Accounting question and answers for November 12, 2023
- Q In January, Ms. NW projects that her employer will withhold $25,000 from her 2018 salary. However, she has income from several other sources and must make quarterly estimated tax...
- Q At the begining of 2024 Best heating & Air (BHS) has a balance of 25100 in account receivable Because BHA is a privately owned company the
- Q The Federal Trade Commission in the United States views reciprocal arrangements as attempts to reduce competition .
- Q Stale Dated Check" Please respond to the following: XYZ Corporation paid Mary Smith her usual payroll check, and Mary neglected to cash it. Two years later, Mary found the check...
- Q Activity and meaning are loosely coupled: events have multiple (and ambiguous) meanings because people interpret experience differently
- Q How is the information contained in MD&A different from the information reported in the firms financial statements?
- Q Assume a car dealer has demand for 1,000 cars per year. The unit purchase cost is $20,000. The fixed cost for each order of cars is $5,000. It takes 2.5...
- Q I. Revenue Recognition Scenarios Each of the following independent situations relates to the recognition of revenue: Morning Donut agrees to supply donuts and coffee on a weekly basis to...
- Q In 2006, Mark and Jennifer Matthews purchased a house in Miami, Florida, for $795,000, paying 20% down and financing the remainder with a loan from Bank of America. The couple...
- Q On 1st of January 2019, the company GETTY, Ltd. purchased a license for computer software.The price of the license is $15,000 and its useful life 5 yearsOn January 1st, 2022,...
- Q Mac acquired 100% of Cheese for $200.At acquisition date Cheese had equity of $170, comprised as follows:Capital100Asset revaluation reserve20Retained earnings50Equity170The book value of net assets was considered to be close...
- Q On 1 July 2022 Supertubes Ltd issues $50 million of convertible bonds to Magnatubes Ltd. The bonds have a life of three years, a face value of $10.00 each, and...
- Q A non-interesting bearing note has a afce value of 3000$ the note is due 96 days from today money is currently worth 80% per annum. Find the present value of...
- Q Grinner and Greeter, CPAs, were engaged to perform an audit of the financial statements of Happy, Inc. Happy's management would not allow Grinner and Greeter to confirm any of the...
- Q Karen Price has determined that her net worth is $43,000, excluding her home.She owes $72,000 on her mortgage and $11,000 on a car loan. What is Karen's debt-to-equity ratio?
- Q As of January 1, 2021, ABC Company's projected earnings obligation (PBO) was $30 million.During the year, pension benefits paid to retirees by the trust were $5 million.The 2021 service cost...
- Q Record the following transactions in the general journal using the rules of the double entry system.Feb 2 Heavy equipment was purchased for $55,000 for Luis Santos' Quick Cleaning...
- Q At January 31, 2016, Katy Peary, Inc.'s retained earnings were $50,220 million. During the year, Katy reported net income of $28,666 million and paid a dividend of $2,690 million.Determine Katy's...
- Q eauty Spa & Co. manufactures a specialised luxury spa that is supplied to five-star hotels around the country. The owner provides you with the following information to prepare its 1st quarter...
- Q Prepare Income statement with NotesOctober 20211 Issued a check for P44,000 to Properties Management, Inc. for the October rent.2 Signed a three-month radio advertising contract with Cable Station for P51,000...
- Q In November and December 20x7, Litchfield Company received P792,000 for 1,000, 3-year subscriptions at P264 per issue per year, starting with the January 20x8 issue. Litchfield elected to include the...
- Q Under what circumstances would you use straight-line depreciation instead of an accelerated method? What method of depreciation is used for tax purposes? answer the above question THOROUGHLY in 500...
- Q Need costing Costing The outer casing for the TBS is manufactured in SAIL Foundries LLC which is the material manufacturing unit of KEHN Global. To manufacture 1,000,000 TBS, the direct...
- Q 4 To survive and prosper an organisation must not only remain profitable, it also must be able to achieve positive cash flows. Which of the following statements regarding source documents...
- Q Culver Electronics Inc. produces and sells two models of pocket calculators, XQ-103 and XQ-104. The calculators sell for $14 and $25, respectively. Because of the intense competition Culver faces, management...
