Accounting question and answers for December 05, 2023
- Q Ramsay Company established a branch in Pasig on March 1, 2022. Shipments of merchandise at billed prices during March were as follows: March 5, 2022 (at 10% mark-up) P165,000 March...
- Q Assume the following information: Amount Per Unit Sales $ 300,000 $ 40 Variable expenses 112,500 15 Contribution margin 187,500 $ 25 Fixed expenses 52,000 Net operating income $ 135,500 The...
- Q What is material utilization?
- Q Sachs Brands's defined benefit pension plan specifies annual retirement benefits equal to 1.5% service years final year's salary, payable at the end of each year. Angela Davenport was...
- Q Realized gains and losses that result from the exchange of contirbuted property for a partnership interest are: Multiple choice question. are fully or partially deferred for tax...
- Q As used in defining the modified accrual basis of accounting, the term available means Question 8 options: collected within the current period or...
- Q Formulate the dual problem for the problem to minimize 6 x1 + 8 x2 subject to 3 x1 + 1 x2 - 1 x3 = 4; 5 x2 + 2...
- Q What is the role of accounting in business ? explain. Do the terms debit and credit signify increase or decrease , or can they signify either ? explain.
- Q The following account information, in alphabetical order, was taken from the work sheet of Compu-Soft for the month ended November 30, 2020. ...
- Q 1. Assume X Corp creates a subsidiary, Y Corp, and invests $500,000 cash in exchange for all of the $1 par common stock (2,000 shares). (2.5 marks) What would journal...
- Q 1. Debeers company purchased a machine at a price of $100,000 by signing a non- interest bearing note which requires a single payment of $118,810 in 2 years. Assuming annual...
- Q At the end of its last fiscal year, December 31, 2021, Sink Corporation had issued 360,000 shares of its $3 par value common stock, 310,000 shares of which were outstanding....
- Q Duweynie Company designs landscape plans and plants the material for clients. On April 1, there were three jobs in process, Jobs 39, 40, and 41. During April, two more jobs...
- Q Materiality of Cash Balances
- Q 21. Question Content Area A business operated at 100% of capacity during its first month and incurred the following costs: Production costs (19,800 units):...
- Q 14. On the basis of the following data, determine the value of the inventory at the lower of cost or market. Apply lower of cost or market to each...
- Q The stockholders' equity accounts of Skysong, Inc. on Jan 1, 2022, are as follows: Preferred stock (8%, $50 par, cumulative, 10,500 shares authorized) $400,000. Common Stock ($1 stated value, 1,900,000...
- Q A 3-year lease is initiated on January 1, 2019 for equipment with an expected useful life of 6 years. The Lessor is Samuels Asset Management Company (SAMC) and the lessee...
- Q Azure Enterprises acquired 80 percent of Brown Corporations voting common stock on January 1, 20X3, for $392,000. At that date, the fair value of the noncontrolling interest of Brown Corporation...
- Q Wells Fargo & Company, headquartered in San Francisco, is one of the nations largest financial institutions. Suppose it reported the following selected accounts (in millions) as of December 31, 2022....
- Q If one unit of Product Z2 used $1.50 of direct materials and $3.90 of direct labor, sold for $10.00, and was assigned overhead at the rate of 20% of direct...
- Q Using the information below, calculate gross profit for the period: Beginning Raw Materials Inventory $ 23,500 Ending Raw Materials Inventory 28,500 Beginning...
- Q Using the number on the table below determine the tax treatment to the partner who receives the distribution indicated, and then assuming the partnership has made a Section 754 election,...
- Q Straight-line depreciation is mandatory and Section 179 expensing is not eligible for listed property when the business-use is ________50%.
- Q Chloe was hired to provide customer service training to the employees at CAB Inc. Chloe signed a contract stating that she was an independent contractor acting as a consultant. There...
- Q The Hasselle Corporation has two divisionsEast and West. The divisions have the following revenues and expenses: East West Sales $ 500,000 $ 550,000 Variable costs 200,000 275,000 Traceable fixed costs...
- Q Stu itemized deductions on his 2021 income tax return. Stu plans to itemize deductions again in 2022 and the following information is available regarding state and local taxes (ignore sales...
- Q Tax credits are used to reduce tax Question content area bottom Part 1 A. before you subtract all deductions. ...
- Q Juan Dela Cruz operates a small machine shop. He manufactures one standard product available from many other similar businesses and he also manufactures products to customer order. His accountant prepared...
- Q Karane Enterprises, a calendar-year manufacturer based in College Station, Texas, began business in 2020. In the process of setting up the business, Karane has acquired various types of assets. Below...
- Q The weighted average method of process costing excludes the beginning work in process inventory costs in computing the cost per equivalent unit for the current period. true or false...
- Q Plastic used to manufacture dolls is a Select one: a. Prime costProduct costDirect costFixed costyesyesnoyes b. Prime costProduct costDirect costFixed...
- Q Stake Company reported the following summarized balance sheet data as of December 31, 20X2: Cash $ 38,000 Accounts Payable $ 40,000 Accounts Receivable 88,000 Common...
- Q Please upload the answers with excel form Consider the real GDP data, denoted by Yt , in the Excel file "ECS - TimeSeries". Select the optimal lag length for the...
- Q GASB requires the net (expense) revenbue format to be used for the gobernmental wide statement of activities. how is this format helpful for analyzing reported imformation at the progtM/fun...
- Q Imperial Jewelers manufactures and sells a gold bracelet for $408.00. The companys accounting system says that the unit product cost for this bracelet is $265.00 as shown below: ...
- Q You are attempting to estimate the theoretical stock price as a potential investment. The overall market return is 14% and Government of Canada Treasury Bills offer a yield to maturity...
