Accounting question and answers for September 12, 2023
- Q A company had a net income of$100,000 last year. Depreciation was $20,000, they paid $10,000 in dividends, bought a $50,000 machine with cash and paid back a $30,000 loan to...
- Q Saved Marvin Company has a beginning inventory of 14 sets of paints at a cost of $1.70 each. During the year, the store purchased 6 sets at $1.80,8...
- Q What is the concept of sustainable income? Please describe it in your own words. Can you give an example of what this number may look like by using the income...
- Q Jack's Jet Ski Manufacturing has a standard labor rate of $15 per labor hour. Each jet ski has a standard labor time of 3 hours. During June the firm manufactured...
- Q Daniel Construction forecasts sales to be $800,000. The fixed costs are $210,000 and the contribution margin percentage for the company is 30%. What is the break-even point in dollars?...
- Q During 2014, Desny Corporation reported after-tax net income of $3,615,000. During the year, the number of shares of stock outstanding remained constant at 9,500...
- Q Failing to plan well for a project may lead to a number of negative outcomes. There are eight major risks that are likely to occur due to ineffective planning. Identify...
- Q explain the relationship between the SEC and the various private sector standard setting bodies that have, over time, been relied upon to set accounting standards.
- Q The East Division of Kensic Company manufactures a vital component that is used in one of Kensics major product lines. The East Division has been experiencing some difficulty in coordinating...
- Q exarnpie of each. 8. Do all adjusting entries affect the net income or net loss of 18. the period? Include the definition of an...
- Q 10-5 General Journal Page 10 has 29 entries Page 11 has 23 entries Page 12 has 7 entries The following accounts, with the balances indicated, appear in the ledger of...
- Q E74 The sales and cash receipts journals of Manitoba Maple Products include the following entries: 1-3 Full Alternative Text 1-4 Full Alternative Text Required Complete the cash receipts...
- Q 1. How does Tax avoidance differs from Tax evasion and in what ways can tax avoidance benefit an individual pls take your time and give a proper detailed answer
- Q Adom Ltd manufactures quality blocks for the housing industry in Ghana. It operates a standard marginal costing system. The following standard costs, volume and revenue data...
- Q Preparation of Individual Budgets During the first calendar quarter of 2016, Williams Corporation is planning to manufacture a new product and introduce it in two regions. Market research indicates that...
- Q plz h9lp- 5 requirements John Fleming, chlef administrator for Valley View Hospital, 1s concermed about the costs for tests in...
- Q Why do corporations undertake intercorporate investments? How might our understanding of these reasons influence our analysis of such investments?
- Q Which of the following is true about the consolidation methods? Consolidation entries are done so that the parent's investment account is brought to zero so that the actual...
- Q Simple Accounting Property Tax. Market Value Tax Policy Rate Property Tax $593,427.00 65.02% 3.18492 ? a. $12,288.89 b. $6,611.28 c. $1,228,889.39 d. $18,900.18
- Q Claymore Corporation maintains its book on a cash basis. During 2013, the company collected $825,000 in fees from its clients and paid $512,000 in expenses. You are able to determine...
- Q Aquablue Roadways Corporation operates throughout the United States. The following data (in millions) were adapted from recent financial statements of Aquablue: Year 2 Year 1 Sales $47,250 $49,675...
- Q =
- Q Weighted average method and first in first out method give the same equivalent units of production if 1. there are no beginning inventories ...
- Q What is the difference between direct and indirect expenses?
- Q Several years ago, the taxpayer purchased a building for $300,000 by paying $50,000 in cash and borrowing $250,000 as a mortgage loan. This year when the building was valued at...
- Q Commercial law
- Q prepare a horizontal analysis dor 2025 using 2024 as the base year (1) Required information
- Q Selected year-end financial statements of Cabot Corporation follow. (All sales were on credit; selected balance sheet amounts at December 31, 2014, were inventory, $47,900; total assets,...
- Q The bank foreclosed on Williams home and issued a form 1099A to him what is the sale price that William must use if the outstanding balance on the request...
- Q Required information [The following information applies to the questions displayed below.] Diego Company manufactures one product that is sold for...
- Q You are considering the purchase of a car that costs $30,000. A local bank offers to provide financing for this purchase at a rate of 9%. You are required to...
- Q BA212 Financial Accounting Il Capstone Project Account & Unadjusted Trial Balance data 150,000 3,500,000 30,000 30,000 100,000 1,933 140,500 Income statement data: Advertising expense Bad Debt Expense Cost...
- Q Ceteris paribus, in a closed economy, if consumers become more pessimistic: A-autonomous consumption will fall b-saving will increase c-investment will fall d-all of the above e-none of the above...
- Q Fowler Inc. purchased $75,000 of bonds on January 1, 2018. The bonds pay interest semiannually and mature in 20 years, at which time the $75,000 principal will be paid. The...
- Q 1 More Info 1. Suppose you invest a sum of $5,000 in an interest-bearing account at the rate of 12% per year. 2. How much would you need...
- Q Under a periodic inventory system: the current inventory available for sale is always known. the merchandise inventory balance is updated after each sale and each...
- Q Instructions Jasper Company provided the following information for last year: Costs Sales in units Amount 310,000 $15 $170,000...
