Accounting question and answers for August 06, 2024
- Q Fill in the missing amount
- Q Suggest a way to blend the US rule-based standard with the principles-based IFRS standard.
- Q The substitution effect is which of the following? The change in the price of a good. The change in the consumption of a good. The consumer...
- Q You are asked to design (on paper) a 60 Hz, 5 KVA, 480V/120V power transformer. With the following specifications: 1. The transformer core is made of laminated steel...
- Q Under the...
- Q i need help asap, ill rate the answer. i need the fifo and lifo, already have the average cost. Altira Corporation provides the following information related to...
- Q The Greensboro Performing Arts Center (GPAC) has a total capacity of 9,100 seats: 2,500 center seats, 3,000 side seats, and 3,600 balcony seats. The budgeted and actual tickets...
- Q Required information [The following information applies to the questions displayed below.] Tony and Suzie see the need for a rugged all-terrain vehicle to transport participants and...
- Q Martha wants to take the next four years off work to travel around the world. She estimates her annual cash needs at $29,000 (if she needs more, she...
- Q 14. What pro bono activities commonly are engaged in by members of the medical and legal professions? Can you identify opportunities for accountants and businesspeople to perform pro...
- Q Use the following balances from adjusted Trial Balance of ABC Consulting: Cash $24,100; Accounts Payable $2,000; B Conway, Capital $13,000; B Conway, Withdrawal $600; Fees Revenue $18,000; Rent Expense $3,000;...
- Q Using the attached Adjusted Trial Balance, please prepare necessary closing entries, post the closing entries to corresponding T-Account and prepare the post-closing trial balance. Campin Inc Adjusted Trial...
- Q Manley Company's inventory has a cost of $27,000 at the end of the year, and the net realizable value of the inventory is $32,500. Question 1. At which amount...
- Q What is the possible treatment for tax purposes of a net operating loss? What is the proper treatment of a net operating loss for financial reporting purposes? Explain please
- Q What is a budget Prepare examples of Revenue, production, direct materials, labor budget What is a cash budget Why are budgets important for organizations
- Q A machine with a cost of $144,000, accumulated depreciation of $92,000, and current year depreciation expense of $20,500 is sold for $45,600 cash. The amount that should be reported as...
- Q Gaston owns equipment that cost $34,000 with accumulated depreciation of $17,000. Gaston asks $16,800 for the equipment but sells the equipment for $15,300. Which of the following would not be...
- Q Which of the following entries would record correctly the requisition of Direct Materials by the production department within a manufacturing company? A. ...
- Q Martel sold 4 coins at a loss on november 14 2021 and bought the same type on December 5, 2021 when market fell further choose response that correctly describes why...
- Q The debit sale for sales tax paid on the purchase of a plant asset would be included in a. The plant asset account b. A separate deferred charge...
- Q Rolfe Company (a U.S.-based company) has a subsidiary in Nigeria where the local currency unit is the naira (NGN). On December 31,2019, the subsidiary had the following balance...
- Q whether auditor should be blamed when a company which they have expressed an unmodified audit opinion fails ? explain
- Q A comparative balance sheet and an income statement for Burgess Company are given below: Burgess Company Comparative Balance...
- Q Healthy Spring Water Break Even Analysis Baseline Assumptions Sales Price = $20 / unit Base Sales of 2,000 units @ $20 / unit = $40,000 Fixed costs are $20,000, $10.00...
- Q Sunland manufactures mattresses for the hotel industry. It has two products, Downy and Firm and total overhead of $492000. The company plans to manufacture 190 Downy mattresses and...
- Q Exercise 5-21 (LO. 6) Deerwood Corporation lends its principal shareholder, Lafayette, $500,000 on July 1 of the current year. The loan is interest-free and payable on demand. On December 31,...
- Q Which of the following are excluded from the scope of AASB 15/IFRS 15? I. Financial instruments within the scope of AASB 9/IFRS 9.II....
- Q Sinclair Manufacturing Company experienced the following accounting events during its first year of operation. With the exception of the adjusting entries...
- Q Explain why the analysis of receivables approach provides the most accurate estimate of current net realizable value of the receivables.
- Q One function of the accounting information system (AIS) is to provide adequate controls to ensure the safety of organizational assets, including data. Many people, however, often view control procedures as...
- Q 5. You buy the bond for the price you computed, hold it for one year, receive the coupon cash flow, and sell it for 94.8670. The realized yield on...
- Q Pacific Corporation has 100,000 shares of $1 par value common stock and 20,000 shares of 7% cumulative preferred stock, $100 par value, outstanding. The balance in Retained Earnings at the...
- Q The following information appeared in the books of 4U JJ Traders who are in the business of plumbing and repairs of electrical appliances. 4U JJ Traders use the perpetual inventory...
- Q Johnstone Company is facing several decisions regarding investing and financing activities. Address each decision independently. (FV of $1, PV of $1,...
- Q The communication process consists of many stages. In which stage of the communication the receiver interprets the message and translates it into meaningful information? O a. Feedback O...
- Q In your opinion, do you think there can be situations or circumstances where one(complete,error-free and unbiased)of these is more important to the user than the other two? Explain faithful representation...
- Q You are responsible for a group of Accountants. How do you intend to lead this group, and why did you choose this method?
