Accounting question and answers for November 25, 2023
- Q Peavey Enterprises compr un activo depreciable por $28 500 el 1 de abril del ao 1. El activo se depreciar utilizando el mtodo de lnea recta durante su vida til...
- Q Jack and Jill are friends that form a company called Gingerbread Corp. Mike, Jill's brother wants to participate in the business venture and provides $133,000 in services. Jack will contribute...
- Q Tarea 4: Anlisis de estudio de caso - Decisin de investigacin y desarrollo de BMAC Nota: asegrese de citar adecuadamente cualquier material de referencia, utilizando el estilo...
- Q Alpha Company had the following information for FY 2017: Work in Process - 1/1/17 100,000 units Units Started into Production 575,000 units Work in Process -...
- Q Glasgow Enterprise started the period with 70 units in beginning inventory that cost #2.10 each. During the period, the company purchased inventory items as follows. Glasgow sold 305 units after...
- Q Hopi Corporation expects the following operating results for next year: Sales $625,000 Contribution margin ratio 80% Degree of operating leverage 5 What is...
- Q What conditions must exist for a corporation to recognize a tax-free exchange in a reorgnaization?
- Q Hansen Company produce un solo producto. Durante el ao pasado, Hansen tuvo un ingreso operativo neto bajo costos de absorcin que fue $17,820 ms bajo que su ingreso bajo costos...
- Q A company makes the following journal entry for 2020: Dr. Income Tax Expense xxxx Dr. Deferred Tax Asset 77,000 Cr. Deferred Tax Liability 27,000 Cr. Income...
- Q During its first year of operations, Cupola Fan Corporation issued 42,000 of $1 par Class B shares for $445,000 on June 30,2024. Share issue costs were $2,700. One year from...
- Q Why would a taxpayer file a tax return if not required to do so? a. to remain in favor with the IRS b. to claim a refund of taxes paid...
- Q Front Company had net income of $88,500 based on variable costing. Beginning and ending inventories were 2,400 units and 4,400 units, respectively. Assume the fixed overhead per unit...
- Q 1. Define cost pool, cost tracing, cost allocation, and cost-allocation base. 2) How does a job-costing system differ from a process-costing system? 3) Describe the...
- Q Part Nine (Transfer Pricing) Memories, Inc. has decided to create a wholly owned subsidiary, Memories Boutique, Inc., (MBI) to sell the figurines directly to the public. In the store dolls...
- Q prepare the entry to record depreciation on the building in 2022
- Q When a company uses current value accounting, changes in expected future earnings are recognized in financial statements immediately if markets are working properly. This results in changes in the company's...
- Q taxpayer owns an interest in a partnership which rents property. This is his sole source of income and produces efined taxable income. Together, he receives $70,000...
- Q On June 30, 2013, the Esquire Company sold some merchandise to a customer for $30,000. In payment, Esquire agreed to accept a 6% note requiring the payment of interest and...
- Q Instructions: Enter the trial balance on a worksheet and complete the worksheet. Write the correct amount in the space provided,...
- Q Laber Relations Case Study 1.Assess the unions argument that the parties in the past have agreed to extend time limits. 2.Should the arbitrator be influenced by any evidence over the...
- Q The qualitative characteristics of relevance, faithful representation and comparability identified in the IASBs Framework for the preparation and presentation of financial statements (Framework) are some of the attributes that make...
- Q Wills Tooling Shops cash budget for 20x5 shows a planned purchase of new machinery costing $175,000. Wills manufacturing overhead budget shows annual depreciation on machinery of $10,174. Will also owns...
- Q The Advertising Prepaid account includes $750 used up in the current year
- Q 1. Employers must have a way for workers to report hazards, and a way for supervisors and the employers to follow up on them? true or false
- Q How do multinational corporations differ from other companies that participate in global business?
- Q Target profit Forest Company sells a product for $260 per unit. The variable cost is $135 per unit, and fixed costs are $762,500. Determine (a) the break-even point in sales...
