Accounting question and answers for August 16, 2023
- Q What is illegal discrimination? What is legal discrimination? Give at least one example of each.
- Q (LO 8-1) Label each of the following as either descriptive, diagnostic, or predictive analytics. Descriptive, Diagnostic, or Predictive Analytics Example of Analytics Benford's law...
- Q Q: A company filing financial reports compliant with US GAAP likely recognizes revenue over time for in each of the following scenarios except: Muisple Choice O...
- Q Comprehensive income is an important concept in accounting because it represents a. all changes in equity b. changes in equity from nonowner sources. c. changes in Liabilities minus Assets d....
- Q Read the following letter and help Shady Slim with his tax situation. Please assume that his gross income is $172,900 (which consists...
- Q Pavin acquires all of Stablers outstanding shares on January 1, 2015, for $550,000 in cash. Of this amount, $39,000 was attributed to equipment with a 10-year remaining life and $49,000...
- Q Payroll Accounts and Year-End Entries The following accounts, with the balances indicated, appear in the ledger of Garcon Co. on December 1 of the current year: 211...
- Q Hi-Tek Manufacturing, Inc., makes two types of industrial component parts-the 8300 and the T500. An absorption costing income statement for...
- Q During 2020, Donna Building Company constructed various assets at a total cost of $12,600,000. The weighted average accumulated expenditures on assets qualifying for capitalization of interest...
- Q Blue Spruce Corporation offers parental benefits to its staff as a top-up on EI benefits so that employees end up receiving 100% of their salary for 12 months of parental...
- Q 12. A cash balance held in reserve for unforeseen fluctuations in cash flows is called a balance. a. transactions b. compensating c. precautionary d....
- Q What type of Cost System would a Medical Center be?
- Q John owns the Campus Cutter Barber Shop. He employs five barbers and pays each a base salary of $1,000 per month. One of the barbers serves as...
- Q Vulcan Flyovers offers scenic overflights of Mount St. Helens, the volcano in Washington State that explosively erupted in 1982. Data concerning the company's operations in July...
- Q Which of the following segment performance measures, return on investment and residual income, will decrease if there is an increase in the interest expense for that segment? Explain with one...
- Q Waterlay Foods Waterlay Foods is a medium sized grocery store that stocks two groups of foods, Fresh Produce, and Packaged Foods. Waterlay is planning an expansion of...
- Q company decides to go out of business. Its only asset is a building which is on the books for $ 65,000. They sell it for $50,000 in cash....
- Q Required information [The following information applies to the questions displayed below.] The accounting records of Nettle Distribution show the following assets and liabilities as of December 31 for...
- Q Superior Company provided the following account balances for the year ended December 31 (all raw materials are used in production as direct materials): ...
- Q Based on the following iinformation: compute (a) inventory turnover, (b) number of days' sales in inventory for the current year. Use a 365-day year. (c) If an inventory turnover of...
- Q To earn the target return on? capital, the Moore Company needs to earn? 12% operating income per unit on the total units they need to sell. The managerial accountant reported...
- Q A business purchased a new truck at a cost of $200,000 with a useful life of 4 years. Residual value is expected to be $40,000. During the second year, how...
- Q Goulds Corp. pays a constant $7.85 dividend on its stock. The company will maintain this dividend for the next 12 years and will then cease paying dividends forever. If the...
- Q Select back-to-back annual financial statement information from any publicly traded company. For instance, you may select results from 2017 and 2016. Try to select a smaller company to make...
- Q Presented below are a number of balance sheet items for Montoya, Inc., for the current year, 2017. ...
- Q 11 11
- Q Select the word or phrase that matches the description, words \& phrases may be used more than once 1 Comparability 2 FIFO 3 Gross profit percentage (gross margin...
- Q Sandhill Interiors purchased a delivery truck for R$33,000 on January 1, 2020. The truck has an expected residual value of R$1,680, and is...
- Q Reba Dixon is a fifth-grade school teacher who earned a salary of $37,600 in 2023. She is 45 years old and receives $1,200 of alimony payments...
- Q Wallen Corporation is considering eliminating a department that has an annual contribution margin of $80,000 and $160,000 in annual fixed costs. Of the fixed costs, $90,000 cannot be avoided. The...
- Q THE MBA DECISION Ben Bates graduated from college six years ago with a finance undergraduate degree. Since graduation, he has been employed in the finance department at East Coast Yachts....
- Q Required information Problem 12-3A (Algo) Allocating partnership income LO P2 Skip to question [The following information applies to the questions displayed below.] ...
- Q Wilbur Company purchased $10,000 of equipment on January 20, 2014. Wilbur uses the straight-line method to depreciate the equipment. The equipment has a 5-year useful life with no salvage value....
- Q A client placed $4,500,000 of five-year equipment into service in January 2023. Because taxable income is more than $10,000,000, she would like to maximize this year's depreciation deduction. The largest...
- Q TB MC Qu. 12120 (Static) Corporate social responsibility performance... Corporate social responsibility performance reports are also referred to as: Multiple Choice Sustainability reports. Social advocacy reports. Human rights...
- Q XYZ Company, a 'for-profit' business, had revenues of $12 million in 2022. Expenses other than depreciation totaled 75 percent of revenues. XYZ Company, must pay taxes at a...
- Q 5. Jessica owns a small department store in a metropolitan area. For twenty years, the accountant has applied overhead to the various departments -Women's Apparel Men's...
- Q Fraud investigation- Benfords Law number distribution that discusses the use of Benford's law in fraud investigation. Provide a specific example of how you would use this concept to uncover an...
