Accounting question and answers for January 24, 2024
- Q Softek corporation forms a separate legal entity, Startek, to develop new technology. The entity is funded by \(\$ 2,000,000\) in outside equity and \(\$ 26,000,000\) in debt....
- Q Using the data below, what is the value of the Mean absolute percent error (MAPE)? Answer format: Number: Round to: 2 decimal places.
- Q a.?An analysis of LTI's insurance policies shows that $2,550?of coverage has expired.b.?An inventory count shows that teaching supplies costing $3,640?are available at year-end.c.?Annual depreciation on the equipment is $4,200.d.?Annual depreciation...
- Q The following are partial income statement account balances taken from the December 31,2024,?year-end trial balance of White and Sons, Incorporated: restructuring costs, $390,000; interest revenue, $49,000; before-tax loss on discontinued...
- Q The multiple-step income statement for a merchandising company shows each of these EXCEPT: Gross Profit. a Sales section. Cost of Goods Sold. an Investing Activities section. ...
- Q Natalie is 8 years old and has been gifted shares of stock in an airline. In 2024, the airline issued a qualified dividend. Natalie has no other sources...
- Q When performing procedures to identify and assess the risks of material misstatement for accounting estimates. t a) review transactions occurring prion to the date of the...
- Q Kallie Smith, owner of Flowers 4 You, operates a local chain of floral shops. Each shop has its own delivery van. Instead of charging a flat delivery fee, Smith wants...
- Q Which statements are true regarding the closing process? All expense and loss accounts, as well as assets, are credited for amounts equal to their year-end debit balances. ...
- Q The cylindrical tank has an external diameter of 20 in. and a wall thickness of 1/2 in. The tank is pressurized to 200 psi and carries an axial tensile force...
- Q You have been assigned to analyze the year-end inventory of Amitel Company. This company sells three items of inventory and tracks of the average purchase cost and average selling price...
- Q Gross profit is NOT presented on the single-step income statement. Select one: True False
- Q Costs that produce future benefits are but costs that produce benefits only in the current period are capitalized; expensed operating activities; investing activities expensed; capitalized current assets; noncurrent assets...
- Q a. Suppose Joans utility function is u(x) = ln(5000 + x) (instead of x.5?as in example 2).b. Given her new utility function solve the problem of how much she will...
- Q The following items are taken from the financial statements of the Splish Service for the year ending December 31,2020: Accounts payable Accounts receivable Accumulated depreciation -...
- Q The following information is available for a company's maintenance cost over the last seven months. Using the high-low method, estimate both the fixed and variable components of...
- Q The Sarbanes - Oxley Act of 2002 was enacted as a result of: A. high ethical standards passed down by leaders of the Big 4 accounting...
- Q Revenues: decrease equity increase equity have no effect on equity
- Q Required information [The following information applies to the questions displayed below.] The following data refer to San Fernando Fashions Company for the year 20x2: ...
- Q What is the accounting process? A six-step process that converts information about individual transactions into financial statements A six-step process that converts financial statements into individual...
- Q What is the key factor in performing incremental analysis if a company has limited resources? the cost of limited resources contribution margin per unit of limited resource the amount...
- Q Cash inflows from operating activities consist of receipts from customers for: Cash received from interest and dividend income proceeds from the sale of "trading securities Providing goods and services,...
- Q Questions: Did John's Auto Repair owe Sarah a duty of care, and if so, what was the nature of that duty?
- Q A guaranteed payment may be designed to compensate a partner for personal services rendered to the partnership. True or False
- Q Orange Incorporated issued 22,000 nonqualified stock options valued at $44,000(in total). The options vest over two years-half in 2024 (the year of issue) and half in...
- Q 2 The Prepaid Rent balance should be $3,300.00. Make sure you entered the Capital Properties check as Prepaid Rent.
- Q Omni Limited provides the following information regarding a project that it is considering: \table[[,\table[[Project],[Omega]]],[Initial investment,R800000],[Annual net profit:,],[Year 1,R60000],[Year 2,R80000],[Year 3,R90000],[Year 4,R110000],[\table[[Minimum required],[rate of return]],16%
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- Q Which of the following accounts is NOT used to account for merchandise sales transactions? Accounts Payable Sales Returns and Allowances Sales Tax Payable Sales
- Q The financial statement that shows the accounting value of a firm's equity as of a particular date is called what? Muliple Choice Creditar's stamement Statement of cash flows Dividend...
- Q The collection of a $3,000 account after the 2% discount period will result in a debit to Accounts Receivable for $3,000. Sales Discounts for...
- Q Managers may engage in classification shifting by: A) reporting sales to fictitious customers to inflate reported revenues. B) reducing estimates of accrued expenses to inflate reported...
- Q 17 California allows deductions for all of the following business-related expenses, except for: Club dues Meals Travel Entertainment
- Q That "goods must be reasonably fit for the ordinary purposes for which they are used" would be an example of a(n) A. implied warranty of merchantability...
- Q Which of the following is a component of manufacturing overhead? Multiple Choice Selling and administrative expenses Operating expenses Direct materials Indirect labor Direct labor
- Q An analysis in which all of the components of an income statement are expressed as a percentage of sales is a vertical analysis horizontal analysis liquidity analysis solvency analysis...
