Accounting question and answers for September 08, 2023
- Q A trial balance that is in balance proves that: All entries have been entered in the journal correctly. ...
- Q If you were to open a business, what type of business entity would you choose and why? Be sure to include the industry as well as the business entity. Use...
- Q On December 31, 2016, Akron, Inc. purchased 5 Percent of Zips Company's common shares on the open market in exchange for $18,000. On December 31, 2017, Akron, Inc., acquires an...
- Q Forte Inc. produces and sells theater set designs and costumes. The company began operations on January 1, 2016. The following transactions relate to securities acquired by Forte Inc., which has...
- Q 1. Determine the cost of the inventory on December 31 by the first-in, first-out method
- Q Explain revenue and expenditure fund accounting and the similarities and differences between these two methods?
- Q A manufactured product has the following information for August. (1) Prepare the standard cost card showing standard cost per unit. (2) Compute total budgeted cost for production in...
- Q Tru Developers, Inc., sells plots of land for industrial development. Tru recognizes income for financial reporting purposes in the year...
- Q Non-controlling interest (NCI) is the ownership interest of those shareholders who hold shares in a subsidiary that are not owned by the immediate parent or the other group members. Discuss...
- Q Indicate which of the following is not an activity in the purchases and payments process Invoice customers 1. Pay for items 2. Request prices...
- Q Prepare the statement of chanqes in stockholders' equity fo Prepare the statement of cash flows for Year 1 and Year 2, using the vertical statements model. (Cash outflows...
- Q Auerbach Inc. issued 6% bonds on October 1, 2016. The bonds have a maturity date of September 30, 2026 and a face value of $225 million. The bonds pay interest...
- Q McDonald's corporation is undoubtedly the largest chain
- Q Lenny's - July 31, 2023 Post-Closing Trial Balance Account # Account Name Debit Credit 100 Cash 105 Accounts Receivable 110 Supplies 150 Equipment 155 Accumulated Depreciation 200 Accounts Payable 205...
- Q What is a master budget and what benefits might a company receive from preparing a master budget? What budgets are included in the operating budget? What are responsibility centers and...
- Q QUESTION FOUR [25] The following information was extracted from the accounting records of Mode Ltd for the financial year ended 30 June...
- Q En el presupuesto de efectivo, el gasto de depreciacin en el estado de resultados no se muestra como un desembolso de efectivo en un presupuesto de efectivo porque: A.one...
- Q Explain the objective of the client acceptance process in auditing
- Q Compare and contrast the two (2) different consolidation processes of serial and single consolidation techniques when indirect ownership interests exist.
- Q Fair Value Accounting ABC Co. starts its business raising $110,000 in cash; $60,000 from issuing equity and $50,000 from issuing 6% bonds at par. ABC used the whole...
- Q ACCT 201-Ch 15 Q. 4 ABC Company uses a job order cost system and applies overhead to production on the basis of direct labor...
- Q Young Professional Couple are concerned as to the funding of their children's higher educations. Their alma mater has a Qualified Tuition Program and they hav ealso hear about savings bonds...
- Q Sales Journal \begin{tabular}{|c|c|c|c|c|c|c|} \hline Date & & Account Debited & & Ref. & \begin{tabular}{c} Accounts Receivable Dr. \\...
- Q Jackson County Senior Services is a nonprofit organization providing three services to seniors who live in their own homes-home nursing. Meals on Wheels, and housekeeping. Revenue...
- Q Bellucci Corporation has provided the following information: Cost per Unit Cost per Period Direct materials $ 7.35 Direct labor $ 3.55 Variable manufacturing overhead $ 1.40 Fixed manufacturing overhead $...
- Q prox inc. issues 1300000 10% 10 year mortgage note on December 31st 2020 to obtain financing for a new building the terms provide for annual installment payment of 211569
- Q Sharp Company manufactures a product for which the following standards have been set: Standard Quantity Standard Price Standard or Hours 3 feet ? hours or Rate...
- Q As described in the text, gains and losses on foreign currency borrowings can be used to hedge the net investment in a foreign subsidiary. How are these reported in the...
- Q On July 1, 2021, Tony and Suzie organize their new company as a corporation, Great Adventures Inc. The articles of incorporation state that the corporation will sell 36,000...
- Q State which of the following are the obtaining a contract costs of a Windy Company for the contract with a Cloudy Company: a) The Chief executive bought a ticket for...
- Q Valuation tables issued by the IRS are used when a trust is created and beneficiaries are named. true or false
- Q Horizontal Analysis of the Income Statement Income statement data for Winthrop Company for two recent years ended December 31 are as follows: Current Year ...
- Q what are 3 alternatives to the proposed redemption that might result in more favorable tax consequences to everyone involved, including Curtis Brother Bakery Inc. itself? Which alternative would you recommend...
- Q Following is a table for the present value of $1 at compound interest: Following is a table for the present value of an annuity of $1 at compound...
- Q Detecting Accounting Fraud: Analysis and Ethics Explain acceptable risk of incorrect acceptance and acceptable risk of incorrect rejection within the context of variables sampling.
- Q Discuss the governmental fund and how budgetary accounting supports and poses challenges to governmental accounting?
- Q Describe the impact inflation has on financial accounting. Should financial statements be adjusted for inflation? In what ways do International Accounting standards (IFRS) address the issue of accounting for changing...
- Q Use the information below to answer the questions that follow. Enter your answers using digits only - no dollar signs, commas, or decimal points. The business's year-end is December 31....
