Accounting question and answers for March 21, 2024
- Q When Dollar Tree Store buys goods for resale on credit terms from vendors, they debit and credit respectively. Inventory. Accounts Payable Accounts Receivable, Inventory Cost of Goods...
- Q Which of the following reduces taxable income in the full amount of the expense on Form 1120? A charitable contribution made in the fifth month after the...
- Q Journal Entries Jan. 30 Transferred the completed job #350 to the Finished Goods account Jan. 31 Jan. 31...
- Q 21) Minarski Electronics sells computers and provides hardware maintenance services. On April 1st, Minarski sold a package deal containing a computer and a one-year unlimited maintenance/repair service for the computer...
- Q Which of the following is considered specified service trade or business? a. Athlete b. Architect c. C corporation employee d. Engineer
- Q The Regal Cycle Company manufactures three types of bicycles-a dirt bike, a mountain bike, and a racing bike. Data on sales and expenses for the past quarter follow: Total...
- Q What are the pros and cons for public companies increasing their disclosures of financial forecasts? Where would you find a company's financial forecasts?
- Q On January 1,2022, Paxon Corporation acquired 90 percent of the outstanding common stock of Saxon Company for $1.8 billion cash. The fair value of the 10 percent noncontrolling...
- Q Journal entries for an account payable denominated in Mexican Pesos ($US weakens) Assume that your company purchases inventories from a Mexican supplier on December 15. The invoice specifies that payment...
- Q PROBLEM #7 Assume that a certain semi-variable expense has an annual fixed portion of $58,000 and a variable rate of $4 per unit. Determine the budget for this semi-variable expense...
- Q A debit is used to record a an increase in a liability account b a decrease in an asset account c a decrease in the...
- Q A stock split increases total stockholders' equity. True or False
- Q Consolidated Balance Sheet Working Paper, Bargain Purchase On January 1, 2019, Paxon Corporation acquired all of the outstanding common stock of Saxon Company for $1.7 billion cash. Paxon uses the...
- Q ABC Corporation wishes to raise money by selling a 90-day promissory note in the short-term money markets. The note promises to pay the holder $10,000,000 at maturity. If yields on...
- Q Match controls to assertions in the revenue cycle.
- Q Croyden is a calendar year, accrual basis corporation. Mr. and Mrs. Croyden (cash basis taxpayers) are the sole corporate shareholders. Mr. Croyden is president and Mrs. Croyden is...
- Q XYZ Company, a 'for-profit' business, had revenues of $60 million in 2019. Expenses other than depreciation totaled 55 percent of revenues, and depreciation expense was $5.0 million. XYZ Company, must...
- Q A collection of $3,000 from a client on account was debited to Cash $200 and credited to Service Revenue $200. Step 1 -> Incorrect entry Step 2...
- Q must use these headings. please answer within the hour thanks! Below are individual unrelated transactions from...
- Q Erie Company manufactures a mobile fitness device called the Jogging Mate. The company uses standards to control its costs. The labor standards that have been set for one Jogging...
- Q TB MC Qu.10-66(Static) Which of the following is a possible... Which of the following is a possible intangible asset acquired from another company? Multiple Choice...
- Q Santana Rey is considering the purchase of equipment for Business Solutions that would allow the company to add a new product to its computer furniture line. The equipment is...
- Q Use this information for Pink Peach Company to answer the questions that follow, The following data relate to direct materials costs for February: Materials cost per yard:...
- Q Froya Fabrikker A/S of Bergen, Norway, manufactures specialty heavy equipment for use in North Sea oil fields. The company uses a job-order costing system that applies manufacturing overhead...
- Q A comparative balance sheet and an income statement for Burgess Company are given below: Burgess Company...
- Q The unadjusted basis immediately after acquisition (UBIA) can be defined as: a. the cost of the property minus any Section 179 deduction b.The Cost of the property minus any bonus...
- Q Cash dividends _______?. A.do not affect the retained earnings of a corporation B.decrease both the assets and the total shareholders' equity of the corporation C.increase retained earnings D.increase the assets...
- Q question 1. York Inc is a consumer products firm listed in the US stock markets. Its Balance Sheet and...
- Q Explain the main differences between private and public sector accounting. (500-600 words) b) Discuss the analysis of the profitability as a breakdown of the return of common...
- Q PREPARE THE FOLLOWING PAYCHECK ENTRIES: Related to cash dividends: Important dates in connection with a $177,000 cash dividend are: January 4, February 3 and March 5.
- Q Where shareholders have restricted the sale of the stock and they (being the other shareholders) agree to buy the stock to be sold before...
- Q The East Company manufactures several different products. Unit costs associated withProduct ORD210 are as follows:Direct materials $54Direct manufacturing labor 8Variable manufacturing overhead11Fixed manufacturing overhead 25Sales commissions (2% of...
- Q Question 30 The method of determining depreciation that yields successive reductions in the periodic depreciation charge over the estimated life of the asset is the straight-line...
- Q Need urgent help! Thumbs up for the correct answers In April 2013, Rajiv Sharma had a business plan. For quite some time, he had been doing some market research...
- Q The cost of goods sold is 5
- Q A firm has a (net profit / pretax profit ratio) of 0.625, a leverage ratio of 1.2, a (pretax profit / EBIT) of 0.9, an ROE of 17.82%, a current...
- Q In the absence of partnership loss agreement to the contrary, how shall industrial partner share in partnership loss? A) Equal to the share of the least capitalist partner...
- Q Bonita, Ltd. manufactures shirts, which it sells to customers for embroidering with various slogans and emblems. The standard cost card for the shirts is as follows. Standard Price Standard...
- Q A 60-day, 8% discounted note for $26,400 is received from a customer on account on May 1. What are the proceeds from the note on May 1? Select the correct...