- Q The production department of Zan Corporation has submitted the following forecast of units to be produced by quarter for the upcoming fiscal year: Units to be produced 1st...
- Q Kai Paris is the sole proprietor of Cookie Monster Inc (CMI). He started his online specialty cookie company a few months ago and it specializes in gluten free...
- Q 1. Analyzing Companies commu mation in their Analyzing Financial Statements LO, bies communicate a great deal of...
- Q Para. 6-d-6] Bond interest of $37,500 due July 1, 2024 on the deferred serial bonds issued in 2023 and $82,500 on the 2.75% serial bonds issued in 2024 was paid...
- Q [Para. 6-d-3] Bond interest due on January 1, 2024 in the amount of $37,500 was paid for the 2.5% deferred serial bonds. Required: Prepare the journal entry to record the...
- Q Required information [The following information applies to the questions displayed below.) James Company began the month of October with inventory of $23,000. The following inventory transactions occurred during...
- Q 1. A firm has total assets of $3,000,000. It has $1,200,000 in long-term debt. The stockholders equity is $1,000,000. What is the debt to total asset ratio?
- Q A company buys an oil rig for $2,000,000 on January 1, 2014. The life of the rig is 10 years and the expected cost to dismantle the rig at the...
- Q During 2022, Bramble Manufacturing produced 76,800 units and sold 70,400 for $10 per unit. Variable manufacturing costs were $4 per unit. Annual fixed manufacturing overhead was $153,600( $2...
- Q At the break-even point, the firm's: Total contribution margin equals total costs the margin of safety approaches infinity total contribution margin equals total fixed cost. Total contribution margin ratio exceeds...
- Q OP Technologies Manufacturing manufactures small parts and uses an activity - based costing system Total assembly fees for part B is A. $17,000 B. $3,250 C....
- Q Help Sav Way Cool produces two different models of air conditioners. The company produces the mechanical systems in its components...
- Q Indicate whether the statement is true or false, and justify your answer. Population growth in the developed world is contributing to population aging
- Q You have just been hired as a new management trainee by Earrings Unlimited, a distributor of earrings to various retail outlets located in shopping malls across the country. In...
- Q Discuss how PAYE, SDL and UIF remuneration are calculated differently from each other List 4 requirements for an expense to qualify for deduction in terms of the general...
- Q Exercise 22-22 (Algorlthmic) (LO.8) Jonas is a 60% owner of Ard, an S corporation. At the beginning or the year, his stock basis is...
- Q Fill in the following boxes Fact set: $s ...
- Q The following schedule has been prepared by the junior accountant of Moon details the following two events and the proposed accounting treatments in...
- Q Indicate whether the statement is true or false, and justify your answer. The certainty effect and subcertainty are opposite phenomena
- Q When adding a new employee after the Payroll Setup has been completed, you using ______ a. employee Center b. employee Record c. Employee File d. employee record
- Q 15. A merchandising firm's balance sheet reflects inventory of: A) raw materials B) work in process C) finished goods D) none of the above My answer: C
- Q Question 1 Part 1-(5 points): Al,BI The main difference between accrual and cash basis accounting lies in the timing of when revenue and expenses are recognized:...
- Q Operating leases Question 14 options: are, in essence, the acquisition of an asset using debt. ...
- Q Manson Corporation acquired 80 percent of Sense Corporation's voting stock on January 1, 20X2, for $320,000. The fair value of the noncontrolling interest was $80,000 at the date of acquisition....
- Q The Greensboro Performing Arts Center (GPAC) has a total capacity of 9,000 seats: 2,600 center seats, 3,100 side seats, and 3,300 balcony seats. The budgeted and actual tickets...
- Q Assume is Problem 18-51 (reproduced below) that Betty and Barney are not getting along and have separated due to marital discord (although they are not legally separated). In fact, they...
- Q Qualpoint pays a weekly payroll of $170,000 that includes federal taxes withheld of $25,400, FICA taxes withheld of $15,780, and 401(k) withholdings of $18,000. What is the effect of assets...
- Q If a savings account pays interest at 4% compounded quarterly, then the amount of $1 left on deposit for 5 years would be found in a table using Select one:...
- Q Para. 6-d-5] By June 30, 2024, property taxes had been collected in the amount of $475,000; $300,000 was invested in temporary investments that earn 2.6 percent per annum. Required: Prepare...
- Q 13. A discount factor A) is the reverse of compounding future cash flows. B) performs the reverse function of discounting interest rate. C) All of the above D) None of...
- Q a 90 day note dated june 30 for $2000 at an intrest rate of 5.5% was sold on july 15 discounted at 8%. what were the proceeds...
- Q Explain how to calculate total asset turnover. Describe what it reveals about a company's financial condition, whether a higher or lower ratio is desirable, and how it is best applied...
- Q Example/Definition 2. (LO 6-2, LO 6-3) Match the descriptive analytics tools and techniques to an example or definition Descriptive Analytics Tools and Techniques Quartiles...
- Q Garry and Marissa formed Anderson Corporation as an S corporation several years ago. Garry and Marissa each have a 50% interest in the corporation. At the beginning of the current...
- Q Outdoor Luggage, Inc., makes high-end hard-sided luggage for sports equipment. Data concerning three of the company's most popular models appear...
- Q I know headquarters wants us to add that new product line, said Dell Havasi, manager of Billings Companys Office Products Division. But I want to see the numbers...
- Q The creation of the assembly line form of manufacturing is considered one the greatest achievements of the 20th Century. Before then, cars were made one at a time by hand...
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