Accounting question and answers for December 07, 2023
- Q the general fund of daquilla equipment acquired 70k during the fiscal year june 302022. machinery and equipment should be reported to general fund balance sheet. general fund 70k...
- Q Express Delivery Company (EDC) is considering outsourcing its Payroll Department to a payroll processing company for an annual fee of $221,600. An internally prepared report summarizes the Payroll...
- Q Under which of the following consolidation methods is the non-controlling interest reported as a liability in the consolidated balance sheet? Multiple Choice Proportionate consolidation method. Parent...
- Q oe's Tax Service provides professional accounting and tax services. All tax return services are classified into one of three categories: standard, multiform, and complex. Following is information for...
- Q Problem 18-1A (Algo) Measuring costs using high-low method LO P1
- Q Saxophone Enterprises Co (Saxophone) has been trading for 15 years selling insurance and has recently become a listed company. In accordance with corporate governance principles Saxophone maintains a...
- Q During a major renovation projectof a companies head office a worker was seriously injured while the company believes that it is not at fault. It does include the incident...
- Q Which of the following is nontaxable income to the recipient for tax purposes? a. Income from real estate rental property b. Income from tips ...
- Q Lilliput Boutique owns a small retail outlet in a California coastal town. In the last few years, a significant percentage of the residents have moved further inland after...
- Q aige received $15,000 from life insurance paid upon the death of her grandmother. Paige must / can do the following relative to her gross income: ...
- Q Cameron construction Inc. purchased a new commercial vehicle the gross vehicle weight was 12,000 pounds and the vehicle was fully electric it made all qualifiers for the commercial...
- Q The balance sheet for Springer Contracting shows assets totaling $207,000 and liabilities totaling $95,000. Which statement is correct? Multiple Choice Owners equity equals $182,000. ...
- Q All of the following are major problems with net present value except a. determining an accurate discount rate b. accounting for non-financial, mission based reasons c. the finite...
- Q Companies are free to choose FIFO, LIFO, or weighted-average cost to report inventory and cost of goods sold. The reported amounts for ending inventory and cost of goods...
- Q How will the repayment of the note and interest on September 30,2027, affect the financial statements of Precision Castparts?
- Q a sewing /embroidery machine and a labtop computer were fully depreciated before the beginning of the current calender year, which of the following is a reason why it...
- Q The total cost of making products that are available for sale during the period is called ________. a. cost of goods sold b....
- Q A segment should probably be dropped when the segment Blank______. Multiple select question. has a contribution margin that cannot cover traceable fixed...
- Q In general, the role of managerial accounting is to help the organization become more ____ and ____.Group of answer choiceseffective, efficientprofitable, well knownefficient, successfulimproved, effective
- Q On December 31, Year 1, Andover Co. acquired Barrelman, Inc. Before the acquisition, a product lawsuit seeking $10 million in damages was filed against Barrelman. As of the...
- Q Which inventory system recognizes cost of goods sold and decreases inventory each time a sale occurs? Multiple choice question. Both periodic and perpetual inventory systems Perpetual...
- Q Rayya Company purchases a machine for $117,600 on January 1,2021. Straight-line depreciation is taken each year for four years assuming a seven-year life and no salvage value....
- Q Sandy Bay Merchandising Co. sold for $12,000 cash inventory that had cost $10,000. Assuming Sandy Bay uses the perpetual inventory method, the entries to record this transaction woulda.decrease...
- Q In certain circumstances a tax payer cannot use work sheet to see if you should fill and form 6251 located on the form 1040 instructions when determining whether...
- Q Employee is often grouped into 3 categories: corruption, asset misappropriation, financial statement fraud. (Enter only one word per blank.)
- Q When a company pays an amount owed to one of Its vendors: Assets are increased and net income is decreased. Assets are decreased and liabilities are decreased. Assets are...
- Q Required: According to the 2020 McKinsey and Global Fashion Agenda report referenced by Allbirds, what percent of global greenhouse gas emissions can be attributed to the global fashion...
- Q When evaluating Cash Flows, sometimes it is not clear whether or not external financing (borrowing, issuing debt, equity issues) has occurred. What is a way to determine this...
- Q ust Corporation owns machinery with a carrying value of $760,000. It is estimated that the machinery will generate future cash flows from use in operations of $700,000. The...
- Q The following entry would be used to record the transfer of $40,000 of direct material and $10,000 of indirect material from the storeroom to production:Direct MaterialsIndirect MaterialsRaw Materials40,00010,00050,000...
- Q Which of the following statements is correct? Question 2 options: In order to qualify for area treatment under CUSMA, goods must be wholly obtained or...
- Q Failing to record bad debt expense in the same period as the related revenue violates which principle? Multiple Choice Expense recognition principle ("matching") ...
- Q rodney and his wife sadia operate their business, Karmatastic Kaftans, together. they hsve elected not to become a limited liability company at this point and are not...
- Q Which of the following is not a type of adjustment made under accrual accounting? Question 3 options: Unearned revenues Accrued expenses Accrued revenues ...
- Q The highminuslow method basically fits a line through the highest and lowest________ points. Question content area bottom Part 1 A. variable cost ...
- Q If there is a difference between actual and applied manufacturing overhead at Select one: a. Year-end, Manufacturing Overhead balances are usually allowed to accumulate ...
- Q XO Manufacturing's sales budget showed the following projections, by quarter, for the next six quarters: Quarter1st 20212nd 20213rd 20214th 20211st 20222nd 2022 Units12,00013,00015,00016,00015,00014,000 ...