- Q Anyone please explain this question 2. Lake acquired a controlling interest in Boxwood several years ago. During the current fiscal period, the two companies individually reported...
- Q Question 3 Internal Control Systems and Tests of Controls - 20 Marks (a) Testing of controls is an important audit strategy. (i) Explain two objectives of testing of...
- Q Which of the following is true about salaried employees? They may not work more than 45 hours per week. The minimum wage is $7.25 per hour. The minimum annual...
- Q Which of the following is the approximate internal rate of return for an investment that costs $34,550 and provides a $5,900 annuity for 10 years? (PV of \$1...
- Q 13. When inventory costs are rising a. FIFO COGS is lowest b. FIFO COGS is highest c. FIFO COGS is same d. Gross Profit is lowest 14. If period 1...
- Q E10-2 (Net Position Components) Using the format at the end of this exercise, indicate the impact that each of the following transactions has on the total net position...
- Q What is the return on investment used for? Is calculating the return on investment useful? Why or why not?
- Q Please solve the following question in detailed steps with explanation. I will make sure to give a thumbs up. Thank you. An automobile manufacturers managers are concerned over declining sales...
- Q You are a management accountant for the Eugene Division of Lowden Company. Your longtime friend, David Orth, is the Eugene Division manager. David was instrumental in helping you obtain your...
- Q Multiple Choice $532,506. $212,178. $162,506. $280,689. $340,086
- Q On January 1, 2014, McIlroy, Inc., acquired a 60 percent interest in the common stock of Stinson, Inc., for $372,000. Stinsons book value on that date...
- Q The revenue recognition principle: a) Companies should account for the revenue when the obligations are partly fulfilled. b) The revenue is accrued when it is probable that the payment will...
- Q The Wind Company has the following accounting information for the year. Provide the net cash flows from financing activities of the Company and indicate whether it is inflow or outflow....
- Q dell
- Q Scofield Financial Co. is a regional insurance company that began operations on January 1, 2016. The following transactions relate to trading securities acquired by Scofield Financial Co., which has a...
- Q Abbey Inc. paid $153.49 for an antique lamp. The original Selling Price was $208.78, but this was marked down 46% due to the Christmas sale. If Operating...
- Q The unadjusted trial balance of the Manufacturing Equitable at December 31,2024, the end of its fiscal year, included the following account balances. Manufacturings 2024 financial statements were issued...
- Q The following trial balance relates to Atlop Sdn Bhd at 31 March 2020 : ...
- Q Humberto is a salaried, nonexempt worker who earns $41,750 per year and has a standard 45-hour workweek. What is his hourly rate? $19.98 per hour $17.84 per hour $18.98...
- Q Access the 2017 Form 10-Ks for general Motors, Inc. and Berkshire Hathaway. ( They are online for public access) What was the impact of the Tax Cuts and Jobs Act...
- Q Detecting Accounting Fraud: Analysis and Ethics Explain acceptable risk of incorrect acceptance and acceptable risk of incorrect rejection within the context of variables sampling.
- Q Pitino acquired 90 percent of Breys outstanding shares on January 1, 2013, in exchange for $504,000 in cash. The subsidiarys stockholders equity accounts totaled $488,000 and...
- Q The type of audit evidence known as inquiry does not ordinarily provide sufficient audit evidence of the absence of a material misstatement, nor is it alone sufficient to test the...
- Q BUAN 132 - Intro to manage information systems. Alternate Grade Book, Excel assignment . Alternate Grade Dook: the following figure...
- Q Calculate the amount of property tax due: tax rate $41.50 per 1000 and the assessed value is $118,000, what is the amount of the property tax due
- Q ch 17 ? 12 it is all one question please answer all parts The debits to Work in Process - Roasting Department...
- Q Jiminy Cricket Removal has a profit margin of 9 percent, total asset turnover of 1.15, and ROE of 14.31 percent. What is this firms debtequity ratio?
- Q Assume an individual taxpayer makes a contribution of property to a public charity and the taxpayer is entitled to deduct the market value which is higher than the taxpayer's cost...
- Q Ron Jones has been a trusted emplovee for over 10 years. He is responsible for ordering
- Q Sheridan Ltd. is a private corporation reporting under ASPE. It has recorded all necessary adjusting entries at its fiscal year end, October 31, 2021. The following information has been taken...
- Q Information to be reviewed: Financial statements for the past 2 years are provided. Market research suggest the sales will increase by 15 percent over the next financial period. The...
- Q Question 11 Which of the following categories of itemized deductions has been suspended from 2018 through 2025?1- miscellaneous itemized deductions subject to the 2% AGI limit 2-miscellaneous itemized deductions...
- Q Vaughn Company purchased machinery on January 1,2025, for $92,000. The machinery is estimated to have a salvage value of $9,200 after a usefullife of 8 years....
- Q For real property placed in service after 1986, depreciation under the MACRS system is calculatedusing the A) straight-line method and a mid-month convention in the year...
- Q Mellor Towing Company provides hauling and delivery services for other businesses. It is at the end of its accounting year ending December 31. The following data that must be considered...
- Q For the Week 6 Critical Thinking Exercise, you will read the following paragraph and answer the corresponding questions. Bonnie's Family is...
- Q M is employed in the soft drink industry. In addition to his salary, he enjoyed the following benefits paid for by his employer in the current year: Contribution to company...
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