisplay space that...
- Q Bev and Ken Hair have been married for 3 years. They live at3567 River Street, Springfield, MO 63126.Ken is a full time studentat Southwest Missouri State University and Bev works...
- Q What are the four methods commonly used to identify the fixedand variable elements of a mixed cost? and Identify the strengthand weakness of each method identified.
- Q Give an expanded version of the Accounting Equation that breaksdown the components of Stockholder's Equity. What are the normalbalances (debit or credit) of the components of your accountingequation?
- Q Briefly analyze the ratios, then Construct only alist of strengths and a listweaknesses.Gallery of DreamsRatiosRatioIndustry201520142013Current2.50x4.48x4.06x3.48xQuick0.80x1.47x1.18x0.96xAverage collection period11 days16 days15 days9 daysInventory turnover2.30x1.19x1.24x1.37xDays payable outstanding15 days11 days12 days8 daysFixed asset turnover17.50x9.74x9.09x8.85xTotal...
- Q What is the differencebetween a deferred tax asset and a deferred tax liability?Explain the differencebetween a permanent difference and a timing (or temporary)difference as related to tax and financial accounting,...
- Q At the beginning of the month, Arthur's Olde ConsultingCorporation had two jobs in process that had the following costsassigned from previous months:Job NumberDirect LaborApplied OverheadSY-400$23,340?SY-40315,420?During the month, Jobs SY-400 and...
- Q The following information applies to the questions displayedbelow.]Pastina Company sells various types of pasta to grocery chains asprivate label brands. The company's fiscal year-end is December 31.The unadjusted trial balance...
- Q Compare financial, managerial, and cost accounting. Choose awell-known company, and describe how managers of that company mightuse financial, managerial, and cost accounting information. Bespecific in 250-500 words, please & thank...
- Q Question 11 pts Which of the following are in accordance withgenerally accepted accounting principles?cash basis accountingaccrual basis accountingboth cash and accrual basis accountingneither the cash or accrual basis accountingFlag this QuestionQuestion...
- Q Enemia Company uses an overhead costing system based on directlabor hours for its two products A and B. The company isconsidering adopting an activity-based costing system, and collectsthe following information...
- Q Who is responsible for maintaining controls concerning:(1) Monitoring(2) Information and Communications(3) Information Technology (IT)(4) Transaction approval(5) Enterprise Risk Management (ERM)
- Q Consider the following cost items:1. Salaries of players on the Boston Red Sox.2. Year-end completed goods of Levi Strauss jeans.3. Executive compensation costs at Home Depot.4. Advertising costs for Sony.5....
- Q Jones Co. started the year with no inventory. During the year,it purchased two identical inventory items at different times. Thefirst purchase cost $1,170 and the other, $1,500. Jones sold one...
- Q Morrissey Technologies Inc.'s 2019 financial statements areshown here. Morrissey Technologies Inc.: Balance Sheet as ofDecember 31, 2019 Cash $180,000 Accounts payable $360,000Receivables 360,000 Notes payable 56,000 Inventories 720,000Accrued liabilities 180,000...
- Q The following is the ending balances of accounts at December 31,2018 for the Vosburgh Electronics Corporation.Account TitleDebitsCreditsCash95,000Short-term investments210,000Accounts receivable151,000Long-term investments49,000Inventories229,000Loans to employees54,000Prepaid expenses (for 2019)30,000Land294,000Building1,690,000Machinery and equipment651,000Patent166,000Franchise54,000Note receivable320,000Interest receivable26,000Accumulateddepreciation—building634,000Accumulateddepreciation—equipment224,000Accounts payable203,000Dividends...
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