- Q Racer Industries has fixed costs of $800,000. The selling price per unit is $250, and the variable cost per unit is $130. a. How many units must Racer sell...
- Q Pharmco incurred the following costs while manufacturing its product: Materials used in production, $120,000; factory depreciation, $60,000; property taxes on the administrative offices, $12,000; labor costs of assembly-line workers, $95,000;...
- Q Marble Company discounts a customers 12%, $5000, 60-day note dated August 1, on August 16. The discount period is 45 days, and the bank discount rate is 15%. The maturity...
- Q Whitney is a 25% partner in the WRW Partnership. On January 1, WRW distributes $80,000 cash to Whitney. WRW has no hot assets or liabilities at the date of the...
- Q You are in the dairy business in Canada. Assume that you fired the employee so that you could replace him/her with your best friend. You had no valid cause to...
- Q Harrison Company owns 20,000 of the 50,000 outstanding shares of Taylor, Inc. common stock. During 2015, Taylor earns $1,000,000 and pays cash dividends of $800,000. Reference: Ref 17-7 Harrison...
- Q Western Company is preparing a cash budget for June. The company has $11,000 cash at the beginning of June and anticipates $31,000 in cash receipts and $36,500 in cash disbursements...
- Q In Chapter 5 of Data Driven by Jenny Dearborn, the sales analysis team found that the Win Rate for new business proposals was 25% and the Win Rate for upselling...
- Q Topeka homeless shelter ( THS) has an annual fund-raising dinner. The fixed costs of the dinner are $10,000 and variable cost are $75 per attendee. The facility where the event...
- Q Noah Storage issued 350,000 shares of its $4 par common stock at $11 per share several years ago. Last year, for the first time, Noah reacquired 17,100 shares at $9...
- Q Ho Designs experienced the following events during Year 1, its first year of operation: Started the business when it acquired $70,000 cash from the issue of common stock....
- Q 1. Presented below are select financial data from Major Drugs annual report: Amounts in millions Year 1 Year 2...
- Q Why is it important for manufacturing companies to know the manufacturing cost of each of the products they make?
- Q Snow Co. began operations on January 2, 2014. It employs 16 people who work 8-hour days. Each employee earns 10 paid vacation days annually. Vacation days may be taken after...
- Q PT ABC adopts the Cost-Plus Pricing method in selling its goods. The company wants a profit - a sales mark-up of 25%. The production costs for producing 20,000 units of...
- Q explain what format is allowed under GAAP for presenting the income statement for publicly traded corporations
- Q Which of the following are subtractions from taxable income in computing current E&P? A) Which of Federal income taxes paid B) Current charitable contributions in excess of 10 percent limitation...
- Q Selected transactions completed by Equinox Products Inc. during the fiscal year ended December 31, 2016, were as follows: Record on journal page 10: Jan. 3 Issued 15,000 shares of $20...
- Q Seacrest Company has 20,000 shares of cumulative preferred 2% stock, $50 par and 50,000 shares of $15 par common stock. The following amounts were distributed as dividends: Year 1 $40,000...
- Q Chapter 1: Search illegal employment questions and answer the following: a. List some examples of illegal employment questions. b. Do you agree that these questions should...
- Q Vintage Cellars manufactures a 1,000-bottle wine storage system that maintains optimum temperature (55-57
- Q The accounting reocrds of Reynolds Corporation revealed the following selected costs: sales commissions, $376,000; plant spervision, $500,000; manufacturing overhead, $472,000; and administrative expenses, $436,000. Reynolds's period costs total:$
- Q Two Hearts Corporation is a calendar year taxpayer. Jane owns all of its stock. Her basis for the stock is $5,000. On April 1 of the current (non-leap) year Two...
- Q Arlington Company is constructing a building. Construction began on January 1 and was completed on December 31. Expenditures were $4,000,000 on March 1, $3,300,000 on June 1, and $5,000,000 on...
