Accounting question and answers for September 11, 2023
- Q For Audit course 1. Select a case study based on incentive, opportunity, attitude with explanation. 2. source of case link must be provided. 3. Make sure , The portion in...
- Q Distinguish how a stated rate and the market rate of interest are calculated for a bond.
- Q ### If a company's taxable income is $80,000 and the tax rate is 25%, how much is the income tax expense?
- Q ABC Inc. collected $1,500 of Accounts Receivable. The effect on the accounting equation are: A) Total Assets decrease and Owners Equity increases B) Both total Assets and total Liabilities decrease...
- Q From 1992 to 1995, a certain country experienced a yearly inflation rate of 266%. Determine the price of a $3.41fast-food meal after 8years at a 266% inflation rate. ...
- Q Kay wants to have an annuity payment of $2,000 at the END of every three months. How much should she deposit now at 6% interest, compounded quarterly, to yield this...
- Q what is Seat turnover ratio?
- Q Question 2 WinWin Enterprise's projected profit for the coming year is as follows: Total Per Unit RM 85 (40) 45 RM 850,000 (400,000) 450,000...
- Q According to the AICPA, a working knowledge of the legal environment is a core forensic accounting skill. a. True b. False Please explain the reason why you chose your answer....
- Q Second Hand Software needs to accumulate $12,000 in 3 years to meet future needs. What sinking fund payment would they need to make at the end of each year, at...
- Q Q 15.37:Dave is working on some paperwork for his boss. The company has reported that their estimated indirect labor costs for the year are going to be $130,000, while the...
- Q A 90-day note issued on April 20 has a maturity date of
- Q Affordable Electronics Inc. manufactures medium-quality, reasonably priced wireless speakers for home use. The company uses standards to control its costs. The labour standards...
- Q You brought your work home one evening, and your nephew spilled his chocolate milk shake on the variance report you were preparing. Fortunately, knowing that overhead was applied based...
- Q APPLY THE CONCEPTS: Break-even point in units Assume that you are part of the accounting team for Kolbe Computing. The company currently expects to sell 700 units for...
- Q Calculate the 2020 accounts receivable turnover ratio for Facebook. Note: Be sure to average the beginning and ending AR first, before calculating the final ratio.
- Q :(a) Financial statements are usually prepared based on accounting principles and concepts. Required: Explain, with illustrations, the following concepts as applied in accounting. (i) Matching concept. (ii) Consistency concept. (iii)...
- Q The accounts Bonds Payable, Discount on Bonds Payable and Premium on Bonds Payable for bonds due in two years would appear on the Balance Sheet under the Current...
- Q Brief Exercise 6-7 Incorrect answer. Your answer is incorrect. Try again. Wildhorse Co. accumulates the following cost and market data at December 31. Inventory Categories Cost Data Market Data Cameras...
- Q The standard for det for route 2.5oon 58 thout test month, 1000 smeroduct were made the labour effects $8.000 W 2010 2100 21.00
- Q Job WP435 has direct materials costs of $5,500, direct manufacturing labour of $1,700 and the corporation allocates overhead using a rate of $24 per manufactured labour hour. Job WP435 uses...
- Q A company has a growth rate of 5% and pays out 60% of its profits by way of a dividend. What is the return on equity? The ROE...
- Q What are the differences among the following business entity types with regards to liability protection for the owners and/or principals as well as taxation: sole proprietorship, partnership (general and limited),...
- Q Andretti Company has a single product called a Dak. The company normally produces and sells 84,000...
- Q Caruso Hardware is adding a new product line that will require an investment of $1,460,000. Managers estimate that this investment will have a 10-year life and generate net cash inflows...
- Q why does weight cost average help with prices why does FIFO help report higher net income what are the reasons to use LIFO for tax benefits
- Q The master budget at Western Company last period called for sales of 225,000 units at $9 each. The costs were estimated to be $3.75 variable per unit and $225,000 fixed....
- Q Monty Company sells on credits goods that cost $304,500 to Ricard Company for $409,500 on January 2,2020. The sales price includes an installation fee, which has a...
- Q You have recently been appointed as the Procurement lead role on the cross functional team at Alset conducting market research to source a new miniature data projector - a component...
- Q Accrual accounting requires the use of many estimates, including: A. Uncollectible accounts expense. B. Warranty costs. C. Assets' useful lives. D. All...
- Q Page 2 Accounting 122- Exam-Chapter 5 Account Name Debit credit 75, 000 Sales Sales Returns and Allowances Sales Discounts Purchases Purchases Returns and Allowances...
- Q On April 3, the Mears Flag Company borrowed $11,000 to pay for start-up costs for its new Showroom. The loan had a simple interest rate of...
- Q What is the difference between a customer returns provisions and a bad debt provision ?.
- Q Which item is not included in the Business Snapshot report? 1 My Income 2 My Expenses 3 Previous Year Income Comparison 4 My Transactions
- Q What steps does an auditor ordinarily take when confirming cash balances held on deposits with financial institutions?
- Q Prepare a professional memo answering the following questions: When an entity reports comprehensive income, what are the choices for presentation? What components must be present?
- Q Mark deposited $500 at the END of each year for 18 years in a savings account. If the account paid 5% interest, compounded annually, use Table 12-1 from your text...