- Q Explain the following: Understand the substantive procedures for auditing cash Understand how to use schedule of bank transfer to detect kiting Understand cutoff bank statement and how to use...
- Q What costs are included in the initial cost of property, plant and equipment when they are purchased? What is the rationale for including costs in addition to the purchase...
- Q QUESTION 1 (30 Marks) The objective of the auditor is to design and perform audit procedures in such a way as to enable the auditor to obtain sufficient appropriate evidence...
- Q Lisah, Inc., manufactures golf clubs in three models. For the year, the Big Bart line has a net loss of $6,900 from sales $200,000, variable costs $176,000, and fixed costs...
- Q Autumn Harvest is reconsidering the pricing of its fresh-squeezed pear juice in half-gallon containers. Variable costs per container are $1.80. Management has set a price range between $2.80 and $3.30. Considering...
- Q The OA Company sells electrical goods covered by a one-year for any defects. Of sales of P70 million for the year, the company estimates that 3% will have major...
- Q YNA Inc. operates a jewelry store. On the morning of February 14, an inventory was conducted after discovering that one of the trusted employees committed theft and ran away with...
- Q A business issued a 60-day note for $51,000 to a bank. The note was discounted at 7%. Assume a 360 days in a year.a. Journalize the entry to record...
- Q On January 1, 2014, XY retail store sold a TV set to customer AB on credit for $450; AB will make monthly payments. Because of non-payment, XY repossessed the TV...
- Q A person decides to start trying to make a profit from their knitting hobby. They knit caps and sweaters. Sweaters require 850 yards of wool, 50 hours of labor, and...
- Q On March 1, 2022, Ridham Bhalla purchased a suit at Moores Clothing Store. The suit cost $350 and Ridham used his Moores credit card. Credit terms are 24% interest...
- Q On July 1, 20x5, Pensatucky Trading received P1,032,880 for P1,000,000 face amount 12% bonds, a price that yields 10%. Interest expense for the six months ended December 31, 20x5 should...
- Q SPS Products has two divisions - Catalog Sales and Online Sales. For the last quarter the Catalog Sales segment margin was ($5,000). Online sales were $100,000. Online Sales contribution margin...
- Q The following quarterly median home prices were published by the local Association of REALTORS for the subject neighborhood:October 2018 $165,400January 2019 $170,100April 2019 $175,350July 2019 $180,000October 2019 $185,250What annual percentage...
- Q Ola Company provides 3-year warranty for the products it sells. Ola estimates that warranty costs P400 per unit sold. As of January 1, 2021, the liability for warranty has a...
- Q On January 18, 2016, Urban Pro paid $24,000 for a two-year insurance premium that covers February 1, 2016 through January 31, 2018. Urban Pro's year-end is March 31, 2016. a. What...
- Q On January 1, 2022, State Co. sold an equipment to Nation Co. The latter issued a five-year P500,000, 10% note to State Co. The note requires interest to be paid...
- Q The table below presents quotes and cross-quotes on GBP and CHF.USD/GBP: Price for GBP in New York (in USD):USD/CHF: Price for CHF in Chicago (in USD)CHF/GBP: Price for GBP in...
- Q Diana wants to receive $45,000 at the end of seven years. The investment offers 11 percent interest compounded annually. She wants to know the total amount she needs to invest...
- Q Kula Company Ltd manufactures two products, Flora and Fauna. Estimates for the company's products for next year are provided below: FloraFaunaEstimated production volume3 0004 000Direct material cost$60 / unit$90 / unitDirect...
- Q Kath sold her business to Tim and agreed that she would not operate a similar business in the same town for five years. Tim paid Kath $40,000 for her agreement...
- Q A man has a medical situation and needs money, so he approaches a lender and asks him $15,000, paid in 5 years. The lender says that the fixed annual interest...
- Q How did the TCJA alter the relative preferences in terms of organizational form? Illustrate this using a simple example where a business has a pretax taxable income of $100 and...
- Q Tea Tree Therapeutics is an Arizona company with a SUTA tax of 5.2% and a SUTA wage base of $7,000. The employee earnings for the past year are: Theresa, $24,850;...
- Q JKL Company completes an aging schedule of its Accounts Receivable inorder to determine the year-end adjustment for bad debts expense. At the endof 2022, management estimates from the aging schedule...
