Accounting question and answers for September 14, 2023
- Q 6:31 How do you calculate the Standard Deviation of a grouped variate ? 6:31 How do you calculate the Standard Deviation of a grouped variate
- Q Should tax-loss carryforwards be booked? Explain
- Q 3 Polaski Company manufactures and sells a single product called a Ret. Operating at capacity, the company can produce and sell 38,000 Rets per year. Costs associated with...
- Q Camilles bank foreclosed on her office building when she stop making loan payments the loan was not secured by the building when she purchased it five years ago for...
- Q Zach's Retail Store started operations on June 1. For purposes of budget preparation, assume the following . Expected sales for the first four months are: June...........
- Q ...
- Q Instrucciones Ken Jones, arquitecto, abri una oficina el 1 de abril de 2016. Durante el mes, complet las siguientes transacciones relacionadas con su prctica profesional: a....
- Q How the consolidated balance sheet/ income statement should be analyzed and which ratios may be more suitable for their performance evaluation (use hypothetical data).
- Q Solve the follwing problem. CHART OF ACCOUNTS Elite RealtyGeneral Ledger ASSETS 11 Cash 12 Accounts Receivable 13...
- Q TB MC Qu. 10-114 (Algo) Cobell Preducts is a division of a. Wingeres sin 216s
- Q 1. What are some of the shortcomings of teaching accounting only as a skill? 2. What would you consider to be Luca Paciolis major contribution to the development of...
- Q On January 1, 2022, the dental partnership of Naruto, Jiraiya, and Sasuke was formed when the partners contributed $24,000, $44,000, and $32,000. The business reported net income of $255,000 for...
- Q Question Lotus Ltd has identified the following overhead costs and cost drivers for next year Overhead Items Setups cost Ordering Cost Maintenance cost...
- Q Visit this website of the Governmental Accounting Standards Board (G.A.S.B.) at (http://gasb.org). Review the website to learn about the organization, its activies, and its goals. Review one or more...
- Q Ted works for 160 hours in a given month, and his wage rate is $10 per hour. What amount will show as Teds contribution to Social Security? A. $1,500.80 B....
- Q If a stock is purchased for 43.75 one yaer ago , and today it is sold for 46.5, and the stock paid a total of 1.4 in dividends over the...
- Q Cul de los siguientes est sujeto a responsabilidad personal ilimitada? Opcin multiple Socios en una sociedad general Socios limitados en una sociedad limitada Accionistas corporativos...
- Q Toms Tool & Die uses a predetermined factory overhead rate based on machine-hours. For August, Toms budgeted overhead was $714,000 based on a budgeted volume of 68,000 machine-hours. Actual overhead...
- Q Which term refers to the deliberate mistreatment of a child? a) Abuse b) Charity c) Abundance d) Affection
- Q Courington Detailing's cost formula for its materials and supplies is $1,970 per month plus $8 per vehicle. For the month of August, the company planned for activity of...
- Q Prepare concise answers to the following two questions: a. What is the primary difference between recording an acquisition when the subsidiary is dissolved and when separate incorporation is maintained? b....
- Q Using the following information, calculate factory overhead. Enter your answer in this format: 20,000. Note the answer is not 20,000 but your answer should be a whole number with the...
- Q HH Electric reports the following information. Direct labor rate $ 81 per DLH Non-materials-related overhead $ 49 per DLH Materials-related overhead 5%...
- Q At a volume of 28,000 units, Company P incurs $84,000 in factory overhead costs, including $28,000 in fixed costs. Assuming that this activity is within the relevant range, if volume...
- Q Unit costs in a process-costing system are derived by using: in-process units.., completed units. physical units. equivalent units. a measure of activity other than those listed above.
- Q Provide a brief overview of the traditional methods ofperformance appraisal methods and distinguish these with the modernmethiods of performance appraisal
- Q The summary of the payroll for the monthly pay period endingJuly 15 indicated the following:Sales salaries$135,000Federal income tax withheld32,300Office salaries30,000Medical insurance withheld7,370Social security tax withheld10,200Medicare tax withheld2,550Journalize the entries to...
- Q Oscar Clemente is the manager of Forbes Division of Pitt, Inc.,a manufacturer of biotech products. Forbes Division, which has$4.04 million in assets, manufactures a special testing device. Atthe beginning of...
- Q For this assessment, you should assume you are on the internalaudit staff of a publicly traded company. Choose company Amazon.You will be required to obtain the last two years’ worth...