- Q The standard material cost to produce one ton of a chemical in Flamingo Chemicals is as follows 300 kg. of A @ Sh.100 per kg 500 kg. of B @...
- Q DigitalGear Corp., a leading technology manufacturing company, has traditionally utilized accelerated depreciation for tax benefits, leading to significant tax deferrals. With the 2017 Tax Cuts and Jobs Act...
- Q Which one of the following is a nominal account? Group of answer choices Accumulated depreciation Water and electricity Loan Creditors control
- Q Requirement 1. What is Riverside's largest category of assets? List all 20X2 assets in the largest category and their amounts as reported by RiversideRiverside's largest category of assets...
- Q Pixel Studio, Incorporated, is a small company that creates computer-generated animations for films and television. Much of the companys work consists of short commercials for television, but the company also...
- Q Required information Skip to question [The following information applies to the questions displayed below.] Oslo Company prepared the following contribution format income statement based on a sales volume of 1,000...
- Q Which assertions may be tested for the "account balances" category of management assertions? Multiple Choice Existence, cutoff, rights and obligations, completeness. Existence, rights and obligations, completeness,...
- Q on january 1 2021 investor corp paid 32000 for 30% of the voting common stock of investee co providing investor with the ability to significantly influence investee decision on the...
- Q Francisco makes garlis bread with (1)/(6) pound of garlic and (2)/(5) pound of butter. How much garlic and butter are on the bread? (17)/(30) pound of garlie and buttor (11)/(30)...
- Q If the real rate is 1% and the inflation rate is 6%, what is the exact nominal rate? Group of answer choices 5.00% 7.24% 6.00% 7.06% 7.00%
- Q Explain how COSOs Enterprise Risk ManagementAn Integrated Framework project relates to COSOs Internal ControlAn Integrated Framework project.
- Q Hi-Tek Manufacturing, Incorporated, makes two types of industrial component partsthe B300 and the T500. An absorption costing income statement for the most recent period is shown: ...
- Q Note to Student: To answer this question, you may use either the factor tables located at the back of your textbook or the factor tables located at the bottom of...
- Q How does the old woman in Saikaku's story get out or serving at the temple?
- Q Select an industry that belongs to any one of the four market structures perfect competition, monopoly, monopolistic competition or oligopoly. Explain why you think it belongs to your...
- Q okmarks 21. Check My Understanding Choose the correct option. The population of a town is 4\times 10^(6) and the population of a village is 8\times 10^(3). How many times is...
- Q Alexis Company reports the information below. The contribution margin ratio for the Northern Territory is: Northern Territory Southern Territory Sales $ 3,600,000 $ 4,000,000 Contribution margin 1,908,000 2,200,000
- Q Whom does Dorine sav should be Tartuffified?
- Q a cost that remains constant in total but varies on a per-unit basis with changes in activity is called a
- Q Patterson Company is acquiring the net assets of Sheila Company by issuing 87,000 of its $3 par value shares of common stock. The shares have a fair value of $7...
- Q The process of initially recording business transactions in a journal is called * 2 points A) sliding. B) posting. ...
- Q John Leee Bought a home in Des Moines, Iowa for $135,000. He put down 15% & obtained a mortgage for 30 years at 8 1/2%. What is ...
- Q If a company makes a sale and collects cash, which of the following is the correct way to record the corresponding debit and credit: Debit the accounts receivable account...
- Q eBook Question Content Area Identifying Permanent Accounts Which of the following accounts will usually appear in the post-closing trial balance? a.Accounts Receivable...
- Q A company has the following: 1,000,000 shares outstanding A current stock price of $25 $750,000 in net income for the most recent year A P/E ratio of 33.3 $4,000,000...
- Q Novak Corp. typically sells subscriptions on an annual basis, and publishes 8 times a year. The magazine sells 73600 subscriptions in January at $12 each. What entry is...
- Q Amounts paid to a relative generally do not qualify as child care expenses for purposes of the child and dependent care credit. True False
- Q Solar Innovations Corporation bought a machine at the beginning of the year at a cost of $22,000. The estimated useful life was five years and the residual value was $2,000....
- Q Lex Ltd acquired 75% of Equity Shares of Cate Ltd on 1st September 2018. Cmphrehensive Income as at 31st December 2020 is as follows; Lex...
- Q Marcia has sales of $79,600. The cost of goods sold is $48,200 and the other costs are $18,700. Depreciation is $8,300, interest expense is $1,000 and the tax rate is...
- Q Campet te a vekoa Fradinns rass Ve n biwes erms srd desimals Shra da be rountet o thice deind dases. Decimal ( to three decimal Fraction (in lowest terms)...
- Q Which statement best describes the goal of efficient tax planning?
- Q In Year 1, Stock to the Hand, Inc., issued 50,000 shares of the 400,000 shares of $0.30 par value common stock it is allowed to sell. The total received from...
- Q The City of Lynnwood was recently incorporated and had the following transactions for the fiscal year ended December 31. The city council adopted a General Fund budget...
- Q All else equal, if you are the buyer of merchandise, you would prefer a / (an) clean LC. ...
- Q Ronald Partners is negotiating with its audit client (Maxim Industries) for its upcoming audit fees. Maxim Industries' audit partner offers the company a discounted audit fee if it also gives...
- Q Net income is $29,623. During the year, the company had $36,095 depreciation expense and a gain on sale of assets of $18,584. In addition, accounts receivable increased $7,504, supplies decreased...
- Q Havermill Co. establishes a $390 petty cash fund on September 1. On September 30, the fund is replenished. The accumulated receipts on that date represent $87 for Office Supplies, $151...
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