Accounting question and answers for December 11, 2023
- Q Fanning Corporation produced 217,000 watches that it sold for $18 each during year 2. The company determined that fixed manufacturing cost per unit was $9 per watch....
- Q BNC Company, which manufactures and sells laptops started business on January 1, 2017. During the year ended December 31, 2017 the company had the following costs related to its business:...
- Q Ram and Rahim start business with capital of INR. 50,000 and 30,000 on 1st January, 2016. Rahim is entitled to a salary of INR. 400 per month. Interest is allowed...
- Q Problem #1 Capital Budgeting Problem with Taxes A framing shop is at capacity. Currently, the bottleneck is the framing press. They are considering purchasing a new...
- Q Ralf was employed by Central Coast Consultants (NSW) Pty Ltd (Central) as their General Manager on 02 June 2019. Central provided Jason with an executive car, which...
- Q Returned a portion of office supplies purchase on 2nd april receiving full cradit for their cost $325
- Q Percentage analysis can be: Select one: a. All of this set of options. b. Trend analysis. ...
- Q Cheyenne, Inc. had outstanding $5,540,000of 11% bonds(interest payable on July 31 and January 31)due in 10 years. On July 1,it issued $8,870,000 of 10%,15year bonds (interest payable...
- Q Glen Pool Club, Inc., has a $153,000 mortgage liability. The mortgage is payable in monthly installments of $1,574, which include interest computed at an annual rate of 12 percent (1...
- Q Privacy Window and Wall Treatments Company provides draperies, shades, and various window treatments. Privacy works with the customer to design the appropriate window treatment, places the order, and installs the...
- Q The following payments and receipts are related to land, land improvements, and buildings acquired for use in a wholesale ceramic business. The receipts are identified by an asterisk next to...
- Q What is the present value of 9 equal payments of $15,500 to be made at the end of each year for the next 9 years? The annual interest rate is...
- Q Paddleboard Inc. began operations on January 1, 2016. Its post-closing trial balance at December 31, 2016 and 2017, is shown below along with some other information. ...
- Q Which of the following would most likely be considered nonoperating income (versus operating income) on the income statement of a healthcare organization? Question 38 options: ...
- Q The __________ cost of goods sold (COGS) produces __________ profits, which __________ taxable income. lower; lower; increases higher; less; decreases higher; higher; increases ...
- Q Jesse and Tim form a partnership by combining the assets of their separate businesses. Jesse contributes accounts receivable with a face amount of $46,000 and equipment with a cost of...
- Q Inventory Costing Methods-Periodic Method Merritt Company uses the periodic inventory system. The following May data are for an item in Merritt's inventory: May 1 Beginning inventory 310 units @ $30...
- Q Net income or loss from rental real estate, calculated on Form 8825, is reported on
- Q Arcola, Incorporated, acquires all 40,000 shares of Tuscola Company for $725,000. A year later, when Arcola's equity-adjusted balance in its investment in Tuscola equals $800,000, Tuscola issues an additional 10,000...
- Q Garden Depot is a retailer that provided the following budgeted cash flows for next year: 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter ...
- Q Marshal Ltd. owns a building that it purchased on January 1,2023, for $6,000,000(excluding the land value). Management estimates the useful life to be 30 years, with no...
- Q A material quantity variance is shown by (where Q is for quantity) a. SP (AQ SQ). b.(SQ)(AQ). c.(AQ SQ). ...
- Q Cabinaire Inc. is one of the largest manufacturers of office furniture in the United States. In Grand Rapids, Michigan, it assembles filing cabinets in an Assembly Department. Assume the following...
- Q Which of the following would be classified as US source income? A Services a US taxpayer performs in France B Interest on bonds a French corporation pays to a...
- Q Skyler is the CFO of A1A Carwash Inc. A1A Carwashs tax advisers have recommended two tax planning ideas, each providing $5,000,000 of current-year cash tax savings. One idea...
- Q Select all that apply Which of the following apply to managerial accounting? Multiple select question. Objective and reliable Information reported for whole company ...
- Q Cirice Corporation is considering opening a branch in another state. The operating cash flow will be $187,600 a year. The project will require new equipment costing $613,000 that would be...
- Q Which of the following accounts would normally have a credit balance?Multiple ChoiceCash, Repairs and Maintenance Expense, Dividends. Salaries Payable, Deferred Revenue, Delivery Expense. Accounts Payable, Service Revenue, Common Stock....
- Q Assume that two individuals agree to form a partnership. Partner A is contributing an operating business that reports the following balance sheet: Cash .$120,000 Accounts payable. $160,000 Receivables 160,000 Accrued...
- Q The length of the paper will be between 2200 to 2500 words, plus Exhibits. The topic for the Term Project may relate to any practical, conceptual, or regulatory issue pertaining...
- Q Land and a building were purchased for a sum of $200,000. Appraisals set the value of the land at $140,000 and the building at $70,000. How should the...
- Q Assume that Partners A and B each report a Capital Account of $650,000. Partner C wants to join the partnership as an equal one-third partner. Because the partnership has been...
- Q Briefly discuss what is meant by accrual accounting as a qualitative characteristic of annual financial statement and give an example.
- Q Which of the gollowing describe the rooe of the auditor with regards to the audit of any compnay financal statements Select all that apply
- Q In 2024, the Westgate Construction Company entered into a contract to construct a road for Santa Clara County for $10,000,000. The road was completed in 2026. Information...