- Q Long-Term Performance ReportNabors Company had actual quality costs for the year ended June30, 20x5, as given below.Prevention costs: Prototype inspection$ 400,000 Vendor certification800,000 Total prevention costs$ 1,200,000Appraisal costs: Process acceptance$ 415,000 Test labor460,000 Total Appraisal costs$...
- Q The Australian Securities and Investment Commission (ASIC) istaking Mountain Ltd to court for breach of the legislation underthe Corporations Act 2001 in the 2018 financial year. The matter isstill ongoing,...
- Q Multiple-Product Break-even, Break-Even SalesRevenueCherry Blossom Products Inc. produces and sells yoga-trainingproducts: how-to DVDs and a basic equipment set (blocks, strap, andsmall pillows). Last year, Cherry Blossom Products sold 13,500 DVDsand...
- Q Franklin Products Limited manufactures and distributes a numberof products to retailers. One of these products, SuperStick,requires five kilograms of material D236 in the manufacture of eachunit. The company is now...
- Q On October 1, 2018, Jay Crowley established Affordable Realty,which completed the following transactions during the month: JayCrowley transferred cash from a personal bank account to an accountto be used for...
- Q Fill out the IRS required forms and/or schedules for a completeand accurate processable form. On these forms and/or schedules are203 line entries or boxes that must be checked. These must...
- Q During August, Hill Sales Company had these summarytransactions:1.Cash sales of $230,000, subject to sales taxes of 6%.2.Sales on account of $260,000, subject to sales taxes of6%.3.Paid the sales taxes to...
- Q Victory Company uses weighted-average process costing to accountfor its production costs. Direct labor is added evenly throughoutthe process. Direct materials are added at the beginning of theprocess. During November, the...
- Q Quest Quality Sportswear (QQS) is an athletic wear company,which manufactures boys, girls, men, and women's clothing. Thecompany is located in NC. QQS is a private company. Therefore,audited financial statements are...
- Q Towing Company manufactures and sells a single product for $40 per unit.Variable costs are $30 per unit and fixed costs total $168,000. During2019, the company sold 26,500 units of this...
- Q ndicate how each of the following events should be classified ina statement of cash flows for the current calendar year. Use thefollowing code: O = operating activities, I = investing...
- Q Adelphi Company purchased a machine on January 1, 2017, for$50,000. The machine was estimated to have a service life of tenyears with an estimated residual value of $5,000. Adelphi sold...
- Q 14.9.1On February 1, 2018, Cromley Motor Products issued 6% bonds,dated February 1, with a face amount of $55 million. The bondsmature on January 31, 2022 (4 years). The market yield...
- Q Corrigan Enterprises is studying the acquisition of two electricalcomponent insertion systems for producing its sole product, theuniversal gismo. Data relevant to the systems follow.Model no. 6754:Variable costs, $16.00 per unitAnnual...
- Q On August 3, Cinco Construction purchased special-purposeequipment at a cost of $7,377,200. The useful life of the equipmentwas estimated to be eight years, with an estimated residual valueof $10,940.a. Compute...
- Q 1. Identify the situation below that will result in a favorablevariance.Multiple ChoiceActual revenue is higher than budgeted revenue.Actual revenue is lower than budgeted revenue.Actual income is lower than expected income.Actual...
- Q Question 2?Part (a)??Please state your current major (or the area of business,e.g., finance, marketing, human resources, you plan to go into ifit is different from your current major).major - AccountingPart...
- Q Carmen Company is a corporation that has issued both preferredand common stock. As of January 1, it had 50,000 shares of 2.75%,$100 par, preferred stock outstanding and 250,000 shares of...
- Q A firm is assumed to use perpetual system which separatelydetermined inventory under FIFO and LIFO and then compare theresults.i) In each space below, place thecorrect sign (< / > /...
- Q Magnetic-Optical Corporation offers a variety of share-basedcompensation plans to employees. Under its restricted stock unitplan, the company on January 1, 2018, granted restricted stockunits (RSUs) representing 5 million of its...
- Q Three years ago, Vincent Chow completed his college degree. Theeconomy was in a depressedstate at the time, and Vincent managed to get an offer of only$25,000 per year as a...
- Q 2.A. How do companies use benchmarking to make importantdecision?B. Describe takt time as a tool to implement leanproduction efficinecy?
- Q Hillyard Company, an office supplies specialty store, preparesits master budget on a quarterly basis. The following data havebeen assembled to assist in preparing the master budget for thefirst quarter:As of...
- Q Exact Photo Service purchased a new color printer at thebeginning of Year 1 for $38,600. The printer is expected to have afour-year useful life and a $3,400 salvage value. The...
