Accounting question and answers for December 12, 2023
- Q For 1245 recapture to apply, MACRS depreciation must have been taken on the property. - True - False - Not applicable
- Q Harris Company manufactures and sells a single product. Required: 1. A partially...
- Q A $1000 bond redeemable at $1050 on December 1, 2016, pays interest at j2 = 6.5%. The bond is bought on June 1, 2014 to yield j2 = 5.5% to...
- Q Cameroon Corp. manufactures and sells electric staplers for $15.50 each. If 10,000 units were sold in December, and management forecasts 4% growth in sales each month, the dollar...
- Q A company with working capital of $930,000 and a current ratio of 3.5 pays a $143,000 short-term liability. The amount of working capital immediately after payment is a.$930,000 b.$787,000 c.$1,073,000...
- Q Logistics Solutions provides order fulfillment services for dot.com merchants. The company maintains warehouses that stock items carried by its dot.com clients. When a client receives an order from a customer,...
- Q Presented below are the components in Veasy Companys income statement. Determine the missing amounts. Sales Revenue Cost of goods Sold Gross profit Operating expenses Net Income a. $ 75,000 a....
- Q The following transactions occurred during the year. Record these transactions. HHL took out a long-term loan for $3 million. HHL purchased $1 million in inventory with cash. HHL purchased...
- Q 6. A disadvantage of a database management system (DBMS) is Shared access between users. Data standardization. Improved data security. Cost. 10. A proper sequence in a systems design...
- Q Integrated Excel - Tax Problem - Filing Status It's mid-December and Marie is finalizing her divorce. Generally, she and her soon to be ex-spouse have been amicable, and Marie is...
- Q Please read the attached article by Wylie Wong, "Small Businesses Get Tax Breaks to Buy Technology- Here's How to Take Advantage." Links to an external site. The 179...
- Q Zhang Industries budgets production of 250 units in June and 260 units in July. Each unit requires 1.5 hours of direct labor. The direct labor rate is $13.00...
- Q answer this rightly please please, also explain each part why u used that way thanksssss (asap please) Treadwell Co. uses the units of activity method for depreciation of...
- Q QUESTION 16 (35 Marks) LWF Corp. was a medium sized manufacturer of fixtures for home and industrial use. Established in 1994, the firm designed, manufactured, and distributed its...
- Q Problem 6-22 CVP Applications; Contribution Margin Ratio; Break-Even Analysis; Cost Structure [LO6-1, LO6-3, LO6-4, LO6-5, LO6-6] Due to erratic sales of its sole producta high-capacity battery for laptop computersPEM, Inc.,...
- Q Explain "Days of Inventory on Hand" and discuss the implications if the "Days of inventory on hand" show an increase annually Days of Inventory on Hand...
- Q 2) A companys legal department received notice that a patent giving the company the exclusive right to see a new type of software was approved. It is believed that the...
- Q Problem 4-47A Jessica Company manufactures hockey pucks and soccer balls. For both products, materials are added at the...
- Q Jakes Roof Repair has provided the following data concerning its costs: Fixed Cost per Month Cost per Repair-Hour Wages and...
- Q Which of the following is not an element of the fraud triangle?
- Q The Sendai Co., Ltd., of Japan has budgeted costs in its various departments as follows for the coming year: ...
- Q Jordan Company makes and sells products with variable costs of $24 each. Jordan incurs annual fixed costs of $415,800. The current sales price is $87. Note: The requirements of this...
- Q What is the graphical representation of the distribution of a dataset? A) Histogram B) Pie Chart C)...
- Q collect the industry average price multiples and the company's financial to compute the stock value based on the price multiples.Stock Value = Industry P/E * Company EPS Stock Value =...
- Q A depreciation expense is _____ to calculate net cash from operating activities using the indirect method A. deducted from gross income B. added to net income C. deducted from tax...
- Q (###12)No chat gpt answers & don't copy from chegg or else I'll give 5 downvotes A company holds an asset with a carrying amount...
- Q Moody Corporation uses a job-order costing system with a plantwide predetermined overhead rate based on machine-hours. At the beginning of the year, the company made the following estimates: ...
- Q Barkoff Enterprises, which uses the high-low method to analyze cost behavior, has determined that machine hours best explain the company's utilities cost. The company's relevant range of activity varies from...
- Q Explain a current liability, and identify the major types of current liabilities.
- Q The following events occurred in 2021 for Rosemary Inc. Nov. 1 Submitted articles of incorporation to the state government. Nov. 15 Application approved by state. The corporate charter authorizes 50,000,...
- Q your presentation The topic for the Presentation asks you to outline the way managers must use accounting in their positions , including how managers use financial statements in their daily...
- Q Relevant RangeandFixedandVariable Costs Vogel Inc. manufactures memory chips for electronic toys within a relevant range of 76,800 to 128,000 memory chips per year. Within this range,...
