Accounting question and answers for September 04, 2023
- Q Brief Exercise 11-6 Your answer is partially correct. Try again. $9 par $1,089,000 and retained earnings $500,000 A 15% stock dividend The stockholders' equity section of Whispering Winds...
- Q to demonstrate the differnce between cash account activity and accural basis profits (net income), note the amount each transacation affects cash and the amount each transaction affects net income.
- Q Purchases and Cash Budgets On July 1, MTC Wholesalers had a cash balance of $125,000 and accounts payable of $160,000, and Inventory of $78,000. Actual sales for May and June,...
- Q During the year, X Company produced and sold 64,500 units of one of its products. The following is the related revenue and cost information: Revenue $1,096,500 ...
- Q If bonds are issued at a discount, it means that the a. bondholder will receive effectively less interest than the contractual rate of interest. b. market interest rate is lower...
- Q Minden Company introduced a new product last year for which it is trying to find an optimal selling price. Marketing studies suggest that the company can increase sales...
- Q Required: Prepare a direct materials budget for organic sugar for each of the months in the second quarter and for the second quarter...
- Q Teamwork , customer to vendor your compagny namedcole's cooking supplies record the transaction each individual would record from a sale of $50.000 for cooking supplies as cole's sales associate; one...
- Q Equivalent Units and Related Costs; Cost of Production Report; Entries Wilmington Chemical Company manufactures specialty chemicals by a series of three processes, all materials being introduced in the Distilling Department....
- Q Cost-benefit analysis provides a method for identifying the most efficient alternative. Consider its relationship to distributional values from a theoretical and practical perspective.
- Q Explain why multicollinearity is important to understand?
- Q Prokina Manufacturing Company reported the following data regarding a product it manufactures and sells. The sales price is $44. Variable costs Manufacturing
- Q Sales revenue $ 788,000 Cost of goods sold 328,500 Gross margin 459,500 Less operating expenses Selling expense $ 24,370 Administrative expense 49,630 74,000 Net operating income $ 385,500 Bryant sells...
- Q c. Prepare an income statement and statement of retained earnings for the year ended December 31, and a balance sheet as of December 31, Year 1...
- Q 23. A truck, costing $60,000 and uninsured, was wrecked the very first day it was used. It can either be disposed of for $6,000 cash and replaced with a similar...
- Q When customers pay for services with a check, the company should debit Accounts Receivable and credit Service Revenue Group of answer choices True False
- Q i need answers for 9.02, 9.11,11.01,11.04,11.07,11.09-.11 with calculations i need answers to the numbers above as listed 1,125,000 723.250 401,750...
- Q Zeller Company estimates that 2017 sales will be $40,000 in quarter 1, $48,000 in quarter 2, and $58,000 in quarter 3. Cost of goods sold is 50% of sales. Management...
- Q Step by Step with explaination , Thank you. Main Group, Inc., adjusts and closes its books each month. The trial balance at March 31, 2019 before adjustments is...
- Q I need the complete ledger posting for the following entry: 20May 1 Martin invested $35,000 cash in his busines 2 Signed rental...
- Q The beginning capital balance shown on a statement of owner's equity is $83,000. Net income for the period is $33,000. The owner withdrew $41,000 cash from the business and made...
- Q Conversion cost include all of the following except:
- Q The average cost of a ticket to the 2016 World Series Game 1 was $1200. The average cost in 2017 increased by 1/5. What was the cost in 2017?
- Q Which of the following deductions contains a particular or modifier which limits the amount of deduction available? A) Taxes on the valuation of real or personal property. B) Medical or...
- Q 1) Determine the price of a $1 million bond issue under each ofthe following independent assumptions:MaturityInterest paidStated rateEffective (market) rate110 yearsAnnually10%12%210 yearsSemiannually10%12%310 yearsSemiannually (July 1 and January1)12%10%420 yearsSemiannually12%10%520 yearsSemiannually12%12%2) Prepare...
- Q We are learning in this topic about adjusting entries. If ourbusiness affairs are to be conducted in a godly manner, we couldconsider Luke 16:12: "And if you have not been...
- Q Weldon Corporation’s fiscal year ends December 31. The followingis a list of transactions involving receivables that occurredduring 2021:Mar.17Accounts receivable of $2,200 were written off asuncollectible. The company uses the allowance...
- Q Accounting for Gift CardsAssume Ikeo Inc. sold $160,000 of gift cards during the last twoweeks of December 2020. No gift cards were redeemed in 2020, while$144,000 of the gift cards...
- Q Refer to the December 2019 Annual Report of Chevron below. Usingthe information belowNote: "Net before-tax gains on asset sales and investments"include gains/losses from investment sales including marketablesecurities.What is the net...
