Accounting question and answers for October 15, 2023
- Q 1. On January 1, 2016 Du Lac Company purchased office equipment that cost $16,000 cash. The equipment had a five year useful life and a $1,200 expected salvage value. Using...
- Q How many Asset accounts and subaccounts appear in your Chart of Accounts report? How many Liability accounts appear in your Chart of Accounts report? How many Equity accounts appear...
- Q Zoum Corporation had the following transactions during 2022: 1. Issued $250,000 of par value common stock for cash. 2. Recorded and paid wages expense of $120,000. 3. Acquired...
- Q Wilson Wildhorse is a leading producer of vinyl replacement windows. The company's growth strategy focuses on developing domestic markets in large metropolitan areas. The company operates a single...
- Q Bill Becker and Scott Bales are thinking about opening a new restaurant. Mr. Bales has extensive marketing experience but does not...
- Q Pacific Hotels operates a centralized call center for the reservation needs of its hotels. Costs associated with use of the center are charged to the hotel group (luxury, resort, standard,...
- Q Please Help! Exercise 3-16 Presented below are selected account balances for Marin Co. as of December 31, 2017 Inventory 12/31/17 Common Stock Retained Earnings Dividends Sales Returns and...
- Q Cul de los siguientes fondos se debe utilizar si los recursos proporcionados por una subvencin federal se deben segregar y utilizar para el asesoramiento de delincuentes juveniles? A) Fondo...
- Q Do all the requirement with excel The following amounts summarize the financial position of Little Red Dog Inc. on May 31, 202X Assets Computers (net) + Supplies +...
- Q The following information for Dorado Corporation relates to the...
- Q 12. The per-unit standards for direct labor are 1.5 direct labor hours at $15 per hour. If in producing 3400 units, the actual direct labor cost was $69750 for...
- Q 2A. Mr. and Mrs. Orange and their two children, Clementine and Tangerine, are the four equal partners in Citrus Partnership. This year, Citrus Partnership generated $80,000 of ordinary income. Compute...
- Q Viking Voyager specializes in the design and production of replica Viking boats. On January 1, 2021, the company issues...
- Q ******** Scenario 35: Thomas is a 30% partner in a partnership. The partnership incurred a net loss of $240,000 for the year,...
- Q *****ONLY OPTIONS IN DROP DOWN TO CLASSIFY ANSWERS----> Admin Salaries Advertising Expense Cost Of Goods Sold Depreciation Expense Sales Commissions Sales Revenue Selling Expenses Shipping and handling expenses ...
- Q Amy's Service Center received a 120-day, 6% note for $40,000, dated April 12 from a customer on account. (a) Determine the due date of the note....
- Q Question 2 Jane Allen is a sole trader running a small chemist shop. She provides you with the following balances from her ledger accounts at 30 June, 2020....
- Q A business operated at 100% of capacity during its first month and incurred the following costs: Production costs (19,000 units): Direct materials...
- Q QS 23-18 (Algo) Pricing using variable cost LO P6 GoSnow sells snowboards. Each snowboard requires direct materlals of $148, direct labor of $54, varlable overhead of $64, and...
- Q The Guitar Shoppe reports the following sales forecast: August, $110,000; and September, $230,000. Total sales include 40% cash sales, 45% of credit sales collected in the month following...
- Q On January 1, 2022, Marin Inc. had these stockholders' equity balances. Common Stock, $1 par (2,300,000 shares authorized, 710,000 shares issued and outstanding) $710,000 Paid-in Capital in Excess...
- Q Business Combination Versus Asset Acquisition Haley Corporation pays $3,900,000 in cash to acquire assets from Jaxon Inc., as follows:Fair ValueMachinery and equipment$1,800,000Developed technology (limited-life)1,260,000Customer lists (limited-life)540,000 In addition, Haley...
- Q Brothers Quest Games Inc. adjusts its accounts annually. The following information is available for the year ended December 31, 2021: For each of the above transactions, prepare the journal...
