Accounting question and answers for September 06, 2023
- Q Define what is accounting? How accounting used in our daily activities? What is the nature of accounting?
- Q 1. Mentor Corp. has provided the following information for the current year: Units produced 3,500 units Sale price...
- Q A partir de la siguiente informacin provista por Alfa Manufacturing Ltd, prepare una declaracin de unidades equivalentes y tambin, discuta el concepto de unidades equivalentes Detalles Cantidad Stock inicial...
- Q S8-6 (Learning Objective 4: Explain goodwill and minority interest) Two accounts that arise from consolidation accounting are goodwill and noncontrolling interest. 1. What is goodwill, and how does it arise?...
- Q Evans Ltd. publishes a monthly newsletter for retail marketing managers and requires its subscribers to pay $36 in advance for a one-year subscription. During the month of August 2016, Evans...
- Q Jade Larson Antiques issued its 10%, 20-year bonds payable at a price of $141,840 (face value is $200,000). The company uses the straight-line amortization method for the bond discount or...
- Q Saget Company is considering the purchase of equipment that would cost $35.000 and offer annual cash 1of 14 H/2/2015 10:52 AM inflows of $10,500 over its useful life of 5...
- Q eBook Show Me How Question Content Area Alternative Financing Plans Vatican Co. is considering the following alternative financing plans: Plan 1 Plan 2 Issue 10% bonds (at face value) $6,000,000...
- Q Accounting Information Systems: Follow Chapter 12, 13, and 14, list at least five threats in the process of ERP implementation (any of these steps: ERP product brand selection, module design,...
- Q October 1, 20X2, records of Tower Communications include these accounts: Accounts Receivable 250.000 Allowance for Uncollectible Accounts (8,200) At year-end, the company ages its receivables and adjusts the...
- Q Activity-based costing might have a role in process costing settings under what conditions?
- Q Equivalent Units of Materials Cost The Rolling Department of Kraus Steel Company had 9,600 tons in beginning work in process inventory (70% complete) on October 1. During October, 60,300 tons...
- Q Required: the following accounting entries: a. Establish $250 petty cash fund on March, 1. b. Record $84 of office expenses paid out of petty cash at the end of the...
- Q Glavine Company repaid a bank loan with cash. the cash flow from this event should be shown on the horizontal statement model as follows: 1. a financing activity that decreases...
- Q Balance Sheet Assets: 2021 2022 Cash $10,000 $20,000 ...
- Q OliverOliver Furniture started and finished Job 310Job 310 during NovemberNovember. The company's records show that the following direct materials were requisitioned for Job 310Job 310 : LOADING... (Click the icon...
- Q Dalia tiene dos hijos, Phoenix, de 6 aos, y Darius, de 9 aos. Phoenix y Darius iban a la guardera despus de la escuela. Dalia pag $12,000 en gastos de...
- Q Nandalals Nursery in 1988, Nandalals family immigrated to Canada- he was 2 years old. His grandparents and parents pooled their money and invested in a plot of land located in...
- Q Explain why a company must have highly effective internal controls over cash.
- Q When we make adjusting journal entries, does this just affect revenue and expense accounts (subset of OE)? Or can asset and liability values be affected as well? Can we make...
- Q E2-21(Algo) Calculating Missing Amounts and Cost of Goods Manufactured and Sold [LO 2-3,2-4,2-5,2-6]3 E2-21(Algo) Calculating Missing Amounts and Cost of Goods Manufactured and Sold [LO...
- Q Question 1 (10 Marks) A company borrowed R100 000 from its bank and the next day used R80 000 of the cash from the loan to buy a piece of...
- Q - [ ] Two strips of metal are pinned together as shown with a rod 10 mm diameter. The ultimate shear stress for the rod is 60 MPa. Determine the...
- Q Miller and Sons' static budget for 10,100 units of production includes $42,400 for direct materials, $46,800 for direct labor, variable utilities of $7,500, and supervisor salaries of $15,300....
