Accounting question and answers for January 24, 2024
- Q Tax depreciation is currently calculated under what system? Multiple Choice Sum-of-the-years'-digits Accelerated cost recovery system Modified Accelerated Cost Recovery System Straight-line system None of the...
- Q A company has net sales of $80,000, cost of goods sold of $60,000, and operating expenses of $25,000. The gross profit margin is 75% 42% 25% 80%...
- Q Blerce Corporation has two manufacturing departments--Machining and Finishing. The company used the following data at the beginning of the year to calculate predetermined overhead rates: ...
- Q Question 14 Even though GAAP requires the accrual basis of accounting, some businesses prefer using the cash basis of accounting. True False
- Q A customer orders 300 laptops on November 21. The signed sales contract arrives on November 22. The computers are shipped FOB destination on November 25 and...
- Q Angela, Incorporated, holds a90 percent interest in Corby Company. During 2023, Corby sold inventory costing $118,500to Angela for $158,000.Of this inventory, $42,000 worth was not sold...
- Q (b) Your answer is correct. Prepare a note amortization schedule for Crane Bank up to December 31,2027.(Round answers to 0 decimal places, e.g.5,275.) Your answer...
- Q An account used to recoed the owner's investments in the business is called a(n):
- Q Holmes Products, Inc. produces plastic cases used for video cameras. The product passes through three departments. For April, the following equivalent units schedule was prepared for the first department:...
- Q Which of the following is a type of Internet fraud that can be referred to a law enforcement agency? Identity theft Delayed delivery of merchandise Psychological pricing Search engine...
- Q The most commonly accepted global auditing framework for internal control is the integrated framework developed by the AICPA. True False
- Q An investment costs $2400 up front, but won't start paying off until three years from now, at which time it will return $310 per year for...
- Q Young Enterprises has an overdraft at one of its banks, Bank of Cleveland. Young has no other accounts at Bank of Cleveland. Under U.S. GAAP, Young should report...
- Q Raw materials which will be used as direct materials are initially included in work in process inventory. raw materials inventory. finished goods inventory. factory overhead.
- Q At March 31, Bradley Enterprises, a merchandising firm, had an mventory of 38,000 unit, and it had accounts receivable totaling $85,000. Sales, in units,...
- Q In the United States, what entities are required by the federal government to have an annual financial statement audit? Public companies or issuers Private companies or issuers Public...
- Q What is the right order of these Signature Dry Rubs, from lowest to highest (mildest to hottest) on the dry rub heat scale: Chipotle BBQ, Desert...
- Q Elcox Company, a calendar year, cash basis taxpayer, paid a $6,340 premium to purchase a casualty insurance policy with a 36-month term. Elcox can deduct $6,340...
- Q Which of the following is most likely to be a cost driver for a packaging and shipping activity? Multiple Choice Number of setups. Number of components. Hours of testing....
- Q Receivables that arise from the sale of the company's products or services to customers are: a. current receivables. b. earned receivables. c. trade receivables....
- Q How does a lessor treat payments received for canceling a lease? A. The lessor treats the payments as a return of capital and is included as an asset....
- Q All these considerations would prevent the group auditor from using the work of component auditors, except? Select the correct answer, then Submit. Failure of the component auditor to register...
- Q The Library is a small restaurant located in a downtown business district. It is open for breakfast and lunch and'serves simple meals and sells books from the New York...
- Q What does this mean L The direct write-off method is based on facts, not estimates. is often used for financial reporting purposes. records the expense in...
- Q Current Attempt in Progress The ledger of Windsor Company at the end of the current year shows Accounts Receivable $149,000, Credit Sales $853,000, and Sales...
- Q Vnich statement shows the higher operating income? Why? Absorption costing operating income is defers $ variable costing operating income. This is because absorption costing of fixed manufacturing overhead as...
- Q Based on the following 2022 account information, prepare a multi-step statement of income. please provide a detailed income statement where you show every number you...
- Q Duke's Snowshoes usually sells its snowshoes for $140 per unit and allows Duke's to earn a 20% profit margin. It has recently come to Duke's attention that...
- Q We discussed the Percentage of Credit Sales Method and Aging of Accounts Receivable Method. What are these methods used to estimate? Bad Debt Expense Future Sales Revenue Accounts Payable...
- Q A sole proprietorship is owned by a single person or family, and the owner, is personally responsible for all liabilities and debts. Some states have a form of business...
- Q Problem 3-55(Algo) CVP Analysls and Price Changes (LO 3-1) Chalmers Corporation operates in multiple areas of the globe, and relatively large price changes are common. Presently,...
- Q The organization responsible for setting accounting rules in the United States is the American Institute of Certified Public Accountants. True False
- Q Indirect expenses and service department expenses are allocated to departments that benefit from them. True or False
- Q 1 \table[[{ \table[[Peline fae cara],[Trlel fialence],[3uly-31,2023
- Q The accountant for Pepsi Ltd. deliberately recorded operating expenses as operating assets in order to record a higher net income for the company. As long as the...
- Q Zathcane Inc. is a garment manufacturing company. Its website has all the details about its products. However, the customers cannot buy these products through the website. They can...
- Q sales returns and crediting: Multiple Choice Sales. Sales discounts. Allowance for uncollectible accounts. Accounts receivable.