- Q Sims Company, a manufacturer of tablet computers, beganoperations on January 1, 2017. Its cost and sales information forthis year follows. Manufacturing costs Direct materials $ 40 perunit Direct labor $...
- Q 1) Bakerston Company is a manufacturing firm that uses job-ordercosting. The company's inventory balances were as follows at thebeginning and end of the year:Beginning BalanceEnding BalanceRaw Materials$14,000$22,000Work in Process27,0009,000Finished Goods62,00077,000The...
- Q 16. A developer of video game software has seven proposals fornew games. Unfortunately,the company cannot develop all the proposals because its budget fornew projectsis limited to $950,000, and it has...
- Q On December 31, 2017, Ainsworth, Inc., had 800 million shares ofcommon stock outstanding. Twenty five million shares of 6%, $100par value cumulative, nonconvertible preferred stock were sold onJanuary 2, 2018....
- Q DO IT! 6.2 (LO 2) The accounting records of AmericoElectronics show the following data.Compute cost of goods sold under different cost flowmethods.Beginning inventory??3,000 units at $5Purchases8,000 units at $7Sales9,400 units...
- Q Perez Bike Company makes the frames used to build its bicycles.During 2018, Perez made 24,000 frames; the costs incurredfollow:Unit-level materials costs (24,000 units × $55)$1,320,000Unit-level labor costs (24,000 units ×...
- Q Edison Leasing leased high-tech electronic equipment toManufacturers Southern on January 1, 2018. Edison purchased theequipment from International Machines at a cost of $139,107. (FV of$1, PV of $1, FVA of...
- Q Excel HW 4: Fox Lake Networking TemplateObjective: Create a template to estimate the costof networking Fox Lake Country Club.Skills: IF, AND, OR, COUNT, COUNTA, and COUNTIFand Conditional formattingFor the past...
- Q 1) Which one of the following would most likely be allocated toproducts using ABC by McDonald's?A) Cost of plastic gloves worn by the burger cooksB) Cost of employees who chop...
- Q The chief accountant for Eliana City needed to make adjustingentries before preparing the city’s financial statements forcalendar year 2019. She wrote a brief paragraph to guide herassistant in making the...
- Q A wholly-owned subsidiary declares and pays a cash dividend.What effect does the dividend have on the consolidated balancesheet?A. Increases cash and decreases retained earnings.B. No effect on cash and decreases...
- Q Timothy Company employs standard costing. The standards andactual operating data for the month are as follows:StandardsDirect materials3.0 pounds per unit @ $4.50 per poundDirect labor5.0 hours per unit @ $10.25...
- Q Rutkey Collectibles is a small toy company that manufactures andsells metal replicas of classic cars. Each car sells for $3.30 Thecost of each unit follows:Materials$0.70Labor0.80Variable overhead0.30Fixed overhead ($17,900 per month,...
- Q creating a journalvhe following were selected from among the transactions completedby Babcock Company during November of the current year:Nov.3Purchased merchandise on account from Moonlight Co., list price$90,000, trade discount 25%,...
- Q 3. What is the relationship between cash flows from operationsand Income for the year of the statement?4. Explain the difference between the direct method and theindirect method of disclosing cash...
- Q On January 1, Year 1, Webb Construction Company overhauled fourcranes, resulting in a slight increase in the life of the cranes.Such overhauls occur regularly at two-year intervals and have beentreated...
- Q Give an example of an adjusting journal entry for each of thefollowing transactions. Provide three correct responses:Equal growth of an expense and a liability:Earning of revenue that was previously recorded...
- Q 2) The Central Valley Company is a merchandising firm that sellsa single product. The company's revenues and expenses for the lastthree months are given below:Central Valley CompanyComparative Income StatementFor the...
- Q Crawford Corporation incurred the followingtransactions:Purchased raw materials on account $46,300.Raw Materials of $36,000 were requisitioned to the factory.An analysis of the materials requisition slips indicated that$6,800 was classified as indirect...
- Q Marilyn Terrill is the senior auditor for the audit of UdenSupply Company for the year ended December 31, 20X4. In planningthe audit, Marilyn is attempting to develop expectations forplanning analytical...
- Q Sales and Purchase-Related Transactions for Seller and BuyerUsing Perpetual Inventory System The following selectedtransactions were completed during April between Swan Company andBird Company: Apr. 2. Swan Company sold merchandise on...
- Q The condensed financial statements of Murawski Company for theyears 2019 and 2020 are presented follows. (Amounts inthousands.)MURAWSKI COMPANYBalance SheetsDecember 3120202019Current assets Cash and cash equivalents$ 358$ 353 Accounts receivable (net)388490 Inventory388474 Prepaid expenses170120 Total current...
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