Accounting question and answers for September 07, 2023
- Q How are variance reported in income statement prepared for management ?
- Q If the quantity of direct materials used to produce each unit of product differs from the standard quantity per unit, the resulting variance is a: A) Flexible budget variance B)...
- Q Fixed Cost per Month Cost per Car Washed Cleaning supplies ...
- Q Identify which of the following statements is true. A. The distributing corporation's E&P must be reduced by the FMV of nontaxable stock rights distributed to shareholders. B. A shareholder can...
- Q Dane Inc has forecast purchases on account to be $465,000 in March, 555,000 in April, $630,000 in May, and $735,000 in June. Seventy percent of purchases are paid for in...
- Q log(2x-6)+log0.2=-1+log2+log(x-2)
- Q mention one positive and one negative influence that "threat of lawsuits" may have on the quality of disclosures in the financial statement
- Q Item4 ItemSkipped Item 4 Assume that, on January 1, 2024, Matsui Company paid $2,376,000 for its investment in 66,000 shares of Yankee Incorporated Further, assume that Yankee has 330,000...
- Q Question content area top Part 1 State the four-step approach to designing tests of controls and substantive tests of transactions. ...
- Q Bedard Corporation reported net income of $300,000 in 2014 and had 200,000 shares of common stock outstanding throught the year. Also outstanding all year were 45,000 options to purchase common...
- Q Describe the following five internal control procedures and explain them: 1. Smart Hiring Practices and Separation of Duties 2. Comparisons and Compliance Monitoring 3. Adequate Records 4. Limited Access 5....
- Q Top Company holds 90 percent of Bottom Companys common stock. In the current year, Top reports sales of $910,000 and cost of goods sold of $682,500. For this same period,...
- Q Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales data for DVD players are as follows: The business maintains a perpetual inventory system, costing by the last-in, first-out...
- Q eBook Show Me How Calculator Print Item Cost of Goods Manufactured for a Manufacturing Company The following information is available for Ethtridge Manufacturing Company for the...
- Q The reservations department that has selfminuscontained sales operations at a car rental chain may be classified as a(n) A. cost center. B. investment center. C. profit center. D. revenue center.
- Q 1. What are some of the objectives of the preparation of forecasted financial statements? 2. Describe what steps must usually take place before the forecasting process can begin.
- Q Bellingham Company produces a product that requires six standard pounds per unit. The standard price is $7 per pound. If 3,100 units used 19,200 pounds, which were purchased at $6.79...
- Q The following annual are incurred in respect of a machine in a shop where manual labour is almost nil and where work is done by means of five...
- Q A company issues a $1,000,000, 9%, 10-year bond that pays interest semiannually. If the market rate is 7%, the bond will issue for: A) ...
- Q BE 2-5 A company has a fiscal year-end of December 31: (1) on October 1, $12,000 was paid for a one-year fire insurance policy; (2) on June 30 the company...
- Q Hi-Tek Manufacturing, Inc., makes two types of industrial component partsthe B300 and the T500. An absorption costing income statement for the most recent period is shown: ...
- Q CALCULATE EARNINGS PER SHARE FROM CONTINUING OPERATIONS: 3.41 CALCULATE DJUSTED BEGINNING RETAINED EARNINGS: 737000 Question: I need a process, I want to know how the answer is calculated
- Q diketahui P(x)=2x^(2)+5x-1 dibagl dengan 2x-3 maka hasil bagirya adalah
- Q Regling Company provides its employees vacation benefits and a defined benefit pension plan. Employees earned vacation pay of $40,000 for the period. The pension formula calculated a pen- sion cost...
- Q A charity receives donations from a family trust at the rate of f(t) = 19,000 + 500t dollars per year for the next 15 years. If the charity invests the...
- Q July 31, 2016, the end of the quarter, is on a Wednesday.Employees get paid each Friday for the week just worked. Thecompany has five employees who earn $100 each per...
- Q Darringer Products manufactures recreational equipment. One ofthe company’s products, a skateboard, sells for $32. Theskateboards are manufactured in an antiquated plant that reliesheavily on direct labor workers. Thus, variable costs...
- Q 1.what is the challenge in budgeting if the business is a SKIresort and cash flows vary with the season. 2. as a new owner of anexisting business what resources do...
- Q On January 1, 2015, when its $30 par value common stock wasselling for $80 per share, a corporation issued $30 million of 10%convertible debentures due in 10 years. The conversion...
- Q Isthere a difference in terms of cost of sales when you are usingfifo under perpetual inventory system and using fifo under periodinventory system?if so, could you please give me an...
- Q 7.Earnings per Share, Price-Earnings Ratio, Dividend Yield Thefollowing information was taken from the financial statements ofTolbert Inc. for December 31 of the current fiscal year: Commonstock, $45 par value (no...
- Q Problem 5-5A a-c (Video)Mary Willis is the advertising manager for Bargain Shoe Store.She is currently working on a major promotional campaign. Her ideasinclude the installation of a new lighting system...
