Accounting question and answers for September 12, 2023
- Q Explain some of the differences between Dow Jones IndustrialAverage (DJIA) and the NASDAQ index?With respect to bank capitalization, what are the “Basel I”rules? Describe the weightings given to different types...
- Q Due to erratic sales of its sole product—a high-capacity batteryfor laptop computers—PEM, Inc., has been experiencing financialdifficulty for some time. The company’s contribution format incomestatement for the most recent month...
- Q Average Rate of Return Method, Net Present Value Method, andAnalysisThe capital investment committee of Ellis Transport and StorageInc. is considering two investment projects. The estimated incomefrom operations and net cash...
- Q On April 1, 2017, Jiro Nozomi created a new travel agency,Adventure Travel. The following transactions occurred during thecompany’s first month.April1Nozomi invested$34,000 cash and computer equipment worth $25,000 in the company...
- Q One of the differences between Managerial Accounting andFinancial Accounting is reporting flexibility. Financial reportingis restricted by Generally Accepted Accounting Principles whereasreporting in Managerial Accounting has fewer rules.Why is it permissible...
- Q Smart Company prepared its annual financial statements datedDecember 31, 2020. The company applies the FIFO inventory costingmethod; however, the company neglected to apply the LC&NRVvaluation to the ending inventory. The...
- Q On May 31, 2016, Sandals report purchased a truck at a cost of$160,000. before placing the truck into service, The company spend$2,500 painting it, $500 replacing tires, and $5,000 overhaulingthe...
- Q One Friday afternoon years ago I was sitting in my office as theCEO of a young software company, when my department heads ofsoftware development and finance came in separately to...
- Q I am supposed to provide verbiage (shown below) and a chart tosupport the verbiage. I need your help in making a chart that I canpaste into my word document from...
- Q 25Chhom, Inc., manufactures and sells two products: Product F9 andProduct U4. Data concerning the expected production of each productand the expected total direct labor-hours (DLHs) required toproduce that output appear...
- Q Subsequent Events Facts:You are performing an annual audit of a company with a December31, 20X1 year-end. Your firm is planning to complete the audit onMarch 1, 20X2 and release the...
- Q A lease agreement that qualifies as a finance lease calls forannual lease payments of $20,000 over a eight-year lease term (alsothe asset’s useful life), with the first payment at January...
- Q What are some patterns that could be found using diagnosticanalysis? Between which types of variables?
- Q Warnerwoods Company uses a periodic inventory system. It enteredinto the following purchases and sales transactions for March. DateActivities Units Acquired at Cost Units Sold at Retail Mar. 1Beginning inventory 140...
- Q METLOCK, INC.Condensed Balance SheetMay 31($ in millions)20172016AssetsCurrent Assets$9,800$8,760Property, plant, and equipment (net)1,9701,800Other assets1,5501,770Total assets$13,320$12,330Liabilities and Stockholders' EquityCurrent Liabilities$3,230$3,320Long-term liabilities1,3101,350Stockholders’ equity8,7807,660Total liabilities and stockholders' equity$13,320$12,330(a) Prepare a horizontal analysis of the...
- Q Going ConcernFacts:• A Chicago area company (“Company”) has been manufacturingmetal gas tanks for passenger automobiles since 1918. The Companyhas always been a privately held family run business.• The Company has...
- Q Abiy's Apple Pies purchases pies from a supplier, which it thensells to customers. During the year, it had the followinginformation related to its inventory:Beginning Inventory120 units, purchased for $3 each.Sale90...
- Q Analyzing Manufacturing Cost AccountsClapton Company manufactures custom guitars in a wide variety ofstyles. The following incomplete ledger accounts refer totransactions that are summarized for May:MaterialsMay 1Balance105,600May 31Requisitions(a)31Purchases500,000Work in ProcessMay 1Balance(b)May...
- Q What would the calculations look like for Starbucks 2018 annualreport on the listed ratio?ROE =Net income - preferred dividends/Average commonstockholders' equityMy number feels incorrect and i'm trying to see where...
- Q Statutory employee versus independent contractor versusemployeeA University considers its adjunct professors to be employees,and as employees the University withholds employee taxes onearnings. Full-time professors, unlike the adjunct professors, payinto their...
- Q Aspen Company estimates its manufacturing overhead tobe $625,000 and its direct labor costs to be $500,000 for year 2.Aspen worked on three jobs for the year. Job 2-1, which was...
- Q Laker Company reported the following January purchases and salesdata for its only product. DateActivitiesUnits Acquired at CostUnits sold at RetailJan.1Beginning inventory165units@$9.00=$1,485Jan.10Sales125units@$18.00Jan.20Purchase110units@$8.00=880Jan.25Sales125units@$18.00Jan.30Purchase250units@$7.50=1,875Totals525units$4,240250unitsrev: 09_15_2017_QC_CS-99723Required:The Company uses a periodic inventory system. For specificidentification, ending...
- Q ???????Vibrant Company had $910,000 of sales in each of threeconsecutive years 2016–2018, and it purchased merchandise costing$505,000 in each of those years. It also maintained a $210,000physical inventory from the...
- Q Hi-Tek Manufacturing, Inc., makes two types of industrialcomponent parts—the B300 and the T500. An absorption costing incomestatement for the most recent period is shown:Hi-Tek Manufacturing Inc.Income StatementSales$1,703,300Cost of goods sold1,222,248Gross...
