Accounting question and answers for January 30, 2024
- Q Dollars in Millions Except Per Share Amounts Consolidated Statements of Income For the years ended December 31, 2022 2021 2020 Net sales  $     17,967  $       17,421  $     16,471 Cost of sales 7,719 7,046 6,454 Gross profit 10,248 10,375 10,017 Selling, general and...
- Q Dollars in Millions Except Per Share Amounts Consolidated Statements of Income For the years ended December 31, 2022 2021 2020 Net sales  $     17,967  $       17,421  $     16,471 Cost of sales 7,719 7,046 6,454 Gross profit 10,248 10,375 10,017 Selling, general and...
- Q Brett and Abby are dependents of their parents, and each has income of $2,100 for the year. Brett's standard deduction for the year is $1,250, and Abby's is $2,500.Because their...
- Q Using the​ single-rate method, allocate costs to the dark chocolate division and the milk chocolate division in these three ways.a. Calculate the budgeted rate per​ round-trip and allocate costs based...
- Q QUESTION ONE [25]Landline Corporation Ltd’s Statement of Financial Position for the 2023 and 2024 financial years are as follows:Assets 2024 (R) 2023 (R)Non-Current Assets 5 000 000 3 800 000Inventory 500 000 700 000Receivables 350 000 420 000Cash 280 000 140 0006 130 000 5 060 000Equity and LiabilitiesShare Capital (R2 shares) 2 600 000 1 700 000Retained...
- Q Peter Stuart is a sole proprietor and a South African resident, who is not registered for VAT. He sells children’s toys and started his business from his home in June...
- Q Punch Manufacturing Corporation owns 80 percent of the common shares of Short Retail Stores. The companies’ balance sheets as of December 31, 20X4, were as follows: Punch Manufacturing CorporationShort Retail StoresAssets  Cash$ 58,000$...
- Q Penny Manufacturing Company acquired 75 percent of Saul Corporation stock at underlying book value. At the date of acquisition, the fair value of the noncontrolling interest was equal to 25...
- Q Mateo bought machinery on December 4, 2022. On June 4, 2023, you exchanged this machinery for other machinery in a non-taxable exchange. On December 6, 2023, Mateo sold the machinery he received in...
- Q Although Federal law made permanent the increased IRC Section 179 expense, for California purposes, the maximum IRC Section 179 expense deduction remained at what amount in 2023?A. $25,000 B. $50,000C....
- Q How should the correction of an error in the income statement of a prior period be reflected in the current financial statements? Current statement of retained earnings as an...
- Q The itemized deductions of taxpayers in high-income brackets will be limited to the lesser of 6% of the excess of adjusted gross income over the threshold amount or 80% of...
- Q Determine MOH. DL and DM total costs for last year
- Q QUESTION 3IAS 16 Property Plant and Equipment sets out the accounting requirements for initial recognitionand measurement, subsequent measurement and derecognition of items of property, plant andequipment. IAS 16 expands on...
- Q Question 100Which of the following statements about the taxation of a self-employed entrepreneur is correct?To. Any income to the business is treated as income to the business ownerB. It may...
- Q Lesson 7Question 97In 2023, Colin and Laura sold their home for $990,000. They paid $40,000 in expenses so their earnings are $950,000. They bought the house in 2013 and paid...
- Q What is the Accounting Equation?Owners' Equity = ?q,Answer should look like word1/word2?
- Q Following are the consolidated balance sheet accounts of Primer Incorporated and its subsidiary, Sore Corporation, as of December 31, 20X6 and 20X5. 20X620X5Net Increase (Decrease)Assets   Cash$ 314,000$ 196,000$ 118,000Marketable Equity Securities, at cost185,000185,0000Allowance...
- Q The following information is available for Quality Book Sales’ sales on account and accounts receivable.Accounts receivable balance, January 1, Year 2$ 78,500Allowance for doubtful accounts, January 1, Year 24,710Sales on...