- Q Super Sweet Sodas, Inc. (SSSI) acquired a 70% interest in Kavity Killer Toothpaste Inc. (KKTI) on January 1, 2009. SSSI paid $1,400 in cash for its interest in KKTI. The...
- Q Oakmont Company has an opportunity to manufacture and sell a new product for a four-year period. The companys discount rate is 18%. After careful study, Oakmont estimated the following costs...
- Q Yarmouth Company produces a liquid solvent in two departments: Mixing and Finishing. Accounting records at Yarmouth show the following information for Finishing operations for February (no new material is added...
- Q Laker Company reported the following January purchases and sales data for its only product. Date Activities ...
- Q Alice and Bob had a small loss for the month. What happened to cash? Explain.
- Q Problem 11-14 Measures of Internal Business Process Performance (LO11-3] DataSpan, Inc., automated its plant at the start of the current year...
- Q Explain the information value chain. How do business events turn into data, then into information, and then into knowledge? Give an example starting with the business event of the purchase...
- Q Bonita Hardware has four employees who are paid on an hourly basis plus time-and-a-half for all hours worked in excess of 40...
- Q Exercise 24-4 As loan analyst for Marin Bank, you have been presented the following information. Toulouse Co. Lautrec Co. Assets Cash $125,000 $320,000 Receivables 218,000 297,000 Inventories 580,000 500,000 Total...
- Q On June 1, 2020, Hattie and Kitty formed Cat Corporation (a new entity). Kitty contributed manufacturing equipment with a fair market value of $150,000 and a basis of...
- Q Prepare the consolidated P&L and consolidated balance sheet for the group ''explain the steps and assumption taken''. ABC Ltd acquired 70% of the shares in XYZ Ltd on...
- Q Distinguish between financial accounting and management accounting
- Q Best Ribs wishes to pay off a debt of $40,000 in 7 years. What amortization payment would they need to make each six months, at 6% interest compounded semiannually? (Use...
- Q Which of the following items is considered a contra asset? a) Accounts receivable b) Accumulated depreciation c) Prepaid expenses d) Inventory...
- Q 1.Describe the main historic features of post-Confederation immigration. 2.Account for the timing of immigrant waves. 3.Identify the goals of immigration policy and the forces that led to changes. 4.Assess the...
- Q The weekly time records indicate the following distribution of labor hours for three direct labor employees:The direct labor rate earned per hour by the three employees is as...
- Q Hi-Tek Manufacturing, Incorporated, makes two types of industrial component parts-the B300 and the T500. An absorption costing income statement for the most recent period is shown: ...
- Q a company has fixed costs of 250,000 and sales price for the basic model of product is $125 and variable cost per unit is $75. what sales revenue is necessary...
- Q Discuss the difference between an Enterprise Fund and an Internal Service Fund.
- Q E 20-19 Error correction; inventory error During 2024, Lipe and Lipe Corporation discovered that its ending inventories reported on its financial statements were misstated by the following amounts:...
- Q on april 1, $350 of office supplies were purchased on credit; the terms of the invoice were net 30. all of the supplies were used during the month of april
- Q At what point in time does a governmental fund report an expenditure
- Q A review engagement includes a report which : A) provides a conclusion that is expressed in a negative fashion. B) provides an opinion on whether the financial statements are present...
- Q When net realisable value falls below cost, the value of year end stock is reduced. What impact does this have on the gross profit in the profit and loss account?
- Q Hart, Attorney at Law, experienced the following transactions in 2016, the first year of operations: 1....
- Q On January 1, 2014, Packaging International purchased 90% of Shipaway Corporation's outstanding shares for $135,000 when the fair value of Shipaway's net assets were equal to the book values. The...
- Q In your study of Business acumen, we discussed issues around Artificial Intelligence (AI) implementation and realised that to be successful, AI had to become established in the spokes of the...
- Q Read the article given below and answer BOTH questions. Performance Management Case Study: SAC Group Adapted from Human Resources Today, February 4, 2021 At a time when the...
- Q hut the tatar ief hut the tatar ief
- Q What is the main use of treasury shares? To raise funds for the business To provide shares to service employee share option schemes To remove voting rights from...
- Q The Operating Budgets: Sales, Production and Purchases The sales budget is created first and includes the number of units expected to be sold of each product times the...
- Q fill in the chart below [The following information applies to the questions displayed below.] In its first month of operations, Literacy for the Illiterate opened a new...
- Q Thornton Books buys books and magazines directly from publishers and distributes them to grocery stores. The wholesaler expects to purchase the following inventory:...
- Q Project Data: Sam Parker owns and operates a consulting firm called Parker...
- Q What can you say about Relevant Costing? What insights do you possess for such topic?
- Q 11. Seal Company has developed a new product that will be marketed for the first time during the next fiscal year. Although the Marketing...
- Q Purrfect Pets uses the perpetual inventory system. At the beginning of the quarter, Purrfect Pets has $38,000 in inventory. During the quarter the company purchases $9,100 of new inventory from...
- Q Forecast Sales Volume and One of the major elements of the income statement budget that indicates the quantity of estimated sales and the expected unit selling price.Sales Budget Guardian Framing...
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