- Q Select ratios for the Erskine Hotel for the past three years are as follows: Further, assume (1) that the total assets have not changed over the three-year time...
- Q =/2 Question 2 of 7 View Policies Current Attempt in Progress The followine are three inventory cost determination methods 1 Spedic identification 2 FIFO 3...
- Q 2. (5 points) HB Corp reported actual machine hours and overhead cost are presented below for the past six months. Overhead Month Machine Hours Cost January...
- Q b) Compute (1) the cash payback period and (2) the annual rate of return. (Round to two decimals.) c) Compute the net present value of the commuter service....
- Q loint Cost Allocation-Weighted Average Method Konami Code Gaming produces two types of high-end gaming controllers, one with a casing made of a polymer that looks like...
- Q Net (after tax) Income Total capital employed Adams Division Jefferson Division $659,450 127,500 4,520,000 2,335.000 Washington's actual cost of capital was 13% Required: 1. Calculate the...
- Q Several months ago, Ayers Industries Inc. experienced a hazardous materials spill at one of its plants. As a result, the Environmental Protection Agency (EPA) fined the company $510,000....
- Q Example 2-Deferred Tax Liability from Depreciation Co urts Temporary Services reported pretax accounting income in 2016, 2017, 2018, and 2019 of $100 reporting ses...
- Q 5. What would be the balance of "Sales discounts, returns and allowances" if you know that profit" equals $ 3,000,000, and "Sales revenues" equals...
- Q Please help with missing fields. thanks! Prepare the 2017 schedule of cost of goods manufactured for Barton Company using the following information. Direct materials Direct labor Factory overhead...
- Q Practice Do It! Review 2 Swifty Corporation began operations on April 1 by issuing 59,000 shares of $5 par value common stock for cash at $14 per share....
- Q Felice Lucas has just won the state lottery and has the following three payout options for after - tax prize money: 1. $160,000 per year at the end...
- Q For each company, compute the following ratios. (Round all answers to 2 decimal places, e.g. 1.83 or 1.83%.) Problem 13-5A Your answer is partially correct. Try again Suppose...
- Q 2. Record cost of goods sold, $300. 3. Sold $9,800 of merchandise to customers who used their Zisa cards. 4. Record cost of goods sold, $4,900. 5. Sold $5,774 of...
- Q Strategic Initiatives and CSR monthly sales revenue is $480,000. Determine what the cost of labor, materials, and overhead for both Procedures 1 and 2 would need...
- Q View Policies Current Attempt in Progress The balance in retained earnings at December 31, 2020 was $1431000 and at December 31, 2021 was $1164000. Net income...
- Q Q33 Blossom Assemblers uses normal job-order costing to assign costs to products. The company assembles and packages 25 different products according to...
- Q The Pita Pit borrowed $204,000 on November 1, 2024, and s/gned a six-month note bearing interest at 12%. Principal and interest are poyable in KAl at...
- Q Suppose a faucet manufacturer imports fixtures from oversees companies. Ships carrying the fixtures arrive in either New York, Charleston or Miami. The fixtures are then transported via rail to...
- Q Denna Companys working capital accounts at the beginning of the year follow: Cash $ 68,000 Marketable securities $ 26,200 Accounts receivable, net $ 345,200 Inventory $ 454,800 Prepaid expenses $...
- Q non-current asset register shows a carrying amount of $106,460. An asset costing $18,000 has been sold for $6,000, making a loss on disposal of $1,250. No entries have...
- Q The following data pertain to an investment proposal (Ignore income taxes.): Click here to view Exhibit 14B-1 and to determine the appropriate discount factor(s) using the...
- Q At the high and low levels of sales activity the selling cost of the Razor Co were $150,000 for January, when 35,000 into and 5190,000 in...
- Q Kyler Builders builds 1,500-square-foot starter tract homes in the fast-growing suburbs of Atlanta. Land and labor are cheap, and competition among developers is fierce. The homes are a...
- Q 1)Listed below are the reporting classifications for a statement of cash flows using the direct method for reporting operating cash flows. Indicate the reporting classification that would apply...