- Q On January 1, 2016, Calvert Company issues 9%, $100,000 facevalue bonds for $103,673.08, a price to yield 7%. The bonds matureon December 31, 2017. Interest is paid semiannually on June...
- Q A prospective client comes to you for some more expert planningadvice. He has a high deductible health insurance plan with an HSA.What are the tax advantages to saving money in...
- Q E20-22Englehart Co. provides the following information about itspostretirement benefit plan for the year 2017.Service Cost $90,000Prior service cost and amortization 3,000Contribution to the plan 56,000Actual and expected return on plan...
- Q For the following terms find the correct definition below andplace the letter of that response in the blank space next to theterm. Each definition is used only once – there...
- Q ales, Production,Direct Materials Purchases, and Direct Labor Cost BudgetsThe budget director ofGourmet Grill Company requests estimates of sales, production, andother operating data from the various administrative units everymonth. Selected information...
- Q Snap on damage started business January 1st 2019 after receivinga loan of $10,000 from equity bank. The company also received$10,000 from an investor in return to be paid dividends at...
- Q The chief ranger of the state’s Department of Natural Resourcesis considering a new plan for fighting forest fires in the state’sforest lands. The current plan uses eight fire-control stations,which are...
- Q Required information [The following information applies to thequestions displayed below.] Washington County’s Board ofRepresentatives is considering the construction of a longer runwayat the county airport. Currently, the airport can handle...
- Q The supervisor of the county Department of Transportation (DOT)is considering the replacement of some machinery. This machineryhas zero book value but its current market value is $840. Onepossible alternative is...
- Q There is a woman, she is married, but her husband abandoned her.It has been a year but never divorced. They have two children. Shehas a job, she lives with her...
- Q Robert buys a $20,000 bond that pays $1,200 interest annually onJanuary 1st. How much does he pay on March 1st?A. $20,000B. $21,200C. $1,200D. $20,200
- Q Blossom Company shows the following balances in selectedaccounts of its adjusted trial balance.Supplies $37,760Supplies Expense 7,080Accounts Receivable 14,160Dividends 25,960Retained Earnings 82,600Service Revenue 127,440Salaries and Wages Expense 47,200Utilities Expense 9,440Rent Expense...
- Q Sleep Master, Inc. manufactures bedding sets. The budgetedproduction is for 57,000 comforters in 2017. Each comforterrequires 6 yards of material. The estimated January 1, 2017,beginning inventory is 31,000 yards. The...
- Q On 1 July the Winter Shoe Store paid $6,000 to Ace Realty for 6month’s rent beginning 1 July. Prepaid Rent was debited for thefull amount. If financial statements are prepared...
- Q During Heaton Company’s first two years of operations, itreported absorption costing net operating income as follows:Year 1Year 2Sales (@ $62 per unit)$1,116,000$1,736,000Cost of goods sold (@ $33 per unit)594,000924,000Gross margin522,000812,000Selling...
- Q Would a client's valuation be negatively impacted byinconsistencies between short-term and long-term strategies?
- Q The following data is provided MCGA Ltd:Direct Labour $30,100Purchase of raw materials $52,890Factory Management monthlysalary $ 12,900Repair for factory (50%) and office (50%) $ 5,160Advertising expense $38,700Factory Insurance $387Sales person,...
- Q 1)Describe some consequences to a company that makes a poordecision when selecting an ERP system.2)One major difference between financial accounting andmanagerial accounting is that financial accountants preparefinancial statements for external...
- Q Spring Manufacturing Company makes two components identified asC12 and D57. Selected budgetary data for 2019 follow:Finished ComponentsC12D57Requirements for each finished component:RM 110pounds8poundsRM 204poundsRM 32pounds1poundDirect labor2hours3hoursProduct information:Sales price$200$220Sales (units)12,0009,000Estimated beginning inventory...
- Q The City of Sweetwater maintains an Employees’ Retirement Fund,a single employer defined benefit plan that provides annuity anddisability benefits. The fund is financed by actuarially determinedcontributions from the city’s General...
- Q Selected information for Muffin’s Muffins Inc. for 2018 ispresented below. All amounts are pretax. The effective tax rate is30%.Loss from operations of discontinued line ofbusiness $ 420,000Inventory 3,185,000Administrativeexpenses 479,000Retained earnings, begbalance 2,749,600Interestexpense 101,600 Accounts...
- Q Cost of goods sold $223,110 Salaries and wages expense $55,720Delivery expense 6,320 Sales discounts 7,320 Insurance expense12,760 Sales returns and allowances 11,820 Rent expense 18,640Sales revenue 366,400 Prepare the necessary...
- Q The comparative financial statements of Marshall Inc. are asfollows. The market price of Marshall Inc. common stock was $ 53 onDecember 31, 20Y2.Marshall Inc.Comparative Retained EarningsStatementFor the Years Ended December...
