Accounting question and answers for December 12, 2023
- Q What constitutes "substantial authority" for purposes of the penalty of for substantial understatement of tax?
- Q Explain how will the current situation of pandemic Covid-19, effect the company profitability, fixed cost, variable cost and EBIT? Suggest ways to overcome it?
- Q In what ways can auditing standard boards improve reporting on single audits and enforce these guidelines?
- Q eBook Question Content Area Cash Receipts Budget and Accounts Receivable Aging Schedule Shalimar Company manufactures and sells industrial products. For next year, Shalimar has budgeted the following sales: ...
- Q Problem 5-8A Sage Hill Inc. operates a retail operation that purchases and sells snowmobiles, among other outdoor products....
- Q The direct write-off method estimates a percentage of receivables every month. Group of answer choices a) True b) False
- Q Ackermans Garage uses standards to plan and control labor time and expense. The standard time for an engine tune-up is 3.75 hours, and the standard labor rate is $18 per...
- Q A company's product sells at $12 per unit and has a $5 per unit variable cost. The company's total fixed costs are $98,000. The break-even point in units...
- Q Barney and Betty got divorced in 2018. In the divorce decree, Betty agreed to pay Barney $24,000 per year for five years (or until Barney's death or remarriage) and $10,000...
- Q Nighthawk Steel, a manufacturer of specialized tools, has $5,460,000 in assets. Temporary current assets $1,320,000 Permanent current assets 1,820,000 Capital assets 2,320,000 Total assets $5,460,000 Short-term rates are 4 percent....
- Q On May 1, 2020, company purchased some new office furniture (equipment) by exchanging an old computer (equipment) and PAID $500 in cash). This transaction has commercial substance. The computer cost...
- Q what is the difference between a bond coupon rate and its market interest rate
- Q An investment will pay you $10,000 in 10 years and it also will pay you $400 at the end of each of the next 10 years (Years 1 through 10)....
- Q Is it important for a company to follow a strict budget even though they may be experiencing phenomenal profits? Do you think that there will be a bias towards...
- Q Fashion Trends, Inc. a regional fashion apparel retailer, wants to prepare a 2012 Pro Forma Income Statement and a 2012 Balance Sheet using the following 2011 and 2010 data: ...
- Q Mickley Companys plantwide predetermined overhead rate is $19.00 per direct labor-hour and its direct labor wage rate is $15.00 per hour. The following information pertains to Job A-500: Direct materials...
- Q he Regal Cycle Company manufactures three types of bicyclesa dirt bike, a mountain bike, and a racing bike. Data on sales and expenses for the past quarter follow: Total Dirt...
- Q After the success of the companys first two months, Santana Rey continues to operate Business Solutions. The November 30, 2017, unadjusted trial balance of Business Solutions (reflecting its transactions for...
- Q Question 1: Koplan & Company reports the following data relative to its accounts receivable: 20202019 Average Accounts Receivable $400,000 $420,000 ...
- Q 3. Prepare an Escrow Account Checkbook Register and an Operating Account Checkbook Register for your firm, along with a Subsidiary Ledger for each client for the...
- Q Sunshine Companys costs for the month of August were as follows: direct materials, $ 30,000; direct labour, $ 35,000; sales salaries, $14,000; indirect labour, $10,000; indirect materials, $15,000; general corporate...
- Q Given what you now understand about governmental accounting, how would you rate the city or county in which you live with respect to its performance? Look up the CAFR for...
- Q Wilson Cullumber is a leading producer of vinyl replacement windows. The companys growth strategy focuses on developing domestic markets in large metropolitan areas. The company operates a single manufacturing plant...
- Q Does an accrual revenue normally have a debit or a credit balance? Please elaborate.
- Q Calculations of Ratio for Apple Plc Profitability Ratios Gross Profit Margin = 30% Net Profit Margin = 15% Return on Assets = 12.3% Liquidity Ratios...
- Q The accrued salary expense journal entry is a debit to Salaries Expense and a credit to Salaries Payable for $1000 on December 31. The company choose not to record reversing...
- Q Taxpayer files a 20X0 return on April 15,20X1 showing a tax liability of $500. On April 1,20X4 he files an amended return showing tax liability of $700 and he pays...
- Q 7 .IFRS requires segmented information be reported for: a)all operating segments b)all subsidiaries c)all reportable operating segments d)all designated operating segments e)all each material subsidiary and associated companies
- Q which of the following refers to a series of equal future cash flows? A. Overhead B. Future earning C. Annuity D. The discount factor
- Q Craver is a prominent figure in the philosophy of what? a) Mind b) Language c) Science ...
- Q How to prepare a schedule showing your estimate of loss
- Q Built Right Bike Company (BRBC) is an established manufacturer of quality bicycles. They manufacture three styles of bicycles. Bicycle A is a popular racing bicycle primarily sold to...
- Q The Gonzalez Group issued $900,000 of 13% bonds on June 30, 2024, for $967,707. The bonds were dated on June 30 and mature on June 30, 2044 (20 years). The...
- Q Havermill Co. establishes a $330 petty cash fund on September 1. On September 30, the fund is replenished. The accumulated receipts on that date represent $81 for Office Supplies, $153...
- Q The adjusted trial balance of Cullumber Company shows these data pertaining to sales at the end of its fiscal year, October 31, 2022: Sales Revenue $901,000; Freight-Out $12,100; Sales Returns...
- Q Jim Bob, an unmarried taxpayer, is 26 years old. This year (2019), he earned $50,000 gross income and he files head of household (HOH). His itemized deductions totaled $5,100. Compute...
