Accounting question and answers for November 26, 2023
- Q For 2023, Spartan, LLC, reported a $213,000 profit on its books. The items included in the profit computation were $500,000 in sales revenue, $15,000 in qualified dividends, $132,000 in cost...
- Q 5. Los deberes de un director financiero (CFO) incluiran a. gestionar la preparacin de los estados financieros. b. supervisar la preparacin de todas las declaraciones de impuestos corporativos....
- Q Cerner Manufacturing purchases a large lot on which an old building is located as part of its plans to build a new plant. The negotiated purchase...
- Q Which of the following lists of distributed assets shows the proper order in which these assets should be accounted for in a partnership distribution having a total inside basis exceeding...
- Q What is accounting
- Q For the following employee, calculate the Medicare tax for the weekly pay period described: Bill Clay's filing status is married filing separately, and he has earned gross pay of $1,900....
- Q Zeke Company sells 26,900 units at $16 per unit. Variable costs are $10 per unit, and fixed costs are $37,300. The contribution margin ratio (rounded to the nearest whole percent)...
- Q A taxpayer exchanges a rental house at the beach with an adjusted basis of $180,000 and a fair market value of $160,000 for a rental house in the mountains with...
- Q Explain the significance of financing with accounts payable. Also, explain the rationale of taking a cash discount, such as 2/10, net/30. Additionally, determine the approximate balance of accounts payable, if...
- Q The Accounting profession: Gloria is an audit associate of Gor and Brad, CPAs. In one of the meetings with audit clients, a non-accounting staff remarked that "accounting is back-office work....
- Q What is difference between general multi-index model and industry index model? If you look at the problem, they both solve the problem in a similar way,...
- Q El estado de flujos de efectivo (Statement of Cash Flows) clasifica los recibos y pagos de efectivo en tres actividades: a. operacionales y no...
- Q Which of the following statements is true concerning an auditors responsibilities regarding financial statements? The adoption of sound accounting policies is an implicit part of an auditors responsibilities. An auditors...
- Q Listed are all of the inventory, cash transactions for the month of May 5/1/2013 Bought 5 DCDF001 for $50.00 each 5/3/2013 Bought 4 CCF034 for $23.00 each 5/7/2013 Sold 2...
- Q Si el saldo del inventario de productos terminados aument en $6 400 durante el perodo y el costo de los productos fabricados es de $170 000, cul es el costo...
- Q Advances or drawings of money or property against a partners distributive share of income are deemed to be current distributions made on the last day of the partnerships taxable year,...
- Q 4. Walnut has forecast sales for the next three months as follows: July 4,800 units, August 6,300 units, September 7,800 units. Walnut's policy is to have an ending inventory of...
- Q (c) Empirical literature on retirement suggest a replacement ratio of at least 40%. Explain the difficulties encountered by the retirees in both the Defined Benefit Pension Plans and Defined Contribution...
- Q University Car Wash built a deluxe car was across the street from campus. The new machines cost $246,000 including installation. The company estimates that the equipment will have a residual...
- Q Edwards Co. purchased raw materials with a cost of $95,000 on March 2, 2015. Credit terms of 3/20, n/60 applied. Refer to Exhibit 7-2. If Edwards uses the net method...
- Q What does the "Single-Step" format of an Income Statement do? A. Separates operating and non-operating activities. B. Combines all revenues and gains, and...
- Q Roy tom prestado dinero del Banco por un monto de P1,000,000 a una tasa de inters anual del 7%. Invirti el dinero en sustitutos de depsitos y obtuvo un ingreso...
- Q (b) Truly Berhad has a 100%-owned foreign subsidiary, which has a carrying value at a cost of RM25 million. It sells the subsidiary on 31 December 2019 for $45million. As...
- Q A buyer had an inventory on March 1 of $25,000 and a planned EOM stock of $30,000. As of March 1, the buyer had merchandise on order of $12,500 at...
