Accounting question and answers for November 11, 2023
- Q Q1. Why must an auditor use sampling? What are the benefits of using sampling in the audit of the financial statements? (1 Mark).
- Q Corey purchased two assets during the current year. On May 12th Corey placed in service computer equipment (five-year property) with a basis of $25,000 and on August 19th he placed...
- Q The standard cost card for a product indicates that one unit of the product requires 8 kilograms of a raw material at $0.80 per kilogram. The production of the product...
- Q 3.Siennas Health and Fitness established a sinking fund to purchase a 10acre parcel of land for their new headquarters and Distribution center on a $5,000,000 loan that comes due in...
- Q Explain the importance of observing physical inventory during an audit. (1 Mark).
- Q Brock Company makes candy. During the most recent accounting period, Brock paid $5,250 for raw materials, $6,250 for labor, and $6,500 for overhead costs that were incurred to make...
- Q Stans wholesale buys canned tomatoes from canneries and sells them to retail markets Stan uses the perpetual inventory
- Q Max owns an insurance policy with a face value of $2,000,000 on the life of Emma with Ursula listed as the designated beneficiary. If Emma passes away first and the...
- Q Mass LLp developed software that helps farmers to plow their fiels in a mannyue sthat precvents erosion and maimizes the effoctiveness of irrigation. Suny dale paid a licesnsing fee of...
- Q All of the following are included on Form 1040, page 1, EXCEPT: The determination of filing status. The Presidential Election Campaign check box. The income section. The paid preparer signature...
- Q Compute free cash flow for blossom corporation. (show amounts that decrease cash flow with a - sign)
- Q f the IRS intends to close a Taxpayer Assistance Center, they must notify the public at least _____ days in advance of the closure date. 14 30 60 90
- Q how would i find beginning finished goods based off budgeted unit sales and ending finished goods
- Q The following data have been recorded for recently completed Job 450 on its job cost sheet. Direct materials cost was $2,063. A total of 33 direct labor-hours and 234 machine-hours...
- Q You were recently hired as a financial analyst at Warner Bros., in the entertainment industry. You are asked by your Senior Financial manager to undertake financial analysis and...
- Q Texas Land, Inc., wanted to acquire and develop 100 acres of property in west Texas at a cost of $10,000,000($4,000,000 to purchase the land from ABC, Inc.,...
- Q McKenzie traded drilling equipment used in his business for similar equipment with slightly different features when the fair market value of both machines was $90,000. McKenzie originally purchased his machine...
- Q A particular stock may be redeemed at a specified price by the issuing corporation at a certain time after its original issue date. This stock is properly considered:...
- Q A designated beneficiary of an ABLE account must be ___________ in order to meet the special rules that apply to the increased contribution limit authorized under the Tax Cuts and...
- Q EQ Company acquired a patent on January 1, Year 1 for $100,000. The patent had 15 years remaining on its legal life. The product under patent was expected to be...
- Q Oct. 2 Issued 23,000 shares of common stock for a building with a market value of $260,000. Oct. 6 ...
- Q Blast it! said David Wilson, president of Teledex Company. Weve just lost the bid on the Koopers job by $2,000. It seems were either too high to get...
- Q Question 24 Miami Company sold merchandise for which it received $710,400, including sales and excise taxes. All of the firms sales are subject to a 6% sales tax...
- Q Sheffield Inc. is a retailer operating in British Columbia. Sheffield uses the perpetual inventory system. All sales returns from customers result in the goods being returned to...
- Q Figure 8-4. The following information pertains to Mayberry Corporation: Beginning inventory 1,000 units Ending inventory 6,000 units Direct labor per unit $40 Direct materials per unit 20 Variable overhead per...
- Q Question One: (25 marks) (X) Inc. purchased 80% of the outstanding voting shares of (Y) for $360,000 on July 1, 2017. On that date, (Y) had common shares and retained...
- Q 3. What information can you view on an Outstanding Orders Report?
- Q Allen Corp.'s adjusted trial balance shows the following accounts and balances. Share CapitalOrdinary 225,000 Insurance Expense 24,000 Retained Earnings 67,500 Salaries and Wages Expense 57,000 Dividends 27,000 Income Tax Expense...
- Q Tax Drill - Cost Identification Jacquie purchases 300 shares of Ion Corporation stock on April 30, 2020, for $4,500 ($15 a share) and another 150 shares of Ion stock on...
- Q Clayton received a $140,000 distribution from his 401(k) account this year. Assuming Clayton's marginal tax rate is 25 percent, what is the total amount of tax and penalty Shauna will...
- Q Question 31 Which of the following events is not disclosed in a statement of retained earnings? A. Treasury stock acquired during the...
- Q question 6 Timely Inc. produces luxury bags. The budgeted sales and production for the next three months are as follows july. august september Sales, in units 1,115....
- Q Q1. Choose a Saudi corporation and find its statement of financial position for 2019 and the related notes. Discuss and analyze the statement in light of things you studied in...
- Q Fukushima Company provides its employees with vacation benefits and a defined contribution pension plan. Employees earned vacation pay of $22,500 for the period. The pension plan requires a contribution to...
- Q Heidi, age 61, has contributed $20,000 in total to her Roth 401(k) account over a six-year period. When her account was worth $50,000 and Heidi was in desperate need of...
- Q machinery is sold for $197,000, and the partners have no assets other than those invested in the business. (Negative answers should be indicated by a minus sign.)22pointseBookReferencesPremium Pool...