- Q Which financial statement contains the details of a company’s account at a single specific point in time
- Q Which financial statement contains the details of a company’s account at a single specific point in time
- Q Explain the financial management purpose, cash flow trend implications, and calculation formula for each of the following ratios:a. Debtor ageingb. Creditor ageingc. Inventory/stock turnover.
- Q An owner of a commercial building purchased it for $2,000,000 and has an adjusted basis of $1,800,000 in the property. The owner sold the property for $2,600,000. What is the...
- Q At the end of a period the purchases ledger control account had a credit balance of €73,800while the list of balances extracted from the purchases ledger totalled €57,180. Aninvestigation identified...
- Q A city issues $20 ?million of general obligation bonds to improve its streets and roads. In accordance with the bond covenants, it committed $1 ?million to help ensure that it...
- Q A statement of financial position aims to meet various user needs. Which of the following user needs does it not aim to meet ?
- Q $6,200$7,780Mark for follow upQuestion 22 of 40.Terry donated a car to a qualified charitable organization. She purchased the car in 2014 for $27,500. The fair market value of the car...
- Q For which of the following organizations would disability overhead expense policy premiums not be tax deductible?a. A partnershipb. A regular corporationc. A sole proprietorshipd. Disability overhead expense policy premiums are...
- Q Carl owns the entire interest in Carl Peters Enterprises. The disability income insurance premiums paid by his company on a policy he owns personally would be deductible by his company...
- Q Ed is age 45 and owns a self-only high deductible health policy with a $6,250 deductible under his HSA. What is his maximum permitted HSA contribution in 2024?a. $4,150b. $5,150c....
- Q 2. Val has extended and totalled her final trial balance, but has not entered the profit or loss for theperiod. The total of the statement of financial position debit column...
- Q which non-audit service is permitted to a non-audit entity based in India which is an affliate of KPMG Japan's SEC audit client?
- Q Which of the following statements is true?Select answer from the options belowA company cannot use more than one inventory cost flow method at the same time.A company may use more...
- Q Lesson 7Question 93John and Jill Jones sold shares that resulted in a short-term capital loss of $5,000. They had no other capital transactions during the year. His taxable income was...
- Q Lesson 7Question 92Gwen inherited 100 shares of SuperShoes when her mother passed away on October 21, 2021; The fair market value of the shares was $20 per share. His mother paid...
- Q If an asset was purchased for $10,000 and sold a year later after recording $500 of depreciation and $1,000 spent on improvements, would it have an adjusted basis of what...
- Q If an asset was purchased for $10,000 and sold a year later after recording $500 of depreciation and $1,000 spent on improvements, would it have an adjusted basis of what...
- Q If an asset was purchased for $10,000 and sold a year later after recording $500 of depreciation and $1,000 spent on improvements, would it have an adjusted basis of what...
- Q 1.  Susan has been engaged by ABC Ltd to prepare its income tax return. Susan knows that ABC Ltd and her husband had entered into a business venture before she...
- Q Lesson 7Question 86Which of the following statements is false regarding Form 8949 – Sales and Other Dispositions of Capital Assets?To. The taxpayer uses Form 8949 to report sales and exchanges of...
- Q Lesson 7Question 93John and Jill Jones sold shares that resulted in a short-term capital loss of $5,000. They had no other capital transactions during the year. His taxable income was...
- Q QUESTION 1? ?reduce taxable income if the taxpayer does not itemize.a. ?The standard deductionge LibrariesingHelpd. ?None of the aboveCollaborate
- Q 30. Joe can claim the Qualifying Surviving Spouse filing status.a. Trueb. False
- Q Paradigm Toys presently manufactures and assembles all the parts for its toy truck product. Another company has offered to sell the parts to Logan for $2 per unit. Logan is...
- Q When the customer pays both the original invoice and the bounced check fee, what should you do in QuickBooks?Select an option, and then select Submit.Apply the payment only to the...
- Q In QuickBooks, how are the individual cardholder accounts, including the primary, structured when setting up a corporate credit card account?Select an option, and then select Submit.As primary accounts with no...