- Q help please On January 1, 20X1, Parent Company purchased 100% of the common stock of Subsidiary Company for $280,000. On this date, Subsidiary had total owners' equity of $240,000. ...
- Q Using data from the tab labeled "Year Founded," create a VLOOKUP in cell B18 in this tab such that when I type "Apple" into cell C18 in this tab (as...
- Q Presented below is information related to Whispering Company. Cost Retail Beginning inventory $318,504 $279,000 Purchases 1,363,000 2,117,000 Markups 93,200 Markup cancellations 16,400 Markdowns 38,300 Markdown cancellations 5,500 Sales revenue 2,158,000...
- Q what is the effects of this to firm value?decrease or increase? An expected increase in inflation causes generally higher interest rates, and hence, the discount rate increases
- Q Harmon Company had the following two transactions related to its delivery truck. 1. Paid $38 for an oil change. 2. Paid $400 to install special shelving units, which increase the...
- Q What kind of corporation is not available to be sold on the open market due to shareholder agreements that restrict the ability to sell shares?
- Q Question #11 The North Bay Boating Companys Net Income for its fiscal year ended April 30, 2020 was $128,540. The Companys Board of Directors voted to declare a Cash Dividend...
- Q Your favorite restaurant purchased a new piece of kitchen equipment for $6,000. The practice which allows them to charge a portion of the cost during its useful life for producing...
- Q SWEET TREATS PRACTICE SET Madison Carter spent much of her childhood learning the art of cookie-making from her grandmother. They spent many enjoyable hours mastering every type of...
- Q Susan, a single taxpayer, owns and operates a bakery (as a sole proprietorship). The business is not a "specified services" business. In 2019, the business pays $60,000 of W2 wages...
- Q Whispering Winds Corporation was organized on January 1,2027. It is authorized to issue 12,500 shares of 8%, $100 par value preferred stock, and 513,000 shares of no-par common...
- Q Explain the importance of an "audit of historical information".
- Q Generally, excess net operating loss (NOL) from the 2019 tax year will be
- Q Complete consolidation entires Consolidation Eliminating Entries (see related P2.14) In July 2019, IBM Corporation acquired all of the outstanding stock of Red Hat Software, a provider...
- Q Briefly explain why GAAP prevents accountants from recording depreciation on Land, but require accountants to record deprecation on Land Improvements.
- Q What is the difference between multi- domestic strategy and global strategy benefits and limitations for each strategy.
- Q Prepare the issuer's journal entry for each separate transaction. (a) On march 1, Atlantic Co. issues 42,500 shares of $4 par value common stock for $297,500cash. (b) On April 1,...
- Q [The following information applies to the questions displayed below.] AMP Corporation (calendar-year-end) has 2017 taxable income of $900,000 for purposes of computing the 179 expense. During 2017, AMP acquired the...
- Q Jonathan Michaels is single, has no dependents, and lives at 55855 Ridge Drive in Santa Fe, NM 87501. His social security number is 412-34-5670 (date of birth 3/15/1975). Jonathan had...
- Q AUDITING AND ASSURANCE SERVICES - QUESTION 12 & 13 - PLEASE AND THANK YOU! (BOTH QUESTION ANSWERS MUST BE 100-200 WORDS LONG) 12. You purchased a company's stocks and...
- Q A large company had pretax financial income of $645,000 in 2020. During 2020 he following items cause taxable income to be different than pretax financial income- Municipal bond...
- Q Three business partners David, Samantha an Gurpreet invested money into a coffee shop in the ratio of 2:5:8 respectively. After the first fiscal year profits of $650,700 were to be...
- Q Karen Most has a federal tax levy of $2,100.50 against her. If Most is single with two personal exemptions and had a take-home pay of $499.00 this week, how much...
- Q A company uses the FIFO method for inventory costing. During a period, a production department had 22,000 units in beginning goods in process inventory which were 41% complete; the department...
- Q On January 1, Luc's Furniture Repair Shop purchased parts on account for $800. Luc paid the entire balance on January 31 and recorded the payment by debiting Supplies for $800...
- Q 7. In preparing the statement of cash flows, how would you record bad debt expense using the indirect method and under what section? As: a. A decrease in cash flow...
- Q Following the outbreak of the Novel Coronavirus (COVID 19), CPCa pharmaceutical company is considering introducing a new vaccine unto the market to help fight the virus. This will require the...
- Q 24) Champion Industries exchanged a dust-scrubbing piece of equipment for another version of the same type of equipment and received $12,000 cash. The old dust scrubber cost $76,200 and had...
- Q Nelson Company experienced the following transactions during year 1, its first year in operation. 1. Issued $12,000 of common stock to stockholders. 2. Provided $4,600 of services on account. 3....
- Q what is the product of n and 2n+2
- Q The East Company manufactures several different products. Unit costs associated withProduct ORD210 are as follows:Direct materials $54Direct manufacturing labor 8Variable manufacturing overhead11Fixed manufacturing overhead 25Sales commissions (2% of...
- Q The comparative balance sheet of Livers Inc. for December 31, 20Y3 and 20Y2, is shown as follows: 1 ...
- Q Which of the following bonds pay no interest until maturity? O Zero-coupon bonds Registered bonds Serial bonds Debenture bonds
- Q 1. Mac is the owner of Maid in Arizona Cleaning Service (MACS). This year, the company had gross income of $300,000 and operating expenses of $195,000. In July, MACS sold...
- Q Based on the case titled: Aras Design and Multimedia Centre (ADMC): its pricing strategy for video...
- Q How should the net profit or net loss of the partnership be divided among the partners, whether capitalist or industrial? A) In accordance with their capital contribution ratio...
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