Accounting question and answers for August 16, 2023
- Q Which of the following is the best description of issues associated with the income statement? a. The income statement can alternatively be referred to as a statement of financial position....
- Q Auditing question from Auditing & Assurance Services 16th edition by Alvin A. Arens, Randal J. Elder, Mark S. Beasley, and Chris E. Hogan. . 19-24...
- Q All of the following choices are characteristics of managerial accounting except: Group of answer choices focuses on the parts of the organization rather than the whole. ...
- Q Moab incorporated manufactures and distributes high-tech biking gadgets. It has decided to streamline some of its operations so that it will be...
- Q IF YOURE NOT ANSWERING ALL THE QUESTIONS DONT ANSWER. 1. A corporation is a legal entity separate from its owners. True or False? 2. Victory Company purchases office equipment at...
- Q Assume Barbara likes driving fast, but hates getting injured. If Congress passes a law for mandatory airbags, Barbara is likely to experience and increased numbere of accidents. Why1) the benefits...
- Q Q- Sharon, a full-time employee of Lincoln Corporation, is going on maternity leave. The organization has a weekly payroll and files their Records of Employment (ROE) electronically, using ROE Web....
- Q The Milan Corporation owns a building that it has used for a number of years. At the start of the current year, the building has a cost of $1.5 million...
- Q ON JULY 1, 2015, PEARL INDUSTRIES SOLD ADMINISTRATIVE EQUIPMENT WITH A BOOK VALUE OF 480000 TO ITS subsidiary, Shriek shoes, for 560000 .at the date of sale, the equipment had...
- Q 3. What are the basic methods in allocating factory overhead costs? Why would management be concerned about the accuracy of product costs?
- Q Cancellation of Convertible Bonds before the end Assume that the same $1,000,000 bond from Empresas Buenapaga is convertible to 50,000 common stock value par $10. When the premium has an...
- Q At the end of the current year, the accounts receivable account has a debit balance of $1,140,000 and sales for the year total $12,920,000. The allowance account before adjustment has...
- Q What is the distinction between equivalent units under the FIFO method and equivalent units under the weighted-average method?
- Q Saved Help Save & During the current month, a company that uses job order costing incurred a monthly factory payroll of $209,500. Of...
- Q Which of the following is not subject to the excess business loss limit? Partner. Sole proprietor. S corporation shareholder. C corporation.
- Q QS 7-7 Percent of accounts receivable method LO P3 Maize Supply Co. uses the percent of accounts receivable method. On December 31, it has outstanding accounts receivable of $55000, and...
- Q Income Statement year ending 2016 Sales Revenues $500,000 Cost of goods sold 355,000 Fixed costs 58,000 ...
- Q Waggoner Company has a cash balance of $36,000 on April 1. The company is required to maintain a minimum cash balance of $24,000. During April expected cash receipts are...
- Q Cement LTD, a private contracting and construction company, is issuing public capital for the first time and it has to figure out its capital costs (WACC). As I'm sure you've...
- Q The first audit of the books of Sarasota Company was made for the year ended December 31, 2026. In examining the books, the auditor found that certain items...
- Q Serial Problem Success Systems LO P1, P2, P3, P4, P5 After the success of the companys first two months, Adria Lopez continues to operate Success Systems....
- Q Common stock options that are antidilutive generally affect the calculation of: Basic EPS Diluted EPS a. Yes Yes b. Yes No c. No No d. No Yes
- Q The greater the consumer budget spent on homes the less elastic the demand for homes. the more inelastic the demand for homes. the highly inelastic the...
- Q A business generates profits of $150,000. The owner currently has a 32% marginal tax rate. What is the total amount of taxes paid if the business is a regular corporation...
- Q Question 17 2 Points A can manager responsible for defining the cate purpose and its goals Spedly the following two steps to conduct the planning process...
- Q eBookCalculator Effect of Proposals on Divisional Performance Acondensed income statement for the Jet Ski Division of AmazingRides Inc. for the year ended December 31, 20Y2, is as follows:Sales $3,720,000 Cost...
- Q The comparative balance sheet of Olson-Jones Industries Inc. forDecember 31, 20Y2 and 20Y1, is as follows:Dec. 31, 20Y2Dec. 31, 20Y1AssetsCash$211$67Accounts receivable (net)12084Inventories7546Land171189Equipment9673Accumulated depreciation-equipment(26)(13)Total Assets$647$446Liabilities and Stockholders'EquityAccounts payable (merchandise creditors)$82$67Dividends payable13-Common...
- Q Some nonfinancial factors included in capital investmentdecisions are more important now than they were 20-25 years ago.Give some examples of the types of nonfinancial factors thatmanagers would consider more important...
- Q After several months of planning, Denise Murphy started aproperty management business forthe for the properties that its owners invest called ABCProperty Management (“ABC”). Thefollowing events occurred during its first month:On...
