Accounting question and answers for July 30, 2023
- Q A 36-year-old taxpayer with a dependent child and claiming headof household status has received $29,000 in alimony payments andearned wages of $44,000. Which is the simplest form this person canfile?Multiple...
- Q Pureform, Inc., uses the weighted-average method in its processcosting system. It manufactures a product that passes through twodepartments. Data for a recent month for the first departmentfollow: Units Materials Labor...
- Q Dahlia is in the 32 percent tax rate bracket and has purchasedthe following shares of Microsoft common stock over the years: DatePurchased Shares Basis 7/10/2008 490 $ 19,110 4/20/2009 390...
- Q Selzik Company makes super-premium cake mixes that go throughtwo processing departments—Blending and Packaging. The followingactivity was recorded in the Blending Department during July:Production data: Units in process, July 1 (materials...
- Q Builder Products, Inc., uses the weighted-average method in itsprocess costing system. It manufactures a caulking compound thatgoes through three processing stages prior to completion.Information on work in the first department,...
- Q Basics of Productivity MeasurementHolbrook Company gathered the following data for the past twoyears:Base YearCurrent YearOutput910,0001,080,000Output prices$14$14Input quantities: Materials (lbs.)182,0001,080,000 Labor (hrs.)91,000540,000Input prices: Materials$4$5 Labor$8$8Required:1. Prepare a productivity profile for eachyear. If required, round your...
- Q Madison Park Co-op, a whole foods grocery and gift shop, hasprovided the following data to be used in its service departmentcost allocations: Service Departments Operating DepartmentsAdministration Janitorial Groceries Gifts Departmental...
- Q Pension data for Sterling Properties include the following:($ in thousands)Service cost, 2021$115Projected benefit obligation, January 1, 2021500Plan assets (fair value), January 1, 2021600Prior service cost—AOCI (2021 amortization, $8)83Net loss—AOCI (2021...
- Q Albedo Inc. manufactures high-end replacement telescope lensesfor amateur and professional astronomers who are seeking to upgradethe performance of their telescopes. You have just become employedas a staff accountant at Albedo...
- Q 1a) Rodriguez Companypurchased merchandise from Emmett Company with freight terms ofFOB shipping point. The freight costswill be paid by thea. shipping company.b. buyer (RodriguezCompany)c. seller (Emmett Company)d. buyer and theseller.b)...
- Q You have just been hired as a new management trainee by EarringsUnlimited, a distributor of earrings to various retail outletslocated in shopping malls across the country. In the past, thecompany...
- Q Comfort Pty Ltd is a wholesaler of home furniture. The recentbushfire destroyed one of its warehouse located in Cooma, NSW. Theinventory loss amounts to $180,000. Required: Discuss and justifyhow Comfort...
- Q “How can the production cost report be used to makedecisions?”Please make your post at least 100 words.
- Q On January 1, 20X1, Popular Creek Corporation organized RoadTimeCompany as a subsidiary in Switzerland with an initial investmentcost of Swiss francs (SFr) 60,000. RoadTime’s December 31, 20X1,trial balance in SFr...
- Q Avoid brevity and no handwriting. Thanks in advance1. Describe the parts of the standard unqualified report.2. Specify the conditions required to issue the standarsunqualified audit report.3.Define the four categories of...
- Q Q. 1 (Max. Marks:30)Tom plans to sell CD players over the internet & by mail order. He buys the players for $31 & sells them for $52. If paymentby cheque...
- Q Briefly discuss code of ethic inmanagement and give examples of SOX & IMA
- Q ?Advantage of Better management decision in accounting
- Q Jeffrey Vaughn, president of Frame-It Company, was justconcluding a budget meeting with his senior staff. It was Novemberof 20x0, and the group was discussing preparation of the firm’smaster budget for...
- Q Determine specific damages that are being incurred byindividuals, competitors and the economy at large as a result ofpoor fraud risk assessments by municipal organisations?
- Q Birmingham Bowling Ball Company (BBBC) uses a job-order costingsystem to accumulate manufacturing costs. The company’swork-in-process on December 31, 20x3, consisted of one job (no.3088), which was carried on the year-end...
- Q Chloe’s Cafe bakes croissants that it sells to local restaurantsand grocery stores. The average costs to bake the croissants are$0.30 for 3,100 and $0.25 for 6,200. Required: If the total...
- Q Problem #2. Mr. Meteor startedhis own pharmaceutical firm to discover new drugs to make people’slives better, Meteor Inc., on May 1, 2018. The trial balance at May31 is as follows.METEOR...
- Q Productivity Measurement, Technical and Allocative Efficiency,Partial MeasuresCarsen Company produces handcrafted pottery that uses twoinputs: materials and labor. During the past quarter, 25,000 unitswere produced, requiring 100,000 pounds of materials and...
- Q Review the sections on international accounting (IFRS) (See pages9, 10, 59, 184, 267, 339, 376, 431, 489, 556, 568, 571, 668, 701.Discuss the major similarities and differences between U.S. GAAPand...
- Q what is fraud risk assessment in terms of municipal organisationor entity? What kinds of fraud risks that are faced by municipalorganisations?
