Accounting question and answers for November 16, 2023
- Q Ms. G earned a $91,250 salary, and Mr. H earned a $171,000 salary. Neither individual had any other income, and neither can itemize deductions. Assume the taxable year is 2017....
- Q napter 3: Balance Sheet - Question 3view your company's balance sheet and notes to the financial statements and compare sumulated depreciation to the historical cost of Plant and Equipment (PE)...
- Q RUSH 1) Advo Company is purchasing carrying cases at a delivered cost of $8 per unit. The company, currently operating below full capacity. The costs to produce carrying cases is...
- Q Purchases on a credit card appear in the account payable aging report as soon as they are entered in QBO? Select one: True False
- Q Calculating EVA Brewster Company manufactures elderberry wine. Last year, Brewster earned operating income of $187,000 after income taxes. Capital employed equaled $2.4 million. Brewster is 40 percent equity and 60...
- Q did not respond question 4
- Q Entries for Uncollectible Accounts, using Direct Write-Off Method Journalize the following transactions in the accounts of Canyon River Medical Co., a medical equipment company that uses the direct write-off method...
- Q Many large companies use an electronic data interchange (EDI) to communicate with key customers and suppliers. Explain the benefits and risks involved when companies use EDI. Explain one way that...
- Q evaluate the role of the accounting officer, in relation to expenditure management in local government
- Q Blooms a Poppin buys one lot of long stem roses from Roses Gardens. The parties agree that the flowers will be transported F.O.B. Roses Gardens via Floral Movers. Floral Movers...
- Q Comparative balance sheets for 2018 and 2017 and a statement of income for 2018 are given below for Metagrobolize Industries. Additional information from the accounting records of Metagrobolize also is...
- Q Sugar, Inc. sells $529,300 of goods during the year that have a cost of $428,600. Inventory was $30,083 at the beginning of the year and $34,338 at the end of...
- Q A company issued $480,000, 12-year, 8 % bonds at 107.00. What is the issue price of these bonds? a) $480,000 b) $513,600 c) $518,400 d) $446,400
- Q Which of the following is correct regarding bonus depreciation under the TCJA? A. Bonus depreciation is 100% for 2018 and subject to a 20% decrease each year beginning in 2019....
- Q Wardell Company purchased a minicomputer on January 1, 2022, at a cost of $47,000. The computer was depreciated using the straight-line method over an estimated five-year life with an estimated...
- Q The March 31,2023, adjusted trial balance for Amusement Park Repair is shown below with accounts in alphabetical order. Debit Credit Accounts payable...
- Q Go to Apple.com. Scroll to the bottom of the page and under About Apple, click on investors. Click on Financial Information and then click on 10K Annual Reports. Review...
- Q 2. ACCOUNTING FOR HEALTH CARE PROVIDERS/HOSPITALS What Unique Issues do Health Care Providers Face? What are the Key Differences Between Private Not-For-Profit and Government Health...
- Q The Welding Department of Sunland Company has the following production and manufacturing cost data for February 2022. All materials are added at the beginning of the process. ...
- Q Hessel Corporation has two operating departments (Domestic and Global) and three service departments: Human Resources (HR), Legal, and Testing. In the most recent period, the following costs and service department...
- Q Direction Corp. has two divisions: West and East. East division has two sub-divisions: Southeast and Northeast. East division has a total fixed cost of $2 million, with $0.8 traceable to...
- Q A company that provides photocopying services has an ABC system with three activity-cost pools: Cost Pool Activity Rate Making Photocopies $0.02 per copy Serving Customers...
- Q In which situation would you use a common-size balance sheet for analysis? Select an answer: To compare the asset mix between two companies of different sizes ...
- Q Explain the conventional accounting concept of depreciation accounting, and discuss its conceptual merit with respect to (a) the value of the asset, (b) the amount(s) expensed, and (c) the discretion...
- Q Please determine the transactions may result in a book-tax difference and in what amount. Conceptualize has an expense for $35,000 in 2018 for fines assessed by the city of...