- Q James Corp. applies overhead on the basis of direct labor hours. For the month of May, the company planned production of 10,000 units (80% of its production capacity of 12,500...
- Q Prepare vertical (as well as horizontal) common-size balance sheets and income statements for American airlines and united airlines. Note: Compute for the most recent THREE years
- Q When sales are made on credit, businesses typically will incur some amount of bad debt when not all customers pay their debt owed. These losses become operating expenses. Under accrual...
- Q (Note: please apply the PV factor/ discount factor whichever necessary in 4 decimal point). PV= 1/(1+i)^n Present Value of An Annuity of 1 PV=[1-(1/(1+i)^n)/i] Question 1 Mr....
- Q An intangible asset cost $300,000 on January 1, 2017. On January 1, 2018, the asset was evaluated to determine whether it was impaired. As of January 1, 2018, the asset...
- Q Should an auditor check all items and transactions in a particular class of transaction/account balance when carrying out either substantive or test of controls?
- Q Zachary Training Services (ZTS) provides instruction on the use of computer software for the employees of its corporate clients. It offers courses in the clients offices on the...
- Q What is E-Business? What is the social impact of E-Business( Individual & Society )? How did he help e-business in trading? What are the characteristics of E-Business? What are...
- Q Twin-Cities, Inc., purchased a building for $600,000. Straight-line depreciation was used for each of the first two years using the following assumptions: 20-year estimated useful life, with a residual...
- Q Suppose a computer software developer for a certain company purchased a computer system for $55,000 on April 27, 2017. The computer system is used for business 100% of the time....
- Q A taxpayer would generally prefer to see a(n): Group of answer choices Increase in the deferred tax liability account balance. Increase in the current tax expense. Decrease in the deferred...
- Q A company had net income of $279,449. Depreciation expense was $20,475. During the year, accounts receivable and inventory increased by $17,971 and $37,479, respectively. Prepaid expenses and accounts payable decreased...
- Q Problem No. 10 You plan to withdraw $80,000 per year for 30 years after you retire at age 65. You are age 25 now and want to make one deposit...
- Q Tax Assignment Three Chapter 06: Deductions and Losses: In General This assignment consists of three questions listed below. Answer the questions and submit your assignment to the drop box on...
- Q Cardinal Corporation reported pretax book income of $3,000,000. During the current year, the reserve for bad debts increased by $200,000. In addition, book depreciation exceeded tax depreciation by $100,000. Cardinal...
- Q The properties owned by a business enterprise are called: 1. Capital 2. Assets 3. Liabilities 4. Owner's equity...
- Q QUESTION #2(6MARKS) (CANADA) Your brother Michael has just started working as an engineer with a starting salary of $75,000. He wants to start saving some of his earnings for his...
- Q The actual cash received from cash sales was $71,315, and the amount indicated by the cash register total was $71,220. Journalize the entry to record the cash receipts and cash...
- Q Chairco, a domestic corporation, produces a line of low cost bar stools at its facilities in Missouri for sale throughout the United States. During the current year, Chaircos management has...
- Q Which forces typically represent horizontal competition in a value chain? Rivalry among existing firms and supplier power. Potential entry and buyer power. Substitutes and potential entry. Buyer...
- Q Some accountants have advocated that a companys human assets be measured and included directly in the financial statements. For example, the costs of hiring and training an employee would be...
- Q Problem 6-2A (Algo) Calculate ending inventory, cost of goods sold, sales revenue, and gross profit for four inventory methods (LO6-3, 6-4, 6-5) George Bicycle Shop has the following transactions related...
- Q The cumulative feature on preferred stock means that regular dividends to preferred stockholders omitted and past two years must be paid in addition to the current years dividend before...
- Q Which of the following items is NOT included in FASB's conceptual framework of accounting theory?
- Q Imperial Jewelers manufactures and sells a gold bracelet for $409.00. The companys accounting system says that the unit product cost for this bracelet is $264.00 as shown below:...
- Q For what reason in a usufruct should they coexist with the laws?respond based on the colombian civil law
- Q why is there no cumulative translation adjustment in temporal method? can I write both cumulative translation adjustment and translation gain/loss in temporal method?
- Q Direct Labor Variances Glacier Bicycle Company manufactures commuter bicycles from recycled materials. The following data for October of the current year are available: Quantity of direct labor...
- Q physical inventory of Liverpool Company taken at December 31 reveals the following. Per Unit Item Units Cost Market ...
- Q Using the weighted average method, compute the equivalent unuts of profuction if the beginning inventory conststed ot 20,000 units
- Q The Porter Company has a standard cost system. In July the company purchased and used 23,400 pounds of direct material at an actual cost of $68,000; the materials quantity variance...
- Q During the 5-year period preceding the sale, the taxpayer rented the property for two years and then used it as a principal residence for three years. How does renting a...
- Q Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales data for prepaid cell phones for May are as follows: Inventory Purchases Sales ...
- Q What are the advantages of a bond?
- Q QUESTION 30 Clark Corp. prepares monthly bank reconciliations of its checking account balance. The bank statement for May, 2020, indicated the following: The...
- Q Springfield Company offers a bonus plan to its employees and the amount of the employee bonuses for the current year is estimated to be $963,000 to be paid during January...
- Q Accounting for Membership Fees and Rewards Program BJs Wholesale Club Holdings, Inc., provides the following description of its revenue recognition policies for membership fees and its reward program. Performance Obligations...
- Q Bax Ltds statement of profit or loss for the year ended 30 June 2017 and extracts from its statements of financial position as at 30 June 2017 and 30 June...
- Q You sell a product for $1,000 in October. You receive $500 in October and $500 in November. How do you recognize the sale? Please show through the accrual method of...
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