- Q Mango Company applies overhead based on direct labor costs. For the current year, Mango Company estimated total overhead costs to be $440,000, and direct labor costs to be $220,000. Actual...
- Q At the beginning of 2014, Hardin Company had 220,000 shares of$10 par common stock outstanding. During the year, it engaged inthe following transactions related to its common stock:March1Issued 43,000 shares...
- Q “I know headquarterswants us to add that new product line,” said Dell Havasi, managerof Billings Company’s Office Products Division. “But I want to seethe numbers before I make any move....
- Q Five Measures of The ability of a company to make its periodicinterest payments and repay the face amount of debt atmaturity.Solvency or The ability of a firm to generateearnings.ProfitabilityThe balance...
- Q What is the difference between a multi-step income statement anda single-step income statement? Which one is preferable?
- Q It is now January 1, 2001. You plan to make only 5 deposits of$500 each, one every 6 months, with the first payment being madetoday. If the bank pays a...
- Q Phillip and Case are in the process of forming a partnership toimport Belgian chocolates, to which Phillip will contributeone-third time and Case full time. They have discussed thefollowing alternative plans...
- Q Under the direct write-off method, when is bad debt expense(uncollectible accounts expense) recognized? Under the allowancemethod, when is bad debt expense recognized? Name 1 reason why thedirect write-off method is...
- Q Denton Company manufactures and sells a single product. Costdata for the product are given:Variable costs per unit:Direct materials$4Direct labor10Variable manufacturing overhead3Variable selling and administrative2Total variable cost per unit$19Fixed costs per...
- Q 11. What is the difference between a repurchase agreement and areverse repurchase agreement?18. Who are the major issuers of and investors in money marketsecurities?7. You can purchase a T-bill that...
- Q Preparation of Balance SheetConlon Corporation's December 31 post-closing trial balancecontains the following normal account balances:Cash$2,200Accounts payable14,300Building308,000Long-term notes payable1,045,000Common stock440,000Retained earnings388,300Accumulated depreciation-Equipment143,000Land1,240,800Accounts receivable23,100Accumulated depreciation-Building77,000Interest payable26,400Patent (net of amortization)55,000Notes payable (short term)88,000Inventory150,700Equipment292,600Allowance...
- Q 1. Differentiate historical cost concept from the fair valuecost concept of measurement. State clearly their advantages anddisadvantages.
- Q Andretti Company has a single product called a Dak. The companynormally produces and sells 82,000 Daks each year at a sellingprice of $56 per unit. The company’s unit costs at...
- Q 1. Accounting information can be considered the heart ofbusiness. Decision making is never without accurate and reliableinformation. The users of accounting information can be internaland external. They use accounting information...
- Q Beans manufactures a single product, details of which are asfollows.Per unit$Selling price700Direct Materials90Direct labour120Variable overheads200Annual fixed production overheads are budgeted to be $10 millionand the company expects to produce 200,000...
- Q On July 31, 2017, Wildhorse Company engaged Minsk ToolingCompany to construct a special-purpose piece of factory machinery.Construction was begun immediately and was completed on November 1,2017. To help finance construction,...
- Q Costco purchased a truck from a company going out of businessfor $40,000. An appraisal indicated the fair value of the truck tobe $42,000. Costco estimated the truck would provide futurebenefits...
- Q Question:Elmo has the following information for the month of October, itsfirst month of operationsWork in Process October 1st $0Units completed & transferred out in October $120,000Work in Process October 30th...
- Q Required information [The following information applies to thequestions displayed below.] OFC Company of Kansas City printsbusiness forms and other specialty paper products, such as writingpaper, envelopes, note cards, and greeting...
- Q SecuriCorp operates a fleet of armored cars that make scheduledpickups and deliveries in the Los Angeles area. The company isimplementing an activity-based costing system that has fouractivity cost pools: Travel,...
- Q Oriole Company sells outdoor grilling products, providing gasand charcoal grills, accessories, and installation services forcustom patio grilling stations. Respond to the requirements relatedto the following independent revenue arrangements for Orioleproducts...