- Q On January 1, year 1, Pathan Corp. purchased 80% of Samoa Corp's $10 par common stock for $975 000.' On the purchase date, the carrying amount of Samoa's net assets...
- Q Use the information below to determine the sales revenue, cost of goods sold and gross profit that would be reported for the company related to the February 25th sale, under...
- Q Mountain Valley Orchards is reconsidering the pricing of its fresh-squeezed peach juice in half-gallon containers. Variable costs per container are $1.55. Based on market study, management has determined that the price...
- Q Sunny Meadows is reevaluating the pricing of its fresh-squeezed orange juice in half-gallon containers. Variable costs per container are $1.60. Based on market analysis, management has set a price range of...
- Q Golden Harvest is reevaluating the pricing of its fresh-squeezed apple cider in half-gallon containers. Variable costs per container are $1.70. Based on market analysis, management has set a price range of...
- Q Oak Valley Farms is reviewing the pricing of its fresh-squeezed pomegranate juice in half-gallon containers. Variable costs per container are $1.85. Based on market study, management has set a price...
- Q River Bend Orchards is evaluating the pricing of its fresh-squeezed cranberry juice in half-gallon containers. Variable costs per container are $1.65. Based on market research, management has decided the price range...
- Q Mune Company recorded journal entries for the payment of $50,000 of dividends, the$32,000 increase in accounts receivable for services rendered, and the purchase of equipment for $21,000. What net effect...
- Q Gruden Company produces golf discs which it normally sells to retailers for $7 each. The cost of manufacturing 15,100 golf discs is: Materials $...
- Q Carlton's Kitchens makes two types of pasta makers: Strands and Shapes. The company expects to manufacture 60,000 units of Strands, which has a per-unit direct material cost of $10 and...
- Q Valley View Farms is evaluating the pricing of its fresh-squeezed grape juice in half-gallon containers. Variable costs per container are $1.65. Identify the optimal price to maximize contribution margin and...
- Q ShippersRUs provides logistic support services for on-line merchants. The company maintains warehouses that stock items carried by the on-line clients. When a client receives an order from a customer,...
- Q Lavage Rapide is a Canadian company that owns and operates a large automatic car wash facility near Montreal. The following table provides estimates concerning the companys costs:...
- Q AOG Inc. provides a defined benefit plan for its employees, and reports using ASPE. The pension plan administrator for AOG Inc. provided the following information for the year ended December...
- Q 1. On January 1, Dunelm Store had an inventory of 35 wallclocks at a cost of $300 each. In that month the following transactions occurred- JAN 4. Purchased 30...
- Q Mr. Arnold Reyes, Filipino citizen, married to Bettina, died on February 14, 2019, leaving the following properties: (a) House and lot in Manila exclusive (Zonal Value - 5,000,000; Assessors...
- Q The cash register tape for Shamrock Industries reported sales of $9,207.80. Record the journal entry that would be necessary for each of the following situations. (a) Sales per cash register...
- Q Signify "True" or "False" as applicable for each of the following items as they pertain to predetermined overhead rates and cost allocations. Group of answer choices When manufacturing overhead costs...
- Q EBP Limited is a small firm involved in the production and sale of electronic business products. The company is well known for its attention to quality...
- Q Prepare journal entries to record the following transactions relating to long- term bonds of Lancaster Inc. Shows calcualtions and round to the nearest dollar. a) On June 1,2023...
- Q ANSWER ALL QUESTIONS Botswana diaries (Pvt) Ltd, sells a single product which has the following information; Price per unit P ...
- Q Raintree Cosmetic Company sells its products to customers on a credit basis. An adjusting entry for bad debt expense is recorded only at December 31, the companys...
- Q At the end of the first month of opening your business, you calculate the actual operating costs of the business and the income you earned. You also notice and document...
- Q On November 1, 2017, the following were the account balances of Soho Equipment Repair. Debit Credit Cash $ 2,790 Accumulated DepreciationEquipment $ 500 Accounts Receivable 2,910 Accounts Payable 2,300 Supplies...
- Q ash flow of accounts receivable. Myers and Associates, a famous law firm in California, bills its clients on the first of each month. Clients pay in the followingfashion: 40%...
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