Accounting question and answers for September 20, 2023
- Q On January 1, 2018 you bought a zero coupon bond with 5 years tomaturity at $ 675. On January 1, 2019 this bond traded at $ 731.What would be your...
- Q The case study of Pure Organic food and Juice Bar :The four key questions that should drive your analysis are :1. What are the goals and objectives of Graham and...
- Q Portsmouth Company makes upholstered furniture. Its onlyvariable cost is direct materials. The demand for the company'sproducts far exceeds its manufacturing capacity. The bottleneck (orconstriant) in the production process is upholstery...
- Q Ray Company provided the following excerpts from itsProduction Department’s flexible budget performance report.(Indicate the effect of each variance by selecting "F" forfavorable, "U" for unfavorable, and "None" for no effect...
- Q Denzel Brooks opened a Web consulting business called VentureConsultants and completes the following transactions inMarch.March1Brooks invested $185,000 cash along with $29,000 n officeequipment in the company in exchange for common...
- Q what are the different types of dividends? What are theaccounting issues?
- Q Harry’s Carryout Stores has eight locations. The firm wishes toexpand by two more stores and needs a bank loan to do this. Mr.Wilson, the banker, will finance construction if the...
- Q Preparing a Trial Balance, Closing Journal Entry, andPost-Closing Trial Balance. The following information applies tothe questions displayed below.] Starbooks Corporation provides anonline bookstore for electronic books. The following is asimplified...
- Q Tami Tyler opened Tami’s Creations, Inc., a small manufacturingcompany, at the beginning of the year. Getting the company throughits first quarter of operations placed a considerable strain on Ms.Tyler’s personal...
- Q Alt Corporation enters into an agreement with Yates Rentals Co.on January 1, 2011 for the purpose of leasing a machine to be usedin its manufacturing operations. The following data pertain...
- Q Matt and Meg Comer are married and file a joint tax return. Theydo not have any children. Matt works as a history professor at alocal university and earns a salary...
- Q 2 Ollie Mace is the controller of SDC,an automotive parts manufacturing firm. Its four major operatingdivisions are heat treating, extruding, small parts stamping, andmachining. Last year’s sales from each division...
- Q Anderson?, Martin?, and Bryant have capital balances of$24,000?, $36,000?, and $60,000?, respectively. The partners shareprofits and losses as? follows:a. The first $50,000 is divided based on the? partners' capitalbalances.b. The...
- Q Karla Tanner opens a Web consulting business called Linkworksand completes the following transactions in its first month ofoperations. April1Tanner invested $115,000 cash along with office equipmentvalued at $27,600 n the company...
- Q Bonita Corp. has 150,240 shares of common stock outstanding. In2017, the company reports income from continuing operations beforeincome tax of $1,210,400. Additional transactions not considered inthe $1,210,400 are as follows.1.In...
- Q Kubin Company’s relevant range of production is 13,000 to 18,000units. When it produces and sells 15,500 units, its average costsper unit are as follows: Average Cost per Unit Direct materials...
- Q Flexible Budget for Selling and Administrative Expenses for aService CompanyMorningside Technologies Inc. uses flexible budgets that arebased on the following data:Sales commissions9% of salesAdvertising expense17% of salesMiscellaneous administrative expense$1,750 per...
- Q Imagine that you are a leader of a company that wants to changeto more of a B corporation. However, many of the current employeeshave been with the company for over...
- Q Why are inventories and prepaid expenses excluded in computingthe acid-test ratio?
- Q Gunst Company produces three video games: Android, Bio-Mutant,and Cyclops. Cost and revenue data pertaining to each product areas follows:AndroidBio-MutantCyclops Selling price$100$55$125 Direct labor482460 Direct materials9816 Variable overhead749At the present time, demand for each of...
- Q discuss the purposes for planning the audit and identify thesteps that are performed during this phase of the engagement? Acouple of paragraphs about this third phase. Accounting audit
- Q Château Beaune is a family-owned winery located in the Burgundyregion of France, headed by Gerard Despinoy. The harvesting seasonin early fall is the busiest time of the year for the...
- Q Adams Manufacturing Inc. buys $11.9 million of materials (net ofdiscounts) on terms of 2/10, net 50; and it currently pays after 10days and takes the discounts. Adams plans to expand,...
- Q Sole Purpose Shoe CompanySole Purpose Shoe Company is owned and operated by SarahCharles. The company manufactures casual shoes, with manufacturingfacilities in your state. Sarah began the business this year, andwhile...
- Q Budget Performance Reports for A decentralized unit in which thedepartment or division manager has responsibility for the controlof costs incurred and the authority to make decisions that affectthese costs.Cost CentersPartially...
- Q Furtastic manufactures imitation fur garments. On June 1, 2018,Furtastic made a sale to Willett’s Department Store under termsthat require Willett to pay $170,000 to Furtastic on June 30, 2018.In a...
- Q Roy Reds Ltd is a Manufacturing Company.The FollowingLedger account balances were extracted from the books of thecompany for the year ended December 31,2004stocks as at January1,2004:Raw materials$40000,Partly manufactured good (WIP)$50000,Finished...
- Q Depreciation by Three Methods; Partial Years Razar Sharp Companypurchased equipment on July 1, 2014, for $70,200. The equipment wasexpected to have a useful life of three years, or 6,480 operatinghours,...
