Accounting question and answers for November 10, 2023
- Q The following data relate to the Torrence Company for May and August: May August Maintenance hours 20,000 25,000 Maintenance cost $ 1,262,000 $ 1,367,000 May and August were the lowest...
- Q ABM Company POST - CLOSING TRIAL BALANCE Dec. 31, 2016 Accounts Debit Credit Cash in Bank Petty Cash Fund Account Receivable 123,153 10,000 659,340 Allowance for Bad debts P 15,000...
- Q Which of the following is an example of a strategic performance measurement system? a. lean management system b. balanced scorecard c. product costing system d. standard cost system
- Q I have a final coming in cost accounting aka as managerial accounting (accounting 3200) and would like to practice tough questions to prepare. Could you please let me know where...
- Q By using economic value added, we avoid managers focusing on short-term gains like they would with accounting income. Do you agree with this statement? Explain.
- Q Case 1 A Saudi Company uses flexible budgets to control its selling expenses. Monthly sales units are expected to be from 20,000 to 24,000 (selling price SR10). Variable costs and...
- Q Under U.S. GAAP, O property, plant, and equipment may not be revalued. research and development costs are expensed as incurred. All of these answer choices...
- Q Bonita Industries issued $6780000 of 9%, ten-year convertible bonds on July 1, 2017 at 96.1 plus accrued interest. The bonds were dated April 1, 2017 with interest payable April 1...
- Q Case 10-50 Missing Data; Variances, Ledger Amounts (Appendix)(LO 10-1,10-3,10-9) Case 10-50 Part 1, Part 2, Part 3, and Part 4 MacGyver Corporation manufactures...
- Q True/false: the income statement contains all the same line items as a cash flow statement and a balance sheet. A. True B. False
- Q When assesing a companies senior unsecured credit rating, the factors are always quantative ratios. TrueO False
- 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 A professional concert is played for the benefit of the American Heart Association each year. The admission charge is $32 per ticket, which is also the usual admission price for...
- Q What is the difference between cost of production reports with and without beginning work in process inventory
- Q At the beginning of the period, the Cutting Department budgeted direct labor of $155,000, direct materials of $165,000, and fixed factory overhead of $15,000 for 9,000 hours of production. The...
- Q A dairy producer can produce 100,000 kilograms of plain yogurt at a total variable production cost of $100,000. This plain yogurt has a sales value of $120,000. Alternatively, it can...
- Q Identify whether each example in the following table belongs in M1, M2, or both. If an example belongs in both, be sure to check both boxes. Example M1 M2 Ginny...
- Q further explanation
- Q A8. (Debits and credits) Indicate whether the following accounts increase with debits, or with credits: a. Cash b. Taxes payable c. Telephone expense d....
- Q Prepare entries for the following transactions involving short-term stock investments. February 1, Purchased 710 shares of Schwab Company stock at $15 per share. This stock investment results in it...
- Q 2. Johnnie Walker sells a product that involves two separate performance obligations: the WhiskyRight distillery kit and the WhiskyCoach teaching software. WhiskyRight has a stand-alone selling price of $150. Johnnie...
- Q During the first year of operations, Silverman Company paid $15,085 for direct materials and $10,200 for production worker's wages. Lease payments and utilities on the production facilities amounted to $9200...
- Q Variable and Absorption CostingThree Products Winslow Inc. manufactures and sells three types of shoes. The income statements prepared under the absorption costing method for the three...
- Q A sales associate who is unfamiliar with how to list and sell in a shared ownership community should:
- Q X Company recognizes the need to stay current on all accounting pronouncements to make certain that the companys financial statements are being prepared in accordance with current GAAP. Identifying this...
- Q Which of the following is false? The chief excutive officer reports directly to the chief financial officer. Finance and accounting professionals often work within verticals and other horizontals...
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- Q Discuss how forecast value may help users to make better decision.