- Q 1. How does mutual agency affect a partnership? 2. How is net income of a partnership taxed? 3. What is the difference between an LLC and an LLP? (Hint: An...
- Q Are state and local governments held to the same standards as for-profit organizations? I Please explain the differences if any. Example will be great.
- Q A companys flexible budget for 16,000 units of production showed sales, $81,600; variable costs, $33,600; and fixed costs, $15,000. The fixed costs expected if the company produces and sells 15,000...
- Q Compare and contrast financial accounting and managerial accounting.
- Q Dec1.Started business with cash $50,000. Dec2.Purchased goods for cash $30,000. Dec3.Purchased goods on credit $20,000. Dec4.sold goods costing $10,000 for $12,000. Dec5.Bought furniture on credit $2000. Dec6.Paid cash to creditor...
- Q Write something about Education industry, major cost items and cost objects, different costs involved, how they are bifurcated and which cost allocation methods are used. Give a write up in...
- Q Suppose that a company sells each unit of its product for $100. The company incurs variable product costs amounting to $30 and variable period costs amounting to $20 for each...
- Q Indicate whether the following statements are TRUE or FALSE. 3) On the financial statements at year end, all product costs could be found in Raw Materials, Work in Process, Finished...
- Q Prime costs are $200,000, DL is $50,000 and OH is 20% of conversion costs. What is the total amount of product costs?
- Q The profit for machine be was $200,000 including $60,000 in depreciation. What was the cash inflow not including any tax effects $200,000 Some other number $260,000 $240,000
- Q Unplanned other taxes can often have a negative effect on the taxpayer on their next year's tax return. What is a tool provided by Drake Software to help the taxpayer...
- Q Unearned revenue is one of a liability component. Explain, in your own words, what is meant by unearned revenue and how does unearned revenue arise? Provide three business activities that...
- Q Manny Tovar is unable to reconcile the bank balance at January 31. Mannys reconciliation is as follows. Cash balance per bank $4,714.60 Add: NSF check 630.00 Less: Bank service charge...
- Q In its income statement for the year ended December 31, 20x2, Baldwin Corporation reported insurance expense in the amount of $489. The beginning and ending balances in the prepaid insurance...
- Q Deidre inherited 1,000 shares of stock from her grandmother (FMV at the time of the grandmother's death was $50,000; grandmother's basis was $10,000; grandmother owned the stock for twelve years)....
- Q The area between -z and z is 0.2052
- Q visite bank Muscat website (Bank in Oman) and evaluate employee relation policies and procedures????
- Q Managerial accounting does not encompass
- Q Question 15 of 40. For Tax Year 2022, a taxpayer generally may elect to immediat $25,000 $1,050,000 $1,080,000 $2,700,000 Mark for follow up Question 16...
- Q Baltimore Manufacturing had a Work in Process balance of $70,000 on January 1, 2018. The year end balance of Work in Process was $86,000 and the Cost of Goods Manufactured...
- Q You are considering whether to buy or lease a car. If you buy the car it is 30,000 dollars up front and will last 6 years. You will have annual...
- Q susan clothing company has a division that produces children's clothing. Next year it is projected that the children's division will show the following operating results: contribution margin $200,000 fixed expenses...
- Q P Corporation pag $420,000 por el 70% de las acciones ordinarias a la par de $10 de S Corporation el 31 de diciembre de 2013, cuando el capital contable de...
- Q Ellie's Candies, Inc. produces gummy bears. The company purchases raw materials, stores them in a warehouse, and then runs them through two processes: production and packaging. During September, the production...
- Q QUESTION FOUR [25] Success Limited registered with the CIPC and the Certificate of Commencement was issued on 1 July 2022. Authorised share capital was granted as...
- Q Suppose that todays date is April 15. A bond with a 5% coupon paid semiannually every January 15 and July 15 is quoted as selling at an ask price of...