- Q Problem #1 Mr. Blue is alicensed skin doctor. During the first month of the operation ofhis business, the following events and transactionsoccurred.· April1 Invested $20,000 cash in his business.· 1Hired a secretary-receptionist...
- Q How am I to determinethis answer if Chick fil A does not file a 10K?1) Chick fil A mayexperience a decline in its Current Ratio if:a. its adherence tobiblical principles...
- Q The comparative balance sheets and an income statement forRaceway Corporation follow.Balance SheetsAs of December 31Year 2Year 1AssetsCash$71,084$41,770Accounts receivable30,36822,270Merchandise inventory156,692172,360Prepaid rent2,4604,920Equipment260,140287,240Accumulated depreciation(148,440)(239,840)Land192,72080,320Total assets$565,024$369,040LiabilitiesAccounts payable (inventory)$61,74670,040Salaries payable33,36728,600Stockholders’ equityCommon stock, $50 par value251,500198,500Retained...
- Q Caroline is retired and receives income from a number ofsources. the payments are from bonds that Caroline purchased overpast years and disability insurance policy that Caroline purchased.Calculate her incomeDistributions from...
- Q Rocket Company produces small gasoline-powered engines for modelairplanes. Mr. Clemens, Rocket’s CFO, has presented you with thefollowing cost information:Direct Materials Inventory, beginning$80,000Direct Materials Inventory, ending$122,000Work in Process Inventory, beginning$140,000Work in...
- Q Prepare a comparative balance sheet of Headland Company showingthe percent each item is of the total assets or total liabilitiesand stockholders’ equity. (Round percentages to 2decimal places, e.g. 2.25%.)HEADLAND COMPANYComparative...
- Q Swifty Corporation purchased a depreciable asset for $710000 onApril 1, 2015. The estimated salvage value is $71000, and theestimated useful life is 5 years. The straight-line method is usedfor depreciation....
- Q Problem 5-22 CVP Applications; Contribution Margin Ratio;Break-Even Analysis; Cost Structure [LO5-1, LO5-3, LO5-4, LO5-5,LO5-6]Due to erratic sales of its sole product—a high-capacity batteryfor laptop computers—PEM, Inc., has been experiencing financialdifficulty...
- Q During 2017, Martinez Company started a construction job with acontract price of $1,580,000. The job was completed in 2019. Thefollowing information is available.201720182019Costs incurred to date$404,000$853,160$1,073,000Estimated costs to complete606,000254,840–0–Billings to...
- Q Dr. Godwin decides to open a real estate company which henames, Comfort Realty, Inc. The following transactions were madeover the period:On September 1, 2018, Dr. Godwin invested $15,000 cash in...
- Q The following information applies to the questions displayedbelow.] The following information is available for Lock-TiteCompany, which produces special-order security products and uses ajob order costing system. April 30 May 31...
- Q Purchase-Related TransactionsJournalize entries for the following related transactions ofLilly Heating & Air Company:a. Purchased $25,000 of merchandise from Schell Co. on account,terms 2/10, n/30.b. Paid the amount owed on the...
- Q Explain the basic principles and tools of budget and resourcemanagement
- Q InterTech Corporation needed financing to build a newmanufacturing plant. On June 30, 2017, InterTech issued $4,350,000of 8-year bonds with a 6% coupon rate (payments due on December31st and June 30th)....
- Q After Reading the real life scenario bellow....What options are available for an employer who is looking at away to provide good benefits without increased costs to either theemployees or to...
- Q Hank Moody, an executive for ahealthcare company in Dallas, TX, has approached our firm, TheComet Group, due to recent interaction with the IRS. Over the pastfew years, Hank acquired and...
- Q Does the size of you business matter which structure is best from atax perspective? What are your thoughts?
- Q In preparing its consolidated financial statements at December31, 20X7, the following consolidation entries were included in theconsolidation worksheet of Master Corporation:Consolidation WorksheetEntriesDebitCredit Buildings245,000 Gain on Sale of Building49,000 AccumulatedDepreciation294,000 Consolidation Worksheet...
- Q List and describe 9 employee fringe benefits that are excludedfrom income. Give an example of the each benefit and any rules andlimitations on the income tax exclusion.
- Q You have just been hired by FAB Corporation, the manufacturer ofa revolutionary new garage door opening device. The president hasasked that you review the company’s costing system and “do what...
- Q Martinez Publishing Co. publishes college textbooks that aresold to bookstores on the following terms. Each title has a fixedwholesale price, terms f.o.b. shipping point, and payment is due 60days after...
- Q How are price and quantity variances computed? Why are separateprice and quantity variances useful to an organization?
- Q CentralAdventuresFatima Hopkins, the CEO of Central Adventures, is havingdifficulties with all three of her top management level employees.With one manager making questionable decisions, another threateningto leave, and the third likely...
- Q 1. Jones Incorporated uses direct labour hours as its basis foroverhead allocation. Jones produces 1,000 units of product thismonth, utilizing 5,050 direct labour hours in the process. Inincurring 5,050 direct...
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