Accounting question and answers for November 14, 2023
- Q Marigold Corp. had net credit sales during the year of $1231200 and cost of goods sold of $652000. The balance in accounts receivable at the beginning of the year was...
- Q A company has monthly fixed costs of $96,000. The variable costs are $8.00 per unit. If the sales price of a unit is $14.00 and we sell 8000 units, the...
- Q Golden Generator Supply is approached by Mr. Stephen, a new customer, to fulfill a large one-time-only special order for a product similar to one offered to regular customers. Golden Generator...
- Q On December 1,2022, Sheridan Company had the account balances shown below. *(3,500\times $0.60) The following transactions occurred during December: Dec. 3 Purchased...
- Q Back Country Sports (BCS) carries three types of camping tents. The following information pertains to the ending inventory of each tent type: Tent Type Quantity Unit Cost Unit Market Value...
- Q Janrel Company entered into a contract to acquire a new machine for its factory. The machine, which had a cash price of P2,000,000 was paid as follows: down payment, P400,000,...
- Q On the first day of the fiscal year, a company issues a $5,200,000, 6%, 9-year bond that pays semiannual interest of $156,000 ($5,200,000 6% ), receiving cash of...
- Q Lionel spent $6,600 to construct an entrance ramp and to widen doorways in his personal residence to make the home accessible for his wife, who is disabled and confined to...
- Q El 1 de abril, una empresa pag la prima de $4,050 de una pliza de seguro de tres aos con beneficios a partir de esa fecha. Qu monto del...
- Q Wallys Widget Company (WWC) incorporated near the end of 2011. Operations began in January of 2012. WWC prepares adjusting entries and financial statements at the end...
- Q Explain how, and why, depreciation should be handled in incremental analysis.
- Q Lance has two adult children from a previous marriage. He has gifted them money for the past three years from his separate bank account and his wife has consented to...
- Q a firm's bank reconciliation statement shows a book balance of $21640, an NSF check of 800, and a service charge of $50. Its adjusted book balance is
- Q Windsor Golf Inc. was formed on July 1, 2019, when Matt Magilke purchased the Old Master Golf Company. Old Master provides video golf instruction at kiosks in shopping malls. Magilke...
- Q John Ltd, an ultimate parent reporting entity, holds a 25% interest in the voting shares of Wick Ltd. Equity accounting is applied to the interest held in Wick Ltd. During...
- Q Although owners of the corporation, stockholders have few functions and exercise little influence in most publicly held corporationstrue or false?
- Q Tyler Sheen is the owner of Stopby Inn. He provided the selected opening balances as at June 1, 2020 and the budgeted information for June and July 2020. Selected Opening...
- Q Adriana Corporation manufactures football equipment. In planning for next year, the managers want to understand the relation between activity and overhead costs. Discussions with the plant supervisor suggest that overhead...
- Q What are relevant and irrelevant costs, and how are they used in differential analysis? Why are sunk costs irrelevant when making a decision?
- Q Lou Barlow, a divisional manager for Sage Company, has an opportunity to manufacture and sell one of two new products for a five-year period. His annual pay raises are determined...
- Q Lawson Co. had a $72,000 beginning inventory and a $78,000 ending inventory. Sales were $480,000, purchases of merchandise were $258,000, merchandise returned was $15,000, discounts taken were $12,000, and transportation...
- Q Please help! Question 2 (3.33 points) A company has a quick ratio of 2.3 and a current ratio of 2.8. Industry averages are 2.0 for the quick ratio...
- Q Is equity of redemption available in all states? a. Equity of redemption is not allowed in California, Texas, and Florida b. Yes, each state allows equity of redemption prior to...
- Q A project has estimated annual net cash flows of $10,000 for three years and is estimated to cost $42,500. Assume a minimum acceptable rate of return of...
- Q Task 1 Calculate the initial value of capital in an Ltd. (limited...
- Q Transfer prices should not be based on absorption costs as this could result in suboptimal decisions by the: a. Personnel division b. Buying division c. Selling division d. Competitive market...
- Q Merchandise is sold for cash. The selling price of the merchandise is $3,600 and the sale is subject to a 5% state sales tax. The journal entry to record the...
- Q [The following information applies to the questionsdisplayed below.]The trial balance for Terrys Auto Shop as of January 1, Year 2,follows:Account TitlesDebitCreditCash $4,730 Inventory 3,050 Common Stock $7,460 Retained Earnings $10,320...
- Q Franklin Manufacturing provided the following information for month ended March 31: Sales revenue: $15,000 Beginning finished goods inventory: $9,000 Ending finished good inventory: $10,500 Cost of goods manufactured: $17,600 ...
- Q Review the KPMG Lease Handbook, select 1 chapter from the handbook and compare its guidance to the FASB codification guidance on leases.
- Q An aging of a company's accounts receivable indicates the estimate of uncollectible receivables totals $5,282. If Allowance for Doubtful Accounts has a $1,361 credit balance, the adjustment to record the...
- Q Randy Inc. purchased $300,000 of athletic shoes on credit on April 15. On May 31, Randy asked for financial assistance from its supplier because it could not pay the bill...
- Q Forest Components makes aircraft parts. The following transactions occurred in July. Purchased $16,980 of materials on account. Issued $16,800 in direct materials to the...
- Q 2.1 Calculate the percentage profit on sales after the cost of sales only have been accounted for. (2 marks) 2.2 Has the liquidity of the company improved? Use two relevant...
- Q XYZ Co. decided to create a petty cash fund. They estimated that $100 would be needed in the fund. Demonstrate the correct journal entry to create the account by choosing...
- Q Bethesda Mining is a midsized coal mining company with 20 mines located in Ohio, Pennsylvania, West Virginia, and Kentucky. The company operates deep mines as well as strip mines. Most...