- Q Mike, single, age 31, reports the following items for 2022: Salary $50,000 Nonbusiness bad debt (6,000) Casualty Asset A (personal use property held for two years)gain 3,000 Dividends 2,000...
- Q El siguiente balance de comprobacin no ajustado corresponde a Ace Construction Company al cierre del ao fiscal actual el 30 de junio. El saldo acreedor de la cuenta V. Ace,...
- Q Cules de las tres afirmaciones siguientes son razones por las que un contable podra utilizar la funcin Papeles de trabajo para preparar los libros de sus clientes para la declaracin...
- Q Anlisis de cuentas para determinar el comportamiento de los costos JQ Higgins, propietario de Robin's Nest, quiere determinar el comportamiento de los costos de mano de obra y gastos...
- Q Sales Value ? refer image
- Q Companies that report significantly stronger earnings by using tailored figures like "adjusted net income" or "adjusted operating income"are more likely to encounter some kinds of accounting problems than those...
- Q Jose now has $500. How much would he have after 6 years if he leaves it invested at 5.1% with annual compounding
- Q An organization wants to conduct and audit to evaluate the efficiency and accuracy of processing pay roll transactions in a newly installed computer system. What type of audit is it?
- Q On January 1, 2020, Lavery Corp., which follows ASPE, leased equipment to Sandhill Ltd., which follows IFRS 16. Both Lavery and Sandhill have calendar year ends. The following information concerns...
- Q On May 5 of the current tax year, Brian purchased a patent that qualifies as a Section 197 intangible. The cost of the patent was $207,000 and Brian is a...
- Q Ayayai Restaurant's gross payroll for April is $46,800The company deducted $2,551 for CPP739 for Eland $9,026 for income taxes from the employeeschequesEmployees are paid monthly at the end of each...
- Q cash dividends of 23000 were declared and paid in 2019
- Q The client has restated the prior year statements because of a change from LIFO to FIFO. How should this be reflected in the auditors report?
- Q CBA Corporation has an authorized capital stock of 1 Million Pesos divided into 50,000 common shares and 50,000 preferred shares. At its inception, the Corporation offered for subscription all the...
- Q A, B, and C are partners in the ABC partnership. A and B contributed P10,000 each while C contributed his service. After payment of the partnership liabilities to creditors, only...
- Q The Twitter IPO was for $2.09 billion, 80.5 million shares; however, the book mentioned $8.2 billion and 194 million shares were traded shortly thereafter. (1) How could this have happened,...
- Q G's most recent ordinary dividend is due to be paid very soon and totals £9.5 million. Interest on debt is also due to paid soon. Company's dividend have increased in...
- Q Betty earned interest of $430 on a savings account and $90 on a checking account. The $90 was withdrawn, but the $430 was left in the savings. How much interest...
- Q On December 29, 2018 (trade date), Karen Company commit itself to sell a financial asset to be classified as fair value through other comprehensive income for its current fair value...
- Q Assume the following facts for Kurt Company: The month-end bank statement shows a balance of P40,000; outstanding checks total P2,000; a deposit of P8,000 is in transit at month-end; and...
- Q At September 30, 2021, cash receipts and cash disbursements per general ledger Cash in Bank account of JAVA Company are P305, 000 and P240, 000, respectively. The bank statement for...
- Q On April 25, Mineral Corporation acquired 50,000 shares of the 550,000 outstanding common stock of Pluto Co. at $35 plus commission charges of $500. On June 10, a cash dividend...
- Q Noah, a sales manager at TheRobotics Company, frequentlytravels to potential clients acrossthe United States to help sell thecompany's products and services.Because of his frequent trips,Noah developed personalrelationships with several localindividuals....
- Q XYZ Inc. has 10,000,000 shares of $60 par value preferred stock authorized, and 250,000,000 shares of $2 par value common stock authorized. The following transactions occurred during 2023:1/1/23: XYZ issues...
- Q What is the future value of the stream of cash flows below, given an opportunity cost of 8%?Year 1 = P20,000 ; Year 2 = P30,000 ; Year 3 =...
