Accounting question and answers for June 16, 2024
- Q In evaluating what is "reasonable compensation "for a C corporation shareholder-employee, which one of the following factors may be relevant? a. The shareholder-employee's length of service and past contributions to...
- Q State variable equations are,=Ax+Bu Verification y = Cr+Du Guidelines Training > Where. A = [[0, 1, 0], [0, 0, 1], [- k, - k, - k]]B = [[0], [0], [1]]C...
- Q A company uses a periodic inventory system. On August 1, the company had 6 items of beginning inventory with a cost of $7 per unit. On August 3, the company...
- Q The earned income credit: a. Must be calculated on earned income as well as adjusted gross income in some cases. b. Can not exceed the amount of the tax liability....
- Q For calendar year 2018, Stuart and Pamela Gibson file a joint return reflecting AGI of $353,800. Their itemized deductions are as follows. For calendar year 2018, Stuart and Pamela...
- Q Van Frank Telecommunications has a patent on a cellular transmission process. The company has amortized the patent on a straight- line basis since 2017, when it was acquired at...
- Q A company just starting in business purchased a total of three merchandise inventory items at the following prices. March 2, 1@ $75; March 7, 1 @$80; and March 15, 1@$90....
- Q Journalize the closing entries. If an amount box does not require an entry, leave it blank
- Q Star Jewelry sells 500 units resulting in $75,000 of sales revenue, $28,000 of variable costs, and $18,000 of fixed costs. Breakeven point in units is approximately:
- Q Last month when Holiday Creations, Incorporated, sold 37,000 units, total sales were $148,000, total variable expenses were $119,880, and fixed expenses were $38,900. Required: What is the companys contribution margin...
- Q Question Completion Status: Moving to the next question prevents changes to this answer. Question 1 O Mantle Company's accounting records show the following at the year ending...
- Q Healthy Options is a Pharmaceutical Company which is considering investing in a new production line...
- Q Classify the following properties. That is, state the applicable recovery and applicable method under Internal Revenue Code section 168 for the following property: A bond held for investment?
- Q Vulcan Company's contribution format income statement for June is as follows: Management is disappointed with the company's performance and is wondering what can be done to improve profits....
- Q Cost of direct material used in manufacturing $ 62,000 Direct labour costs 15,000 Manufacturing overhead 6,500 Sales commissions at 8% of sales 22,000 Opening finished goods inventory 5,000 Opening work-in-process...
- Q Problem 23-2 The comparative balance sheets for Hinckley Corporation show the following information. December 31 ...
- Q Any help is much appreciated. Please explain each step. Trends over the last few months are: Based on...
- Q Debt securities such as bonds pay a stated interest rate. This interest rate depends on the risk of investment. In addition, bond prices change when investment risk changes. Standard and...
- Q Which of the following is likely to be a taxpayer who pays federal income tax Select one: A. Limited liability company B. Corporation not making the S election C. Corporation...
- Q Acme Manufacturing Co. has budgeted the following sales for the first four months of next year: Jan-22 Feb-22 Mar-22 Apr-22 Budgeted Sales (Units) 1,000 900 1,100 1,400 Sales price per...
- Q 45. The actual return on plan assets a. is equal to the change in the fair value of the plan assets during the...
- Q Wildcat, Inc., has estimated sales (in millions) for the next four quarters as follows Q1 Q2 Q3 Q4 Sales $180 $ 200 $220 $250 Sales for the...
- Q at the beginning of September was as follows: computations to the nearest cent, if required. a. Variable factory overhead controllable variance: b. Fixed factory overhead volume variance: \$ Feedback...
- Q Refer to disclosure note 22 following Targets financial statements. What is the amount reported for capital leases (shown as the present value of minimum lease payments)? What is the...
- Q Select best answer. An Accounts Payable is created when... A) your company pays cash for a purchase. B) your company goods are shipped COD. c) your company purchases goods or...
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