Accounting question and answers for November 22, 2023
- Q In calculating net cash provided by operating activities using the indirect method, an increase in supplies during a period is: A) deducted from net income. B) added to net income....
- Q P14-18 Sales, production, purchases, and cash budgets [LO 4, 5, 8] Rolen, Inc., is in the process of preparing the fourth quarter budget for 2010, and...
- Q Ted was shopping for a new computer. He found one that met his needs and agreed to purchase it for $1,200. After he had paid for the computer, he discovered...
- Q Alton Company has an overhead application rate of 160% and allocates overhead based on direct materials. During the current period, direct labor is $50,000 and direct materials used are $80,000....
- Q EXERCISE 2-10. Overhead Allocation Bases [LO 7] Lawler Manufacturing Company expects annual manufacturing overhead to be $900,000. The company also expects 60,000 direct labor hours costing $1,800,000 and machine run...
- Q The company plans to sell 22,000 units of BUS202 in June. The finished goods inventories on June 1 are 100 units, and the company wants to keep 400 units as...
- Q Conversion cost does not include a. direct labor. b. factory depreciation. c. direct material. d. supervisors' salaries
- Q Which of the following is an appropriate presentation of treasury stock? A. As a maketable security B. As a deduction at cost from total stockholders equity C. As a deduction...
- Q A) A company is manufacturing product X and the selling price is $1,500, while the variable cost for each unit is $500, mean while the fixed cost of the operation...
- Q Aglow Company uses a process-cost system for its single product. Material A is added at the beginning of the process; in contrast, material B is added when the...
- Q What is NOT an inventory method? CH 8 (3) LIFO FIFO Weighted Average Book Value Method
- Q A corporation has operating income of $75,000. What is its taxable income if it receives a $20,000 dividend from another corporation in which it has the following ownership a. 10%....
- Q During January, a company that uses a perpetual inventory system had beginning inventory, purchases, and sales as follows: Units Unit cost Beggining inventory 100 10 Jan 5...
- Q GOA Copany is analyzing its cost function according to behavior with volume of activity and planning for its next years operations. Its selling price is $100, variable cost per unit...
- Q Annapolis Corporation's trial balance included debits to expense accounts of $105,000, credits to revenue accounts of $165,000, and debits to the Dividends account of $50,000. Based on this information, what...
- Q Martinez Manufacturing has an annual capacity of 81,000 units per year. Currently, the company is making and selling 78,800 units a year. The normal sales price is $102 per unit,...
- Q Sanchez Co. has three activities in its manufacturing process: Machine setups, maching, and inspections. Estimated annual overhead cost for each activity is $80,00, $162,500, and $28,000, repectiviely. The expected annual...
- Q Juniper Company, Inc. uses a perpetual inventory system. The company purchased $9,750 of merchandise on August 7 with terms 1/10, n/30. On August 11, it returned $1,500 worth of merchandise....
- Q Describe the advantages and disadvantages of a standard cost system and explain under what circumstances a standard cost system is most effective. Your initial post should be 200-250 words. ...
- Q The following data have been extracted from the records of Riddle Co.: July December Production level, in units ...
- Q Magneto Company had net credit sales during the year of $1,350,000 and cost of goods sold of $810,000. The balance in accounts receivable at the beginning of the year was...
- Q Bir firmann toplam maliyeti 500.000 TL ve birikmi amortisman 400.000 TL olan makine ve tehizat bulunmaktadr. Firma bu makine ve tehizat 250.000 TL + %18 KDV karlnda satarsa muhasebe kaydna...
- Q Tundra Services Company, a division of a major oil company, provides various services to the operators of the North Slope oil field in Alaska. Data concerning the most recent year...
- Q What is the transaction approach and balance sheet approach to measuring net income
- Q 2. (TCO C) When developing computer software to be sold, which of the following costs should be capitalized? (Points : 4) Designing. Coding. Testing. None of the above
- Q Write 4 journal entries of your choice, which cannot be entered in Peachtree while using cash basis of accounting.