- Q Taxon Corp. granted restricted stock units (RSUs) representing 50 million of its $1 par common shares to executives, subject to forfeiture if employment is terminated within five years....
- Q Forecasting Working...
- Q Steele Fitness Products has the following partial list of account balances at year-end December 31, 2022: Accounts payable $ 1,800 Accounts receivable 4,600 Cost of goods sold 15,000 Cash 23,000...
- Q Direct Labor Variances Bellingham Company produces a product that requires 8 standard hours per unit at a standard hourly rate of $13.00 per hour. If 4,300 units required 35,400 hours...
- Q 1. On December 31, 20X3, Saxe Corporation was merged into Poe Corporation. In the business combination, Poe issued 200,000 shares of its $10 par common stock, with a market...
- Q Periodic inventory using FIFO, LIFO, and weighted average cost methods The units of an item available for sale during the year were as follows: Date Line...
- Q Adjusting entries should be made before financial statements are prepared for external users
- Q QUESTION 3 (20 Marks) Note: Where applicable, use the present value tables provided in APPENDICES 1 and 2 that appear after the formula sheet. REQUIRED Use the information provided below...
- Q Target is considering establishing a new store in New York. The store has an estimated useful life of 20 years with no salvage value at the end of the 20...
- Q Assume Karen is 12 years old and her only income is $2,500 of interest income from a bank account with money her parents have given her to save for college....
- Q Unter Corporation, an architectural design firm, is considering an investment with the following cash flows: Required: 1. Determine the payback period of...
- Q July 1: Yang contributed $60,000 cash to the business in exchange for capital. (We will post to the accounts one transaction at a July 1: Yang...
- Q Santana Rey, owner of Business Solutions, decides to prepare a statement of cash flows for her business using the following financial data. BUSINESS SOLUTIONS Income Statement For Three Months Ended...
- Q Bridgewater Castings, Inc.* This case examines how an activity-based cost system helps inform management decision making regarding product line profitability and, subsequently, product line strategy. In early 2014,...
- Q Vertical analysis provides a way to compare different companies. True False
- Q Which of the following is not a characteristic for a corporation? Select one: a. All of the above are characteristics of a corporation b. Corporate management c. Easy to transfer...
- Q Following is information on two alternative investments being considered by Tiger Co. The company requires a 7% return from its investments. (PV of $1, FV of $1, PVA of $1,...
- Q Big 5 Sporting Goods stock price on sept 1 was 11.65, after 12 weeks they went down to 9.1. Would you invest in this company? State three reasons for using...
- Q In a statement of cash flows, which of the following would be classified as an investing activity? The sale of equipment. The issuance of bonds payable. The sale of the...
- Q In December 1, Jasmin Ernst organized Ernst Consulting. Pn December 3, the owner contributed $82,650 in assets to launch the business. On December 1...
- Q Which of the following is not an exemption from minimum essential coverage for health insurance:
- Q Concord Company has sales of $498000, variable costs of $422000, and fixed costs of $20000. Pharoah Company has sales of $498000, variable costs of $210000, and fixed costs of $250560....
- Q The contribution format income statement for Huerra Company for last year is given below: Sales Variable expenses...
- Q The Wrapping Department's output during the period consists of 11100 units completed and transferred out, and 500 units in ending Work in Process inventory that were 70% complete...
- Q 24 A payroll sub-account with the Canada Revenue Agency begins with: t of Select one: O a. 9 O b. RP O c. ID uestion d....
- Q Kayak Company budgeted the following cash receipts (excluding cash receipts from loans received) and cash payments (excluding cash payments for loan principal and interest payments) for the first three months...
- Q ...
- Q Which of the following is an accurate statement regarding sampling distribution? A. Each population exception rate and sample size has the same sampling distribution. B. Sampling distributions allow the auditor...
- Q PR 17-2A Cost of production report Obj. 2,4 Hana Coffee Company roasts and packs coffee beans. The process begins by placing coffee beans into...
- Q Identify three differences between a bond issued at a discount versus a bond issued at a premium, using the effective-interest method of amortization.
- Q Explain why the allowance for doubtful accounts is a high risk audit area. Why do we use the allowance for doubtful accounts? Who is responsible for establishing an adequate reserve?...
- Q The Beef and Reef Mystery Guest Sally Salkind has worked for two years as a server at the Beef and Reef Restaurant while getting her degree in office...
- Q Cullumber, Inc. operates three divisions, Weak, Average, and Strong. As it turns out, the Weak division has the lowest operating income, and the president wants to close it. Survival of...
- Q On January 1, Year 1, Jones Company issued bonds with a $280,000 face value, a stated rate of interest of 8.5%, and a 5-year term to maturity. The bonds were...
- Q Kimberly's Boards sells a snowboard, Xpert, that is popular with snowboard enthusiasts. Information relating to Kimberly's purchases of Xpert snowboards during September is shown below. During the same...
- Q Assessment Description The purpose of this assignment is to calculate asset ratios, then analyze and compare them between two competito the same industry. Review the most recent annual...
- Q Which of the following is not a general control activity? a. Physical controls over computer facilities. b. User control activities. c. Controls over changes in existing programs. d, Authentication procedures...
- Q Jason Ready attended the University of Ohio from 2019 to 2023 under the Air Force ROTC program. Excluding the school expenses covered by his ROTC scholarship, he incurred...
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