- Q what does it mean by pay yourself first in money matters
- Q All of the following are included on Form 1040, page 1, EXCEPT: The determination of filing status. The Presidential Election Campaign check box. The income section. The paid preparer signature...
- Q Ramirez Company installs a computerized manufacturing machine in its factory at the beginning of the year at a cost of $83,600. The machine's useful life is estimated at...
- Q The Manning Company has financial statements as shown next, which are representative of the companys historical average. The firm is expecting a 30 percent increase in sales...
- Q Heidi, age 61, has contributed $20,000 in total to her Roth 401(k) account over a six-year period. When her account was worth $50,000 and Heidi was in desperate need of...
- Q PA2-2 (Static) Recording Transactions (in a journal and T-Accounts); Preparing a trail balance; preparing and interpreting the balance sheet [LO 2-1, LO 2-2, LO 2-3, LO 2-4, LO 2-5]
- Q For each of the following situations involving single amounts, solve for the unknown. Assume that interest is compounded annually. (i = interest rate, and n = number of years) Note:...
- Q [Para. 8-b-1] On January 2, 2020, the citys tax administrator mailed annual tax bills to all property owners in the total amount of $15,467,668 (see preceding table)....
- Q Record each of the transactions. (If no entry is required for a particular transaction/event, select the account field.) Record the purchase of rental space for one year in advance, $10,200...
- Q The only from AGI deductions are the standard deduction and itemized deductions. True or False
- Q payroll project chapter 7
- Q Tiger Co. had a non-eligible RDTOH (NERDTOH) balance of $15,000 at the end of 2019, and the dividend refund from the NERDTOH in 2019 was $7,000. The company's Part IV...
- Q Ventura Enterprises Ltd. reported net income of $166,000 for the fiscal year just ended. During the year at total of $40,000 was declared and paid to the preferred shareholders and...
- Q Should preference shares be disclosed as equity or as debt?
- Q No Harm Corporation sold some of its used equipment with a carrying amount of $52,000 for $47,000. The indirect-method statement of cash flows will reflect an addition in the investing...
- Q Is there a relationship between volume and strikes resp. maturities?
- Q Use Caesars Cipher to decipher the followingFDWSelect one:a. actb. tacc. igzd. cat
- Q Note: This problem is for the 2020 tax year. Janice Morgan, age 24, is single and has no dependents. She is a freelance writer. In January 2020, Janice opened her...
- Q MIDES Tea Company began operations on January 1, 2022. During the first year of business, the company had the following transactions: January 18: The owners invested $200,000 (the par value...
- Q On April 1, 2014, Mattson purchased new equipment at cost of $325,000. Useful life of the equipment was estimated at 5 years, with residual value of $25,000. Compute the annual...
- Q Orion Iron Corp. tracks the number of units purchased and sold throughout each year but applies its inventory costing method at the end of the year as if...
- Q Stockholders equity of Ernst Company consists of 89,000 shares of $5 par value, 9% cumulative preferred stock and 325,000 shares of $1 par value common stock. Both classes of stock...
- Q A new lease involves payments of $30,000 per year for 10 years.Payments are made at the end of each year with no residual value. The Interest rate is 12% compounded...
- Q For cash dividends, no journal entry is made on the date of record. a.false. b. true
- Q Robert Martins gross earnings for the week ending on December 27 amount to $2,200. His cumulative gross earnings for the year up through his last pay date amount to $89,300....
- Q your company owns a building that is fully depreciated but still in use. explain how the building would be accounted for , highlighting relevant provision ias 8 and 16
- Q Taylor, Inc. had accounts receivable of $320,000 and an allowance for doubtful accounts of $14,000 just before writing off as worthless an account receivable from Burton Company of $1,210. The...
- Q At the end of 2015, the balance sheet for The Yoon Cafe showed cash at $100,000. At the end of 2016 , the balance sheet showed $120,000 in cash. A...
- Q on the statement of changes in the net position, custodial funds need to display on seperate lines each type of addition made to the fund. t or f
- Q Record the note on November 1, 2015. Interest on the maturity date, April 39, 2016 assuming the interest has not been recorded since December 31, 2015. Promissory note matures in...
- Q I need help filling out the 941 form for payroll accounting. payroll project short version.
- Q [The following information applies to the questions displayed below.]You have just been hired as a financial analyst for Lydex Company, a manufacturer of safety helmets. Your boss has...
- Q Which of the following taxpayers is required to file a 2024 federal income tax return??
- Q Discuss the recognition criteria, measurement and disclosure requirements of a provision, in your discussion also define liability and provision
- Q For companies that manufacture several products that use different proportions of manufacturing overhead resources, why does the use of activity-based costing provide more reliable product cost information for management decision-making...
- Q QUESTION 1 Revenues result in an increase in assets or a decrease in liabilities. True False 1 points QUESTION 2 The...
- Q Nova Companys total overhead cost at various levels of activity are presented below: Month Machine-Hours Total Overhead Cost April...
- Q Consider the following scenario. For a weekly pay period, you know the following information about the payroll at Fort Kent Industries. Friday is a mandatory holiday. ...
- Q Yahoo FinanceExamine the annual report for a public-listed firm in Malaysia, particularly the chairmans statement. What does it say about corporate social responsibility and sustainability? 300-400 wordsNeed APA Reference
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