- Q On January 1, 2017, Corgan Company acquired 70 percent of theoutstanding voting stock of Smashing, Inc., for a total of $805,000in cash and other consideration. At the acquisition date, Smashinghad...
- Q Problem 16-2A Weighted average: Cost per equivalent unit; costsassigned to products LO C2, C3[The following information applies to the questionsdisplayed below.]Victory Company uses weighted-average process costing to accountfor its production...
- Q Use the following information for the Exercises below. [Thefollowing information applies to the questions displayed below.]Hemming Co. reported the following current-year purchases and salesfor its only product. Date Activities Units...
- Q Abbot Equipment Repair has a September 30 year end. Thecompany adjusts and closes its accounts on an annual basis. OnAugust 31, 2021, the account balances of Abbot Equipment Repairwere as...
- Q Frigid Motors Inc. assembles and sells snowmobile engines. Thecompany began operations on July 1, 2016, and operated at 100% ofcapacity during the first month. The following data summarize theresults for...
- Q Manysmall business owners focus on the cash balance in their bankaccounts and may not use the statement of cash flows to analyze howtheir businesses are generating or using cash. Discuss...
- Q Is it necessary to have a set of International AuditingStandards? Would it be better if the International AccountingStandards were allowed to be set by or be based upon U.S. auditingstandards?...
- Q Gallatin Carpet Cleaning is a small, family-owned businessoperating out of Bozeman, Montana. For its services, the companyhas always charged a flat fee per hundred square feet of carpetcleaned. The current...
- Q You are the Manager of Financial Reporting for your company.Your company is facing a number of reporting challenges as a resultof an acquisition, COVID-19 and other activities. Although the CFOmakes...
- Q Discuss the impact of quality control on productquality, on production cost, and product pricing
- Q my assignment is to determine the type of investment (debt orequity) for a publicly traded company. I also need to speculate onwhat the investments are and how they are classified....
- Q ToyWorksSelling and Administrative BudgetFirst Quarter For the Year Ended December 31,2019MonthJanuaryFebruaryMarchQuarterCash balance, beginning64,165$ - $ - ReceiptsCash sales$137,500.00$275,000.00$137,500.00$550,000.00Credit collections$400,188.00$177,750.00$198,750.00$776,688.00Total cash available$601,853.00$452,750.00$336,250.00$1,326,688.00Less disbursements:Direct materials$136,934.65$99,928.45$79,538.00$316,400.00Direct labour$84,375.00$118,125.00$74,250.00$276,750.00Variable manufacturing overheads$40,625.00$56,875.00$35,750.00$133,250.00Fixed manufacturing overheads$52,000.00$52,000.00$34,200.00$198,600.00Variable selling and administrative expense$16,250.00$32,500.00$16,250.00$65,000.00Fixed selling and...
- Q 2. Handbag Ltd issued 2000 ordinary shares of P5 at an issueprice of P8. Payment for the shares was made as follows: Onapplication P2, on allotment P4 (including share premium),...
- Q What are the journal entries for the following transaction?A company entered into a two-year loan of $20,000,000, with a20% interest rate payable semi-annually April 1 and October 1 withno principal...
- Q Metlock Corporation was organized on January 1, 2017. It isauthorized to issue 10,400 shares of 8%, $100 par value preferredstock, and 534,200 shares of no-par common stock with a statedvalue...
- Q 1.Looking to compare, thanks.A) Allocate the two support departments' costs to the twooperating departments using the following methods?Direct MethodStep-down method (Allocate AS first)Step -down method (Allocate IS first)B) Compare and...
- Q On June 3, Swifty Company sold to Chester Company merchandisehaving a sale price of $2,100 with terms of 2/10, n/60, f.o.b.shipping point. An invoice totaling $96, terms n/30, was receivedby...
- Q On January 1, 2018, Ackerman sold equipment to Brannigan (awholly owned subsidiary) for $250,000 in cash. The equipment hadoriginally cost $225,000 but had a book value of only $137,500 whentransferred....
- Q What accounting treatment is required for convertible debt andwhy? What accounting treatment is required for debt issued withstock warrants and why?
- Q Tony and Suzie graduate from college in May 2018 and begindeveloping their new business. They begin by offering clinics forbasic outdoor activities such as mountain biking or kayaking. Upondeveloping a...
- Q Sales (10,000units) $ 70,000 Less variable costs (35,000)Contribution margin $ 35,000 Less fixed costs (32,500) Net income $2,500 Requirements: 1. Compute Break-even point in units andexplain what the number that...