- Q 1. Compute Barber's gross pay for working 50 hour doing t February 2. Barber is single, and her income the wholding YON orly payroll deductions...
- Q The following information is available for a manufacturer. Compute the direct labor rate and efficiency variances and label them as favorable (F) or unfavorable (U). Actual direct labor cost (6,250...
- Q ***CORRECT ANSWER TO D*** D) Depreciation Expense 10,000 Accumulated Depreciation 10,000 (56500-6500)/5 = 10,000 To record depreciation on boat
- Q Explain to the board what is the limitation factor, both single and multiple factors.
- Q In 2020, Concord Corporation had net cash provided by operating activities of $538,000, net cash used by investing activities of $936,000, and net cash provided by financing activities of $641,000....
- Q Cato Band Uniforms uses a standard costing system. The standard material and labor costs for producing a marching band hat are as follows: Materials (0.90 yards ...
- Q 3-page chapter 7 summary from the book South-Western Federal Taxation: Individual Income Taxes 2023
- Q Hi, I have planned to review these parts of Accounting using these different approaches . Please any directions from an Accounting Expert? 1. Fill in Blanks- Journal Entries 2. Fill...
- Q Which of the following children would NOT qualify a taxpayer for the Qualifying Widow(er) filing status? Child Adopted Child Stepchild Foster Child
- Q a corporate bond with a face value of 1,575 is issued at 98. This means that the bond actually sold for:A. 1544 B. 1607 C. Unable to determine D....
- Q Please answer this accounting question regarding cash flow in detail with each and every step and state why for each step. Prepare the cashflow statement for the year...
- Q A supervisor emails you a question/scenario. Potential client comes to your office. He has $40,000 in wages on W-2. He also listed $30,000 of charitable contributions, mostly clothing, on...
- Q Orel Company purchased 300 of the 1,000 outstanding shares of Alam Companys common stock for $80,000 on January 2, 2019. During 2020, Alam Company declared dividends of $8,000 and reported...
- Q Six Measures of Solvency or Profitability The following data were taken from the financial statements of Loveseth Inc. for the current fiscal year. Property, plant, and equipment...
- Q Garden Sales, Incorporated, usually has to borrow money during the second quarter to support peak sales of lawn care equipment during May. It gathered the following information to...
- Q 7. Using a perpetual inventory system, the entry to record the return from a customer of merchandise sold on account includes a a. credit to Customer Refunds Payable ...
- Q Using the sacrifice ratio and Okuns law, calculate the impact on GDP and unemployment if the central bank intends to cut inflation from 23% to 14%
- Q correct answer should be 1685 or 1575 or 1805 or 3815
- Q Aunt Ethel's Fancy Cookie Company manufactures and sells three flavors of cookies: Macaroon, Sugar, and Buttercream. Based on budgetary projections, the information listed below is available: ...
- Q Beech Corporation is a merchandising company that is preparing a master budget for the third quarter of the calendar year. The companys balance sheet as of June 30th...
- Q Explain the international strategy triangle and list the steps to construct one.
- Q Cosgrove Company manufactures two products, Product K-7 and Product L-15. Product L-15 is of fairly recent origin, having been developed as an attempt to enter a market closely related to...
- Q African Desert Homes reports under IFRS and constructed a new subdivision during 2012 and 2013 under contract with Cactus Development Co. Relevant data are summarized below: ...
- Q Sales$ 598,632$ 396,445$ 329,000$ 227,682$ 163,800Cost of goods sold301,766199,773167,650115,04181,900Accounts receivable29,09423,07322,47113,27411,188Compute trend percents for the above accounts, using 2017 as the base year. For each of the three accounts, state whether...
- Q In prince2 business management, What assists the project board in assessing project viability at certain points as defined in the project plan
- Q Property, plant, and equipment (PP&E) are considered assets that generate revenue or other value beyond the current accounting period. PP&E are generally expensed when bought, meaning that these assets appear...
- Q 3.1.1 If the sales managers proposal is rejected, calculate the total revenues at break-even by using the contribution margin ratio. (4 marks) 3.1.2 Calculate the additional expenditure that the company...
- Q Firm B has 30 outstanding shares, trading at $20 each; firm T has 20 shares, trading at $10 each. Firm B wishes to acquire T and estimates operating synergies at...
- Q In principle, all income and expenses are included in the statement of profit or loss. A. True B. False
- Q Por qu cree que la SEC requiere que los balances proporcionen dos aos de informacin financiera comparativa y los estados de resultados proporcionen tres aos de informacin financiera comparativa
- Q A manufacturer produces 3 models of TV sets. Model A requires 2 hours of electronics work, 2 hours of assembly work, and 1 hour of finishing work. Model B requires...
- Q Williams manufactures a variety of iron products, made to customer specifications, in small batches. Willie Williams, owner, is concerned that he does not have an accurate understanding of the costs...
- Q Captulo 4 Registro de Transacciones Operativas que Afectan el Fondo General y Actividades Gubernamentales a Nivel de Todo el Gobierno A continuacin se presenta una serie de transacciones...
- Q When a partner's share of partnership liabilities increases, that partner's basis in the partnership Answer: Increases by the partner's share of increase Why?
- Q A non-avoidable fixed costs will_________when service is discontinued?
- Q You are preparing a flexible budget for next year. Advertising is a fixed cost. For sales income of 25 million, the advertising budget is 315237. What is the advertising budget...
- Q 1- Which of the following entries is correct when the costs of the rework is normal and common to all the jobs? 2- When the amount of scrap is...
- Q As a psw can advise patients on legal matters and care decisions is it true or false
- Q Types of habitual behavior in executive level negative and positive
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