Accounting question and answers for November 07, 2023
- Q please show all work Two years ago, Bethesda Corporation bought a delivery truck for $30,000 (not subject to the luxury auto depreciation limits). Bethesda used MACRS 200 percent declining...
- Q Effect of Doubttul Accounts on Net Income During its first year of operations, Mack's Plumbing Supply Co. had sales of $230,000, wrote off $3,000...
- Q The Oriole Company issued $310,000 of 10% bonds on January 1,2020. The bonds are due January 1,2025, with interest payable each July 1 and January...
- Q Davos Company performed services on account for $69,500 in Year 1. Davos collected $55,600 cash from accounts receivable during Year 1, and the remaining $13,900 was collected in...
- Q The following company is expected to grow rapidly for the first four year. The EPS is expected to grow at 30, 18, 12, and...
- Q Troy Engines, Ltd., manufactures a variety of engines for use in heavy equipment. The company has always produced all of the necessary parts for its engines, including all of the...
- Q Bookmarks Aegis Industries Inc. is the biggest snowmobile manufacturer in the world. It reported the following amounts in its financial statements (in millions) 201...
- Q 1. Dickinson Computers makes 5,000 units of a circuit board, CB76 at a cost of $200 each. Variable cost per unit is $160 and fixed cost...
- Q On July 1, 2009, Ute Corporation paid $640,000 for 80% of Cougar Company's outstanding common stock. On that date, the costs and fair values of Cougar's recorded assets...
- Q TB MC Qu. 14-59 Omar Industries manufactures two products... Omar Industries manufactures two products: Regular and Super. The results of operations for 20x1 follow. ...
- Q Santana Rey, owner of Business Solutions, realizes that she needs to begin accounting for bad debts expense....
- Q ACCOUNTSDEBITCREDITCASH6,868SHORTTERMFV-NIINVESTMENTS10,300ACCOUNTSRECEIVABLE425,905ALLOWANCEFORDOUBTFULACCOUNTS3,450INVENTORY422,812NOTESRECEIVABLE8,000OFFICEBUILDING500,000ACCUMULATEDDEPRECIATION(OFFICEBUILDING)280,000OFFICEEQUIPMENT120,000ACCUMULATEDDEPRECIATION(OFFICEEQUIPMENT)0LAND52,000ACCOUNTSPAYABLE298,757DIVIDENDSPAYABLE7,328NOTESPAYABLE,DUEIN202260,000PREFERREDSTOCK,30,000OUTSTANDINGONDECEMBER31,2019120,000COMMONSTOCK,100,000numberofsharesoutstandingONDEC31,2019200,000RETAINEDEARNINGS269,423SALESREVENUE3,471,148SALESDISCOUNTS10,571SALESRETURNSANDALLOWANCES51,359PURCHASES2,600,824PURCHASESDISCOUNTS46,778TRANSPORTATION-IN25,235SHIPPINGEXPENSE15,000SALARIESEXPENSE271,599EMPLOYEEPENSIONEXPENSE32,580RENTEXPENSE40,955INSURANCEEXPENSE16,456SUPPLIESEXPENSE25,673GAINONSALEOFASSETSOFDISCONTINUEDACTIVITY3,650ADVERTISINGEXPENSE18,860WARRANTYEXPENSE15,000OPERATINGLOSSONDISCONTINUEDOPERATIONS12,225TELEPHONEEXPENSE28,580CASHDIVIDENDSDECLARED-PREFERRED37,568CASHDIVIDENDSDECLARED-COMMON12,164TOTAL4,760,5344,760,534NOTE:Allrevenue,expensefigures(IncomeStatementaccounts)andtheErrorcorrection(RetainedEarningsaccount)abovearebeforetax.AssumethiscompanyisfollowingASPEADDITIONALINFORMATION:1.Assumethatthetaxratewas30%.AllaccountsontheTrialBalancearebeforetax.2.In2019commonstockwasissuedasfollows:onMay1:15,000commonshareswereissuedandonSeptember1:35,000commonshareswereissued.Theamountofcommonstockoutstandingattheendoftheyear(Dec31,2019)is100,0003.Itwasdiscoveredthatanerroroccurredin2018relatingtoDepreciationExpense.TheDepreciationExpensewasunderstatedin2018by$15,200beforetaxes.NOTE:ThisentryhasnotbeenreflectedintheaboveTrialBalance.Anadjustmentisneeded.4.ThecompanyperformedayearendphysicalcountofitsinventoryasatDecember31,2019.TheamountofinventoryonhandatDecember31,2019amountedto$425,700InventoryismaintainedonaPERIODICbasis.ThereforetheInventorybalanceonTrialBalanceistheopeningbalance.NOTE:ThisentryhasnotbeenreflectedintheaboveTrialBalance.Anadjustmentisneeded.