- Q The following is a list of 10 control plans from Chapter 8.These are followed by a list of 10 B/AR/CR business processcontrols or deficiencies. Match the 10 B/AR/CR businessprocess control...
- Q Owen Company manufactures bicycles and tricycles. For bothproducts, materials are added at the beginning of the productionprocess, and conversion costs are incurred uniformly. Owen Companyuses the FIFO method to compute...
- Q The following errors were found when the new accountant atHeadlands’s Motors was preparing the April 30 bankreconciliation.1.On April 4, Headlands recorded a payment to his airplane motorsupplier as $1,590. The...
- Q You are getting ready to buy a 25-year-old apartment complex –If you want a 7% return on your investment what would you pay forthe complex? Using the financials below what...
- Q Problem TwoBelow you will find the adjusted trial balance for Black EyedPeas. Complete theMultiple-Step Income Statementand theClosing Entriesfor this business. Don’tforgetthe double-underlines, $ signs, single-underlines, and allformatting conventionss.Black-Eyed PeasAdjusted Trial...
- Q Inventory information for Part 311 of Oriole Corp. discloses thefollowing information for the month of June.June 1Balance299 units @ $16June 10Sold196 units @ $3811Purchased803 units @ $1915Sold502 units @ $4020Purchased505 units...
- Q Week 1 AssignmentQuestion 1Ruddy Lewis operates a bike repair shop operating under the nameR.L. Bike Repairs. The balances of his accounts on April 1 of thecurrent year were as follows:The...
- Q Evaluate the role of Australian Securities Exchange (ASX) inassisting corporate governance in Australia?
- Q A residence was constructed in 1986 for $72,000 on a lot thatcost $14,000. Before the property was converted to rental use inthe current year, a finished porch costing $8,000 was...
- Q Computer Depot was incorporated on January 1st. The businessmaintains a retail personal computer replacement parts store, andalso provides a full range of services, including computerdiagnostic services, virus removal, hardware replacement,...
- Q Carbex, Inc., produces cutlery sets out of high-quality wood andsteel. The company makes a Standard set and a Deluxe set and sellsthem to retail department stores throughout the country. TheStandard...
- Q The 2018 Annual Reports/FinancialStatements for both Air NZ and Auckland Airportare both availablein the links below. Answer the questions for both Air NZ andAuckland Airport. All questions only relate to...
- Q journal..vhe cash account for Coastal Bike Co. at October 1, 20Y9,indicated a balance of $32,788. During October, the total cashdeposited was $139,699, and checks written totaled $138,679. Thebank statement indicated...
- Q A U.S. company, G.Marx Co., purchases and receives video games from a Japanesecompany, Saki Corporation, on October 20, Year 7. The transactionis denominated in yen and calls for Marx to...
- Q Meir, Benson, and Lau are partners and share income and loss ina 1:4:5 ratio (in percents: Meir, 10%; Benson, 40%; and Lau, 50%).The partnership's capital balances are as follows: Meir,...
- Q Weston Products manufactures an industrial cleaning compoundthat goes through three processing departments—Grinding, Mixing,and Cooking. All raw materials are introduced at the start of workin the Grinding Department. The Work in...
- Q Provide, in your own words, an overview of the fourfinancial statements listed in the text: the Income Statement (alsocalled the P&L), the Balance Sheet, the Statement of CashFlows, and the...
- Q Assume that you have a company. And the management estimatesthat 5% of sales will be uncollectible.Give any amount of sales and prepare the journal entry usingthe percent of sales method.Q3...
- Q On January 1, 2018, XYZ Company paid $380,000 to purchase land,building, and equipment. The market values of these assets on thatdate were: land $60,000; building $200,000; equipment $140,000.Before the property...
- Q The following selected account balances were taken from ABCCompany's accounting records during 2018: January 1, 2018 December31, 2018 Inventory 69,000 35,000 Accounts payable 47,000 41,000Long-term notes payable 165,000 130,000 Income...
- Q Seattle Coffee Limited's bank statement for the month ofNovember 30, 2020 showed a balance per bank of $7,000. Thecompany's general ledger Cash account showed a balance of $5,904 atNovember 30,...
- Q Problem 23-2A (Part Level Submission) Ayala Corporationaccumulates the following data relative to jobs started andfinished during the month of June 2017. Costs and Production DataActual Standard Raw materials unit cost...
- Q Explain the key techniques you can use to analyze financialstatements. What starting information is required, what steps areperformed, what are the results, and how are they used indecision-making?
- Q howdid the change in the journal entries effect the net income of thecompany at the end year
- Q At the end of 2017, Payne Industries had a deferred tax assetaccount with a balance of $30 million attributable to a temporarybook–tax difference of $75 million in a liability for...
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