Accounting question and answers for November 14, 2023
- Q CAT Tom drew up the following trial balance as at 30 September 2002. You are to draft an income statement for the year to end 30 September 2020...
- Q Mr. Gilbert is self-employed and makes annual contributions to a Keogh plan. Mrs. Gilberts employer doesnt offer any type of qualified retirement plan. Each spouse contributes $6,000 to a traditional...
- Q Gleason Enterprises issued 8%, 7-year, $2,450,000 par value bonds that pay interest semiannually on October 1 and April 1. The bonds are dated April 1, 2020, and are issued...
- Q Write answer step by step: Presented below is information related to NewCo Corp shareholder transactions during 2023:1. On January 1, the company was formed, and was authorized...
- Q 1. Sunbeam recorded vendor rebates in the wrong account and in the wrong period. a. How would either of these affect net income? Please explain. 2. To what extent do...
- Q 1. Interview the manager of a restaurant. Does the restaurant make or buy soups and deserts? Based on your interview, write a short report that explains why the restaurant makes...
- Q Which financial statements are required for nongovernment, not-for-profit colleges and Balance sheet, statement of revenues, expenditures, and other changes, and stat flows B. Balance sheet, statement of revenues, expenses, and...
- Q Lemon Life has produced the following variance analysis report. If Lemon Life has a policy to investigate variances over 10% of the flexible budget, which variances should be investigated? ...
- Q The cash flows to total liabilities ratio measures A) the percentage of a companys current liabilities that could be met with one years investing cash flows. B) the percentage of...
- Q The Reynolds Corporation buys from its suppliers on terms of 2/19, net 60. Reynolds has not been utilizing the discounts offered and has been taking 60 days to pay its...
- Q 2. Clipper Company borrowed $500,000 on December 31, 2020, by issuing a $500,000, 7% mortgage note payable. The terms call for annual installment payments of $80,000 on December 31. Instructions...
- Q Margin of Safety and Operating Leverage Medina Company produces a single product. The projected income statement for the coming year is as follows: Sales (66,000 units @...
- Q An example of Acquiring an asset by incurring a debt payable to the seller, with out using cash.
- Q Be careful - some of the incorrect choices may seem correct. The following information is for direct material cost for X Company for 2021: Budgeted pounds per...
- Q Based on the following data, what is the accounts receivable turnover? Line Item Description Amount Sales on account during year $583,460 Cost of goods sold during year 184,139 Accounts receivable,...
- Q Assume a company is going to make an investment of $440,000 in a machine and the following are the cash flows that two different products would bring in years one...
- Q On February 19th, 2018, Jet Inc. reported its financial results for the quarter ended December 31, 2017. Net income increased to $100 million, its sales increased to $1 billion, which...
- Q Escau Corporation is a wholesale distributor that uses activity-based costing for all of its overhead costs. The company has provided the following data concerning its annual...
- Q Required information Skip to question [The following information applies to the questions displayed below.] Tamar owns a condominium near Cocoa Beach in Florida. In...
- Q Bridgeport Corporation sold $2,250,000, 7%, 5-year bonds on January 1, 2022. The bonds were dated January 1, 2022, and pay interest on January 1. Bridgeport Corporation uses the straight-line method...
- Q In 20X7, an individual had employment income of $80,000 and a net capital loss of $7,500. He also had a 75% interest in a partnership with a $50,000 business loss...
- Q The City of Thomasville had the following debt outstanding: General obligation bonds to be paid from a debt service fund $ 1,500,000 General obligation bonds to be paid from utility...
- Q Why is a personal plan for development of soft skills important for you? a.What five skills would you include in your plan? b.Why did you select these five skills?
- Q Book: Accounting 27th Edition EX 10-12 Revision of Depreciation A building with a cost of $1,200,000 has an estimated residual value of $250,000, has an estimated useful life...
- Q Exercise 8-04 a-f (Part Level Submission) (Video) At the beginning of the current period, Blue Spruce Corp. had balances in Accounts Receivable of $211,700 and in Allowance for Doubtful Accounts...
- Q Morton Companys contribution format income statement for last month is given below: Sales (43,000 units ...
- Q 1. Trading securities are at reported on the balance sheet at amortized cost. True or False? Answer ______ 2. Warranty expense estimates are higher than warranty returns in a given...
- Q Conflict Case - You and Terry You and Terry are unit managers in the shipping division of a pharmaceutical manufacturer. For the past year you have had serious arguments...
- Q Payments on a six-year lease valued at $12 975.00 are to be made at the beginning of each month during the last 3 years of the lease. If interest is...
- Q TufStuff, Inc., sells a wide range of drums, bins, boxes, and other containers that are used in the chemical industry. One of the companys products is a heavy-duty corrosion-resistant metal...
- Q 1. A well-known actor was paid a lump sum by the movie producer of $1,000,000 for agreeing not to star in any new movies for the next 1 year. Discuss...
- Q On January 1, 2018, the Merit Group issued to its bank a $64 million, five-year installment note to be paid in five equal payments at the end of each year....
- Q Government Grant of AED 100,000 has been received by Texas LLC on 01 Jan 2018, which will be consumed over the next four years ? Show the...
- Q How to create an abstract in management accounting About manufacturing company
- Q moss warranty act
- Q W, Inc. holds 100% of the common stock of C Co, an investment acquired for $680,000. Immediately following the combination,W net assets have a book value of...
- Q The birth of the Internet in the 1990s led to the creation of a new industry of online retailers such as Amazon, Overstock.com, and PCM, Inc. Many of these companies...