- Q Training $Sandhill Corporation uses the completed-contract method. At the end of the first year of a $9024000 contract, the following information is available: In the...
- Q The foreign tax credit regime is the primary mechanism used by the United States government to mitigate or eliminate the potential double taxation of income earned by U.S....
- Q Knowledge Check 01 Market value is replacement cost of inventory. the same as inventory cost. historical inventory cost. not relevant because it is difficult to compute. ...
- Q Clonex Labs, Incorporated, uses the weighted-average method of process costing. The following data are available for one department for October: The department started 392,000 units into...
- Q Materials that are used in manufacturing that cannot be cost-effectively traced to finished goods are called Multiple Choice Materials inventory. Direct materials. Indirect materials. General materials. Secondary...
- Q Current Attempt in Progress When an owner makes a withdrawal it doesn't have to be cash, it could be another asset. the owner's capital account will...
- Q On January 1,2021, Porter should record an asset and a liability with respect to the equipment lease equal to: $246,697 $260,000 $300,000...
- Q Determine the amount of overhead assigned to Bluefield's products if each has the following activity demands: Complete this question by entering your answers in the tabs below. Required...
- Q Question 2 It is important for leaders to regard their assumptions as fixed truths rather than temporary ideas. True False
- Q Problem 6-21(Algo) Segment Reporting and Decision Making [LO6-4] Vulcan Company's contribution format income statement for June is as follows: Management wants to improve profits and gathered the...
- Q If $30,000 is invested at 10%, how much will it be worth at the end of eight years? $160,047 $343,077 $13,995 ...
- Q The profitability score in menu engineering is calculated as: NONE of other options (sum of contribution margins for each item)/(tofl # of sales) highest profit /...
- Q Hector is a married, self-employed taxpayer, and this year he paid $3,000 for his health insurance premiums (not through an exchange). Under which of the following alternative...
- Q Investment interest expense includes: Multiple Choice interest expense from loans to purchase corporate borids and interest expense from loans to purchase stocks. interest expense from loans to purchase municipal...
- Q Depreciation and depletion charges are actual cash flows. True False
- Q Question 3 0.5 pts Cash Over/Short is: when a cash bank (till) or a petty cash fund has excess cash or too...
- Q Consider the following transactions from Tabor Company's point of view and from Acme Company's point of view. Hint: from the group assignment. I. Tabor provides website design services...
- Q If an item is not large enough to influence the users of financial statements it should not be reported. This generally accepted accounting principle is Select one: a....
- Q Question 3(1 point) ABC Corporation Inc. (ABC) owns 60% of the voting common shares of Reich Corporation Ltd.(RCL), while TieCo owns 25%, and Platinum Inc. (PI)...
- Q Equity financing is financing obtained from selling goods or services on credit both creditors and stockholders creditors stockholders
- Q Public company auditors test controls in order to decide if responsibility for internal control should be reassigned from management to the internal auditors determine their audit opinion without regard...
- Q The rules adopted by the accounting profession as guides in preparing financial statements are: Comprised of both general and specific principles. Known as generally accepted accounting principles. Abbreviated as...
- Q Puritan Apparels is a clothing manufacturer. Unit costs associated with one of its products, Product FGS1156 are as follows: What are the inventoriable costs per unit...
- Q The amount of accounts receivable that is actually expected to be collected is known as the:
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- Q Using the contract-based approach to revenue recognition in right of return situations, the entity would record revenue at the amount that it expects to receive....
- Q Overhead application is also known as: Multiple Choice cost allocation. overhead cost distribution. overhead absorption. application costing. overhead cost apportionment.
- Q At the end of each accounting period, the dollar amounts in all the revenue and expense accounts are moved into an account called Multiple Choice retained earnings. retained expense....
- Q When the current market rate is less than the bond contract rate on the date of issuance, the bond will be sold at a(n)
- Q On which financial statement(s) would we find Unearned Revenue? income statement statement of retained earnings balance sheet and statement of retained earnings balance sheet balance sheet and...
- Q Messer Company purchased equipment for $24,000. The company is considering whether to determine annual depreciation using the straight-line method or the declining-balance method at 150 percent...
- Q Ayres Services acquired an asset for $80 million in 2024. The asset is depreciated for financial reporting purposes over four years on a straight-line basis (no...
- Q begins. The customer is then required to pay one-third at the time of delivery and the balance within 30 days after delivery. payment. It is estimated...
- Q Safire Corporation recently acquired $500,000 of the bonds of Regency Company, one of its subsidiaries, paying more than the carrying value of the bonds. According to the...
- Q Multiple Cholce Question To maintain control of cash payments, all payments should be made by check except purchases of equipment made by cash employee paychecks made by cash small...
- Q Under IFRS, revenue from barter transactions should be measured based on the fair value of revenue from:
- Q Which of the following is not a major benefit of ABC? (2pts) ABC supports better management decisions. ABC employs more cost pools and therefore results in more...
- Q Which of the following sections recaptures or recharacterizes only corporate taxpayers' gains? Multiple Choice $291 $1239 $1245 Unrecaptured 1250 gains None...
- Q View Policies Current Attempt in Progress Which of the following would not be considered a merchandising operation? Wholesaler Merchandising company Retailer Service firm
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