- Q Intel Corporation is leasing an office building for three years. Terms of the lease require Intel to make a $5,000 lease payment at the end of each month over the...
- Q Suppose you have $100,000 to invest. You decide to buy $35,000 worth of stock A and $65,000 worth of stock B. The expected returns for stock A and B are...
- Q On Jan 1 07 SSS buys 100 US Treasury Bonds (face value $1000 each) for the Trading Portfolio. The bonds carry an annual interest coupon of 4% paid semiannually Jan...
- Q Which of the following expenses incurred by a department store is an indirect expense? A-insurance on merchandise inventory B-sales salaries C-depreciation on store equipment D-salary of vice...
- Q 1)List 2 profitability ratios and explain why these are important 2) List 2 liquidity ratios and explain why these are important 3) What is the difference between liquidity and profitability?...
- Q in the film when we pray, who do you think is involved in the fraud investigation process Here are your suspects: The Pastor The Office Assistant The Treasurer The...
- Q Partnership CD is owned 50% By C and 50 % by D. If C sells an asset to CD and recognizes a $1,000 loss on the sale, will the loss...
- Q Butler Corporation is considering the purchase of new equipment costing $69,000. The projected annual after-tax net income from the equipment is $2,500, after deducting $23,000 for depreciation. The revenue is...
- Q On January 1, Year 4, A Company purchased 70% of the outstanding common shares of B Limited for $13,300. On that date, Bs shareholders equity consisted of common shares of...
- Q The following transactions are February 2017 activities of InGolfHelp, which offers indoor golfing lessons. You have been hired to analyze the following transactions for a week in February 2017: ...
- Q Massawa Corp. relevant range of production is 7,500 units to 12,500 units. When it produces and sells 10,000 units, its unit costs are as follows: Amount Per Unit Direct materials...
- Q Sunland Company sells its product for $7100 per unit. Unit variable cost are: manufacturing, $3400, and selling and administrative, $100. Fixed costs are: $14000 manufacturing overhead and $23000 selling and...
- Q Warren Construction Company has consistently recognized revenue from its long term contracts as the performance obligations were met over time. In 2017, Warren started work on a $6,000,000 construction contract,...
- Q as an owner/manager of a business what questions, what questions would you ask to judge the firms performance, control operations, make decisions and plan the future?
- Q Which of the following does not accurately discuss horizontal analysis? a. Compares changes in reporting based on a line item within the income statement or balance sheet b. Allows us...
- Q On January 1, 2016, Pet Friendly Stores adopted the retail inventory method. Inventory transactions at both cost and retail, and cost indexes for 2016 and 2017...
- Q Assignment on Chapter Three: The Basics of Neoclassical Economics 4. Can you explain why a neoclassical economist might or might not support a government program such as WIC (Women, Infants,...
- Q Providence LLC has the following information for one of its divisions: Average operating assets $2,000,000 Sales ...
- Q Problem 4. Polaski Company manufactures and sells a single product called a Ret. Operating at capacity, the company can produce and sell 32,000 Rets per year. Costs associated with this...
- Q The Regal Cycle Company manufactures three types of bicyclesa dirt bike, a mountain bike, and a racing bike. Data on sales and expenses for the past quarter...
- Q The return on assets and the asset turnover ratios are used to analyze a. profitability. b. leverage. ...
- Q Under the fair value/cost method of accounting for stock investments, an investor records dividends received from earnings accumulated after the investment is acquired as dividend income. How does an investor...
- Q Ehrhart Appliance utiliza un sistema de inventario perpetuo. Para sus televisores de pantalla plana, el inventario del 1 de enero era de 4 televisores a $660 cada uno. El 10...
- Q Audit situations 1 through 10 present various independent factual situations an auditor might encounter in conducting an audit. List A represents the types of opinions the auditor...
- Q Liz was supposed to make a payment of $4,000 in 3 years and another payment for $1,400 in 5 years to Loon Company as part of a payment plan. Instead,...
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