- Q Vandelay company received $18,000 on April 1, 2020, for one year's rent in advance and recorded the transaction with a credit to a nominal account. December 31, 2020, adjusting entry...
- Q Required information [The following information applies to the questions displayed below] Clark Footwear, prides itself as being the "world's leading marketer of U.S....
- Q Sent a check to XYZ company for the previous purchase of $5,300 of merchandise less a $106 discount. Record Journal entry
- Q What is a tax expenditure? What do you consider the purpose of tax expenditures?
- Q 1. Alpha Company's April 1, 2017 beginning work in process was 600 units. During April Alpha put into production an additional 1,400 units were put into production. At the end...
- Q Porter Corporation owns all 30,000 shares of the common stock of Street, Inc. Porter has 60,000 shares of its own common stock outstanding. During the current year, Porter...
- Q The Commissioner generally has five years after service of the notice of assessment to amend an individual's assessment. True or False
- Q 13. On January 1, 2006, ABC Company bought equipment for $12,000 with an estimated useful life of 5 years and no salvage value. ABC uses straight-line depreciation. On January 1,...
- Q The western company sold its product for $800 each and had a variable cost of $250 each and the fixed cost per month was $180,000. The company had plans on...
- Q 5. Assume that Cane expects to produce and sell 111,000 Alphas during the current year. One of Cane's sales representatives has found a new customer who is willing...
- Q On January 1, 2017, a machine was purchased for $12,000. The machine was estimated to have a 10 year useful life and a residual value of $500. Straight-line depreciation is...
- Q Transactions and events during 2021(summarized in thousands of dollars) follow: a. Borrowed $11 cash on March 1 using a short-term note. b....
- Q A company just paid $10 million for a feasibility study. If the company goes ahead with the project, it must immediately spend another $100 million now, and then spend $20...
- Q The prescribed format for the presentation of the statement of financial position of a govemmental fund adheres fo the following equation: Assets and deferred...
- Q Land costing $42,959 was sold for $73,192 cash. The gain on the sale was reported on the income statement as other income. On the statement of cash flows, what amount...
- Q A company is preparing to produce a set of financial statements. The balance sheet being created shows a total for assets of $860,000 and a total for liabilities of $600,000....
- Q Wanna Be Rich Trading, owned by Richie Richer, sells casual wear for both men and women. He ended trading on December 31, 2021 with the following assets and liabilities: Jan...
- Q In the future, I envision more companies moving toward actual cost systems. Standard cost variance analysis will no longer be required because inventory transactions will be recorded at actual cost....
- Q What are local area networks? What advantages do LANs offer accounting applications?
- Q Nucor Corporation produces steel and steel products at its eight mills and is a major recycler of scrap metal. The following data relate to Nucor for four years. In 2017,...
- Q Tiptop Flight School offers flying lessons at a small municipal airport. The school's owner and manager has been attempting to evaluate performance and...
- Q Fix the red ones that are wrong. DO NOT CHANGE THE GREEN THEY ARE CORRECT Show all imagesShow all imagesShow all images done loading
- Q The Smelting Department of Kiner Company has the following production data for November. Production: Beginning work in process 3,800 units that are 100% complete as to materials and 25% complete...
- Q A manufactured product has the following information for June. Standard Actual Direct materials 7 lbs. @ $9 per lb. 55,000 lbs. @ $9.10 per lb. Direct labor 2 hrs. @...
- Q Quality Industries manufactures large workbenches for industrial use. Yewell Hartnet, the Vice President for marketing at Quality Industries, concluded from market analysis that sales were dwindling for Quality's workbenches due...
- Q how the Coronavirus pandemic is affecting both the US and world economies. Who are the winners and losers?( minimum 200 AND MAX 300) Note please avoid Plagiarism
- Q What are the three categories of cash flows? Write a paragraph Describe the relationship between accruals and cash flows? Write a paragraph What is the starting point when we use...
- Q Hazard Company is considering the acquisition of a machine that costs $525,000. The machine is expected to have a useful life of 6 years, a negligible residual value, an annual...
- Q Low prices are not considered predatory if: A. They are collusive B. They can be justified by cost...
- Q Please answer this question, previous posted is wrong. Entity A and Entity B are separate entities, and both use a calendar-year accounting period. Using the information provided for...
- Q Required information [The following information applies to the questions displayed below.] The following transactions apply to Jova Company for Year...
- Q Bob owns a business and Roy is his key employee but does not have an equity interest in the business. However, Roy is more valuable to the business and actually...
- Q An appropriate cost driver for an assembling cost pool is the number of a. purchase orders. b. setups. c. parts. d. direct labor hours.
- Q If the sales budget increases by 10%, the production budget Select answer from the options below is not likely to increase by the same number of units as the sales...
- Q a. In January. GJ rented a small business office about 12 miles from Jack's home. GJ paid $12,700. which represented a damage deposit of $5,080 and rent for...
- Q If fixed costs are $ 500,000, the unit selling price is $ 55, and unit variable costs are $ 30, what is the break-even sales (units) if fixed costs are...
- Q Bear Company has set the following standards for the production of one unit of output: Direct labor: 4 hours at $7.00 per hour = $28 per unit. During June, actual...
- Q Art and Trudy own a vacation home in Palm Beach, Florida. In 2016 they rented the home for 75 days and used it for personal use for 15 days. Their...
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