- Q Preparing a Classified Balance Sheet The ledger of Bama Inc. had the following account balances on December 31. *For the investments account, $6,400 will be converted to cash...
- Q s Healthcare Finance Problems 7.1. Assume that the managers of Fort Winston Hospital price for a new outpatient service. Here are relevant data. 5.00 visit Variable cost per...
- Q Crane Company uses an imprest petty cash system. The fund was established on March 1 with a balance of $100. During March, the following petty cash receipts were found in...
- Q ComplexChem, Inc., produces chemicals for large biotech companies. It has the following data for manufacturing overhead costs during August 2017 Requirement Fill in the blanks. Use F for...
- Q On January 1 , Year 1 , Price Company issued $134,000 of five-year, 5 percent bonds at 94 . Interest is payable annually on December 31 . The...
- Q St. Kilda Enterprises produces parts for the electronics industry. The production manager and cost analyst reviewed the accounts for the previous month...
- Q On October 1, 2021, Swifty Company places a new asset into service. The cost of the asset is $111000 with an estimated 5-year life and $14300 salvage value...
- Q Match five examples of balance related audit objectives listed below to the proper transaction related audit objectives. You are addressing the relationship of transaction-related audit objectives...
- Q i need Q 3 1 Taka Company had the following transactions during February 2021. Show the effects of each transactions as it is shown in the first...
- Q The following data from the just completed year are taken from the accounting records of Mason Company Sales Direct labor cost Raw material purchases Selling expenses...
- Q Recording Error Corrections Related to Equipment On April 1 of the current year, the following prior year errors were discovered after the prior year financial statements were issued....
- Q A little lost on this one minus sign. Bronco Consulting Statement of Stockholders' Equity For the Month Ended August 31, 20Y1 Check My Work
- Q Q-2 Compute the (a) Number of unemployed, (b) Unemployment-rate, (e) Population, and (d) Labor force participation rate, using this data: Number of employed =...
- Q Margold Enterprises 5 a large Canadian compary traded on the Toronto Stock Exchange-Marigold purchared two copyrights during 2023 . The furst copright was purchased on February...
- Q TR14-8 Dividends (LO 14-7) On 31 December 20X5, Watercress Properties Ltd. reported the following in shareholders equity: Preferred...
- Q 17 Question 17 17 The following information is available on a depreciable asset owned by Mutual Savings Bank Purchase date Purchase price June 1,...
- Q Mark for follow up Question 23 of 75 Which of the following costs should NOT be included in an asset's basis when used in...
- Q D. Debit to Accounts Receivable for $20,000 11. Mountain High Ice Cream Company transferred $60,000 of accounts receivable to the Prudential Bank.T transfer was...
- Q In 2021, Caitlin, a single taxpayer with no dependents, was severely hurt in a farm accident. Caitlin is 38 years old. The accident left Caitlin's legs...
- Q Determine the combined present value as of December 31, 2021, of the following four payments to be received at the end of each of the designated years, assuming...
- Q Numerical Inductive Reasoning Solve with explanation Atheme park themed on "food" is tallying up its sales data. (Sales Data ] April May June July August September 26 27 26...
- Q Return to question Problem 7-11 (Algo) You are a consultant to a large manufacturing corporation considering a project with the following net after- tax cash flows...
- Q $3 $3.25 $3.45 None of the above Cribb Corporation uses direct labor-hours in its predetermined overhead rate. At the beginning of the year, the estimated direct labor-hours were 20,000...
- Q Apple Company bought a car with an estimated life of five years for $12,000. The residual value of the car is $2,000. What will be the amount of...
- Q The amber magick shoppe has forecasted sales revenues and purchases for the last five months of 20X5 to be as follows: 60% of sales are on...
- Q The flexible-budget variance for materials is $7,000(U). The sales-volume variance is $16,000(U). The price variance for material is $38,000(F). The efficiency variance for direct manufacturing labor is $9,000(F)....
- Q The Cheyenne Hotel in Big Sky, Montana, has accumulated records of the total electrical costs of the hotel and the number of occupancy-days over...
- Q Here are data regarding Acme Company for the current year: \table[[Work in process inventory, beginning,$10,500
- Q This question gives you a chance to work with the concept of spectral decomposition in a more intuitive way, using pictures. Matlab has a built-in test pattern image...
- Q Q4. A buyer of a futures contract on Gold bullion with an underlying value of 100,000 on 10 November is required to deliver an initial margin of 5...
- Q Presented below is information related to Windsor Corp. for the year 2025. (a) Prepare a multiple-step income statement for 2025. Assume that 60,160 shares of common stock are...
- Q Required information (The following information applies to the questions displayed below.) Stellar Sound, Inc., which uses a job-order costing system, had two jobs in process at the start...
