Accounting question and answers for December 05, 2023
- Q Problem #2. Roxanne's Company Partial Worksheet for the year ended December 31, 2022
- Q what is the ending balance in raw materials
- Q If a company fails to make an adjusting entry to estimate uncollectible accounts, this error: Select one: a. Understates assets b. ...
- Q What formula is used in excel , I have 88 clients and 7 providers 9 went to a specific provider what is the percentage per case load per provider?
- Q Under FIFO, the most recent costs are assigned to ending inventory. Group startsTrue or False
- Q J&J had to recall Tylenol due to quality issues from the market. In one factory it took the workers 6 months to overcome the quality issues and produce contamination free...
- Q Muslin Co. sells a product with a sales price per unit of $10.65, fixed costs of $60,000, variable cost per unit of $5.40. If Muslin Co. sell 23,000 units, what...
- Q Waterways puts much emphasis on cash flow when it plans for capital investments. The company chose its discount rate of 7% based on the rate of return it must pay...
- Q Define property, plant and equipment and identify the four primary issues in accounting for them.
- Q For Biswell Company, variable costs are 70% of sales and fixed costs are $206,400. Calculate the required sales in dollars that are needed to achieve managements target operating...
- Q Adam, Bill, and Charlie are partners. The profit and loss sharing rule between them is 4:6:1, with Bill receiving the largest share and Charlie receiving the smallest. The partnership incurs...
- Q Which of the following conditions is not required before a company may reduce its capital? a. The reduction must be approved by ASIC ...
- Q After conducting a viability study, Spring Clean Chemicals is considering acquiring Daily Chemicals for $5,000,000 cash price. Daily Chemicals has short-term liabilities of $2379881 that Spring Clean Chemicals would have...
- Q 13-33 Cost Application in Service Firms Service firms trace only direct-labor costs to jobs. All other costs are applied as a percentage of direct-labor cost. Do you agree? Explain.
- Q Calculate contribution margin per unit and contribution ratio where selling price is 10 per unit, VC is 6 per unit.
- Q Alice has been in a defined-contribution pension scheme since she was 35 and will retire in one years time at age 66. Her salary is currently 55,000. Throughout her enrolment...
- Q Esquire Inc. uses the LIFO method to report its inventory. Inventory at January 1, 2021, was $950,000 (38,000 units at $25 each). During 2021, 116,000 units were purchased, all at...
- Q A payment on account has no effect on working capital but will increase the current ratio if it is already greater than 1.0. Multiple Choice ...
- Q A new car costs $5,500. Its value depreciates by 20% per year. The car's maintenance costs are $340 after the first year increasing by 30% per year. Calculate the EAC...
- Q Purchased $2,150.03 in resale items on account from Starry Night; terms 1/15, n/30. Purchase order 95687 was issued. What journals and account are these posted? I have an idea, but...
- Q Waymouth Manufacturing operates a contract manufacturing plant located in Dublin, Ireland. The plant provides a variety of electronics products and components to consumer goods manufacturers around the world. Cycle time...
- Q Bartlet owns a manufacturing business and participates in the business. Which of the following conditions would cause the business to be considered a nonpassive activity for Bartlet? Bartlet participates...
- Q The ledger of Duggan Rental Agency on March 31 of the current year includes the following selected accounts before adjusting entries have been prepared. ...
- Q what are all the components of a "hedge relationship"
- Q A nonprofit organization is required to maintain a debt service fund as a condition of bond contracts. It is obligated to transfer $125,000 to the debt service fund on June...
- Q write a PR plan which includes the RACE model as well as a situation, SWOT and/or organization analysis, audience analysis, goals and objectives, messages and/or themes, strategies and tactics (including...
- Q In your own words, explain the challenges of determining income distribution between the primary beneficiary, the VIE, and other related parties.
- Q Purchases Returns and Allowances options: a) have no effect on Inventory. b) decrease Inventory. c) Not enough information provided. d) increase Inventory.
- Q Amy and Mike are filling a joint tax return for tax year 2021. Their adjusted gross income AGI is $ 385,000. What is their personal exemption amount for tax year...
- Q purchased a vehicle for $26000 with an estimated residual value of $3000 at the end of its useful life. Depreciation expense is for july and august totalled $500, calculated using...
- Q A manufacturer estimates total factory overhead costs of $4,893,000 and total direct labor costs of $2,330,000 for its first year of operations. During January, the company used $120,000 of direct...
- Q Worley Company buys surgical supplies from a variety of manufacturers and then resells and delivers these supplies to hundreds of hospitals. Worley sets its prices for all hospitals by marking...
- Q Depreciation is a means of determining an assets fair market value.
- Q A company reports the following: Net income $199,980 Preferred dividends 11,910 Average stockholders' equity 1,630,080 Average common stockholders' equity 825,730 ...
- Q The following information was extracted from the accounting records of Williams Company: Standard cost data for product X Direct Materials - 5 pounds of material Y...
- Q Excel, Tableau, and Power BI. Discuss your experience using any of these and identify what you consider to be the benefits of using data analytics.
- Q On July 31, 2020, Sunland Company engaged Minsk Tooling Company to construct a special-purpose piece of factory machinery. Construction begun immediately and was completed on November 1, 2020. To help...
- Q Reba Dixon is a fifth-grade school teacher who earned a salary of $38,000 in 2022. She is 45 years old and has been divorced for four years. She receives $1,200...
