Accounting question and answers for August 22, 2023
- Q Gold Nest Company of Guandong, China, is a family-owned enterprise that makes birdcages for the South China market. The company sells its birdcages through an extensive...
- Q Note: This problem is for the 2021 tax year. Ryan Ross (111-11-1112), Oscar Omega (222-22-2223), Clark Carey (333-33-3334), and Kim Kardigan (444-44-4445) are equal activ members...
- Q CrossSport had average total assets of $697,000. Its gross sales were $3,090,000 and its net sales were $2,000,000. CrossSport's total asset turnover was
- Q Amazon Beverages produces and bottles a line of soft drinks using exotic fruits from Latin America and Asia. The manufacturing process entails mixing and adding juices and coloring ingredients at...
- Q how do you find cash at the beginning of the year
- Q Consider the following problem: Hin-tDoca aa tharapartiate transame treating starties caule folder The daytime for pets 1600, 795. & 690 metrospectives. The coperto contender 5 SIS...
- Q Under the indirect method, decreases in non-cash current assets are added to profit. True or False
- Q your company has several alternative opertunities, each requiring different investments and with different returns for teh next two years. on these types of investments, your company requirees 15% rate of...
- Q PA7-1 Analyzing the Effects of Four Alternative Inventory Methods in a Periodic Inventory System [LO 7-3] Gladstone Company tracks the number of units purchased and sold throughout each accounting period...
- Q Chocolate Worid purchases chocolate liquor base and processes it up to the split-off point where two products (cocoa powder and milk chocolate) are obtained. The products are then...
- Q which one is true 4 Organization activity costs should be allocated to products using a product level activity Organization-sustaining activity costs should be allocated to products using...
- Q Walker Clothing Store tena un saldo en la cuenta Cuentas por cobrar de $390 000 al comienzo del ao y un saldo de $410 000 al final del ao. Las...
- Q Required InformationRequired Information [The following information applies to the questions displayed below.] Hardison Incorporated manufactures glass for office bulldings in Florida. As a result of...
- Q The specific identification method of costing inventories is used when the physical flow of units cannot be determined. company sells large quantities of relatively low-cost homogeneous items. company sells large...
- Q A companys prime costs total $5,500,000 and its conversion costs total $9,500,000. If direct materials are $2,500,000 and factory overhead is $6,250,000, then direct labor is:
- Q Complete the table below to describe each cost behavior as either fixed (F) or variable (V) and the type of cost as either product cost (product) or period cost (period)....
- Q If White Mountain ?Railway's fixed costs total $ 50,000 per? month, the variable cost per passenger is $20?, and tickets sell for $60?, what is the breakeven point in? units?...
- Q Inventory Analysis The following data were extracted from the income statement of Keever Inc.: Current Year Previous Year Sales $1,533,000 $1,603,100...
- Q Information to prepare the statement of cash flows usually comes from (a) comparative balance sheets, (b) current income statements, and (c) additional information. True or False
- Q ...
- Q Client Stonework corporation was organized on January 1, 2015. For its first two years of operations, it reported the following. Net Income for 2015 $31,000 Net income for 2016 $42,000...
- Q Crane Company received proceeds of $964500 on 10-year, 8% bonds issued on January 1, 2019. The bonds had a face value of $910000, pay interest annually on December 31, and...
- Q The Walton Toy Company manufactures a line of dolls and a sewing kit. Demand for the company's products is increasing, and management requests assistance from you in determining...
- Q The following balances come from the trial balance of Wilson State College as of the end of the 2017 fiscal year. ...
- Q Sizemore Solutions purchased a machine for $65,000 on July 1, 2018. The company intends to depreciate it over 8 years using the double-declining balance method. Salvage value is $5,000. Using...
- Q Please refer 2 items as below from Microsoft’s Letter toShareholders as below. And refer them to Porter’s five forces.Data and AIOur customers will increasingly need to build their own AI...
- Q Topic: creative accountinga)Existing caseb)What the next action to prevent?
- Q The following information is available to reconcile BranchCompany’s book balance of cash with its bank statement cash balanceas of July 31, 2017. On July 31, the company’s Cash account has...
- Q A company completed the following transactions during the monthof October:I.Purchased office supplies on account, $4400.II.Provided services for cash, $22,000.III.Provided services on account, $13,000.IV.Collected cash from a customer onaccount, $8800.V.Paid the monthly rent of $16,000.What was...
- Q The following table shows the balances from various accounts inthe adjusted trial balance for UniLink Telecom Corp. as of December31, 2020:DebitCredita.Interest income$29,600b.Depreciation expense, equipment$88,000c.Loss on sale of office equipment60,200d.Accounts payable101,600e.Other...