- Q Required information Skip to question [The following information applies to the questions displayed below.] Morganton Company makes one product and it provided the following information to...
- Q Crane, Inc. issued 10900 shares of stock at a stated value of $7/share. The total issue of stock sold for $14 per share. The journal entry...
- Q L Which of the following not a legitimate probability value? A) 0.67 (B) 15/16 0.23 D) 4/3 E 0.98 Which of the following...
- Q Question 1 [25 marks 40 minutes] On 23 April 2020, Bedford Traders Limited acquired a 75-acre tract of land by paying R25 000 000...
- Q In September 2016, the management of Rye Company assembles the following data in preparation of budgeted merchandise purchases for the months of October and November. 1....
- Q in preparing the operating budget the first step is preparing the a budget income statement b sales budget c purchase budget d cash budget
- Q Which of the following is true of a realized gain? Group of answer choices Realized gains are never recognized. The amount realized is less than the original basis....
- Q Bridge City Consulting bought a building and the land on which it is located for $150,000 cash. The land is estimated to represent 60 percent of the purchase price. The...
- Q On december 31,2015, Regent Inc. redered services to Begin Corporation at an agreed price of $102049, accepting $40000 down and areeing to accept the balance in four equal installments of...
- Q 17. Schwartz Company paid $780,000 cash to buy a group of plant assets. An independent appraiser assigned the following values to the assets acquired: Prepare Schwartz' journal entry...
- Q What is the importance of a Form 8-K? What is the importance of a proxy statement? Provide examples of disclosures made in each form.
- Q he following incorrect income statement was prepared by the accountant of the Axel Corporation: AXEL CORPORATION Income Statement For the Year Ended December 31, 2013 Revenues...
- Q Casciani Company invests $61,000 today in a savings account that earns 10% compounded annually. What will be the balance in the savings account 10 years from today...
- Q The U.S. Financial Accounting Standards Board is working with the International Accounting Standards Board to (Select all that apply.) make financial statements more comparable preserve the unique identity of each...
- Q Student is to write a paper describing the consolidation process when there is a less than wholly-owned subsidiary acquired at more than book value. The paper must clearly present calculations...
- Q Sunland Corp. had total variable costs of $193,800, total fixed costs of $133,300, and total revenues of $340,000. Compute the required sales in dollars to break even. Required...
- Q Use the following to answer questions 2325 The company invested $300,000 on December 1,20XA at 6% simple interest for 18 months. 23....
- Q On the balance sheet of a retailer, the Merchandise Inventory account ________. a. is listed after prepaid assets b. is not included because it is an income statement account c....
- Q Mr. Hawk, a factory assembly line worker, received the following benefits from his employer: Medical insurance plan policy $250 Christmas bonus 125 Reimbursement for college undergraduate physics course beginning January...
- Q On August 1, supplies were purchased; Accounts Payable was debited and Supplies credited for $1,500. The account was due in October, and $700 of these supplies were on hand at...
- Q Central Company has sales of $10,000 and expenses of $4,000. Which of the following is the correct closing entry? Debit retained earnings,...
- Q Firm Valuation Through Excess Returns Approach - The incorporation of XYZ Inc. was completed through the raising of funds. These funds include net proceeds from debt and from equity...
- Q Karla Tanner opened a Web consulting business called Linkworks and completed the following transactions in its first month of operations. April 1 Tanner invested $95,000 cash along with office equipment...
- Q Keira Knightley Company buys a piece of equipment for $36,442 that will last for 7 years. The equipment will generate cash flows of $7,000 per year and will have no...
- Q What are the commonly used approaches to budgeting for service volumes in a healthcare organization? Select three and describe them.
- Q Elestren, Inc. has 2 branches--Northern and Southern branches. The company's fixed costs that are traceable to the Northern branch is $175,000, while fixed costs that are traceable to the Southern...
- Q Which of the following events experienced by a department store would be presented in the operating section of a multistep income statement? a. Interest expense b. Equipment sold for more...
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