- Q A cosmetics counter achieved $5400.00 in sales for the past month after selling 63 lipsticks, 114 bottles of foundation, and 53 tubes of mascara. What was their average unit retail...
- Q Behring Corporation applies manufacturing overhead to products on the basis of standard machine-hours. Budgeted and actual fixed manufacturing overhead costs for the most recent month appear below: The company based...
- Q Discuss whether U.S. GAAP under SFAS No. 115 or the requirements of IAS No. 25 are more consistent with the following concepts: i. Conservatism ii. Comparability iii. Relevance iv. Neutrality...
- Q (TCO 2) As required to complete Course Project 1, one must follow the cycle that includes 10 steps to complete the accounting cycle. (1) Explain how information from the journal...
- Q Joelle Company accumulated 530 hours of direct labor costs on Job 233 and 615 hours on Job 234. The total direct labor was incurred at a rate of $20 per...
- Q Explain how an organisations management accounting system (MAS) can contribute towards the development of a cost leadership strategy. (190 words )
- Q Bay Cruiseline offers nightly dinner cruisers off the coast of Miami, San Francisco and Seattle. Dinner Cruise tickets sell for $60 per passenger. Variable Cost per passenger is $20 and...
- Q What is the conservatism concept in accounting? (with an example) And what is the purpose of the conservatism principle in accounting?
- Q A proposal factory expansion project has an expected has an expected net present value of $100,000 with a standard deviation of $50,000. What is the probability that the project will...
- Q Northwestern Lumber Products currently has 15,000 shares of stock outstanding. Patricia, the financial manager, is considering issuing $120,000 of debt at an interest rate of 6.75 percent. Given this, how...
- Q Nordic Company, a merchandising company, prepares its master budget on a quarterly basis. The fol-lowing data have been assembled to assist in preparation of the master budget for the second...
- Q 1. An employee has been promised to be paid an amount of Ghc10,000 on his 5th Anniversary of work. How should the employer recognize this amount in the Financial Reports?
- Q A company reported net income of $6 million. During the year the average number of common shares outstanding was 3 million. The price of a share of common stock at...
- Q Prepare thbe appropriate journal entry for each transaction A.Purchased 8,200 of inventory on account B.paid weekly salries,$920 C.Recorded sales for the first week: Cash 7,100; on account 5300...
- Q Si la rotacin del inventario es demasiado lenta, es posible que una empresa no pueda vender bienes o que est subestimando el inventario de mercancas. O Verdadero O Falso
- Q Jasper and Crewella Dahvill were married in year 0. They filed joint tax returns in years 1 and 2. In year 3, their relationship was strained and Jasper insisted on...
- Q The financial reporting carrying value of Boze Music's only depreciable asset exceeded its tax basis by $154,000 at December 31, 2013. This was a result of differences between straight-line depreciation...
- Q 1)Palm Beach Hotel recognizes room rental revenue on the date that a reservation is received. For the winter season, many guests make reservations as much as a year in advance....
- Q The ending Work in Process inventory in the Mixing Department contains 500 units that are 75% complete with respect to conversion costs. The beginning inventory of units totaled 350 units...
- Q Which of the following costs is likely to be driven by machine usage? A. Factory Insurance B. Factory Utilities C. Depreciation on factory building D. Factory Rent
- Q What are reclassification adjustments? Give examples
- Q The financial reporting carrying value of Boze Music's only depreciable asset exceeded its tax basis by $154,000 at December 31, 2013. This was a result of differences between straight-line depreciation...
- Q The stockholders equity section of Tkachuk Corporation appears below as of December 31, 2014. 8% preferred stock, $50 par value, authorized 102,060...
- Q Q.8 If the coupon rate is less than the market rate, the bond will be a: premium bond discount bond at par bond
- Q Jill and Bill are married filing jointly. They have taxable income of 100,000 in 2019. What is their tax liability?
- Q The Vintage Laundry Company purchased $6,500 worth of laundry supplies on June 2 and recorded the purchase as an asset. On June 30, an inventory of the laundry supplies indicated...