- Q Explain what a cost variance is and describe its potential causes. ACC 202 Managerial Accounting
- Q Music Media Ltd. prepares statements quarterly. Part A: Required: 1. Based on 2019 results, Musics estimated tax liability for 2020 is $312,960. Music will accrue 1/21 of this...
- Q 3. Calculate the Revenue per employee. Compare this number to the HCVA, and explain: a. The difference between what the two numbers represent. Do they both measure the same thing?...
- Q Medbury Communications Systems (MCS) produces mobile radios for arctic and other harsh environments. The costs to manufacture and market the radios at the companys normal quarterly volume of 14,040 units...
- Q write in details about the "Cash Flow hedges"
- Q Your CEO has requested that you lead a cross-functional management team with the aim of recommending 5 key strategic initiatives to be implemented concurrently over the next five years....
- Q Which of the following is NOT a characteristic of a share? a. It is a debt due by the company to the shareholder ...
- Q A national courier service is considering the replacement of five of its delivery trucks in its southern Ontariodivision. The existing trucks were bought 6 years ago for $25,000 each and...
- Q The following figures are for the year 2021: Inventory 1/1/ 2021 $3000 Inventory 31/12/2021 $5000 Purchases $52,000 A uniform rate of markup of 20% is applied. Required: Calculate the gross...
- Q Fowler and Vermeer agree to form a partnership. Fowlers investment consists of the following: Fowlers Accounts Balance sheet balances Partners agreed to values Cash $17,200 A/R 3,700 AFDA 500 $400...
- Q Disneyland Paris In April 1992, EuroDisney first opened in Paris, France. It later changed its name to Disneyland Paris. They expected to achieve the same tremendous success that...
- Q The management of Leitheiser Corporation is considering a project that would require an initial investment of $45,000. No other cash outflows would be required. The present value of...
- Q Aurora Corporation operated without insurance coverage for the first month of operations. Then, on February 1, the company paid the $4,800 premium on a two-year insurance policy with...
- Q Understand how to record the adjusting and closing entries in order to be able to close the companys accounting books. Understand how to prepare the companys financial statements: Balance...
- Q 9912 Municipal Finance: Assignment Guidelines Scenario: You have recently been hired as the internal auditor for the Municipality of Everything is Fine. You report directly to the Commissioner of...
- Q Explain in great detail non contollikng interest and protective non controlling rights
- Q QUESTION 1 (30 MARKS) Lungameni Enterprises (Pty) Ltd (Lungameni Enterprises) manufactures product A, which it sells to local customers at a mark-up of 25%. Lungameni Enterprises currently absorbs its overhead...
- Q Maria Company dishonors a note at maturity. What are the options available to the lender?
- Q The account Allowance for Doubtful Accounts is classified as a(n) liability contra account to Bad Debt Expense contra account to Accounts Receivable expense
- Q Crystal Pools estimates overhead will utilize 250,000 machine hours and cost $750,000. It takes two machine hours per unit, direct material cost of $14 per unit, and direct labor of...
- Q Recording a Change in Estimate, an Error Correction, and a Change in Accounting Principle On December 31, Year 4, Alexa Company is preparing adjusting entries for its...
- Q You have inherited money from your grandparents, and a friend suggests that you consider buying shares in Galena Ski Products, which manufactures skis and bindings. Because you may need to...
- Q About 25% to 30 % of companies use the LIFO method. Why would a company use the LIFO method if it will result in lower net income than FIFO
- Q A company incorrectly counted their inventory as of December 31, 2021, resulting in ending inventory being overstated by $9,000. Ending inventory as of December 31, 2022 was also overstated by...
- Q Mrs. K is about to begin a new business activity and asks you if she can reduce taxable income by operating the activity as a corporation rather than as a...
- Q BevArt has been in operations for three years now and is having difficulty understanding the cost of the four beverage related products that they make. The company has a shared...
- Q esse Pinkman is a merchandiser of calculators, and began his operations on April 1. The company expects sales in the first month of operations to be $20,000, all of which...
- Q A lessee should classify a lease transaction as a finance lease if it is noncancelable and one or more of five classification criteria are met. Otherwise, it is an operating...
- Q Within a management accounting system, costs can be classified and reported in a number of different ways. Define the following cost concepts and provide one example of each cost. ...
- Q Auditing-2 Describe the role of International Standards on Auditing (IAS). Discuss whether a PA who conducts an audit in accordance with generally accepted auditing standards (GAAS) simultaneously complies with international...
- Q Upton Manufacturing Company manufactures a single model of a portable work bench. The company uses a process cost system, with a fifo cost flow assumption, and it maintains a separate...
- Q As inventory and PPE assets on the balance sheet are consumed, they are reflected: Select one: A. As a revenue on the income statement...
- Q how does a favorable/unfavorable difference become a taxable/deductible difference to create a liability/asset.
- Q During 2019, Coronado Industries expected Job no. 59 to cost $600000 of overhead, $510000 of materials, and $400000 in labor. Coronado applied overhead based on direct...
- Q CAPITAL INVESTMENT DECISIONS The following information relates to three possible capital expenditure projects. Because of capital rationing only one project can be accepted. ...
- Q Do you think the present value factor should be based on a risk-free rate or a company risk rate? Why? What other factors should be added to the risk-free rate?
- Q The federal corporate income tax rate is 35 percent and firms may carry-back losses for two years and carry-forward losses for 20 years. The carry-back must occur before carry-forward. A...
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