- Q Question 6: The following selected information is from ImagineCorporation’s partial aging schedule at the end of August:Number of Days Outstanding: Accounts Receivable: Estimated Percentage Uncollectible: EstimatedUncollectible Accounts0-30 days $280, 000 1%31-60...
- Q [The followinginformation applies to the questions displayed below.]Caiman DistributionPartners is the Brazilian distribution company of a U.S. consumerproducts firm. Inflation in Brazil has made bidding and budgetingdifficult for marketing managers...
- Q Choi Company manufactures two skin care lotions, Smooth Skin andSilken Skin, from a joint process. The joint costs incurred are$430,000 for a standard production run that generates 200,000 pintsof Smooth...
- Q Marin Company owes $225,000 plus $20,200 of accrued interest toHeadland State Bank. The debt is a 10-year, 10% note. During 2020,Marin’s business deteriorated due to a faltering regional economy.On December...
- Q QUESTION:Do you think the US should adopt IFRS. Why or why not? I reallyjust want your opinion about changing from US GAAP to IFRS. Whatwill be the pros and cons?
- Q Statement: I do not need to know accounting. Ican hire an accountant.Problem statement: If you do not knowaccounting, how do you know your business is performedeffectively?Open ended questions:The impact of...
- Q Amortization and Impairment Testing of IdentifiableIntangible AssetsDuring the year ended July 30, 2016, Cisco Systems, Inc.acquired the following identifiable intangible assets through itspurchase of two companies (in thousands):Limited LivesIndefinite LivesTechnologyCustomer...
- Q Struggling with the bolded questionsMatt Holmes recently joined Klax Company as a staff accountantin the controller's office. Klax Company provides warehousingservices for companies in several midwestern cities.The location in Dubuque,...
- Q Goran Grill Company makes a single product - a handmade specialty barbeque grill that sells for $600. Data for last year’s operations follow: Unitsin beginninginventory 0 Unitsproduced 50,000 Units sold 40,000 Variable costs per unit: Directmaterials $ 150 Directlabor 120 Variable manufacturingoverhead 100 Variable selling and...
- Q Waiters, Inc. has been manufacturing10,000 units of part 2050 per month, which is used in manufacturingone of its products. At this level of production, the cost per unitto manufacture part...
- Q 1) ABC Ltd is considering a project which will requirethe purchase of a machine for RO1,000,000 at time zero, thismachine will have a scrap value at the end of its...
- Q Natalie has prepared the balance sheet and income statement ofCookie & Coffee Creations Inc. and would like you to preparethe cash flow statement. The comparative balance sheet of Cookie& Coffee...
- Q Lindon Company is the exclusive distributor for an automotiveproduct that sells for $24.00 per unit and has a CM ratio of 30%.The company’s fixed expenses are $118,800 per year. The...
- Q The Wade Corporation has the capacityto produce 10,000 units per year. Its predicted operations for theyear are as follows:Sales (8,000 units @ $25each) $200,000Manufacturing costs:Variable $8 per unitFixed $50,000Marketing and administrativecosts:Variable $1 per...
- Q It's NOT letting me upload a photo. I don't know why.Maybe you can google a photo? I'm sorry. Didn't think this would besuch a hassle.Required Prepare a vertical analysis of...
- Q Class: ACCT-301 --> WEEK 7: CAPITAL BUDGETINGWhat is the target cost, and how is it determined?
- Q petro company donated inventory to hospitals. the basis of theinventory was 70,000 and its fair market value was 120000. petromade no other cintributions this year. what is the charitablecontribution deduction...
- Q The following balances are from the accounts of TappanParts:January 1 (Beginning)December 31 (Ending)Direct materials inventory$22,300$25,300Work-in-process inventory32,50029,300Finished goods inventory5,3007,300Direct materials used during the year amount to $46,500 and thecost of goods...
- Q Transfer PricingBirrell Scientific Inc. manufactures electronic products, withtwo operating divisions, the GPS Systems and Communication Systemsdivisions. Condensed divisional income statements, which involve nointracompany transfers and which include a breakdown of...
- Q Question: You decide to start aservice business for attorneys. You will do process serving,investigations and other tasks for attorneys. You will charge $40per hour for your service.On Jan 1, 2019...
- Q Problem 8-19 Cash Budget; Income Statement; Balance Sheet[LO8-2, LO8-4, LO8-8, LO8-9, LO8-10]Minden Company is a wholesale distributor of premium Europeanchocolates. The company’s balance sheet as of April 30 is givenbelow:Minden...
- Q You are part of a team responsible for implementing anactivity-based costing system. Some of the members do notunderstand the steps involved in implementing such a system.Prepare a summary showing your...
- Q Prepare journal entries to record the following merchandisingtransactions of Cabela’s, which uses the perpetual inventory systemand the gross method. (Hint: It will help to identify eachreceivable and payable; for example,...
- Q The following unitsand costs of lawnmower Model 200 were available for sale during theyear for Craftsman Hardware:Beginning inventory……………..10 units at $130First purchase……………………15 units at $135Second purchase………………..30 units at $140Third purchase……………………20...