- Q The production budget for Manner Company shows units to produce as follows: July, 640; August, 700; and September, 560. Each unit produced requires three hours of direct labor....
- Q A company receives a $50,000 cash deposit from a customer on October 15 , but will not provide services until November 20 . Which of the following statements...
- Q Chapter 7: Applying Excel: Exercise 2. Change all of the numbers in the data area of your worksheet so that it looks like this: B 1 2...
- Q Exercise 7-6 Cost Hierarchy [LO7-1 CD Express, Inc., provides CD duplicating services for its customers. An order from a customer can be for a...
- Q Interstate Manufacturing is considering either replacing one of its old machines with a new machine or having the old machine overhauled. Information...
- Q McKenzie placed in service qualifying equipment (7-year MACRS class) for his business that cost $212,000 in 2023. The taxable income of the business for the year is $5,600...
- Q Using Excel and all formulas.Time to repay installment loanPersonal Finance ProblemMia Salto wishes to determine how long it will take to repay a loan with initial proceeds of $17 comma...
- Q Data below for the year ended December 31,2024, relates to Houdini Incorporated Houdini started business January 1,2024, and uses the LIFO retail method to estimate ending inventory....
- Q Jpowta Based on the informution below, what amount should be recorded for depreciation at the end of Year 3 assuming Double. Declining Balance is used? Cont...
- Q (Hint: Identify the six events described in the paragraph and record them in general ledger accounts under an accounting equation before attempting...
- Q Question 7 of 8. For 2021, the Employee Retention Credit (ERC) is allowed for: Up to $20,000 in per-employee wages in any calendar quarter....
- Q Jun. 1 Beginning merchandise inventory 12 Purchase 20 Sale 24 Purchase 29 Sale 17 units @ 5 units @ 14 units @...
- Q M10-16. Analyzing and Capitalizing Operating Lease Payments Disclosed in Footnotes 1 to its 2014 10-K report relating to...
- Q QUESTION 1 Shoprite Co. has a merchandise i en ry level at the beginning of the period a n unting to SSS0,000. During the period Shoprite's Cost of...
- Q overturned the section of the Banking Act of 1933 that prohibited commercial banks from selling insurance or performing the functions of investment banks. O The Sarbanes-Oxley Act of 2002...
- Q SUBMIT ANSWER NEXT Question 8 of 10 Multiple Choice: Please select the best answer and click "submit." Lexi has obtained a 5/1 30-year ARM...
- Q Gallatin County Motors Inc. assembles and sells snowmobile engines. The company began operations on July 1 and operated at 100% of capacity during the first month. The following data summarize...
- Q 2. On April 15, Jones, Inc. purchased merchandise inventory at an invoice price of $350,000, with terms of 3/15, n/30 Required: a. Assuming that...
- Q Need instructions 1-10 completed Record tbe follosting transactions on Page 20. Punchased supplies on account, $235. 6 of the foturwat: 21. Provided services on account for the...
- Q Summary information from the financial statements of two companies competing in the same industry follows. Barco Kyan Company Company Barco Kyarn Company Company Data from the current year's...
- Q Q41. Exercise 9-19 (Static) Determining transfer prices LO C1 The Trailer division of Baxter Bicycles makes bike trailers that attach to bicycles and can carry children or...
- Q Brief Exercise 3-16 For each of the following cases, indicate in the chart below the appropriate discount rate () or Rate and the appropriate...
- Q Can someone please help me Exercise 10-2 On May 15, Wild Quest Clothiers borrowed some money on a 5-month note to provide cash during the slow season...
- Q MC Qu. 99 A company had net income... A company had net income of $2,690,000, net sales of $25,200,000, and average total assets of $8,400,000. Its return on total assets...
- Q The scalability of a system, as an important system characteristic, refers to the: Select one: a. ability to be easily expanded to manage workload increases. b. long-term market...
- Q THE IMPACT OF A BONUS INCENTIVE SCHEME ON THE FINANCIAL STATEMENTS Lucia works as an accountant for a motor vehicle engine parts manufacturer called Vroom Ltd, owned by an...
- Q The Assembly Department of ByleSize, Inc, manufacturer of computers, incurred $250,000 in direct material costs and $90,000 in conversion costs The equivalent units of...
- Q The following information relates to Question I and II The employees of ABC Ltd are entitled to 13 weeks long service leave after 15 years continuous service. The following information...
- Q The following adjusted trial balance for Bell Servicing was prepared at the end of the fiscal year, December 31, 2020: Account Debit Credit 101 Cash $...
- Q Neptune Company has developed a small inflatable toy that it is anxious to introduce to its customers. The company's Marketing Department estimates that...
- Q QUESTION FIVE [20] 1. What is the definition of an intangible asset? 2. What are the recognition criteria of an intangible asset? 3. On the 1 January 2020,...
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