- Q Review the annual reports for PepsiCo, Inc. and The Coca-Cola Company in Appendixes A & B of Financial Accounting. Select either PepsiCo, Inc. or The Coca-Cola Company. In your estimation,...
- Q Essex Co purchased merchandise on account from Kester Co., $33,450, terms FOB destination , 2/10,n/30. Journalize the transaction
- Q Presented below are data for Bandkok Corp. 2010 2011 2012 Assets, January 1 $5,400 $6,480 ? Liabilities, January 1 3,240 ? $3,888 Stockholders' Equity, Jan. 1 ? ? 4,050 Dividends...
- Q A company issues $ 16700000, 9.8%, 20-year bonds to yield 10% on January 1, 2020. Interest is paid on June 30 and December 31. The proceeds from the bonds are...
- Q (a) Differentiate value chain characteristics based on physical efficiency and market responsiveness. [10] (b) Explain the demand-supply uncertainty matrix.
- Q Particular Amount Particular Amount Capital Land 80,000 Abdullah 144,000 Building 76,000 Suhail 83,000 Plant & machinery 93,000 Rahaman 69,000 Furniture 15,400...
- Q Wooden Reed Inc. (WRI) issued 30,000 voting common shares to acquire all of the assets and liabilities of Creative Instrument Ltd.(CIL). On the acquisition date, WRI's shares...
- Q Cost of common stock equity Ross Textiles wishes to measure its cost of common stock equity. The firms stock is currently selling for $57.50. The firm expects to pay a...
- Q 5. The ________ perspective of the Balanced Scorecard asks, "How is success measured by our shareholders?" A) learning and growth B) customer C) financial D) shareholder 6. Defect rates for...
- Q On January 1, 20X7, Pisa Company acquired 80 percent of Siena Company by purchasing 40,000 shares of Siena's common stock. There was no differential related to this transaction. The...
- Q To compute trend percents the analyst should: Answer A.Select a base period, assign each item in the base period statement a weight of 100%, and then express financial numbers from...
- Q Verdadero o Falso: Las sociedades limitadas se forman legalmente mediante la presentacin de un certificado de sociedad limitada con el estado en el que se organizar la sociedad.
- Q The Balanced Scorecard Group of answer choices a. Evolved from a measurement system to a management system. b. hinders an organization's ability to create future economic value. c. was developed...
- Q Harrson Co. owns 20,000 of the 50,000 outstanding shares of taylor inc common stock. During 2013, Taylor earns $1,200,000 and pays cash dividends of $960,000. If the beginning balance in...
- Q LO.3 (Cost drivers) For each of the following cost pools in a temporary employment agency, identify a cost driver and explain why it is appropriate. a. Accounts receivable department b....
- Q Question 7.7. (TCO 12) Quality costs include (Points : 3) prevention costs. stockout costs. purchasing costs. ordering costs. Question 8.8....
- Q An employee may be paid a monthly amount for using his own automobile in employment related activities. Alternatively, he may be paid a reasonable amount based on the number of...
- Q 2. On May 1, Lenny Corporation purchased for $700,000 a tract of land on which a warehouse and office building were located. The following data were collected concering the property:...
- Q Firms generally choose to finance temporary assets with short-term debt because
- Q Given the following information, determine the cost of the inventory at June 30 using the LIFO perpetual inventory method. June 1 Beginning inventory 46 units at $20 each June 15...
- Q Jordan, who is paid monthly, is single and claims 0 deductions. He earns $100,000 per year as a manager at a firm. Calculate the taxes withheld from his earnings. Remember,...
- Q Barrett's Fashions forecasts sales of $125,000 for the quarter ended December 31. Its gross profit rate is 20% of sales, and its September 30 inventory is $32,500. If the December...
- Q SmartAuto Manufacturing is engaged in the production of replacement parts for automobiles. One plant specializes in the production of two parts: Part #127 and Part #234. Part #127 produced the...
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