- Q 1. Describe the term relevant range. Why is itimportant to stay within the relevant range when estimatingcosts?2. Describe the variables in the cost equation Y = f +vX.
- Q 1.Explain patient financial obligations for servicesrendered?2. Describe banking procedures as related to the ambulatory caresetting?3. Identify precautions foraccepting the following types of paymenta) cashb) checkc) credit cardd) debit card
- Q Inventory by Three MethodsThe units of an item available for sale during the year were asfollows:Jan.1 Inventory17 units @ $38 per unitFeb. 17 Purchase4 units @ $40 per unitJul. 21 Purchase11 units @...
- Q Forester Company has five products in its inventory. Informationabout the December 31, 2021, inventory follows.ProductQuantityUnitCostUnitReplacementCostUnitSellingPriceA800$13$15$19B600181421C5006511D9001079E600171516The cost to sell for each product consists of a 20 percent salescommission. The normal profit...
- Q The following data have been taken from the accounting recordsof Graham Corporation for the year ended December 31, 2019. Totalmanufacturing overhead costs incurred $338,000 Manufacturingoverhead applied to Work in Process...
- Q Family Medical Care (FMC) is a family medical practice with 8physicians, a nursing staff of 10 to 12 nurses, and anadministrative staff that varies from 6 to 9 personnel. RajatPatel,...
- Q review the financial statements of the march of dimes for 2013as presented in table 12-8. comment as you can (even in the absenceof guidelines as to what constitutes norms for...
- Q 9. Where does the reconciliation of cash appear in the Statementof Cash Flows and where do the notes to the Statement of Cash Flowsappear
- Q Typical balance sheet classifications are as follows. CurrentAssets g. Long-Term Liabilities Investments andFunds h. Capital Stock Property, Plant andEquipment i. Additional Paid-In Capital IntangibleAssets j. Retained Earnings OtherAssets k. Notes to Financial Statements CurrentLiabilities l. Not...
- Q Mr. and Mrs. Sedlock file a joint return and have a taxableincome of $370,000 without considering the following informationbelow. Determine the increase in their tax liability for thefollowing independent fact...
- Q Padre, Inc., buys 80 percent of the outstanding common stock ofSierra Corporation on January 1, 2018, for $778,400 cash. At theacquisition date, Sierra’s total fair value, including thenoncontrolling interest, was...
- Q 1A. Max's Company invests in the bonds issued by CarmCorp. On1/1/20 Max buys $10,000 of 8% bonds that pay interest on 1/1. Theymature in 5 years and yield 10%. Max...
- 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 1. Define and explain the differences among several kinds ofemployee frauds that might occur at an audit client.1a.Identify and explain the three conditions (i.e., the fraudtriangle) that often exist when...
- Q Many accounting and accounting-related professionals are skilledin financial analysis, but most are not skilled in manufacturing.This is especially the case for process manufacturing environments(for example, a bottling plant or chemical...
- Q Value-Stream Product Costing, ABC, andDBCBrasher Company is transitioning to alean manufacturing system and has just finalized two orderfulfillment value streams. One of the value streams has twoproducts, and the other...
- Q Complete a cash budget for The Stars basketball team based onthe following information. ? Projected Total Revenues: Q1=$800,Q2=$900, Q3=$950, Q4=$1000, 1 st quarter next yr. = $1000 ?Accounts Receivable (beginning)...
- Q The Alford Group had 260,000 shares of common stock outstandingat January 1, 2021. The following activities affected common sharesduring the year. There are no potential common sharesoutstanding. 2021Feb.28Purchased 6,000 shares of...
- Q Problem 1. MACRS & Bonus Depreciation. “MMMMThat’s Good, Inc.” (or MTG) owns a successful chain of over 150casual dining restaurants nationwide. Please calculate the taxdepreciation expense for 2018 for all...
- Q 2. The following noteappeared in the 2018 annual report of Roca Company:InventoriesInventories (in millions) at December 31 consisted of:20182017Finished goods$ 1,078.3$ 926.7Raw materials and work-in-process 716.2 684.7Supplies 78.0 65.6Total (approximates...
- Q Write a brief report - 150-200 words minimum - with at leastfive sentences and two paragraphs. The report should address: Whatareas did you have difficulty with and what areas did...
- Q Chapter 14 Completion QuestionsSelect the necessary words from the list of possibilities tocomplete the following statements.Use accrued liabilities, an adjusting journal entry,completeness, less, receiving report, related parties,representations, understatement, zero.1. An...
- Q is the new manager of the materials storeroom forParrManufacturing.Maryhas been asked to estimate future monthly purchase costs forpart? #696, used in two ofParr?'sproducts.Maryhas purchase cost and quantity data for the...