- Q While conducting investment analysis, you have the following scenario: Project A requires a $25,000 investment and provides $5,000 per year for six years; Project B requires an $8,000...
- Q On July 1, Martina contributed $11,500 in cash, and property with an adjusted basis of $10,500 and a fair market value of $16,000 for a 25% share of...
- Q Annette is a 50% partner in AS Partners. Her tax basis in her partnership interest at December 31 was $28,000. On that date, she received a current...
- Q Post Delivery Service acquired at book value 80 percent of the voting shares of Script Real Estate CompanyOn that date, the fair value of the noncontrolling interest was...
- Q Mary receives an IRS notice of audit for her 20XX return and has come to you for help. An enrolled agent (EA) prepared Marys 20XX tax return and...
- Q Required: What is the total of budgeted cash collections for December? How much is the book value of accounts receivable at the end of December? How much is...
- Q Adrian was awarded an academic scholarship to State University for the 20242025 academic year. He received $6,500 in August and $7,200 in December 2024. Adrian had enough personal...
- Q What is the balance of the partners capital accounts at the end of the year as reported on schedule M-2 of the form 1065?
- Q With tests of controls auditors are concerned with the Blank______ deviation rate(s). Multiple choice question. actual low upper upper and lower ...
- Q Accounts receivable at December 31,2025, is $10,447,500. An aging analysis indicates that Bramble's expense provision for doubtful accounts is estimated to be 3% of the receivables balance....
- Q Dobbins Resources pays sales commissions of $2 per unit and shipping costs of $0.75 per unit. If Dobbins expects to sell 12,000 units in the third quarter, what...
- Q Gold Company, a calendar year taxpayer, purchased new equipment for $3,100,000 on January 1 of the current year. The equipment was considered 5-year property for tax purposes. Assuming...
- Q Discuss some of the main accounting issues involved in accounting for accounts receivable. What are the primary accounting issues involved in the establishment of a long-term asset, the...
- Q Exercise 15-40(Algo) Segment Reporting (LO 15-5) Eastlawn Travel has two operating divisions, Tours and Resorts. The two divisions meet the requirements for segment disclosures. Before transactions...
- Q LO 3.4Identify the normal balance (Dr for Debit; Cr for Credit) and type of account (A for asset, L for liability, E for equity, E-rev for revenue, E-exp...
- Q Costtocharge ratio. What is the basic concept of the costtocharge ratio method of estimating costs? Give an example.
- Q If a partnership agreement limits certain individual partner management authority by requiring a unanimous or majority approval from the other partners, any partner who fails to obtain the...
- Q Value Dealership Inc. markets and sells vehicles to retail customers. Along with a new vehicle purchase, a customer will receive a free annual maintenance contract for one year...
- Q Income before taxes from continuing operations: $40,000,000 Loss from discontinued operations before taxes: $5,000,000 Tax rate: 25% Weighted average number of common...
- Q Complete the Profit Margin Ratio (Net Income/Sales) based on net income of $1,255 and sales of $6,500. Put your answer in the form of a percent but...
- Q Tax Drill - Canons of Taxation Indicate whether the following are the canons of taxation identified by Adam Smith. Select "Yes" or "No", whichever is applicable. a. Equity...
- Q QS 14-7(Static) Computing cost of goods sold for a manufacturer LO P1 Compute cost of goods sold using the following information. Finished goods inventory, beginning...
- Q Companies are free to choose FIFO, LIFO, or weighted-average cost to report inventory and cost of goods sold. Group startsTrue or False Unanswered True,...
- Q City Goods Limited (CG) is a sports clothing and equipment retailer that has a chain of 10 stores across Canada. You have just been hired as...
- Q Rocky Mountain Chocolate Factory (RMCF) founder and president Frank Crail employs 220 people in 361 outlets in the United States, Canada, United Arab Emirates, Japan, and South...
- Q The Cullumber Acres Inn is trying to determine its break-even point during its off-peak season. The inn has 50 rooms that it rents at $100 a night. Operating...
- Q In 2022 Lanese acquired to units of virtual currency for $5000 in 2024 she sold it for 13,000 how will this be reported on Lindsey's 2024 tax return...
- Q which of the following costs reported in the financial statements would uniquely identify the business entity as a manufacturer? work-in-progress inventory; rent expense; merchandise inventory; cost of goods...
- Q The break-even point can be defined as Group of answer choices The point where sales equal variable costs The point where total revenues equal...
- Q How much cleaning service revenue was Malden Cleaning Services allowed to recognize in its 2023 GAAP income statement from the cleaning contract with Bernard Crystal Palace? ...
- Q If the selling price is $25.00 per unit, the contribution margin per unit sold is closest to
- Q madison spent $5,500 in moving expenses after the death of her deployed husband, she also drove 2,300 miles and spent $900 for lodging. She received $6,314 of...
- Q The permanent file section of the working papers that is retained for each audit client most likely contains: Narrative descriptions of the transaction cycles and controls. Review...
- Q A company's net profit margin is calculated as: Group of answer choices Gross profit divided by revenue. Net income divided by total assets. Operating income divided...
- Q Select the correct statement regarding SOC reports. Multiple choice question. A SOC 3 report provides auditor opinion on the impact of the internal controls of a...
- Q XYZ Company's inventory balance at January 31 was lower using the FIFO method than it would have been had XYZ Company used the LIFO method. Assuming there...
- Q Categories can be Categories can be added to the QuickBooks Online Products and Services List. true or false ...
- Q caterpillar, Incorporated, is one of the world's largest manufacturers of construction he MegaMart Company began 2024 with inventory of 11,000 units at a cost of $6 per...
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