Accounting question and answers for November 11, 2023
- Q An investment in equity securities in which the investor holds less than 20% of the investees voting stock and in which the investor lacks the ability to participate in the...
- Q Does the Trial Balance total of debits or credits equal the totals on the Balance Sheet
- Q Taxation problem 1). A, an individual, transfers to Newco cash of 60,000 and a written contract to provide services worth 40,000 to Newco. In exchange, Newco transfers to A 50...
- Q 7 Company reported the following information for December. Date Units Cost December 1 Inventory 2,000 $20,000 December 3 Purchases 8,000 83,200 December 7 Sales 7,000 December 20 Purchases 6,000 66,000...
- Q Art Company issued 6%, 5 year bonds, with par value of $1,600,000, paying semiannual interest for $1,470,226. The annual market rate of interest on the date of issue...
- Q Question 31 Wakon company earned $3.25 per share and paid dividends of $0.75 per share. The company reported a dividend yield of 3 percent. What was the price of Wakons...
- Q On January 1, Year 8, Fazli Co. acquired all of the common shares of Gervais. Both companies had no inventory on hand at the beginning of the...
- Q Why does a company report comprehensive income?
- Q Operating Average Net Sales Income ...
- Q On May 12 Zimmer Corporation placed in service equipment (seven-year property) with a basis of $220,000. This was Zimmer's only asset acquired during the year. Calculate the maximum depreciation expense...
- Q A machine costing $450,000 with a four-year life and an estimated $30,000 salvage value is installed by Lux Company on January 1. The factory estimates the machine will produce 1,050,000...
- Q reasonable assurance is a measure of the level of certainty that the auditor has obtained at the completion of an audit. GAAS INDICATES THAT REASONABLE ASSURANCE IS A HIGH, BUT...
- Q March sales are $100,000 and cost of goods sold is $65,000. What is the entry to Finished Goods Inventory? Question 5 options: $65,000 debit $65,000 credit $35,000 debit $100,000 credit
- Q The Empire Rail Bhd (Empire) won a sub-contract to construct 69 kilometers railway projectof High Speed Rail mega project. The project cost is expected to be RM58 million. Below isthe...
- Q The adjusted trial balance data given below is from the Morgan Company’s worksheet for the year ended December 31, 2019. The expense accounts numbered 611-615 represent selling expenses, and those...
- Q V Co. has an agreement to pay its sales manager a bonus of 7.5% of the company's earnings due to an exemplary performance. The income for the year before bonus...
- Q Taurus’s gross pay for the week is $980. His yearly pay is under the limit for OASDI. Assume that the rate for state and federal unemployment compensation taxes is 6.2%,...
- Q How is the cost of the previous sale recorded of a sale that says . The commission agent sold 80 pairs of shoes on credit for $40,000 paid, charged to...
- Q On April 15 of the current year, a fire destroyed the entire uninsured inventory of a retail store. The following data are available:Sales, January 1 through April 15 $ 618000Inventory,...
- Q Suppose you earned a $625,000 bonus this year and invested it at 8.25% per year. How much could you withdraw at the end of each of the next 20 years?
- Q Richardson Co. has 30,000 of common shares outstanding and owned 80% if the common stock of Plano Co. Plano had 20,000 shares of $5 par value common stock and no...
- Q Gleam Clean cleans and waxes floors for commercial customers. The company is presently operating at less than capacity with equipment and employees idle at times. The company recently received an...
- Q Cha and Kim are partners in a business in the hotel industry organized in 2019. Profits are shared 1:1, respectively. Their capital balances as of December 31, 2020 were P600,000...
- Q Childers Company, which uses a perpetual inventory system, has an established petty cash fund in the amount of $500. The fund was last reimbursed on November 30. At the end...
- Q A company responds to 80% of all enquiries within 2 working days. The firm received 8 enquiries today. What is the probability that all the 8 enquiries are responded within...
- Q In October 2013, JJ Ltd., purchased an asset for $50,000. The asset was sold in January 2015 for $30,000. A replacement asset was purchased for $56,000 and it is...