- Q Under normal conditions, Sarah spends $8.40 per unit ofmaterials, and it will take 3.6 units of material per pair ofshoes. During July, Sole Purpose Shoe Company incurred actualdirect materials costs...
- Q Identify the followingas an asset, liability, or equity by writing the letter of thecorrect classification in the space provided.-A.B.C.Accounts payable-A.B.C.Accountsreceivable-A.B.C.Unearned revenue-A.B.C.Common stockA.LiabilityB.AssetC.Equity
- Q What goals are attempted to be accomplished by thepresentation of the cash flow statement to investors?Discuss how the format of the Cash flow statement mayhave contributed towards meeting its objectives.
- Q Select the relevant costs and other data from thefollowing,and calculate the All Source F&D Cost for Big OilCo. on a BOE basis(Use a 6to 1 conversion ratio)Big Oil Data for...
- Q The Justice Corporation mass produceswooden chairs. The standard costs follow:Plastic 10 pounds at $4.50 per pound.Molding 3 feet at $3.00 per foot.Directlabor 4hours at $15.00 per hour.Variable overhead $3per direct labor hour.Fixedoverhead $.75 per direct...
- Q Use the May 31 fiscal year-end information from the followingledger accounts (assume that all accounts have normalbalances).General LedgerM. Muncel, CapitalAcct. No. 301Salaries ExpenseAcct. No. 622DatePRDebitCreditBalanceDatePRDebitCreditBalanceMay 31G283,000May 31G241,500M. Muncel, WithdrawalsAcct. No....
- Q What compensation plans are employed by Yum Brands! Inc,? Do youfeel these roles play a strategic role in the success or failure ofthe company?
- Q Menlo Company distributes a single product. The company’s salesand expenses for last month follow:TotalPer UnitSales$302,000$20Variable expenses211,40014Contribution margin90,600$6Fixed expenses75,600Net operating income$15,000Required:1. What is the monthly break-even point in unit sales and...
- Q Dylan Products has a budget of $1,200,000 in 2015 for preventioncosts. If it decides to automate a portion of its preventionactivities, it will save $90,000 in variable costs. The new...
- Q Q4-2 This simulation question available sourcesis based upon a true set of facts. The information contained in thesimulation question was What is the Relationship Between the FraudTriangle and Financial Statement...
- Q [The following information applies to the questionsdisplayed below.]Markus Company’s common stock sold for $3.25 per share at theend of this year. The company paid a common stock dividend of $0.65per...
- Q INDIANA CORPORATION…… is a bakery that is known for its strawberry cheesecake. Italso makes 12 different kinds of cheesecake as well as many othertypes of bakery items. The company uses...
- Q Question: Jefferson County’s General Fund began the year 2017with the following account balances: Deb... (4 bookmarks) JeffersonCounty’s General Fund began the year 2017 with the followingaccount balances: Debits Credits Cash...
- Q Oriole Company was organized on July 1, 2019. Quarterlyfinancial statements are prepared. The unadjusted and adjustedtrial balances as of September 30 are shown as follows.Journalize the adjusting entries that were...
- Q DataSpan, Inc., automated its plant at the start of the currentyear and installed a flexible manufacturing system. The company isalso evaluating its suppliers and moving toward Lean Production.Many adjustment problems...
- Q The following adjusted trial balance contains the accounts andyear-end balances of Cruz Company as of December 31.No.Account TitleDebitCredit101Cash$18,000126Supplies10,200128Prepaid insurance2,000167Equipment23,000168Accumulated depreciation—Equipment$6,500301A. Cruz, Capital42,739302A. Cruz, Withdrawals6,000404Services revenue43,500612Depreciation expense—Equipment2,000622Salaries expense25,361637Insurance expense1,827640Rent expense2,915652Supplies expense1,436Totals$92,739$92,7391....
- Q --An organization has just received a Qualified Auditor report.Auditors have reported the contravention about the director’ssuperannuation not being paid for the past 2 years. Prepare a listof suggestions to management...
- Q TOPIC: MANAGEMENT ACCOUNTING IN PUBLIC SECTORExplain the rational for the administrative changes inbudget examination and review from yearly basis to once in everytwo years basis
- Q The following information applies to the questions displayedbelow.]Markus Company’s common stock sold for $3.25 per share at theend of this year. The company paid a common stock dividend of $0.65per...
- Q Edison Leasing leased high-tech electronic equipment toManufacturers Southern on January 1, 2018. Edison purchased theequipment from International Machines at a cost of $131,379. (FV of$1, PV of $1, FVA of...
- Q Compare and contrast measures based on activity and measuresbased on strategy
- Q Eclectic Ergonomics Company manufactures designer furniture.Eclectic Ergonomics uses a job order cost system. Balances on April1 from the materials ledger are as follows:Fabric$ 67,500Polyester filling20,200Lumber150,000Glue6,550The materials purchased during April are...
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