Accounting question and answers for December 14, 2023
- Q When a bank reconciliation is complete, what should the difference that shows in the summary area equal?
- Q Production Budget FlashKick Company manufactures and sells soccer balls for teams of children in elementary and high school. FlashKicks best-selling lines are the practice ball line (durable...
- Q Felicity property excluded all of foreign earned income on Form 2555 in 2015. In 2016, she claimed the foreign tax credit on all her foreign income (including her foreign waged)...
- Q I'm stuck on this question: 8A-3. (20 minutes) [LO1] At the end of November 202X, the total amount of Social Security, $490, and Medicare, $275, was withheld as tax deductions...
- Q Michelle, age 20, is a full-time college student with earned income from wages of $5,200 and interest income of $700. Michelle's parents provide more than half of Michelle's support. Michelle's...
- Q Julia owns 1,000 shares of Orange Corporation. This year, Orange declared a 10% stock dividend. There was no option for shareholders to receive cash. When Julia received 100 shares of...
- Q Mobol, a wireless phone carrier, completed its first year of operations on October 31. All of the years entries have been recorded, except for the following: At year-end, employees earned...
- Q Competetive analysis with business Phil's Haulage and with regional competetors A: Barrie Hauling; B: JP Hauling; C: Borsa Brothers Hauling & Trenching; D: Sherway Excavating & Hauling; E:...
- Q The Role of the auditor consists of all of the following except: Provide reasonable assurance that the financial statements report what they represent. Attest to the fairness of management's presentations...
- Q Koontz Company manufactures two models of industrial componentsa Basic model and an Advanced Model. The company considers all of its manufacturing overhead costs to be fixed and it uses plantwide...
- Q Job costing is used by entities producing: any product large numbers of identical items in a continuous process products with direct costs only individual products or batches of...
- Q According to the Belgian Chart of Accounts how would I record this journal entry 01/01/20X1 - C/A extract no. X1/001 Monica and Chandler decide to set up a company...
- Q A company sold merchandise for 24,000 on account with terms of 5/15 in/30 the company uses a perpetual inventory system after two days yet received defective merchandise worth 4000 the...
- Q a lender has issued a mortgage commitment letter with the following conditions. The debt coverage ratio of 1.25, mortgage term of 10 years with a 25 year amortization period with...
- Q Content Area Department S had 600 units 75% completed in process at the beginning of the period, 8,200 units completed during the period, and 900 units 47% completed at the...
- Q E4-22 Prepare financial statements from adjusted trial balance. The adjusted trial balance for Ryan Company is given below Instructions Prepare the income and retained earnings statements...
- Q A debit may result in a. an increase in a expense account b.an increase in an asset account c. a decrease in liability d. all these above
- Q Ernesto was asking for $518,350 for the company. His tax basis in the BLI stock was $122,000. Included in the sales price was an unrecognized customer list...
- Q There is a liability of $50,000 due in 4 years and it has two possible investments: a 1000 par 2 year zero coupon and a 1000 par 5 year zero...
- Q E4-23 Prepare closing entries. The adjusted trial balance for Ryan Company is given below. Instructions Prepare the closing entries for the temporary accounts at August...
- Q Bank reconciliation and adjusting entries; cash and cash equivalents; financial statement effects: The bank statement for the checking account of Management Systems Incorporated...
- Q Baker Inc. acquired equipment from the manufacturer on 10/1/11 and gave a noninterest-bearing note in exchange. Baker is obligated to pay $918,000 on 4/1/12 to satisfy the obligation in full....
- Q How do I post in the general Journal Owner invested additional personal spa equipment for amount of $2,000?
- Q Salmone Company reported the following purchases and sales of its only product. Salmone uses a perpetual inventory system. Determine the cost assigned to ending inventory using LIFO. Date Activities Units...
- Q if you were the owner of a jewelry store, what type of internal controls would you implement and why?
- Q Koontz Company manufactures a number of products. The standards relating to one of these products are shown below, along with actual cost data for May. ...
- Q Judy is considering receiving either $20,000 of current salary or $40,000 of deferred compensation in 12 years. Her current tax rate is 33%, but she expects her tax rate to...
- Q Today an Interest rate Swap is entered between AMCHI Bank Ltd and X Ltd. As per the term Bank will pay fixed rate and receive MIBOR . Swap is of...
- Q Outline the reasons why you believe this plan is equitable.
- Q Why do you think that commission-based pay is such a popular topic among human resource professionals?
- Q Use a commercial database to examine IBMs first footnote in its financial statements for 2016. Compare and contrast the advantages or disadvantages in assessing IBM from a commercial database as...
- Q All differences between super-variable costing and absorption costing net operating income are explained by the accounting for direct materials costs. True or False?
- Q . Rob is a taxpayer in the top tax bracket, with over a million in taxable income. He plans to sell stock held long-term for a $100,000 gain. This sale...
- Q Rob placed in service the following 7-year property in 2019: $21,000 in May and $70,000 in October. No other property was placed in service during the year. Sec. 179 was...
- Q The Rango Company est considerando una inversin de capital para la cual el desembolso inicial es de $ 20,000. Se prev que el flujo de efectivo anual neto (antes de...
- Q On January 2,2019, Kornis Corporation acquired equipment for $1,200,000. The estimated life of the equipment is 5 years or 80,000hours. The estimated residual value is $50,000. What is the balance...
- Q Roxy Co., que tiene una nmina sujeta a impuestos de $600,000, est sujeta al impuesto FUTA del 6.2 % y una tasa de contribucin estatal del 5.4 %. Sin embargo,...
