Accounting question and answers for November 22, 2023
- Q Clark Industries has a defined benefit pension plan that specifies annual, year-end retirement benefits equal to: 1.7%\times Service years \times Final years salary Stanley Mills was hired by...
- Q COMPREHENSIVE PROBLEMS 35. The Mansfield Corporation had 20XX sales of 100 million. The balance sheet items that vary directly with sales and the profit margin are as...
- Q 1) What method of accounting is used for each of them? Ans: The method of accounting used for Held-to-Maturity investment the cost method. The method of accounting used for...
- Q Your firm is auditing the Year 2 financial statements of Pierre Watch Company (PWC). As the senior accountant on the engagement, you are responsible for reviewing the work of Sarah...
- Q Can someone please help me with this question set! Feather Friends, Incorporated, distributes a high-quality wooden birdhouse that sells for $120 per unit. Variable expenses are $60.00 per unit, and...
- Q Levine Inc., which produces a single product, has prepared the following standard cost sheet for one unit of the product. Direct materials ( 6 pounds at...
- Q Sandhill Corp. reports the following information (in hundreds of thousands of dollars) to you about its defined benefit pension plan for 2023:
- Q True or False 1) Both the gross amount of receivables and the allowance for doubtful accounts should be reported in the financial statements. 2) Salvage value is NOT...
- Q The Paper business unit of Home Supplies Inc. has had a busy year and has reported sales of 174,300 pounds of fully processed paper for $98,754. They also incurred $55,320...
- Q Car Armour sells car wash cleaners. Car Armour uses a perpetual inventory system and made purchases and sales of a particular product in 2023 as follows: ...
- Q Debit and credit entry for transaction July 5 Paid $1,200 to cover rent from July 1 through September 30
- Q After working this problem out what is the figure to be placed in the cash book: (ix) A long-term bond purchased by Varsity Supplies & Things two...
- Q Help on how to complete post closing journals and post closing trial balance with these. tart with the following transactional data for the first month...
- Q Owners' investment in a company is called: a) Share capital b) Equity c) Retained earnings d) Accounts payable (This refers to money...
- Q An item that cost $100 is to be sold for a price that will yield a gross profit ratio of 20%. The selling price should be: ...
- Q Which of the following is not an objective of management accounting?a. Providing information for control b. Providing information for profit and loss statements...
- Q Angelica, is a single taxpayer, with a 10-year-old dependent child. For 2023, Angelica has the following tax information: Find Angelica's adjusted gross income and taxable income for 2023 ...
- Q TipTop Flight School offers flying lessons at a small municipal airport. The schools owner and manager has been attempting to evaluate performance and control costs using a variance report that...
- Q Hannibal Apartments Company credits Advances from Tenants whenever a payment is received from tenants. It prepares annual financial statements but no monthly reports. At the start of the year the...
- Q 3. The accountant in a factory that produces biscuits for fast-food restaurants wants to assign costs to boxes of biscuits. Which of the following costs can be traced...
- Q 3. On January 1, 2021, AXEL Inc receives $200,000 from a bank loan. The loan is to be paid back in one lump-sum payment at the end of 2025. The...
- Q Costco Wholesale began the month of April with 30 units of inventory costing $13 per unit on hand. During April, the following inventory purchases were made: ...
- Q What is the function of the Elements of Management? CH1 (4) A. Planning B. Strategic Management C. Financial Consulting D. Accrued Expenses...
- Q Direct Materials and Direct Labor Variance Analysis Abbeville Company manufactures faucets in a small manufacturing facility. The faucets are made from brass. Manufacturing has 60 employees. Each employee presently provides...
- Q A business sold equipment for $8,000 in cash proceeds which had an original cost of $50,000 and accumulated depreciation at the date of sale of $40,000. Which of the statements...
- Q Calculator In most business organizations, the chief accountant is called the treasurer. True False All work saved
- Q direct materials cost was $30,000. Direct labor cost was $99,000. Actual overhead was $200,000. The average direct labor rate was $30/DL Hour, and manufacturing overhead was applied at a rate...
- Q All of the following liabilities are likely to be satisfied with cash except a. accounts payable. b. income taxes payable. c. wages payable. d. deferred revenue.
- Q Explain when should both basic and diluted EPS be disclosed. In your response, discuss the potential impact (if any) on the stockholders.
- Q compare tesco anf woolworths operating cash flow statements and discuess which method( the direct versus the indirect method) has been used by each company
- Q Explain why the absorption cost method is used for generally accepted accounting principles instead of the variable cost method. You must use credible references and...
- Q A machine costing $206,400 with a four-year life and an estimated $16,000 salvage value is installed in Luther Companys factory on January 1. The factory manager estimates the machine will...
- Q ework Saved Help Save & Exit Check my Income Statement Reason for Decline in Net Income Express the following comparative income statements in common-size perc decimal place.)...
- Q Donnas Beauty Salon had the following transactions for July: July 9: Purchased 625 units of inventory at $6 per unit. The seller offered a cash discount of 2/10, n/30. July...
- Q Classify each cost as being either variable or fixed with respect to the number of units produced and sold. Also classify each cost as either a period or a...
- Q Fraser Ltd issued 10 million shares at a price of $3 on 1 July 2012. The subscribers are required to pay $1 on application, $1 on allotment and the balance...
- Q You have the following information on a potential investment. Capital investment- 600,000 Estimated useful life- 5 years Estimated salvage value- zero Estimated annual net income- 30,000 Required rate...