- Q The entry "FICA Medicare" on a paystub refers to which of the following? Taxes, insurance premiums and the cost of other programs Amount withheld for federal income tax Amount...
- Q How does the hollywood studios strike affect the State of California budget?
- Q Frank, Cora, and Mitch are equal shareholders in Purple Corporation. The corporation's assets have a tax basis of $50,000 and a fair market value of $600,000. In the...
- Q In which general risk category would you classify ineffective sales staff? Environmental Risk Process Risk Information for decision making risk non of these
- Q Red Devils produces a soft drink which it distributes to a range of retailers. In addition to the costs of producing the product, Red Devils has identied a number of...
- Q Rickey Stahl earned royalties from writing books on a part-time basis. He did all his writing at home in his kitchen. His expenses included ...
- Q Sandhill Company manufactures equipment. Sandhills products range from simple automated machinery to complex systems containing numerous components. Unit selling prices range from $265,000 to $1,550,000, and are quoted inclusive of...
- Q Partnership accounting aIs the same as accounting for a sole proprietorship bIs the same as accounting for a corporation cIs the same as accounting for a sole proprietorship,...
- Q Differences between job-order and process costing include that process costing ______. Multiple select question. computes unit costs by job is used...
- Q Interpreting Disclosures of Investment Securities Amgen Inc. reports the following disclosure relating to its accumulated other comprehensive income. Foreign Cash Available- ...
- Q Aries Incorporated has sales of $205,000, a contribution margin of $75,400 and fixed costs of$20,000. If Aries would like to increase its operating income by 35%, it must increase its...
- Q Star Ltd is a company that trades in shoes and bags. The following information has been provided (the financial year runs from January to December): Additional...
- Q The oversight structure of financial reporting in Australia has many levels. The Companies Auditors Disciplinary Board (CADB) is part of which level? Regulation by the profession. Self or...
- Q In the current year, norman rambis a single taxpayer has 50000 of ordinary income, a net short term capital loss of 10000 a net long term capital gain...
- Q 13. Which of the following best describes the purpose of the Show Me feature in Tableau? Multiple Choice Guides the user through an analysis of data relationships. Helps the user...
- Q Which of the following statements explain how the accounting equation applies to business check all that apply the equation reflects the total of what a business owns at any...
- Q Tom, the sole shareholder of Blue Corporation, sold her stock to Jim on July 1 for $90,000. Tom's stock basis at the beginning of the year was $60,000. Blue Corporation...
- Q Industry Research, Lease Adoption In their adoption of ASC 842(Leases), companies in the travel and hospitality industry debated the question of whether hotel rooms are leases. Apply...
- Q why does a business hse a subsidairy ledger for accounts receivable? What types of information will be kept there?
- Q Sunshine Inc. sells a single product. The companys most recent income statement is given below: Sales (4000 units) $ 120,000 Less variable expenses $ (68,000)...
- Q As a result of TCJA, where partners may no longer deduct expenses on Schedule A, partners may:
- Q At the beginning of the current year, a donor gave a private NFP organization $100,000 in cash, with the provision that the cash be invested in income-producing securities....
- Q Allrounded Security has two operations departments (Events Security, and Mobile Patrol), and two support departments (Human Resources (HR), Information Technology (IT)). Prior to allocation of any support department costs, the...
- Q Appleco declared a bonus to Max on December 1,2024. Appleco's corporate year end is December 31,2024. The bonus was paid on June 1,2025. When...
- Q An oil well cost $1,802,500 and is calculated to hold 160,000 barrels of oil. There is no residual value. Which...
- Q What is an appropriate procedure for an audit associate to perform after the inventory observation? Receive documents from entity finance manager. Provide ICA a status of count and audit documentation....
- Q The comparative balance sheets of Shamrock Inc. at the beginning and the end of the year 2025 are as follows. Shamrock Inc. Balance Sheets ...
- Q 9. Give an example of each of the following: a quantitative basis for making a decision and a qualitative basis for making a decision.
- Q university of Zululand Accounting 302 past year papers
- Q Scott Inc. purchases 90% of Nina Corporation for on January 1, 2015 for $342,000 cash. On that date, Nina's book value is $$326,000. Nina...
- Q Nicholas receives loan proceeds today from a financial institution. Nicholas agrees to pay the financial institution $500 at the beginning of each month over a 3-year period, with the first...
- Q Q2What is the relationship between materiality and audit risk? How does an auditor determine materiality level? How does risk and materiality effect the auditors approach? What is the difference between...
- Q Lagace Ltd. entered into a lease on June 1, 2020. The lease term is six years and requires annual rental payments of $30,000 at the beginning of each year. Lagaces...
- Q debits to work in process invtory are accompanied by a acredit to all but which one of the following accounts?
- Q The following balances were extracted from the books of Eaglite Manufacturing Company for the year 2021: Beginning of year...
- Q Simon Company's year-end balance sheets At December 31 2017 2016 2015 Assets Cash $34,455 $40,670 $42,381 Accounts receivable, net 95,946 67,026 56,508 Merchandise inventory 120,634 89,484 59,597 Prepaid expenses...
- Q BC Company uses activity-based costing and has determined the following activity rates for each cost driver: Machining = $10 per machine hour Direct labor = $4 per direct labor hour...
- Q Which of the following statements is true with regards to activity- based costing rates?
- Q What are corporations that are subject to the Sarbanes Oxley Act and how?
- Q QUESTION THREE 30marks (i) From the following particulars, compute (a) Material Cost Variance, (3mks) (b) Material Price Variance, (3mks) (c)...
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