- Q Figaro Company had the following information regarding afive-year bond that it issued on January 1, 2019.CashInterestAmountCarryingPaidExpenseAmortizedValueDate3%4%1/1/19$643,2497/1/19$21,000$25,729.96$4,729.96$647,978.861/1/20$21,000$25,919.15$4,919.15$652,898.017/1/20$21,000$26,115.92$5,115.92$658,013.931/1/21$21,000$26,320.56$5,320.56$663,334.497/1/21$21,000$26,533.38$5,533.38$668,867.871/1/22$21,000$26,754.71$5,754.71$674,622.587/1/22$21,000$26,984.90$5,984.90$680,607.491/1/23$21,000$27,224.30$6,224.30$686,831.787/1/23$21,000$27,473.27$6,473.27$693,305.061/1/24$21,000$27,732.20$6,732.20$700,037.26Required:What is the coupon (face) rate of the bond?What is the effective interest rate of...
- Q The Company P produces doors and windows. The company produces 4 windows per door. In each window the company uses half an hour of direct labor and for each door...
- Q 4. On January 1 of Year 1, Congo Express Airways issued$4,600,000 of 7%, bonds that pay interest semiannually on January 1and July 1. The bond issue price is $4,280,000 and...
- Q Unit Cost, Ending Work-in-Process Inventory, Journal EntriesDuring August, Skyler Company worked on three jobs. Datarelating to these three jobs follow:Job 39Job 40Job 41Units in each order6010080Units sold—100—Materials requisitioned$700$680$800Direct labor hours360400200Direct...
- Q Campbell Chemical Company makes three products, B7, K6, and X9,which are joint products from the same materials. In a standardbatch of 339,500 pounds of raw materials, the company generates75,300 pounds...
- Q The shareholders’ equity section of Superior Corporation’sbalance sheet as of December 31, 2015, is as follows: Shareholders’Equity Preferred stock, $100 par value; authorized, 300,000 shares;issued, 33,000 shares $3,300,000 Common stock,...
- Q Selected financial information for the Adelphi Company for thefiscal years ended December 31, 2018 and 2017 follows. Prepare acash flow statement using the indirect method. Properly title thestatement.20172018Net income$142,500$162,000Depreciation Expense42,00035,000Purchase...
- Q Bowie Sporting Goods manufactures sleeping bags. Themanufacturing standards per sleeping bag, based on 5,000 sleepingbags per month, are as follows:Direct material of 4.00 yards at $5.00 per yardDirect labor of...
- Q You are the manager of a local factory that produces plasticbottles for soft drink manufacturers. Your colleague brings anassembly line project to a meeting with the followingdata: Estimated life of assemblyline: 5...
- Q Compute and Interpret Liquidity, Solvency and CoverageRatiosBalance sheets and income statements for Lockheed MartinCorporation follow. Refer to these financial statements to answerthe requirements.Consolidated Statements of EarningsYear Ended December 31 (In...
- Q impco, a retailer, makes both cash and credit sales (i.e., saleson open account). Information regarding budgeted sales for the lastquarter of the year is as follows: October November December Cashsales...
- Q Grouper Inc. reported income from continuing operations beforetaxes during 2017 of $791,900. Additional transactions occurring in2017 but not considered in the $791,900 are as follows.1.The corporation experiencedan uninsured flood loss...
- Q "AuditJudgment" Please respond to the following:From the case study, evaluatethe quality of REDTOP’s internal audit function. Based on yourevaluation, recommend at least two (2) changes that you would makein order to...
- Q 5. On December 1, 2018, Folks Wagon Company adopted astock-option plan that granted optionsto key executives to purchase 50,000 shares of the company’s $10par value common stock. Theoptions were granted...
- Q Comprehensive Ratio AnalysisThe Jimenez Corporation's forecasted 2019 financial statementsfollow, along with some industry average ratios.Jimenez Corporation: Forecasted Balance Sheet as ofDecember 31, 2019AssetsCash$ 68,000Accounts receivable439,000Inventories898,000 Total current assets$1,405,000Fixed assets431,000Total assets$1,836,000Liabilities and EquityAccounts...
