Accounting question and answers for August 16, 2023
- Q Account TitleDebitCreditCash$5,200Accounts receivable20,000Office supplies6,353Trucks186,000Accumulated depreciation—Trucks$38,316Land50,000Accounts payable9,200Interest payable10,000Long-term notes payable56,000K. Wilson, Capital156,854K. Wilson, Withdrawals35,000Trucking fees earned126,000Depreciation expense—Trucks24,714Salaries expense54,170Office supplies expense5,000Repairs expense—Trucks9,933Totals$396,370$396,370 Use the above adjusted trial balance to prepare Wilson TruckingCompany’s classified...
- Q The following measures belong to one of the four perspectives ofthe balanced scorecard:1) Return on investment2) Time to market3) Number of new customers4) Percentage of income from new sources5) Quality...
- Q The Welding Department of Healthy Company has the followingproduction and manufacturing cost data for February 2020. Allmaterials are added at the beginning of the process.Manufacturing CostsProduction DataBeginning work in processBeginning...
- Q 1. For companies with patterns of increasing R&Dexpenditure, the expenses avoided by capitalization in a givenperiod exceed that period's amortization charges. In such cases,what would be the impact of R&D...
- Q on December 27, 2014 wolcott windows purchased a pieceof equipment for 107,500. the estimated useful life of theequipment is either three years or 60,000 units, with a residualvalue of 10,500....
- Q TheFOllowing information from the accounts of kesha Ltd for the yearended December 31, 2009 has been provided to you:Net icome................................2,090,000Amortization of intangible assert.............120,000Proceeds from issue of ord. share...........1,030,000Increase ininventory...............................180,000Sale of...
- Q are there any major differences between P & G andEuropean based rivals? What conclusion can you draw from this?
- Q Foam Products, Inc., makes foam seat cushions for the automotiveand aerospace industries. The company’s activity-based costingsystem has four activity cost pools, which are listed below alongwith their activity measures and...
- Q You are about to start working at car dealership that iscurrently reporting losses due to flooding but will be profitablein a few years. Assume you’re your risk adverse and your...
- 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 WoolCo buys sheep’s wool from farmers. The company beganoperations in January of this year, and is making decisions onproduct offerings, pricing, and vendors. The company is alsoexamining its method of...
- Q LIFO Perpetual InventoryThe beginning inventory of merchandise at Dunne Co. and data onpurchases and sales for a three-month period ending June 30 are asfollows:DateTransactionNumberof UnitsPer UnitTotalApr. 3Inventory42$375$15,7508Purchase8445037,80011Sale561,25070,00030Sale351,25043,750May 8Purchase7050035,00010Sale421,25052,50019Sale211,25026,25028Purchase7055038,500June 5Sale421,31555,23016Sale561,31573,64021Purchase12660075,60028Sale631,31582,845Required:1. Record...
- Q Cover-to-Cover CompanyContribution Margin Income StatementFor the Year Ended December 311Sales$424,000.002Variable costs:3Manufacturing$233,200.004Selling21,200.005Administrative63,600.00318,000.006Contribution margin$106,000.007Fixed costs:8Manufacturing$5,000.009Selling4,000.0010Administrative33,400.0042,400.0011Income from operations$63,600.00Biblio Files CompanyContribution Margin Income StatementFor the Year Ended December 311Sales$424,000.002Variable costs:3Manufacturing$169,600.004Selling16,960.005Administrative67,840.00254,400.006Contribution margin$169,600.007Fixed costs:8Manufacturing$88,000.009Selling8,000.0010Administrative10,000.00106,000.0011Income from operations$63,600.00Refer...
- Q 1. Cash is the asset most susceptible to improper diversion anduse. Have you ever found yourself, either as a customer or as anemployee, in a position to misappropriate cash? If...
- Q E19-14: Callaway Corp. has a deferred tax assetbalance of $150,000 at the end of 2013 due to a single cumulativetemporary difference of $375,000. At the end of 2014, this sametemporary...
- Q Suppose that you are a member of a team assembled to examineneeds and decide on an IT strategy of non-profit organization. Whatare the steps you will take in understanding the...
- Q The following comparative current asset information has beenextracted from a balance sheet for two successive years. Complete ahorizontal analysis for years 0007 too 0008 and a verticalcommon-sized analysis for year...
- Q Cybernetronics Inc. (Cyber) is a Canadian-owned public companywhich designs and manufactures communications and control systems.The company's year end is May 31. It is now June 2018.You, CPA, are the manager...
- Q Revised Prob 17-26Celestial Artistry Company is developing departmental overheadrates based on direct-labor hoursfor its two production departments, Finishing and Etching. TheFinishing Department employs120 people and the Etching Department employs 60...
- Q Product Costs using Activity RatesHercules Inc. manufactures elliptical exercise machines andtreadmills. The products are produced in its Fabrication andAssembly production departments. In addition to productionactivities, several other activities are required...
- Q Explain the audit reports option available for auditor whenauditing financial statements.
- Q Define and explain what he means by the Third Practice:“Challenge the Status Quo”. 2.) Why is this concept so important tothe success of project managers in modern organizations? 3.)Provide at...
- Q You are an audit manager currently finalizing your 31 December2013 audits. The following independent and material matters havecome to your attention:1. The audit of the statutory records of Whale Ltd,...
- Q In April 2010, a gold mining company, Cahaya Emas was formed.Cahaya Emas had convinced numerous mining experts that they hadrights to one of the largest gold deposits ever discovered. Thegold...
- Q a) What does the Postclosing Trial Balance represent? What isincluded in it and why is it important?b) What are the temporary accounts and why are they closed eachperiod?c) Describe the...