- Q During the year 2021, the management of Lakers Company is looking into possible alternatives of obtaining additional financing. After considering several options, Lakers decided to use its receivables as a...
- Q In 2021, Sam made two capital transactions that resulted in one currency gain of $3,500 and one currency loss of $1,600. What are the taxable capital gains on the foreign...
- Q Gordo granted shares options to its employees on 1 October x2 as follows:On 30 September X3 - employees could potentially receive 2 million ordinary shares of RM1 each. Estimated 90%...
- Q Alpha Corporation purchased equipment on January 1, 2014, for $80,000. At that time, it was estimated that the equipment would have a useful life of six years and a disposal...
- Q A client by the name of Lucas want help and he instructs you to collect R500 000 from Marcus, and gives you a covering deposit of R10 000 in cash....
- Q The Sandusky Company recorded the following costs of quality during the current period: Downtime$2,500 Inspection2,000 Product design5,000 Reliability testing upon completion of production3,000 Restocking and packaging2,500...
- Q Anton Co. uses the perpetual inventory method. Anton purchased 720 units of inventory that cost $6 each. At a later date the company purchased an additional 840 units of inventory...
- Q On January 1 of the current year, Rachel and Bill form an equal partnership. Rachel makes a cash contribution of $40,000 and a property contribution (adjusted basis of $55,000 and...
- Q The trial balance of a sole trader failed to agree and the balance was entered into a suspense account. An examination of the books and records of the sole trader...
- Q An employee, who is less than 10 years away from average retirement age, was injured on the job and successfully sued his employer. You are the foreperson of the jury...
- Q Karla and her family plans to purchase a house in Dural this year, the selling price for the house is $1.8 million. She wants to borrow 80% of the total...
- Q Stocks categorized as trading securities are purchased for $55,000 during Year 1. The company only closes its books once a year, on 12/31. On December 31st of Year 1 the market...
- Q Webster Corperation's monthly projected general and administrative expenses include $5,000 administrative salaries, $2,400 of other cash administrative expenses, $1,350 of depreciation expense, and 0.5% monthly interest on an outstanding bank...
- Q FIGURE 1 - Structure of the tblMember Table FIELD NAME DATA TYPE PROPERTIES MemberID AutoNumber ...
- Q In a partnership liquidation, what happens if one or more partners report a deficit capital balance?
- Q On November 3, 2020, Company issued $400,000 of 8% bonds at 103. Attached to each $1,000 bond are 10 detachable stock warrants. On the issuance date, the bonds without the...
- Q 11. For each item listed below, enter a code letter in the blank space to indicate the allocation terminology for the item. Use the following codes for your answer: AAmortization...
- Q The economics case used this condition in an IF function applied to COVID cases: AND(A2>=DATEVALUE("9/1/2021"),A2
- Q The earnings of the organization can be considerably impacted by buyers and supply chain management. An organization may spend up to 50% of its sales revenue on the acquisition of...
- Q Distinguishing between fixed and variable costs is important in being able to forecast earnings generated by changes in unit sales. Question 4 options: True False
- Q A company requires $1400000 in sales to meet its net income target. Its contribution margin is 50%, and fixed costs are $300000. What is the target net income? A...
- Q 3. Accounting.. How does depreciation impact financial statements, and what are the different methods of depreciation?
- Q Verra Inc. projects sales in 2020 of 709,100 ultra soft tissue packs. Verra's beginning inventory for 2020 is 405,200 soft tissue packs, and its target ending inventory is 305,000. Compute...
- Q Which of the following statements regarding the information disclosed in financial statements is incorrect?
- Q This year, Nadia donates $8,750 to Eastern University's athletic department. The payment guarantees that Nadia will have preferred seating at football games near the 50-yard line. Assume that Nadia subsequently...
- Q Bonita Industries sells two types of computer hard drives. The sales mix is 30% (Q-Drive) and 70% (Q-Drive Plus). Q-Drive has variable costs per unit of $60 and a selling...
- Q Statement of stockholders equity Noric Cruises Inc. began the month of October with the following balances: Common Stock, $140,000; Additional Paid-In Capital, $3,500,000; and Retained...