- Q The governing board of Samaritan Hospital, which is operated by a religious organization, designated $500,000 of cash for future expansion of the hospital. On the hospital's balance sheet,...
- Q If a note receivable from a customer is discounted at a bank with recourse and the customer defaults on final payment, the seller: Multiple Choice
- Q Multiple Select Question Select all that apply Identify the accounts below that would be classified as current liabilities on a classified balance sheet. (Check all that apply.) ...
- Q Income that has not been distributed to stockholders is called: expenses assets dividends revenues retained earnings contributed capital
- Q How to solve end of the company's operating year. Data from the job cost sheets of the three jobs follow: The following additional information is available: ...
- Q LO.1 On July 1,2023, Katrina purchased tax-exempt bonds (face value of $75,000) for $82,000. The bonds mature in five years, and the annual interest rate is...
- Q Enter the transactions into the Los Angeles City Bank checking account register. Set up a new account named Prepaid Rent and enter the Capital Properties check as Prepaid Rent....
- Q With a net listing, the sales commission is a fixed dollar amount. True False
- Q Stones Manufacturing sells a marble slab for $1,100. Fixed costs are $33,000, while the variable costs are $550 per slab. The company currently plans to sell...
- Q Current Attempt in Progress Crane Corporation has 10,600 shares of $100 par value, 8%, preferred stock and 45,700 shares of $10 par value common stock outstanding...
- Q Jake, the sole shareholder of Peach Corporation (a C corporation), has the corporation pay him $100,000. For income tax purposes, Jake would prefer to have...
- Q On December 31,2025, Nash Company signed a $1,035,300 note to Crane Bank. The market interest rate at that time was 11%. The stated interest rate on the...
- Q Which of the following is of interest to investors' decision-making? Comparing income and assets of different companies Assessing the company's ability to generate net cash inflows Assessing...
- Q Which of the following is an argument in support of employee volunteerism? Multiple Choice Possible employee resentment Cost in dollars and time Possible distractions from the job Good for...
- Q For this project, you will choose one of the four clients. You will create a management report that determines the attestation engagement type for your client and analyzes...
- Q Multiple Select Question Select all that apply Partnership allocations of income and loss should: be defined in the partnership agreement. have substantial economic effect. follow share of capital interests....
- Q Smoky Mountain Corporation makes two types of hiking boots-Xtreme and Pathfinder. Data concerning these two product lines appear below: The company has a traditional costing system...
- Q John Johnson is the bookkeeper for Crane Company. John has been trying to get the balance sheet of Crane Company to balance. It finally balanced, but now he's not...
- Q Variable manufacturing costs Contribution margin Less: Additional fixed expenses associated with the order Increase (decrease) in operating income from the special order Decision: Accept the special sales...
- Q An inventory pricing procedure in which the oldest costs incurred rarely have an effect on the ending inventory valuation is FIFO. average-cost. LIFO. base stock.
- Q Please solve the question and provide correct answer for the yellow portion. This is my last chance. Note: customers must pay within 20 days of invoice. To...
- Q Under the allowance method of accounting for bad debts, the company estimates the amount of bad debts before those debts actually occur. True False
- Q Angela Lopez owns and manages a consulting firm called Metrix, which began operations on December 1. On December 31, Metrix shows the following selected accounts and amounts...
- Q A(n) manages the assets on behalf of minor children or disabled dependents. living trust revocable living trust testamentary trust irrevocable trust
- Q Elliston Company accepted credit card payments for $10,000 of services provided to customers. The credit card company charges a 3% service charge. This transaction would increase:...
- Q For each company, compute these values and ratios. (Round Current ratio and Earnings per share to 2 decimal places, eg.15.25 and Debt to assets ratio to...
- Q A list showing the amount due from each customer as of a specified date is known as a schedule of accounts payable. schedule of accounts receivable. trial balance. work...
- Q Multiple Cholce Question Which of the following is NOT a separately stated item? Capital gains and losses Sales revenue less costs of goods sold Tax-exempt income ...
- Q Businesses typically have many systems, some internally developed, some purchased, and others acquired. Businesses want systems to communicate with one another and provide users with easier access to data....
- Q Questions ha1ai10r.03.073 The office manager forgot to record in the accounting records the daily bank deposit. Which control procedure would most likely prevent or detect this error?...
- Q A company with high operating leverage will experience a larger reduction in net operating income in a period of declining sales volume than a company with...
- Q Decision making requires managers to choose among the available alternatives. True or False
- Q Exercise 4-8(Algo) Computing ABC Product Costs [LO4-2, LO4-3] [The following information applies to the questions displayed below.] Additional information about the company follows: a....
- Q Balance sheet changes. Below are incomplete balance sheets for OQ Corporation End-of-year for balance shect items Year 1 Year 2 Year 3 Year 4 Current assets $3,092...
- Q On which financial statement(s) wifuld we find Supplies Expense? balance sheet and income statement balance sheet statement of retained earnings income statement balance sheet and statement of...
- Q Which of the following income items may not be excluded from gross income? A. Housing received by a medical research student at an academic health center. The monthly...
- Q Current Attempt in Progress Cullumber Inc., a publicly traded company, had 225,000 common shares outstanding on December 31,2022. During 2023, the company issued 6,000 shares on May...
- Q Which of the following costs is most likely to be directly traceable to a specific department in a single Target store? Multiple Choice The cost of supplies....
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