- Q XYZ Inc. sells a single product for $30 per unit. Variable production costs are $18 per unit. Fixed overhead costs amount $20,000 per month. Variable selling costs are $3 per...
- Q Danielle Danny Thomas runs a home-based business that she purchased from a family friend on December 31 st of last year. The purchase included all...
- Q On April 1,20Y1, Whitney Lang and Eli Capri form a partnership. Lang agrees to invest $10,100 cash and merchandise inventory valued at $27,300. Capri invests certain business...
- Q 1. Which of the following are adjusting entries? a) Record office supplies purchased on account mid- month. b) Adjust prepaid assets c)...
- Q Internal Audit Question: An organization uses a risk map with impact and likelihood values to classify fraud. The classification for petty fraud is low likelihood and low impact. Based on...
- Q Marz Corporation manufactures and sells two products: Chocolate Bars and Chocolate Covered Raisins. The operating results for 2022 are as follows: Bars...
- Q Mr. and Mrs. Dint filed their 2018 Form 1040 on January 28, 2019. Assuming that the return does not contain any significant errors, what is the latest date that the...
- Q Topic: ISLAMIC INVESTMENT Answer all the following question?. Assume that you are the President of ABC Investments, a firm that invests in stock exchange markets worldwide. As president, you...
- Q Woodly Enterprises purchased equipment for $72,000 on January 1, 2022. The equipment is expected to have a five-year life and a residual value of $6,000. Using the straight-line method, the...
- Q Need help, to calculate the fixed costs that will be saved by closing division A. Part 2 of 7 Points:...
- Q write 4 pages about Toyota company and its current financial analysis(horizontal and vertical). identify any number that are trending good or bad and identify in the notes of the financial...
- Q ABC Company acquired a building by issuing shares of stocks. The building has a carrying amount of 4,500,000, and a fair market value of 6,000,000. 100,000 shares has been issued...
- Q Carl Davis hired your team to keep the business records of Davis Consulting. Davis Consulting performs systems consulting and has begun selling software. The transactions are kept using the...
- Q On January 1, Kilgore Inc. accepts a $20,000 non-interest-bearing, 5-year note from Dieland Company for equipment. Neither the fair value of the note nor the equipment is determinable. Kilgore had...
- Q ) New Horizon Publishing Company is one of the leading publishing companies in Oman working in Books, Book Publishers business activities. You are the External auditor of the company and...
- Q step by step solution for how to write the problems in excel for the ? items.
- Q Average operating assets are $400,000; the minimum rate of return is 5%; operating income is $100,000; and sales are $800,000. The turnover is _____. A) 12.5% B) 25% C) 50%...
- Q If you are the manager of a furniture shop: you asked to make orders for furniture's you think is sold the most. What data would you need to collect and...
- Q 25. Which one of the following is not an accelerated depreciation method? A. Declining balance method B. Straight-line method C. Sum-of-the-years digits method D. Double-declining-balance method
- Q Lemus Co. purchased a zulumulu machine for $45,000 on January 1, 2018. The machine is expected to have a four-year life, with a residual value of $5,000 at the end...
- Q Question 3: The ______ cost is the cost of producing one additional unit, while the ______ cost is the total cost incurred for producing a specific quantity of units. The...
- Q 1.1 Calculate the amount paid out for company tax. (3 marks)
- Q Can you write a formula for IFAND function in Excel: Question : in the FUN Company work sheet assign the appropriate company pension matching value based on the salary...
- Q Which piece of information is important for a business to remember when incurring liabilities? Select an answer: Liabilities are obligations a company must budget for a...
- Q ABC Inc. incurred the following costs for the last 3 months: Production in units: 40,000 50,000 60,000 Factory Rent: $10,000 $10,000 $10,000 Total Indirect Manufacturing costs: $90,000 $110,000 $130,000 Selling...