- Q Required information[The following information applies to the questionsdisplayed below.]During the current year, Ron and Anne sold the following assets:(Use the dividends and capital gains tax rates and tax rateschedules.)Capital AssetMarket...
- Q 1. Cameron gave the following gifts to her niece, Jill andnephew, Jack:$10,000 to Jill and $10,000 to Jack in 2016$15,000 to Jill and $20,000 to Jack in 2017$25,000 to Jill...
- Q PLEASE MAKE SURE ALL THE NUMBERS ARE CORRECT.After the success of the company’s first two months, Santana Reycontinues to operate Business Solutions. The November 30, 2018,unadjusted trial balance of Business...
- Q AP9.3 Anna has the task of designing the audit program for thepayroll area. There have been no recent changes to the payrollsystem or to its interface with the general ledger....
- Q 1Which of the following entries records the withdrawal of cashfor personal use by D. Bill, the owner of a business?a.Debit Cash and credit Salary Expenseb.Debit Cash and credit D. Bill,...
- Q One of your audit clients approaches you about doing someadditional work for the company. Some of the things that the clientneeds your firm’s help with include:Financial projections that includes the...
- Q Diaz Company issued $80,000 face value of bonds on January 1,2018. The bonds had a 6 percent stated rate of interest and aten-year term. Interest is paid in cash annually,...
- Q Prepare a written Executive Summary Report regarding anycompany, using the information contained in the company’sbalance sheet and income statement, the Internet or otherresources, answering the following questions.Company history: When was...
- Q "I think we goofed when we hired that new assistant controller,"said Ruth Scarpino, president of Provost Industries. "Just look atthis report that he prepared for last month for the FinishingDepartment....
- Q Kurtz Fencing Inc. uses a job order cost system. The followingdata summarize the operations related to production for March, thefirst month of operations:a. Materials purchased on account, $28,610.b. Materials requisitioned...
- Q 1. When can a court exercise jurisdiction over a party whoseonly connection to a state is via the Internet? In other words,when might there by sufficient minimum contacts to give...
- Q Department S had no work in process at the beginning of theperiod. It added 11,400 units of direct materials during the periodat a cost of $79,800; 8,550 units were completed...
- Q Required informationPA4-4 Identifying and Preparing Adjusting Journal Entries [LO4-1, LO 4-2, LO 4-3, LO 4-6][The following information applies to the questionsdisplayed below.]Val’s Hair Emporium operates a hair salon. Its unadjusted...
- Q Imperial Jewelers manufactures and sells a gold bracelet for$404.00. The company’s accounting system says that the unit productcost for this bracelet is $259.00 as shown below:Direct materials$143Direct labor81Manufacturing overhead35Unit product...
- Q Multiple-step income statement and balance sheetThe following selected accounts and their current balancesappear in the ledger of Kanpur Co. for the fiscal year ended June30, 20Y7:Cash$126,400Retained Earnings$557,100Accounts Receivable337,000Dividends75,700Inventory384,200Sales4,629,600Estimated Returns Inventory5,000Cost...
- Q Forester Company has five products in its inventory. Informationabout the December 31, 2018, inventory follows.ProductQuantityUnitCostUnitReplacementCostUnitSellingPriceA600$12$14$18B1,000171320C6005410D600968E600161415The cost to sell for each product consists of a 10 percent salescommission. The normal profit...
- Q Unit 4 - Fernando's Fraud Triangle 48 48 unread replies. 48 48replies. Fernando’s Fraud Triangle is a retail establishment thathas been experiencing lower revenues in the last six months, eventhough...
- Q Almaden Hardware Store sells two product categories, tools andpaint products. Information pertaining to its 2018 year-endinventory is as follows:Inventory,by Product CategoryQuantityPer UnitCostNet Realizable ValueTools:Hammers110$5.70$6.20Saws27010.709.70Screwdrivers3702.703.30Paint products:1-gallon cans5706.705.70Paint brushes1104.705.20Required:1. Determine the carrying...
- Q Carl Boger’s Dilemma Carl Boger recently interviewedfor a staff auditing position with one of the accounting firms inPhoenix, where he plans to move after graduation from UNM. The firmagreed to...
- Q Please explain why proper use of grammar and spelling is importantto Accountants and other business professional.
- Q All jurisdictions have legislation protecting seniority andbenefits for qualified employees who are members of the CanadianForces Reserves and who are deployed for active service. Comparethe legislated requirements of your province/territory...
- Q Terms of a lease agreement and related facts were:The lease asset had a retail cash selling price of $114,000. Itsuseful life was six years with no residual value (straight-linedepreciation). Annual...
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