- Q Troy Engines, Ltd., manufactures a variety of engines for use inheavy equipment. The company has always produced all of thenecessary parts for its engines, including all of the carburetors.An outside...
- Q E13.10 Donated Long-Lived AssetsAngel Flights provides transportation to medical facilities forspecial needs children. At the beginning of the year, a donor gaveAngel Flights a new airport facility, with a fair...
- Q Stuart Cameras, Inc. manufactures two models of cameras. ModelZM has a zoom lens; Model DS has a fixed lens. Stuart uses anactivity-based costing system. The following are the relevant costdata...
- Q Alton Inc. is working at full production capacity producing26,000 units of a unique product. Manufacturing costs per unit forthe product are as follows: Direct materials $ 10 Direct labor 9Manufacturing...
- Q Dana intends to invest $66,000 in either a treasury bond or acorporate bond. The Treasury Bond yields 5 percent before tax andthe corporate bond yields 6 percent before tax.A) Assuming...
- Q explain the relationship between sampling evidence, materialityand desired level? Accounting auditing.An example is the Higher risk of material misstatement the moreevidence we need The lower the materiality amount the higher...
- Q In year 0, Javens Inc. sold machinery with a fair market valueof $630,000 to Chris. The machinery’s original basis was $493,920and Javens’s accumulated depreciation on the machinery was $73,000,so its...
- Q The partnership of Hendrick, Mitchum, and Redding has thefollowing account balances:Cash$61,000Liabilities$30,000Noncash assets160,000Hendrick, capital150,000Mitchum, capital95,000Redding, capital(54,000)This partnership is being liquidated. Hendrick and Mitchum areeach entitled to 40 percent of all profits...
- Q Winkin, Blinkin, and Nod are equal shareholders in SleepEZ, an Scorporation. In the conditions listed below, how much income shouldeach report from SleepEZ for 2018 under both the daily allocationand...
- Q Stuart CompanyBalance SheetAs of January 24, 2019(amounts in thousands)Cash8,400Accounts Payable2,800Accounts Receivable4,700Debt3,400Inventory4,200Other Liabilities900Property Plant & Equipment17,200Total Liabilities7,100Other Assets2,800Paid-In Capital6,700Retained Earnings23,500Total Equity30,200Total Assets37,300Total Liabilities & Equity37,300Record the transactions in a journal, transfer...
- Q Forthe following taxpayers, determine if they are required to file atax return in 2020.Ricko, single taxpayer, with gross income of $15,000.2.Fantasia, head of household, with gross income of $17,500.3.Ken and...
- Q Required: Prepare closing journal entries.given the following adjusted ledger balance: Cash 100,000 AccountsRec. 300,000 Pre-paidexpenses 50,000 Land 100,000 Equip. 400,000 Accum.Depr. 175,000 Accts.Pay. 150,000 NotesPay. 50,000 STARCapital 100,000 STARDrawing 25,000 IncomeSummary 0 Sales 805,000 WageExp. 200,000 MaintExp. 75,000 Insr.Exp 10,000 Depr.Exp. 20,000
- Q King City Specialty Bikes (KCSB) produces high-end bicycles.Costs to manufacture and market the bicycles at last year's volumelevel of 2,050 bicycles per month are shown in the followingtable:Variable manufacturing per...
- Q P4-37A Push-Down Accounting LO 4-7On December 31, 20X6, Print Corporation and Size Company enteredinto a business combination in which Print acquired all of Size’scommon stock for $958,000. At the date...
- Q 1.what is the challenge in budgeting if the business is a SKIresort and cash flows vary with the season. 2. as a new owner of anexisting business what resources do...
- Q We provide you with the balance sheetof a Spanish company at the end of the year. The company carriedout its accounting according to the PGC 2007. You have to analyseeach...
- Q University Printers has two service departments (Maintenance andPersonnel) and two operating departments (Printing and Developing).Management has decided to allocate maintenance costs on the basisof machine-hours in each department and personnel...
- Q Making decisions often involves financial and nonfinancialfactors. Provide a hypothetical example from your personal life ofa situation in which you would consider both financial andnonfinancial factors. What factors would be...
- Q 1)Garrett Inc WACC is 10%Garrett inc is considering a project that will cost thecompany $1M. the project will provide after tax cash flows for thenext 5 years :Y1: $0Y2: $400,000Y3:...
- Q Financial Statements of a Manufacturing FirmThe following events took place for Digital Vibe ManufacturingCompany during January, the first month of its operations as aproducer of digital video monitors:Purchased $67,700 of...
- Q Linkin Corporation is considering purchasing a new deliverytruck. The truck has many advantages over the company’s currenttruck (not the least of which is that it runs). The new truck wouldcost...
- Q web> X Company is a merchandiser and prepares monthlyfinancial statements. The following is its balance sheet at thebeginning of July: BalanceSheet July1AssetsEquitiesCash$51,224 Accounts Payable$58,945 Accounts Receivable32,564 Notes Payable34,137 Inventory79,249 Prepaid Rent5,512 Paid-In Capital222,746 Equipment220,502 Retained Earnings73,223 Total Assets$389,051 Total Equities$389,051 The following summary...
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