- Q Which of the common deductions are allowed for both regular tax purposes and for AMT purposes? (Points : 2) The standard deduction Personal...
- Q Exercise 19-31 (Algo) General Transfer Pricing Rule [LO 19-4] Scottsdale Manufacturing is organized into two divisions: Fabrication and Assembly. Components transferred between the two divisions are recorded at a predetermined...
- Q nike company
- Q Johansen Corporation uses a predetermined overhead rate based on direct labor-hours to apply manufacturing overhead to jobs. The Corporation has provided the following estimated costs for the next year
- Q Case Analysis Please refer to the case and find the following: Q1 - Executive Summary Please provide brief background to the case and an outline of its problems. (Summary...
- Q 1. Since firms do not produce inventory, they should primarly focus on variable costs why is that and why doesn't absorption costing include selling expenses. I taught it did in...
- Q Accounting for a controlling financial interest An acquiring company issues 5,000 shares of $2 par value common stock to acquire 100% of the voting common stock of an investee...
- Q Packaging Solutions Corporation manufactures and sells a wide variety of packaging products. Performance reports are prepared monthly for each department. The planning budget and flexible budget for the Production...
- Q your answer. 8. When you are trying to find a lawyer to help you, what are some sources of lawyers' names
- Q Parker Plastic, Incorporated, manufactures plastic mats to use with rolling office chairs. Its standard cost information for last year follows:
- Q A. Black Properties has just received a new dishwasher. The invoice (dated November 1, 2014) is as follows: Terms 2/10, n/30 Cost of dishwasher $25,000 Maintenance Three year contract 3,000...
- Q Why the accounting cycle is important for organizations? What area or step of the accounting cycle was the most difficult or challenging to understand? What part was the easiest? What...
- Q 2hinn
- Q Thirty years ago, Mrs. Cash purchased an insurance policy on her own life. Mrs. Cash died this year, and the policy paid the $300,000 death benefit to...
- Q 2. Groove Music Company produces compact discs of background music for restaurants and other retail shops. Its disc recording machines are capable of producing 50 discs per hour. The...
- Q Required: Display the flow of inventory. Convert the physical units into equivalent units. Compute the cost per equivalent unit. Assign the total costs for the period. Discuss...
- Q 20. Ellison Electronics has Cash of $200, Accounts Receivable of $800, Supplies of $400, Supplies Expense of $200, and Service Revenue of $900. Ellison owes $300 on Accounts Payable, $500...
- Q C:14-42 Tax Treatment of Capital Losses. A simple trust had a long-term capital loss of $10,000 for 2014 and a long-term capital gain of $15,000 for 2015. Its net accounting...
- Q Accounts Receivable Analysis Xavier Stores Company and Lestrade Stores Inc. are large retail department stores. Both companies offer credit to their customers through their own credit card operations. Information from...
- Q Ehlo Company is a multiproduct firm. Presented below is information concerning one of its products, the Hawkeye. Find the Perpetual system, FIFO cost flow and Perpetual system, LIFO:...
- Q List some duties that should routinely be separated as part of the internal control procedures for accounts receivable.
- Q Problem 10-61(LO 10-2, LO 10-3)(Static) Chaz Corporation has taxable income in 2023 of $1,312,000 for purposes of computing the 179 expense and acquired...
- Q Please show your work: Weighted Average Method, Equivalent Units Goforth Company produces a product where all manufacturing inputs are applied uniformly. Goforth produced the following physical flow schedule for April:...
- Q Determine the retirement savings contributions credit in each of the following cases: A married couple filing jointly with modified AGI of $37,500 and an IRA contribution of $1,600. A married...
- Q Among the operation, investing, financing and non-cash transaction activity. Which one is GST payable's activity?
- Q Data table Property, Plant, and Equipment: a. Budgeted sales are 1,900...
- Q Given the following: Number purchased Cost per unit $3 Total $ 126 62 372 January 1 inventory April 1 June 1 November 1 52 364 456 $1,318 a. Calculate...
- Q A cost that changes as volume changes, but at a nonconstant rate, is called a:
- Q What are the process of accounting
- Q During its first year of operations, Macks Plumbing Supply Co. had sales of $270,000, wrote off $4,300 of accounts as uncollectible using the direct write-off method, and reported net income...
- Q The December 31, 2016 inventory of ABC Company consisted of four products, for which certain information is provided below. (2 marks) Estimated Expected Estimated Product Original Cost Completion Cost...
- Q Chester has a ROS of 0.08 (ROS = Net income/Sales). That means: Select: 1 A.For every $8 of sales there is a profit of 1%. B.There are sales of $8...
- Q The following items were taken from the financial statements of Mike Inc., over a five-year period: Item 2022 2021 2020 2019 22018 Net Sales $ 980,000 $ 900,000 $...
- Q alpha corporation 2014. 2015. net income. $320,000 $350,000 dividnes $10,000. $ 20,000 1- prepare journal entries 2- calculate the balance of alpha...
- Q Direct Materials and Direct Labor Variances Zoller Company produces a dark chocolate candy bar. Recently, the company adopted the following standards for one bar of the candy: Direct materials...
- Q eBook Show Me How Print Item Cost of Goods Sold Pline Creek Company completed 200,000 units during the year...
- Q The SP Corpoion makes 34,000 motors to be used in the production of its sewing machines. The average cost per motor at this level of activity Is: Direct...
- Q Departe De Muro de Commandes montant des But we Owned 101. . Soort Dort Preducing Departments G que Factory Purchase...
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