- Q Roman Company is preparing its cash budget for the upcoming month. The budgeted beginning cash balance is expected to be $ 44,000 . Budgeted cash receipts are $106,000 , while...
- Q Which QuickBooks feature would you use to prepare a bid for a potential customer? Multiple Choice Progress Billing Enter Bills Estimates Invoice...
- Q Why might a business invest cash in temporary investments? Corporations can invest in stocks (equity) or bonds (debt) issued by other corporations. How would you explain the advantages and...
- Q Describe the three broad objectives management has when designing effective internal control. What is the auditor's responsibility for obtaining an understanding of internal control? How does that responsibility differ...
- Q During the month of May, Lift Company had cash receipts of $9,500 and cash payments of $10,500. If the May 31st cash balance was $3,200, what would the beginning of...
- Q Sally is an online retailer who engages in Third-party Network Transactions via NetTrans, Inc. Payment Company to facilitate financial transactions in the sale of her products. For 2022, what is...
- Q Which control total is the total of field values that are added for control purposes, but not added for any other purpose? a. Hash total b. Field total c. Record...
- Q Discuss the difference between static and flexible budgets. Why are flexible budgets superior to static budgets for performance reporting? Explain the purpose of a before-the-fact flexible budget and an after-the-fact...
- Q A company that has reported an income of sh 2,400,000 computed without subtracting either the bonus or corporation taxes. The bonus is to be based on income after taxes but...
- Q Describe whether the entity should disclose the estimation if it is likely that this value might change significantly within the next year. (Consider an entity that reports an asset at...
- Q Partial balance sheets and additional information are listed below for Sowell Company. Sowell Company Partial Balance Sheets as of December 31 2018 2017 Assets Cash $ 41,000 $ 20,900 Accounts...
- Q Break-Even Analysis The Junior League of Yadkinville, California, collected recipes from members and published a cookbook entitled Food for Everyone. The book will sell for $26 per copy. The chairwoman...
- Q On March 31, 2018, Chow Brothers, Inc., bought 6% of KT Manufacturings capital stock for $53.0 million. KTs net income for the year ended December 31, 2018, was $81.0 million....
- Q Question Cupola Fan Corporation issued 10%, $530,000, 10-year bonds for $502,000 on June 30, 2018. Debt issue costs were $2,800. Interest is paid semiannually on December 31 and June 30....
- Q An investment center of Solomon Corporation shows an operating income of $7,888 on total operating assets of $68,000. Required Compute the return on investment. (Round your answer to 2 decimal...
- Q Name 5 differences between ASC 842 and ASC 840. Provide Codification references.
- Q Brandy Company has not paid dividends in the past. It is expected that Brandy will pay its first dividend three years from now in the amount of $3.50. The dividends...
- Q On 31st July, after the depreciation charge was made, the company sold some surplus to requirement Shop Furniture & Fittings that had a written down value of $12,400 at the...
- Q The following desks were available for sale during the year for George Co.: George has 40 desks on hand at the end of the year. What is the ending...
- Q Which of the following classifications of account has/ have a normal credit balance? a.drawing b. revenues c. liabilities d.revenues and liabilities
- Q Atlas Enterprises Inc. manufactures elliptical exercise machines and treadmills. The products are produced in its Fabrication and Assembly production departments. In addition to production activities, several other activities are required...
- Q 2.Which of the following is least likely to be an output of the accounting information system? a. Bar code b. A check c. An invoice d....
- Q Assume you are using the total payout method for determining the price of a share of stock. When computing the total present value, the total payout is divided by the:...
- Q Segregation of duties (SoD) and other classic internal controls, such as management oversight, have been adapted to consider technology. Compare/contrast the classic controls with their adaptations for technology. Have one...
- Q Candice owns an operates a bookstore which of the following should be included in her inventory
- Q When creating a budget in QuickBooks, you can: Multiple Choice Create a budget that increases each monthly amount by a specific percentage Create a budget from...
- Q Find the sum of squares of the deviations from the mean of a series of ACT scores listed below. 20, 31, 18, 26, 15 The sum of squares is:
- Q The LIFO method is a very popular method among retailers and other types of businesses, but it is not allowed under IFRS. Based on what you have learned about LIFO,...
- Q Shamrock Co. sold $800,000, 9%, 10 year bonds on January 1, 2015. The bonds pay interest on January 1. The bonds were sold at 105. On January 1, 2017, when...
- Q A manufacturing cell has the theoretical capability of producing 40,000 microchips per quarter. The conversion cost per quarter is $25,000. There are 4,000 production hours available within the cell per...
- Q The management of Kunkel Company is considering the purchase of a $42,000 machine that would reduce operating costs by $9,500 per year. At the end of the machines five-year useful...
- Q Neely Manufacturing Co. puede fabricar 100 unidades de un componente necesario con los siguientes costos: Materiales directos: $120,000; Mano de obra directa: $25,000; Gastos generales variables: $45 000 y gastos...
- Q List the 10 steps in the Accounting Cycle and in your own words describe what occurs in each step.
- Q Where does land fit when identifying an asset? How is it depreciated?
- Q Diego transfers real estate with an adjusted basis of $551,600 and fair market value of $772,240 to a newly formed corporation in exchange for 100% of the stock. The corporation...
- Q What insights do managers gain by reporting both the list selling price and the actual selling price for each customer?
- Q Employee Net Pay Steven Friedman's weekly gross earnings for the week ended April 22 were $1,302, and his federal income tax withholding was $234.36. Assuming the social security rate is...
- Q How do I use CVP to determine which car is a better deal if a hybrid model costs $9000 more than a traditional model and gas hovers at $3.60 per...
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