- Q In my opinion, we ought to stop making our own drums and accept that outside suppliers offer, said Wim Niewindt, managing director of Antilles Refining, N.V., of Aruba....
- Q Suppose Grace wanted to invest an amount of 25,000.00 for 2 years at a financial institution that gives a simple interest of 3% per year. The interest rate was given...
- Q invent in detail all the tools we use for managing our cash flows. Include all our accounts that are mediated through banks and finance companies. Also, list our cards issued...
- Q Absent restrictive provisions, one of the basic stockholders rights is called the preemptive right. In your initial post discuss this basic stockholder right and its advantages and disadvantages from both...
- Q Describe the reasons that an audit firm may not wish to enter into a relationship with a new client?
- Q A company reports sales of $6,000,000, gross profit of $2,000,000, beginning inventory of $200,000, and ending inventory of $300,000. What is the inventory turnover for the period?
- Q 4. How many general ledger accounts can you create on Sage Pastel and how many sub accounts can each main account have
- Q Which of the following items would be prorated at closing with the credit going to the seller?A: Accrued interest on an assumed mortgage B: Prepaid property taxesC: Earnest moneyD:...
- Q I need to get $20,000 negative balance in clearing account out of the clearing account. How do I do that?
- Q Define each of the managerial accounting concepts in question (variable costs, fixed costs, mixed costs, and job order costing)
- Q Aircraft Products, a manufacturer of aircraft landing gear, makes 2,200 units each year of a special valve used in assembling one of its products. The unit cost of producing this...
- Q Fergie is self-employed. In 2023, she had net income from self-employment of $92,972. Fergie has no other income. What is the amount of Fergies self-employment tax liability for 2023
- Q Schneider Incorporated had salaries payable of $60,000 and $90,300 at the end of 2023 and 2024, respectively. During 2024, Schneider recorded $620,600 in salaries expense in its income statement. Cash...
- Q Question: In the context of financial reporting challenges, what is a potential implication of diverse global regulatory frameworks on organizations operating in multiple jurisdictions? ...
- Q A "performance indicator" is required in the Statement of Operations for health care entities. Which of the following must be reported below that performance indicator? 9 0:45:41 Multiple Choice Other...
- Q How could the auditor determine whether or not this asset has not been impaired?
- Q Explain the indirect ownership interests and who has the indirect interests? Describe the situation that end up with the indirect ownership interests.
- Q Hello. How do I get this answer. I need help. June 30 Recorded the redemption of the bonds, which were called at 98. The balance in the bond discount account...
- Q John gives Joe stock valued at $5,000, which John purchased for $1,000. Any gift tax would be payable: A. By Joe, on $5,000 B. By John, on $3,000 C. By...
- Q A company purchases merchandise for $23,500. The seller also offers credit terms of 2/10, n/30. Assuming no returns were made, and that payment was made within the discount period, what...
- Q Unearned revenues are amounts received in advance from customers for future products or services.true or false
- Q Stacy Medavoy will invest $8,270 a year for 23 years in a fund that will earn 4% annual interest. Click here to view factor tables If the first payment into...
- Q Segregation of duties is essential t good internal control. Increasingly computer systems automatically authorize and record transactions, such as generating purchase orders when the quantity on hand of an inventory...
- Q Una corporacin report efectivo por $25 200, activos totales por $452 000 y pasivos corrientes por $154 905 en su balance. Su porcentaje de tamao comn para efectivo es igual...
- Q True or False. Instead of a gift card you now received a pen valued at $499. You will still be required to pay tax on this gift. ...
- Q Credit policy consists of: a. the guidelines used to decide which customers get credit. b. procedures undertaken to...
- Q Q4. The balance sheet of Indian River Electronics Corporation as of December 31, 2015, included 14% bonds having a face amount of $90.7 million. The bonds had been issued in...
- Q Logan Company paga a sus empleados al final del da viernes por el trabajo realizado durante esa semana laboral de 5 das. En el ao actual, el 31 de diciembre...
- Q Which of the following audit procedures most likely will involve sampling? a. Risk assessment procedures performed to obtain an understanding of internal control b. Tests of automated application controls when...
- Q - Cul de las siguientes tiene responsabilidad de supervisin de la Junta de Supervisin Contable de las Empresas Pblicas? Instituto Americano de Contadores Pblicos Certificados. Junta de Operaciones...
- Q In 2020, Deon and NeNe are married filing jointly. Deon and NeNes taxable income is $1,110,100, and they itemize their deductions as follows: real property taxes of $18,700, charitable contributions...
- Q Stacey, the partner in charge of the audit of GHER Corporation, calculates that detection risk to be 5.7% for the audit of accounts payable. GHER Corporation and RIF...
- Q Linda Clark received $286,000 from her mothers estate. She placed the funds into the hands of a broker, who purchased the following securities on Lindas behalf: ...
- Q Static budget versus flexible budget The production supervisor of the Machining Department for Hagerstown Company agreed to the following monthly static budget for the upcoming year: Hagerstown Company Machining...
- Q contingent liabilities must be recorded if
- Q Justin Company reported the following information at December 31, 2019: 2019 2018 Dividends payable $ 45 $ 20 Bank loan 600 500 C/S 700 400 ...
- Q 10B. What mutual funds would you recommend for a 40 years old single man who is saving for his retirement? He hopes to retire at age 70. He is a...
- Q On November 2, 2020, Yakima Company has cash sales of $7,000 from merchandise having a cost of $3,900. The entries to record the days cash sales will include
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