- Q (a)Refer to P&G’s financial statements and the accompanying notes to answer the following questions. What is the par or stated value of P&G’s preferred stock? P&G's preferred stock has...
- Q In QuickBooks, how are the individual cardholder accounts, including the primary, structured when setting up a corporate credit card account?Select an option, and then select Submit.As subaccounts under the parent...
- Q In QuickBooks, how are the individual cardholder accounts, including the primary, structured when setting up a corporate credit card account?Select an option, and then select Submit.As subaccounts under the parent...
- Q In QuickBooks, how are the individual cardholder accounts, including the primary, structured when setting up a corporate credit card account?Select an option, and then select Submit.As subaccounts under the parent...
- Q When reconciling the vendor prepayments account, what ending balance should be entered?Select an option, and then select Submit.The total prepayment amountThe amount still owed to the vendorThe balance from the...
- Q Features of the Roth IRA include
- Q Features of the Roth IRA include
- Q Discuss the limitation of a statement of cashflow when evaluating a company’s control over its working capital?
- Q State the factors that indicate that a lease is a finance lease under IFRS 16 ?and the extent to which this distinction is still relevant.
- Q Using the percentage  of completion method, construction revenue of current year is recognized periodically based on progress toward completion of the project. Describe the formula to compute the 2nd year's...
- Q Which non punitive measure is a statement of adverse opinion or critism
- Q If total liabilities decreased by $100000 ?and stockholders' equity increased by $25000 ?during a period of time, then total assets must change by what amount and direction during that same...
- Q What is the oldest and most widely used method of
- Q The following summary tabular analysis was prepared for Shamrock Corporation as of December 31, 2027.The balance in Retained Earnings is $867 ?as of January 1, 2027.(a1)Prepare an income statement for the year...
- Q The following summary tabular analysis was prepared for Shamrock Corporation as of December 31, 2027.The balance in Retained Earnings is $867 ?as of January 1, 2027.(a1)Prepare an income statement for the year...
- Q a balance sheet key word is:
- Q eight digit codification When a modification to a contract is reported as a separate contract (that is, separate from the original contract).
- Q eight digit codification When a modification to a contract is reported as a separate contract (that is, separate from the original contract).
- Q eight digit codification Definition of initial direct costs.
- Q Joe cannot claim which of the following credits on his tax return.a. Child Tax Creditb. Credit for Other Dependentsc. Premium Tax Creditd. Child and Dependent Care Credit
- Q 31. Joe's adjusted gross income is $42,140.a. Trueb. False
- Q Equipment with a cost of $215000 ?is purchased on December 1 ?by paying $43000 ?cash and signing a note for the remainder. Use the following tabular analysis to determine how...
- Q Equipment with a cost of $215000 ?is purchased on December 1 ?by paying $43000 ?cash and signing a note for the remainder. Use the following tabular analysis to determine how...
- Q Assume you are performing external confirmation procedures on trade receivables as of December 31, 2023. You reviewed returned confirmations and performed additional procedures, if necessary. Which of the following is an...
- Q Prepare a bank reconciliation. Round your answers to two decimal places.Sunshine InteriorsBank ReconciliationJuly 31, 20 ?Yo
- Q In order to retain certain key executives, Jensen Corporation granted them incentive stock options on December 31, 2014. 90,000 options were granted at an option price of $35 per share. Market prices...
- Q The lock-out/tag-out standard requires that the employer establish an energy control program that includes:A. ?Documented energy control proceduresB. ?An employee training programC. ?Periodic inspections of the proceduresD. ?All of the...
- Q For returns filed in calendar year 2025. ?what penalty might a preparer face for failure to keep copies of tax returns for three years?A) ?$600 ?for each failureBi $60 ?for...
- Q What is the penalty for failing to file correct information returns?
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
- Unlimited Question Access with detailed Answers
- Zin AI - 3 Million Words
- 10 Dall-E 3 Images
- 20 Plot Generations
- Conversation with Dialogue Memory
- No Ads, Ever!
- Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!