Accounting question and answers for November 18, 2023
- Q 1. On January 2, Apple Company purchases factory machine at a cash price of $60,000. Related expenditures are sales taxes $2,000, Insurance after the installation is $200, Installation and testing...
- Q 1. Briefly identify the main features of goodwill which distinguish it from other intangible assets. 2. Briefly discuss how basic EPS differ from diluted EPS
- Q Question: In a manufacturing setting, direct labor costs are considered: a) Variable costs b) Fixed costs c) Mixed costs d) Overhead costs
- Q How much is Gina's total Child and Dependent Care Credit? $600 $2,000 $3,000 $7,100
- Q Problem 7-8AA (Algo) Merchandising: Preparation of a complete master budget LO P4 Dimsdale Sports, a merchandising company, reports the following balance sheet at December 31. DIMSDALE...
- Q H&M is looking at revamping their whole website which they think will drive more Online traffic to their site. The cost for this redesign is $15,000,000 (Now) and they believe...
- Q One ofyour coworkers says, I dont know why we spent so muchmoney on this new job-costing system. I can do everything we needon an Excel spreadsheet. If the CFO had...
- Q Nous sommes le 25 mai. Sylvie Carter est finaliser la vente de sa socit CARTER INC. Loffre se lit comme suit, 3215000 $ pour les actifs ...
- Q Which body develops independence rules that apply to attest engagements performed on employee benefit plans?
- Q standard quantity per unit of output..... 6.8 metersstandard price......... $14.40 The following data pertains to operations concerning theproduct for the last month: Actual material purchased...... 4,400 meters Actual...
- Q Calistoga Produce estima el gasto por deudas incobrables en 0,50% de las ventas a crdito. La compaa report cuentas por cobrar y provisin para cuentas incobrables de $480,000 y $1,520,...
- Q Assembly department of Zahra Technologies had 300 units as work in process at the beginning of the month. These units were 40% complete. It has 400 units which are 50%...
- Q Which of the following would cause the cost of direct materials to change? (Select all that apply) Group of answer choices A amount of direct labor hours needed changes B...
- Q The clearance in the engine cylinder has no effect on the steam consumption. aTrue bFalse
- Q Provide a critical analysis of the benefits and challenges of adopting integrated reporting for Nike inc.
- Q Aguilar Manufacturing has income before tax on it books of $700,000, and a tax rate of 30%. Assuming there no book-tax income differences, what is Aguilar's income tax expense? Group...
- Q A bough $10,376 furniture. She paid $1500 down and pay the balance 5.1% add-on rate for 2 years. What is monthly payment and what is the total cost of the...
- Q In which of the following places of employment would the employees fall under federal juridiction? .Trust company
- Q A company has a unit contribution margin of $120 and a contribution margin ratio of 50%. What is the unit selling price?
- Q Using the Appendix D (The Standard Ultimate Survival Model at i=5%), Consider a whole life insurance with sum insured of $100,000 payable at the end of the year of death,...
- Q Explain why stock is not included as a current asset in the acid test ratio. b. Distinguish between the current ratio and the acid test ratio.
- Q How does activity-based costing differ from absorption product costing?
- Q Which law amended the Computer Fraud and Abuse Act of 1986, and what did it change?
- Q x
- Q Question: Which budget focuses on expected cash inflows and outflows over a specific period? a) Operating budget b) Cash budget c) Master budget d) Capital budget
- Q In number 5 how did they get the overhead pllied cost?
- Q Rose Oil Cosmetics plans to grow its company by offering a new line of anti-aging products that are superior and uniquely different than its competitor's products. Rose Oil knows that...
- Q Question: Which of the following costs is classified as a variable cost? a) Property taxes b) Direct materials c) Salary of a factory supervisor d) Depreciation on factory equipment
- Q Warner Companys year-end unadjusted trial balance shows accounts receivable of $112,000, allowance for doubtful accounts of $730 (credit), and sales of $410,000. Uncollectibles are estimated to be 1.50% of accounts...
- Q An employee whose earnings subject to Social Security during the first week of the year are $1,810 owes Social Security tax of $ ?
- Q x
- Q In about 200 words, answer one or all of the following questions :: Why should the timing of direct materials purchases be closely coordinated with the production budget? Discuss...
- Q Why do you think present value is important when evaluating capital investments? Give an example of how you could use present value to make a decision in your current job....
- Q Under which depreciation method does the amount of depreciation expenses remains the same throughout the useful life of a fixed asset? (a) Reducing...
- Q a method of estimating bad debts expense that involves a classifying receivables by how long they are past due is called the
- Q As per the rule of Garner V. Murray, the deficiency of the insolvent partner is shared by the solvent partners in their A. Profit sharing Ratio B. Capital Ratio C....
- Q explain how the company can use the information it developed for calculating the overhead rate for 1. evaluatiuon of product pricing decisions 2. cost control evaluation 3. development of budgets
- Q c) assuming that the fair value of Mendota division is1,500,000 < 1,650,000 (net assets ) computation Fair value of division 1,500,000 Less Net identifiable asset 1,450,000. How you got1,450,000?
- Q Business Solutions sells upscale modular desk units and office chairs in the ratio of 3:2 (desk unit;chair). The selling price are $1,250 per desk unit and $500 per chair. The...
- Q Question: What is the formula for calculating the contribution margin? a) Sales Revenue - Variable Costs b) Sales Revenue - Fixed Costs c) Gross Profit - Operating Expenses d) Net...