- Q Jen & Berry’s sold 100,000 pints of ice cream last monthaccording to the following contribution format income statementTotal Per UnitSALES $330,000 $3.30VARIABLE COSTS 200,000 2.00CONTRIBUTION MARGIN $ 130,000 $...
- Q Toxaway Company is a merchandiser that segments its businessinto two divisions—Commercial and Residential. The company’saccounting intern was asked to prepare segmented income statementsthat the company’s divisional managers could use to...
- Q ABC Company produces Product X, Product Y, and Product Z. Allthree products require processing on specialized finishingmachines. The capacity of these machines is 2,130 hours per month.ABC Company wants to...
- Q Patty Banyan is a single taxpayer, age 27 (birthdate May 18,1992) living at 543 Space Drive, Houston, TX 77099. Her SocialSecurity number is 466-33-1234. For 2019, Patty has no dependents,and...
- Q SAM does not keep a full set of double entry accounts.Summarised Bank Account:-Debit entries: Receipts from customers 60500: Sale of Non current asset 750Credit entries : Payments to suppliers 34900:...
- Q the segmented income statement for XYZ Company for the yearended December 31, 2016, follows: XYZ COMPANY Segmented IncomeStatement For the Year Ended December 31, 2016 Total CompanyProduct A Product B...
- Q Problem 1-24 Different Cost Classifications for DifferentPurposes [LO1-1, LO1-2, LO1-3, LO1-4, LO1-5] Dozier Companyproduced and sold 1,000 units during its first month of operations.It reported the following costs and expenses...
- Q You have just been hired as a new management trainee by EarringsUnlimited, a distributor of earrings to various retail outletslocated in shopping malls across the country. In the past, thecompany...
- Q A Belgium subsidiary's beginning and ending trial balancesappear below:Dr (Cr)January 1December 31Cash, receivables€ 1,500€ 1,200Inventories3,0003,500Plant & equipment, net30,00039,000Liabilities(18,500)(27,200)Capital stock(4,000)(4,000)Retained earnings, beginning(12,000)(12,000)Sales revenue--(15,000)Cost of sales9,500Out-of-pocket selling & administrative expenses--4,000Depreciation expense--1,000Total€ 0€...
- Q Jerrison Company operates a wholesale hardware business. Thefollowing balance sheet accounts and balances are available forJerrison at December 31, 2019.Accounts payable$ 65,100Equipment, data processing$309,000Accountsreceivable95,500Income taxes payable150,000AccumulateddepreciationInterest payable12,600(on building)216,800Inventory187,900AccumulateddepreciationInvestments (long-term)32,700(on data...
- Q Frank is going to pursue additional financing from the localbank. The bank will require some insight into how Frank's businesswill be successful and sustainable.Prepare a short write up (approximately 1...
- Q French Press Coffee Inc. (HFC) processes and distributes avariety of coffees. HFC buys coffee beans from around the world androasts, blends, and packages them for resale. HFC sells one-poundbags of...
- Q Fast forward a few months...Your friend asks you how yourbusiness is doing and you are unsure how exactly to answer. Infact, you are not necessarily sure how your business is...
- Q 8. Exercise 15-12 Securities transactions; equity method LOP4Listed below are a few events and transactions of KodaxCompany.2017Jan.2Purchased 24,000shares of Grecco Co. common stock for $412,000 cash plus a broker’sfee of...
- Q Morningside Technologies Inc. uses flexible budgets that arebased on the following data:Sales commissions5% of salesAdvertising expense25% of salesMiscellaneous administrative expense$1,450 per month plus 2% of salesOffice salaries expense$14,000 per monthCustomer...
- Q The following facts relate to Waterway Corporation.1.Deferred tax liability, January 1, 2017, $42,800.2.Deferred tax asset, January 1, 2017, $0.3.Taxable income for 2017, $101,650.4.Pretax financial income for 2017, $214,000.5.Cumulative temporary difference...
- Q (Business Management)Using this assignment prompt below, you will determine what twoaction to take as a team. Choose people to lay off and save moneyso that you are on budget.A brief...
- Q TR20-9 Basic and Diluted EPS (LO 20-2, 20-3)Farmhill Ltd. had 1,400,300 common shares outstanding on 1January 20X6, the beginning of its 20X6 fiscal year. During theyear, on 1 May, the...
- Q You have worked as a staff auditor for two and one-half yearsand have mastered your job. You will likely be promoted to a seniorposition after this busy season. Your current...
- Q 20202019Name of RatioCalculationRatioCalculationRatio1Currentratio39271 ÷488390.8021760 ÷379300.572Debt tototal assets54839 ÷11607147.20%37,930 ÷8816043%3Grossprofit rate262931 ÷25437554.10%254375 ÷46250055.00%4Profitmargin37002 ÷4856257.60%42000 ÷4625009.10%5Returnon assets37002 ÷10211636.2%42000 ÷6067069.2%6Returnon common stockholders' equity(37002 -18000) ÷ 5573134.1%(42000 -16800) ÷ 3670568.7%(a) Comment your finds from...
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