- Q Can free cash flow be a negative number? What does a lack of freecash flow indicate for a business? Please indicate why free cashflow may be a better indicator than...
- Q Part ATank Corporation manufactures and sells 300,000electrical meters using a capacity of 110,000 machine hours, enoughto make 330,000 units each year, which usually includes 30,000units that have to be reworked....
- Q Practice questions(1) The standard costs ofwooden ducks on wheels, for the CURRENT year, for5 mm board and for cutting are as follows:- 5 mm board: 0.2 sq. metre at £4.50 per...
- Q Which of the following cash payments would involve theimmediate recording of an expense? Why?1. Paid vendors for office supplies previouslypurchased on accohnt2. Paid an auto dealer for a new company...
- Q Each of the four independent situations below describes asales-type lease in which annual lease payments of $100,000 arepayable at the beginning of each year. Each is a finance lease forthe...
- Q Disk City, Inc. is a retailer for digital video disks. Theprojected net income for the current year is $1,920,000 based on asales volume of 290,000 video disks. Disk City has...
- Q Corrigan Enterprises is studying the acquisition of twoelectrical component insertion systems for producing its soleproduct, the universal gismo. Data relevant to the systemsfollow.Model no. 6754:Variable costs, $18.00 per unitAnnual fixed...
- Q Going places adventure travel signed a 14%, 10-year note for$152000. The company paid an installment of $2200 for the firstmonth. After the first payment, what is the principlebalance?
- Q Budgets: Discussion questionRD Ltd. is in the process of preparing its budgets for 2020. Thecompany produces and sells a single product, Z, which currently hasa selling price of £100 for...
- Q Sonia Inc. entered into a contract with Lala Inc. on July 1,2018 to construct an office building. The total contract price forconstruction of the building is $400,000. The building wascompleted...
- Q Current Attempt in ProgressThe condensed financial statements of Oriole Company for theyears 2016 and 2017 are presented as follows. (Amounts inthousands.)ORIOLE COMPANYBalance SheetsDecember 3120172016Current assets Cash and cash equivalents$330$360 Accounts receivable (net)640570 Inventory540470 Prepaid...
- Q Houston-based Advanced Electronics manufactures audio speakersfor desktop computers. The following data relate to the period justended when the company produced and sold 43,000 speaker sets:Sales$3,526,000Variable costs881,500Fixed costs2,310,000Management is considering relocating...
- Q Distinguish between managerial and financial accountingPrimary Users of ReportsTypes and frequency of reports (examples)Purpose of Reports ( examples)What is the value chain? example
- Q Western World Inc. issues $30,000,000 of convertible bonds witheach $1,000 bond convertible into 15 shares of the company’s $1 parcommon stock. The bonds are issued at 102 on January 1,...
- Q Rutter Inc. granted 300,000 stock options to executives andemployees on January 1, 2017. The options have a strike price is$10 per share and expire in 2019. The par value of...
- Q Morning Sky, Inc. (MSI), manufactures and sells computer games.The company has several product lines based on the age range of thetarget market. MSI sells both individual games as well as...
- Q Morning Sky, Inc. (MSI), manufactures and sells computer games.The company has several product lines based on the age range of thetarget market. MSI sells both individual games as well as...
- Q Wolsey Industries Inc. expects to maintain the same inventoriesat the end of 20Y3 as at the beginning of the year. The total ofall production costs for the year is therefore...
- Q Bowie Sporting Goods manufactures sleeping bags. Themanufacturing standards per sleeping bag, based on 5,000 sleepingbags per month, are as follows:Direct material of 6.00 yards at $5.75 per yardDirect labor of...
- Q Mello Manufacturing Company is a diversified manufacturer thatmanufactures three products (Alpha, Beta, and Omega) in acontinuous production process. Senior management has asked thecontroller to conduct an activity-based costing study. Thecontroller...
- Q The following totals are used to create a CVP IncomeStatement for Frederick Company for FY2018:Frederick CompanySelected Financial FiguresFor the Year Ended 12/31/18Sales (100 units)$10,000Variable Costs: Direct Labor$1,850 DirectMaterials1,400 Factory Overhead(variable)2,000 Selling Expenses(variable)600 Administrative Expenses(variable)500Fixed Costs: Factory...
- Q Current Attempt in ProgressThe comparative statements of Sandhill Co. are presentedhere.SANDHILL CO.Income StatementsFor the Years Ended December 3120172016Net sales$1,896,740$1,756,700Cost of goods sold1,064,7401,012,200Gross profit832,000744,500Selling and administrative expenses506,200485,200Income from operations325,800259,300Other expenses and...
- Q Pick ONE of the following options: Develop an ad campaign for acompany/product/service related to your employment (note that ifyour employment is B2B in nature, most B2B doesn’t involve muchadvertising. They...
- Q On June 1, 2017, Griffin Company issued $294,000 of 20-year, 7%bonds at 112. The bonds were dated June 1, 2017, and pay intereston June 1 and December 1. Griffin Company...
- Q 2. Shauna Coleman is single.She works as an architectural designer for Streamline Design(SD).For 2018, she correctly calculated her AGI tobe $107,000. However, she wasn’t sure how to compute the rest ofher...
- Q Morning Sky, Inc. (MSI), manufactures and sells computer games.The company has several product lines based on the age range of thetarget market. MSI sells both individual games as well as...
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