- Q Okay I am making cookies and in that whole process I need to figureout what non-value-added costs might be there and how to fix them,and I need 4 to 5...
- Q Question: What is the purpose of a flexible budget? a) To control costs and evaluate performance b) To prepare financial statements for external reporting c) To forecast long-term strategic goals...
- Q On January 1,2019, Phoenix Co. acquired 100 percent of the outstanding voting shares of Sedona Inc. for $646,000 cash. At January 1,2019, Sedonas net assets had a total...
- Q Abernathy Corporation used the following data to evaluatetheir current operating system. The company sells items for $10each and used a budgeted selling price of $10 per unit. Actual Budgeted ...
- Q In examining the financial statements of your corporation, you recalled learning that dividends are not reported on the income statement whereas interest expense incurred on bonds payable is a line...
- Q From the following end of the year, alphabetical information, prepare a brief comparative income statement, retained earnings statement, balance sheet, and cash flow statement for Mercy Company with...
- Q What is the responsibility of real estate personnel to access, read, interpret and apply legislation to their real estate activity?
- Q IMA's overarching ethical principles include: Honesty, Fairness, Objectivity, and Responsibility. What are the ethical principles underlie IMA's statement. I am looking for a simple over all in terms a person...
- Q 71. Garner Vs. Murray rule is applicable when- A. All partners are insolvent B. All partners are solvent c.Some partners are insolvent D.None of the above
- Q Maple Co. provides for bad debts expense at the rate of 5.59% of ending Accounts Receivable. On Jan 1, 20X1, the Allowance for Bad Debts was $16,000. There were $16,000...
- Q The income statement for Bramble Inc. shows income before income taxes $1736000, income tax expenses $831000, and net income $905000. If Bramble declared $364000 of cash dividends on preferred stock...
- Q what are these: source, use, orexchange? 1) performed services for cash 2) performed services for clients on account 3) collected cash from accounts receivable 4) invested cash in a certificate...
- Q The following explanations appeared on last week's variance report for JT Engineering's purchasing department. Which of these explanations could reflect negatively on the purchasing department? A uantity discount. B Rush...
- Q Product costs consist of direct labor, direct materials, and overhead costs. Group startsTrue or False
- Q 71. Garner Vs. Murray rule is applicable when- A. All partners are insolvent B. All partners are solvent c.Some partners are insolvent D.None of the above
- Q What is a journal entry, and what is the purpose or objective of using debits and credits to record journal entries? What is an adjusting journal entry, and why...
- Q Sammy wholly owned a manufacturing business that started in 2022, and had $100,000 of gross receipts in 2022. In 2023, Sammy had: $9,000 of interest expense on a business loan,...
- Q In some cases, the IRS will notify a taxpayer to verify his or her identity. The IRS will initiate contact in which of the following manners
- Q Vaughn Manufacturing has the following inventory data: July 1 Beginning inventory 41 units at $20 $820 7 Purchases 143 units at $21 3003 22 Purchases 20 units at $22 440...
- Q PART (7 MARKS) 1. Explain the IFRS requirement for the treatment of :- a. Negative goodwill(1.5 marks) b. Subsidiarys goodwill(1.5 marks) 2. Calculate under the NET...
- Q Mondrian Company show the following balances. Prepare an Income statement, statement of retained earnings and a balance sheet. Cash 14,900...
- Q A contractor contributes services valued at $40,000 to build a new building for a private NFP organization. The net effect of this contribution in the organization's statement of activities is:...
- Q 7. Suppose Ms. Smith sells her 2018 Honda Fit next year. The original cost of the vehicle was $10,000. During the time she has owned the car she has taken...
- Q Ruben Company compr $100,000 en bonos de Evans Company a 100 ms $1,500 en intereses acumulados. La tasa de inters del bono es del 8% y los intereses se pagan...
- Q As per Charles' law, the volume of a given mass of a perfect gas varies __ as its absolute temperature, when the absolute pressure remains constant. adirectly bindirectly
- Q Explain how the following expenditure would be dealt with in the financial statements of Zone Limited to conform with IAS38: i.) Expenditure incurred with an organisation investigating on the use...
- Q Fennier Company sells a single product for $12 per unit. Variable costs are $7 per unit and fixed costs are $65,000. What is Fennier Company's break-even point in units? ...
- Q What is the federal income tax owed by an investor in the 35 percent income tax bracket? The tax rate on long-term capital gains is 15 percent. a. Siegmunds traditional...
- Q Category Prior Year Current Year Accounts payable 3,151.00 5,986.00 Accounts receivable 6,942.00 9,092.00 Accruals 5,795.00 6,199.00 Additional paid...
- Q True no-par stock should be carried in the accounts at issue pric without any additional paid-in capital reported. a. True b. False
- Q Entries for stock dividends zurich corporation has 20000 shares of $60 par common stock outstanding on August 2nd zurich corporation declared a 4% stock dividend to be issued October 8...
- Q On January 1, Hudson Corporation issues $500,000, 8%, 5-year bonds at 106. Assuming the straight-line amortization method is used and interest is paid annually, how much bond interest expense is...
- Q x
- Q what is difference between auditing and accounting
- Q Use the following information for Exercise 2-9 through Exercise 2-12 below. (Static) Skip to question [The following information applies to the questions displayed below.] Following are the transactions of a...
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