- Q 1. Create T chart account using data below. DATE PARTICULARS L.F. DEBIT AMOUNT CREDIT AMOUNT 1-JAN-2021 BANK A/C DR. TO CAPITAL A/C (BEING CASH...
- Q A company receives inventory on 15 April and pays for it in part by cash, with the balance payable 30 days later. What is recorded in the accounts on 15...
- Q You have a $2,300 balance on your 15% credit card. You have lost your job and been unemployed for 6 months. You have been unable to make any payments on...
- Q Ontario Resources, a natural energy supplier, borrowed $80.5 million cash on November 1, 2018, to fund a geological survey. The loan was made by Quebec Banque under a short-term financing...
- Q Worksheet Sharp Outfitters fiscal year ends on July 31. The following additional information is available: Supplies on hand at July 31 amount to $3,380. Insurance expense for the year...
- Q Buchanan Corporation issues $500,000 of 11% bonds that are due in 10 years and pay interest semi-annually. At the time of issue, the market rate for such bonds is 10%....
- Q Parntership businesses have limited liability.
- Q 3.The following transactions occurred during 2016 for the Beehive Honey Corporation: Feb. 1...
- Q Blossom & Co. sold goods with a market price of $156000 on April 1. They accepted a note from Kingbird Inc. for $156000 due in two years, with interest paid...
- Q On its December 31, 2020 balance sheet, a company correctly reported a $374,000 credit balance in its Fair Value Adjustment (Available-for-Sale) account. There was no change during 2021 in the...
- Q FIFO and LIFO Costs Under Perpetual Inventory System The following units of an item were available for sale during the year: Beginning inventory 28 units at $49 Sale 5 units...
- Q If a company produces some "seconds" that cannot be sold at the normal price through regular distribution channels, which of the following is/are relevant for setting a minimum selling price?...
- Q Wadjase Corp prepared a master budget that included $17,990 for direct materials, $28,000 for direct labor, $15,000 for variable overhead, and $38,700 for fixed overhead. Wadjase Corp planned to sell...
- Q how much must be deposited at the end of every three months for 6.25 years to accumulate to $2212.00 at 5% compounded quarterly?
- Q Equipment costing $14,500 with an estimated salvage value of $1,060 and an estimated life of 4 years was purchased on October 31, 2019. Using the straight-line depreciation method, what is...
- Q John is required to make instalment payments for 2022. On what dates are his instalments due? a. Quarterly payments due on March 15, June 15, September 15, and December 15...
- Q PLEASE ANSWER (D-Y) !!!!!!!!!!!!!!!!!!!!!! Use the following financial statements for Lake of Egypt Marina, Inc. LAKE OF EGYPT MARINA, INC. Balance Sheet as of December...
- Q Please show your work. Krystal wants to save for a downpayment on a home. She invests $8,000 at 4% annual interest, leaving the money invested without withdrawing any of...
- Q 1. 1. Which of the following is an example of vertical analysis? A) Comparing gross profit across companies. B) Comparing income statement items as a percentage of sales....
- Q Yamaguchi Company's break even point in units is 1,050. The sales price per unit is $12 and variable cost per unit is $8. If the company sells 2,600 units, what...
- Q What is the main disadvantages of both ROI and RI
- Q Una preferencia de dividendos actual significa que: A) A los accionistas preferentes se les pagan dividendos corrientes antes de que a los accionistas comunes se les paguen dividendos. ...
- Q Related data of Annie Company: Materials standard per unit 5.00 lbs. Material standard price per Ibs. P6.00 Operating data for the month: Material used 43,800 lbs. Cost of material used...
- Q Can you give me a basic one page summary about ASU (Accounting Standard Update) 2018-15 intangiblesGoodwill and OtherInternal-Use Software (Subtopic 350-40) Customers Accounting for Implementation Costs Incurred in a Cloud...
- Q Hirt Corporation sells its product for $10 per unit. Next year, fixed expenses are expected to be $510,000 and variable expenses are expected to...
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