- Q CONTRACT LAW:Please Answer these questions as detailed as possible5. Which of the following involve frustratingevents and which do not?a. A famous comediandies just before he is due to appear on stage.b. A plumber...
- Q Mercer Asbestos Removal Company removes potentially toxicasbestos insulation and related products from buildings. There hasbeen a long-simmering dispute between the company’s estimator andthe work supervisors. The on-site supervisors claim that...
- Q On January 1, 2018 Casey Corporation exchanged $3,244,000 cashfor 100 percent of the outstanding voting stock of KennedyCorporation. Casey plans to maintain Kennedy as a wholly ownedsubsidiary with separate legal...
- Q Task 3:Amur started his own business in 2015. For the Accounting yearended 31/3/2020, he prepared Profit and Loss Account for hisbusiness. He had other incomes such as rental income, interestincome,...
- Q Statement of Cash Flows (Indirect Method)Use the following information regarding the Lund Corporation to (a)prepare a statement of cash flows using the indirect method and (b)compute Lund's operating-cash-flow-to-current-liabilitiesratio.Accounts payable increase$13,500Accounts...
- Q 1. Compliance with the IFRS is enforced by:a. FASB, b. government regulators, c. IAS, or d. IASB2. Under IFRS unrealized holding gains and losses onheld-for-trading equity investments of less than...
- Q Companies are not required to, but have the option to, valuesome or all of their financial assets and liabilities at fairvalue. a- True b- false
- Q Retail sales on the Internet:a.Are growing rapidlyb.Have only been achieved by major retailers such as Wal-Martc.Were growing at first, but are now decliningd.Are not possible on the InternetIt is always...
- Q Which of the following statements is true of a nonqualifiedplan?(A) The employer receives a tax deduction only when the employeereports income.(B) The contributions are tax deductible to the employer and...
- Q 1) Net income:A) is calculated by subtracting total expenses and totaldividends from total revenues.B) occurs when total revenues are less than total expenses.C) is often referred to as the "bottom...
- Q On March 1, 2018, E Corp. issued $1,000,000 of 10%nonconvertible bonds at 103, due on February 28, 2028. Each $1,000bond was issued with 30 detachable stock warrants, each of whichentitled...
- Q How does the IRS define what is a “political contribution” thatcannot be deducted? Is the disallowance limited to outright gifts,or does it extend to less direct methods of providing funds...
- Q 1.a Sheridan Inc. manufactures cycling equipment. Recently, thevice president of operations of the company has requestedconstruction of a new plant to meet the increasing demand for thecompany’s bikes. After a...
- Q s a preliminary torequesting budget estimates of sales, costs, and expenses for thefiscal year beginning January 1, 20Y9, the following tentativetrial balance as of December 31, 20Y8, is prepared by...
- Q Financial statements for Kinder Corporation are presentedbelow.KINDER CORPORATIONComparative Balance SheetDecember 31 2015 2014 AssetsCash................................................................................................... $ 4,000 $6,000Accounts receivable(net).................................................................. 16,000 12,000Inventory............................................................................................ 20,000 18,000Land................................................................................................... 28,000 8,000Equipment.......................................................................................... 62,000 60,000Accumulateddepreciation—equipment............................................ (20,000) (14,000) Totalassets.................................................................................. $110,000 $90,000Liabilities and Stockholders' EquityAccountspayable.............................................................................. $10,000 $16,000Long-term notespayable................................................................... 34,000 19,000Common stock ($10 parvalue)......................................................... 50,000 50,000Retainedearnings.............................................................................. 16,000 5,000 Total liabilities...
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
- Unlimited Question Access with detailed Answers
- Zin AI - 3 Million Words
- 10 Dall-E 3 Images
- 20 Plot Generations
- Conversation with Dialogue Memory
- No Ads, Ever!
- Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!