- Q Parallel Enterprises has collected the following data on one of its products. During the period the company produced 25,000 units. Direct materials standard (7 pounds @ $2.20/pound)$ 15.40per finished unitActual cost...
- Q A computer's random number generator is set to produce any real number between 30 and 90; those numbers are defined by the variable X. The distribution of the variable X...
- Q The following information was obtained from the ledger of Woodfield Candies, Inc., at the end of 2016:debitcreditcash42,000accounts receivable (net)156,000inventory, december 31, 2016180,000equipment and fixtures (net)540,000accounts payable108,000common stock450,000retained earnings180,000revenue- department X840,000revenue-...
- Q Islander Company provided the following information with the respect to the cash and cash equivalentson December 31, 2019.Checking account at XYZ Bank(200,000)Checking account at ABC Bank3,500,000Treasury bonds1,000,000Payroll account500,000Value added tax...
- Q At the beginning of the current year, jessa Company purchased for 5,400,000 including appraiser fee of 50,000, a warehouse building and the land on which it is located. the land...
- Q The following selected data were taken from the bank statement and cash records of Sputnik V for the months of November and December 2020.• December receipts recorded in the books...
- Q The company had a production line on 1.1.2016 at a cost of 80,000 and without a residual value and the estimated useful life on that date was 10 years using...
- Q Rosalyn is a single mother with two children ages 3 and 5, and she lives paycheck to paycheck. She is trying to save money for a Christmas present for each...
- Q On its second year of operations, Victorias Co. thought of expanding its business. In order to generate additional cash necessary for this expansion, the company on September 1, 2009, factored...
- Q What is the present value of the stream of cash flows below, given an opportunity cost of 12% For YEAR 1?Year 1 = P20,000 ; Year 2 = P30,000 ;...
- Q An Established firm had $100 of stock issues as of the beginning of the year. It Sold $50 worth of additional shares near the beginning of this year. The firm...
- Q Assume the following data were included in a recent Apple Inc. annual report (in millions): ...
- Q Karley Company sold equipment on July 1, 2021 for $75,000. The equipment had cost $210,000 and had $120,000 of accumulated depreciation as of January 1, 2021. Depreciation for the first...
- Q ABC Company reported a balance of P258,000 in its Cash account at the end of the month. There were P120,000 deposits in transit and P90,000 outstanding checks. The bank statement...
- Q On October 1, 2020, ABC Manufacturing sold a tract of land that originally cost P400,000. ABC received a P600,000, 6% note as payment for the land. The principal amount of...
- Q On January 1,2017, an entity purchased 10% bonds in the face amount of 3,000,000 pesos. the bonds mature on jan. 1.2017 and were purchased for 3,405,000to yield 8%. the entity...
- Q The following budgeted May cash information is available for Salado Corp.:Net after-tax income$470,400Depreciation expense78,680Accrued income tax expense114,800Increase in Accounts Receivable for month11,200Decrease in Accounts Payable for month9,800Estimated bad debts expense5,740Dividends...
- Q JAM Company accepted a P400, 000 face value, six-month, 10% note dated May 15 from a customer. On that same date, Jam discounted the note at East Bank at a...
- Q The president, her assistant andanother staff member employed atCampbell Coffee piled up $450,000in fraudulent transactions over thepast year.The president racked up $300,000in unauthorized credit card chargeson the company's corporateAmerican Express...
- Q On December 31, 2018, Cavite Company sold equipment to Bulacan Company for P380,000. Cavite accepted a 10% note receivable for the entire sales price. This note is payable in two...
- Q The physical inventory of CHUCKIE COMPANY as of December 26, 2020 totaled P1,965,000. You agreed on the December 26 count as the company has a good internal control system. In...
- Q Victor and Gina were asked to serve on the Budget Committee because ABC Travel Agency started to plan the budget for the next year. A certain amount was being discussed...
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