Accounting question and answers for August 01, 2024
- Q INSTRUCTIONS: Waldron Inc. issued $400,000 bonds with a stated rate of 7% when the market rate was 5%. They are 3-year bonds with interest to be paid...
- Q 1.What are the four basic assumptions underlying GAAP? 2.Briefly define the financial accounting elements: (1) assets, (2) liabilities, (3) equity, (4) investments by owners, (5) distributions to owners, (6) revenues,...
- Q Assume that the $51,000 net 1231 gain occurs in year 6 instead of year 7. What amount of the gain would be treated as ordinary income in year 6? ...
- Q Which of the following items is an implicit transaction? Recognizing a gain on the sale of equipment Recording payment of monthly interest on loan Recognizing impairment on an intangible asset...
- Q How are the rules of accounting 'armor of the best material' to keep business transactions fair and honest? How does the application of GAAP help accountants assure that financials...
- Q If at the time of partnership liquidation, a partner has a $5,000 capital deficiency and pays the partnership $5,000 out of personal assets to cover the deficiency, then that partner...
- Q If purchasing a piece of machinery requires a firm to keep $4,000 in additional inventory on hand than it would normally require, this increase in inventory would be considered: Irrelevant...
- Q Some would argue that the role of accounting is simply as an information provider. Will a computer ultimately completely take over the job of the accountant? As part of your...
- Q GENIRAL JOURNAL GENERAL SOURAAL
- Q Required: Gleason Guitars produces acoustic guitars. The table below contains budget and actual information for the month of June: Note: Indicate the effect of each variance by selecting...
- Q Mr. and Mrs. Eyre own residential rental property that they would like to dispose of in a nontaxable exchange. Which of the following would not qualify as like-kind property? Multiple...
- Q Mega Corporation tiene 100,000 acciones de capital social autorizado de valor nominal P 50. La sociedad cumpli con los requisitos mnimos para la suscripcin de acciones y pago de las...
- Q mr. lopez invested $20,000 in cash in his new business. how does the company record the investment?
- Q For each of the following, identify which are likely to use job costing (J) and which are likely to use process costing (P). a. Firm that bottles sports drinks....
- Q Calculate the present worth of all costs for a newly acquired machine with an initial cost of $24,000, no trade-in value, a life of 11 years, and an annual operating...
- Q 8. Consider the overall effects on Fossil of selling watches on account for $64,000 and paying expenses totaling $25,000. What is Fossils net income or net loss? Cannot determine from...
- Q The cost per seat-mile on a major U.S. airline is 24.1 cents. In order to estimate the cost of flying a passenger from Pensacola, FL, to Denver, CO, we should...
- Q At the beginning of the period there were 5000 units in process, 40% complete as to conversion. During the period 28000 units were started. At the end of the period,...
- Q Show me the steps to solve Single plantwide factory overhead rate Scrumptious Snacks Inc. manufactures three types of snack foods: tortilla chips, potato chips, and pretzels. The company...
- Q What do Sarbanes-Oxley and the NYSE rules specifically require regarding codes of ethics and corporate governance guidelines? What provisions MUST be included in a companys code of ethics and its...
- Q Labeau Products, Limited, of Perth, Australia, has $34,000 to invest. The company is trying to decide between two alternative uses for the funds as follows: Invest in...
- Q 18: Project...
- Q Current Attempt in Progress On December 31,2025, Windsor Co. performed environmental consulting services for Hayduke Co. Hayduke was short of cash, and Windsor Co. agreed to...
- Q You have j ust been hired as a financial analyst for Lydex Company, a manufacturer of safety helmets. Your boss has asked you to perform a...
- Q explain the major difference between a merchandising business and a service business
- Q Consumers product and service preferences are constantly changing. Marketing managers must understand these desires in order to create a proper marketing mix for a well-defined market. So, it is...
- Q For part A,B,C utilize the following information: The following information is available for Gorgoth Company: Sales revenue Sales returns Sales allowances Cost of goods sold Operating expenses Interest...
- Q A machine with a cost of $150,000, current year depreciation expense of $22,000 and accumulated depreciation of $95,000 is sold for $48,000 cash. The total amount related to...
- Q Requirement 2. Compute the following ratios, briefly describe what they measure, and what the changes may mean. Apple Inc. CONSOLIDATED STATEMENTS OF OPERATIONS (In millions, except number of...
- Q ) Rawan // : H ais ress 13 - SS 54500
- Q Fernando Company purchased a depreciable asset for $175,000. The estimated salvage value is $14,000, and the estimated useful life is 10 years. The straight-line method will be used for depreciation....
- Q I know that a sales mix occurs for product sales of: A - 65% B - 20% C - 15% Asked to prepare a Breakeven Package analysis, but I need...
- Q If the company wants to earn a target profit of $90,000, calculate the sales required in dollars to attain this profit of $90,000.
- Q Inventory records for Herb's Chemicals revealed the following: March 1, 2024, inventory: 1,500 gallons @ $8.2 per gallon =$12,300 Ending inventory assuming LIFO in a perpetual...
- Q what is pie
- Q QUESTION 20 2 points Marlene wants to develop a statement that defines the terms of principled behavior at work and serves as a guide to decision-making...
- Q Condensed financial data of Sarasota Inc. follow. Assets Cash Accounts receivable Inventory Sarasota Inc. Comparative Balance Sheets December 31 Prepaid expenses Long-term investments Plant assets Accumulated depreciation 2025 $...