- Q Not all venture funds are the same. Each fund has its own investment objectives and criteria. Funds vary by size, investment target, required rates of return, size of...
- Q On the maturity date of a note payable, which of the following options is true? Cash should be debited for principal plus interest. Interest Expense should be credited for any...
- Q contribution margin ratio
- Q Jack & Jill are married. They have three children ages 3, 7, and 8. Their adjusted gross income for the year is $95,000. What is the maximum amount they can...
- Q Kansas Company uses a standard cost accounting system. In 2020, the company produced 27,500 units. Each unit took several pounds of direct materials and 1.6 standard hours of direct labor...
- Q Presented below is information related to Johnson Corporation: Common Stock, $1 par $5,500,000 Paid-in Capital in Excess of ParCommon Stock 350,000 Preferred 8 1/2% Stock, $50 par 1,000,000...
- Q The 2018 balance sheet of E.I de Pont de Nemours and Company shows average DuPont shareholders' equity of $13,219 million, net operating profit after tax of $3,145 million, net income...
- Q Ticketsales, Inc., receives $5.680,000 cash in advance ticket sales for a four-date tour of Bon Jovi Record the advance ticket sales on October 31. Record the revenue earned for the...
- Q Olde Wine Corporation has 265,500 shares of $30 par common stock outstanding. On February 15, Olde Wine Corporation declared a 1% stock dividend to be issued May 2 to stockholders...
- Q MA9-52. Determining the Reporting of an Investment Assume your company acquires 20% of the outstanding common stock of APEX Software as an investment. You also have an option to...
- Q Speedjet Aircraft Corporation has a ccntral materials laboratory, The laboratory has only users, the Large Plane Department and the Small Planc Department. Thc following data apply to the coming budget...
- Q At the end of the year, the M. I. Wright Company showed the following selected account balances: Sales (all on credit)............................................................................
- Q On February 12, 2005, Nancy Trout and Delores Lake formed Kingfisher Corporation to sell fishing tackle. Pertinent information regarding Kingfisher is summarized as follows: Kingfisher's business address is 1717...
- Q Julius wants to retire in 25 years. He currently makes $250,000 per year. His goal is to live in retirement with the same income, adjusted for inflation, for 30 years....
- Q Head-First Company plans to sell 5,000 baseball bats at $75 each in the coming year. Unit contribution margin is $25. Total fixed cost equals $49,500 (includes fixed factory overhead and...
- Q Tropical Tours reported revenue of $415,000 for its year ended December 31, 2024. Accounts receivable on December 31, 2023 and 2024, were $35,200 and $31,500, respectively. Using the direct method...
- Q Leasehold improvement is depreciated over * 2 points a. the longer between the lease term and the useful life of the leasehold improvement b. the lease term c. the useful...
- Q Equivalent units and related costs; cost of production report; entries Instructions Chart of Accounts Cost of Production Report Journal Final...
- Q "The production volume variance should always be written off to Cost of Goods Sold." Do you agree? Explain.
- Q Preble Company manufactures one product. Its variable manufacturing overhead is applied to production based on direct labor-hours and its standard cost card per unit is as follows:...
- Q Assurance in the systems context refers to the measure of confidence that the system functionality is: Group of answer choices 1. Set to default factory settings, meets security and privacy...
- Q AP Top Light Company uses a perpetual inventory system. The company began 2021 with 1,000 lamps in inventory at a cost of $12 per unit. During 2021, Top Light had...
- Q A company purchased factory equipment for 2,800,000. It is estimated that the equipment will have a 280,000 residual value at the end of its estimated 5-year useful life. If...
- Q Oslo Company prepared the following contribution format income statement based on a sales volume of 1,000 units (the relevant range of production is 500 units to 1,500 units):Sales$ 100,000Variable...
- Q Received $81,000 cash from the investors who organized Downer.com Corporation. Borrowed $29,500 cash and signed a note due in two years. Ordered computer equipment costing $20,000. Purchased $12,500 in equipment,...
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