- Q Task 3: Each company may follow its own dividend policy to distribute dividends to its own shareholders. You are required to explain the meaning, types of dividend policy for the...
- 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 18 Selling, general, and administrative expenses were $80,000; net sales were $390,000; interest expense was $16,000; research and development expenses were $34,000; Net cash provided by operating activities was $42,000;...
- Q Ceramic Products, Incorporated reports these account balances at January 1, Year 2 (shown in alphabetical order): Accounts Payable $ 19,000 Accounts Receivable 11,000 Buildings 144,000 Capital Stock 176,000 Cash 4,000...
- Q For married taxpayers filing separate, excess business losses are defined as aggregate business deductions over the sum of aggregate business gross income or gain of the taxpayer plus $250,000. (True...
- Q The unadjusted trial balance for Amazon as of December 31, 2022 appears below.DebitCreditCash$1,200Accounts Receivable900Prepaid Insurance900Supplies2,000Land10,000Office Furniture4,500Accounts Payable900Unearned Revenue1,500Note Payable5,500Common Stock3,000Retained Earnings7,400Dividends1,100Service Revenues4,100Rent Expense600Salaries Expense1,200$22,400$22,400Additional Information:The Company paid $900 for a...
- Q Tradesmen Auto purchased an asset in 2015 for $300,000. It was sold in 2017 for $330,000 and a replacement asset was purchased for $400,000.In July 2019 the asset was sold...
- Q Green Valley is reviewing the pricing of its fresh-squeezed lemon juice in half-gallon containers. Variable costs per container are $1.75. Management is evaluating prices between $2.75 and $3.25. Determine the optimal...
- Q Hilltop Farms is reevaluating the pricing of its fresh-squeezed grape juice in half-gallon containers. Variable costs per container are $1.60. Based on market study, management has set a price range of...
- Q An Apple Co. 8.125%, 5-year, semi-annual-pay bond trading at 102.5% of par (where par = $100). The bond comes with options, which is callable at 101 in 4 years and...
- Q The Ted Company is considering eliminating the following product line: Product AXP Sales$50,000 Less variable costs: Raw materials30,000 Direct labor9,000 Contribution...
- Q Miko Company manufactures a personal computer designed for use in schools and markets it under its own label. Miko has the capacity to produce 33,000 units a year but is...
- Q Consider a firm that has just paid a dividend of $2. An analyst expects dividends to grow at a rate of 8% per year for the next five years. After...
- Q Erica and Jon just purchased a boat for $75,000. They were able to make a 20% down payment and the remaining balance was financed. The rate quoted by the ban...
- Q On the date of her death, Ava owned the following:An insurance policy (face amount of $500,000) on the life of Benjamin (Ava's current husband) with herself as the designated beneficiary....
- Q PT Supplier Lala received a note receivable dated August 7, amounting to Rp 210,000,000, with 30 days and 5% interest per year from a customer who buys on credit.Required:a. Calculate...
- Q Show howRARLtd reported earnings per share data on its income statement based on the following information.Net sales revenue$177 000 Cost of sales73 000Gross profit$104 000Operating expenses55 000Finance costs7 000Other expenses15...
- Q Lucinda purchased a raffle ticket for $22. Just before the grand prize drawing two people tried to buy her ticket. The first person offered $95, and another offered $130. What...
- Q Sharath and Bharath started an equal partnership with an investment of Rs.200,000 each. After a month, the business has a cash balance of Rs.250,000 and a liability of Rs.300,000 as...
- Q Ram and Rajesh were passionate nature lovers during their college days. After working in an MNC for five years, they started a business on 01 Jan 2021 with a capital...
- Q Stubbs Company uses the perpetual inventory method. On January 1, 2016, Stubbs purchased 1,050 units of inventory that cost $8.50 each. On January 10, 2016, the company purchased an additional...
- Q AJ Pty. Ltd. is in need of $100,000 additional financing to support expansion plans. As owner-manager of AJ, you are uncertain about whether you should provide the firm with a...
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