- Q You are the financial manager for a large firm. What type of funds would you pursue for your long-term financial needs and why?
- Q Problem 1-A The following problem provides practice of the applications described in this chapter....
- Q Give me an example of Direct Labor Variances Advanced Micro Devices develops high-performing computing products. Assume one of its proces- sors, Ryzen 7...
- Q Components of the organization that are demotivating for purposes of performance management are known as ________. Group of answer choices strategic plans incentives business goals uncontrollable factors
- Q Cost per Equivalent Unit The following information concerns production in the Forging Department for November. All direct materials are placed into the process at the beginning of production,...
- Q miller compsny's...
- Q The following data pertain to activity and costs for two recent months: June July Unit sales 15,000 10,000 Sales price / unit $15 $15 Variable costs (total) $ 45,000 ??...
- Q Napoli Industries had net income for Year 2 of $877,500. Napoli had an average number of shares outstanding at the end of the year of 675,000 shares. On January 1,...
- Q Module 5: Quantity& Inventory. Ass: 7 the answer to the Caruso Recomendation . Procurement Supply Chain Management Coarse Mt Royal Alberta. What is the Caruso Recommendation when it comes to...
- Q On behalf of the jazz group Synco-Passion, their manager Raul agrees to a performance in the Quay Club on May 1. Portia, acting for Quay Club, sends a...
- Q ...
- Q Keisha has $3,500 now and plans on investing it in a fund that will pay her 12% interest compounded quarterly. How much will Keisha have accumulated after 2...
- Q Newsurf Ltd, has been manufacturing and selling surfboards for the last two years. Newsurf Ltd commenced operations on 1 July, 2017 by issuing 500 000 $3.50 shares, payable in full...
- Q Depreciation on the company's equipment for the year is computed to be $18,000. The Prepaid Insurance account had a $6,000 debit balance at December 31 before...
- Q Misty Company reported the following before-tax items during the current year: \table[[Sales revenue,$
- Q 1. Pawl Corporation acquired 90% of Snab Corporation on January 1, 2014 for $72,000 cash when Snab's stockholders' equity consisted of $30,000 of Capital Stock and $30,000 of Retained Earnings....
- Q Toms Wear collected $6,000 in cash sales, recognized depreciation expense of $4,600, received interest of $75, paid a $500 account payable, and paid $125 in dividends. The amount of net...
- Q Iron coorperation had a beginning inventory of 24000 and ending inventory of 27000 its net sales were 165000 and net purchases were 85000 irons gross profit for the period is...
- Q $13,000 loan on a used car that will be repaid in monthly installments for 4 years. The annual interest rate is 11%. How much is each payment? Make a...
- Q On September 1, 2018, Fortune Magazine sold 780 one-year subscriptions for $85 each. The total amount received was credited to deferred subscriptions revenue. What is the required adjusting entry at...
- Q Goal: - To use the Cost-Plus Pricing method to generate a quote for a new project. Information: - The owners are impressed with your work and the restaurant...
- Q If reversing entries are used for events such as accrued payroll at years end, how would the companys accounting be affected if reversing entries were not made for payroll? What...
- Q For this assignment, you will analyze your own financial situation with one addition, you have inherited $1 million dollars from a long lost relative (tax free)! There is one caveat...
- Q Broke Pty Ltd borrowed $500,000 from Bad Bank Ltd. Bad Bank Ltd was granted a security interest in some of Broke Pty Ltds equipment. Broke Pty Ltd has defaulted on...
- Q Webber's gross tax liability is $236. Webber is entitled to an $694 nonrefundable personal tax credit, a $240 business tax credit, and a $755 refundable personal tax credit. What is...
- Q Pearl Houston has a $24,800 debt that she wishes to repay 3 years from today; she has $18,633 that she intends to invest for the 3 years. What rate of...
- Q QUESTION 1 Beta Beta Division had the following information: Asset base in Beta Division $400,000 Net income...
- Q Critical Thinking Problem 20.1 Understanding Stockholders' Equity Just after its formation on September 1, 2019, the ledger accounts of the Ducks, Inc., contained...
- Q Problem: 7-13: Research Case: City and County of Denver Proprietary Funds. Use the 2012 CAFR for the City and County of Denver to respond to the following questions....
- Q Acquisition and Eliminating Entries, Bargain Purchase Publix Company acquired all of Sherman Company's common stock for $25,200,000 cash; fees paid to an outside firm to estimate the earning...
- Q If a manufacturing firm uses the units-of-production method for computing depreciation on its only plant asset, factory machinery, the credit to accumulated depreciation from period to period during the life...
- Q (CSick the icon to viow the ramactions) (1) (Clok the icon to were the transactiona ? Peacehul Palace Gin Shop uses a...
- Q Vandel Inc, bases its selling and administrative expense budget unit sales. The sales budget shows 2,000 units are planned to be sold in April. The variable selling and administrative expense...
- Q True or false, Ethical arguments are rarely used in careers such information technology or law?
- Q Which of the following statements regarding the timeline is false? A. Because interest rates may be quoted for different time intervals, it is often necessary to adjust the interest rate...
- Q Under accrual basis accounting, revenue is recorded when
- Q Which of these is not a major characteristic of property, plant, and equipment? Group of answer choices Possesses physical substance Yields services over a number of years All of the...
- Q Exercise 8-1 (Static) Determine proper classification of liabilities (LO8-1) Select the appropriate reporting method for each of the items listed below
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