- Q Problem 5-5 Presented below is the balance sheet of SargentCorporation for the current year, 2017. MARIGOLD CORPORATIONBALANCE SHEET DECEMBER 31, 2017 Current assets $ 488,150 Currentliabilities $ 383,150 Investments 643,150...
- Q The AHMADO company’s’ record showed the alphabetical order ofthe accounts as follows:Accountspayable SR20 Accounts receivable SR12 Accumulated depreciation – computerSR5 Ahmed Capital SR30 Ahmed Withdrawal SR10 Cash SR51 Computer SR50 Prepaidinsurance SR 7Servicerevenue SR70Supplies SR 5Unearned revenues SR15Utilities expense SR 15Wages SR 10Required:Prepare the trial...
- Q The following data are from the accounting records of NilesCastings for year 2.Units produced and sold88,000Total revenues and costsSales revenue$340,000Direct materials costs70,000Direct labor costs36,000Variable manufacturing overhead17,000Fixed manufacturing overhead43,000Variable marketing and...
- Q The following accounts were extracted from Salem Companyby end of the year:Accounts payable Accounts receivableAccumulated depreciation- BuildingAccumulated depreciation-equipmentBonds payableBuildingsCash CopyrightEquipmentInventoryInvestment (long termInvestment in six-month securitiesCapitalLandPrepaid rennetRevenue received in advanceRequired:List the main items...
- Q Yourclient, Ben McDonald, has written you about his tax situation.Please assume that gross income is $172,900 (which consists only ofsalary) for purposes of this problem.December 31, 2016Dear ***** *****, CPA:Hi,...
- Q Financial Statement Analysis The financial statements for Nike,Inc., are available at the Appendix C link above. The followingadditional information (in millions) is available: Accountsreceivable at May 31, 2011: $3,138 Inventories...
- Q Write between 500 to 1000 words about the differences betweenS.A.P and Sage
- Q Federal Semiconductors issued 9% bonds, dated January 1, with aface amount of $860 million on January 1, 2018. The bonds sold for$786,215,929 and mature on December 31, 2037 (20 years)....
- Q Discuss the importance of auditing as it relates tothe accounting profession and the business community. (2) Discussthe effects of technology as it relates to the future of theprofession.please cite references....
- Q Allocation: Direct Method and Step down MethodPlease show workRequired:1) Allocate the personnel and engineering costs to theproduction departments using the direct method2) Allocate the personnel and engineering costs to theproduction...
- Q You are an audit manager currently finalizing your 31 December2013 audits. The following independent and material matters havecome to your attention:1. The audit of the statutory records of Whale Ltd,...
- Q The comparative balance sheet for company “Delta” in € for years2017 and 2018 isgiven below:Comparative Balance Sheet of “Delta”Assets20182017Liabilities &Stockholders' Equity20182017Fixed assets:Property, plant & equipmentLess accumulated depreciationNet property, plant andequipmentLong-term...
- Q Please explain to me how they calculating 10.4 M , 1.4M and also4.4M A construction company entered into a fixed-price contract tobuild an office building for $26 million. Construction costsincurred...
- Q Hairco makes and sells hair products at an awesome salon. Thehair products are made of aloe, gel, and tea tree oil. Given thefollowing information about Hairco’s January operations, answer thequestions...
- Q Analyzing Manufacturing Cost AccountsFire Rock Company manufactures designer paddle boards in a widevariety of sizes and styles. The following incomplete ledgeraccounts refer to transactions that are summarized for June:MaterialsJune 1Balance28,100June...
- Q Companies are required to report liabilities. Identifyingunrecorded liabilities could be challenging yet it protectscreditors and stakeholders.1.Define contingent liabilities and the GAAP that governs thereporting or nonreporting?2. What are your thoughts...
- Q Flexible Budgeting and Variance AnalysisI Love My Chocolate Company makes dark chocolate and lightchocolate. Both products require cocoa and sugar. The followingplanning information has been made available:Standard Amount per Case DarkChocolate LightChocolate StandardPrice...
- Q the static-tradeoff theory and the pecking order theory. Doyou think either theory represents how capital structure decisionsare made in practice? If so, which theory is more closely alignedwith CFO actions?...
- Q Joe has an annual income of $80,000. His employer pays all ofhis health insurance premiums.Joe expects to incur $2,000 in unreimbursed medical expenses forthe year. He pays an averagefederal tax...
- Q A partially completed pension spreadsheet showing therelationships among the elements that constitute Carney, Inc.’sdefined benefit pension plan follows. At theend of 2018, Carney revised its pensionformula and incurred a prior...
- Q Denver Inc purchased a 5 year asset in November for $20,000.This is the only asset the company placed in service during thatyear. Neither the straight line method nor the 150%...
- Q Terri computed the pre-determined overhead rate. She estimatedthat 440,000 direct labor hours were going to be used for theupcoming year. Her boss wanted her to change the estimate to420,000 direct...
- Q The following information is computed from Katy Inc.'s annualreport for 2018.2018 2017Current assets$ 2,731,020$ 2,364,916Property and equipment, net10,960,2868,516,833Intangible assets, at cost less applicable amortization 294,775 255,919 $13,986,081 $11,137,668 Current liabilities$ 3,168,123$ 2,210,735Deferred federal income taxes160,00026,000Mortgage note payable456,000-Stockholders'...
- Q Rain Gear, Inc., produces rain jackets. The master budget showsthe following standards information and indicates the companyexpected to produce and sell 28,000 units for the year. Variablemanufacturing overhead is allocated...
- Q Amber Mining and Milling, Inc., contracted with TruaxCorporation to have constructed a custom-made lathe. The machinewas completed and ready for use on January 1, 2018. Amber paid forthe lathe by...
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