- Q Jim again. In 20x5 the benefit formula was changes so that the end of each year during retirement Jim will receive 4% of his final salary for each year of...
- Q Hazard Company began 2021 with a credit balance of $116,000 in the refund liability account. Sales and cash collections from customers during the year were $1,750,000 and $1,410,000, respectively. During...
- Q Grays Company has the following purchases and sales during the month of August. Using the FIFO perpetual inventory method, what amount will be reported as cost of goods...
- Q The comparative balance sheets of Sloan Company reveal that accounts receivable (before deducting allowances) increased by $15,000 in 2016. During the same time period, the allowance for uncollectible accounts increased...
- Q HawkHome Inc. Determining the Grant Date of Share-Based Payment Awards HawkHome Inc. (the "Company") is a smart-home automation company that builds and deploys solutions for property owners,...
- Q Ruff, Tuff, and Duff are partners sharing profits and losses 30/30/40. They have the following balance sheet: Cash $200,000 Payables to Creditors $250,000 Receivable from Ruff 50,000 Payable to Tuff...
- Q When the taxpayers home sale gain is completely excluded under the section 121 gain what action does the taxpayer take?A report the transaction on schedule D by showing sales proceeds...
- Q I need help asap! with this, i only need help with the example and an overall guide of how to do this and for me to understand what can...
- Q Prior to beginning work on this discussion forum, read Chapter 24 of your textbook. Imagine that you are a successful business executive for a toy company, ChoiceToys. You are tasked...
- Q IPSAS 1 deals with the Presentation of Financial Statements for the public sector, and was drawn from International Accounting Standard (IAS 1) which speaks to the Presentation of Financial Statements...
- Q ABC Company has received and paid the below invoices during the month of December 2017. For each question below, provide the corresponding journal entry. Invoices will not be capitalized. ...
- Q On April 30, the end of the first month of operations, Joplin Company prepared the following income statement, based on the absorption costing concept: Joplin Company Absorption...
- Q Ida Company produces a handcrafted musical instrument called a gamelan that is similar to a xylophone. The gamelans are sold for $850. Selected data for the companys operations last year...
- Q Charitable contributions have a relatively lengthy history as being part of our federal income tax system for individual taxpayers. A deduction for charitable contributions has consistently been included as one...
- Q a. Compare the common size balance sheet statements of each company. Explain and identify two major differences over time and/or between the companies using the common-size balance sheet...
- Q Which of the following statements is true? Group of answer choices The exclusion for scholarships and fellowships applies only to undergraduate students. Political contributions are never deductible....
- Q A company's December 31 work sheet for the current period appears below. Based on the information provided, what is net income for the current period? ...
- Q On July 1, 2021, a company sold a machine for $3,500 cash that it had used for 8.5 years. The machine original machine cost was $20,000, and the machine was...
- Q Chapter 5 in the textbook provides examples of allocation of support department costs in manufacturing settings for determining product costs. Why would allocation of support department costs be important in-service...
- Q A petty cash fund is in balance when it
- Q Shannon Polymers uses straight-line depreciation for financial reporting purposes for equipment costing $660,000 and with an expected useful life of 4 years and no residual value. For tax purposes, the...
- Q Walnut Acres Corporation purchased land adjacent to its plant to improve access for trucks making deliveries. Various expenditures incurred were as follows: 1. Purchase price, $55,000 2. Brokers fees, $6,000...
- Q Medicraft (Pty) Ltd is a manufacturer of medical devices, regarded as a process of manufacture by the South African Revenue Service. The company is in the...
- Q Walsh Company expects sales of Product W to be 60,000 units in April, 75,000 units in May and 70,000 units in June. The company desires that the inventory on hand...
- Q Timekeeper Inc. manufactures clocks on a highly automated assembly line. Its costing system uses two cost categories, direct materials and conversion costs. Each product must pass through the Assembly Department...
- Q 11. Net sales is the amount of actual sales after reducing the sales return, allowances and discounts from gross sales. Here gross sales= 500,000 , sales return = 10,000 and...
- Q Calculate the BitMEX funding rate when the interest quote index (IQ) is 0.8% per day, the interest base index (IB) is 1.1% per day and the premium index (P) is...
- Q Gillis Co. reported the following January purchases and sales data for its product: Date Activity Units Cost 1/1 Beginning Inventory 140 $6 ...
- Q Hill Industries had sales in 2019 of $6,800,000 and gross profit of $1,100,000. Management is considering two alternative budget plans to increase its gross profit in 2020. Plan A would...
- Q Please explain what the difference is between Apportionment and Reapportionment in Cost Accounting. Please try and use terminology that isn't hard to comprehend in the explanations
- Q A manufacturing company leases for 100,000.00 dollars/ year a building that houses its manufacturing facilities. In addition, the machinery in the building being paid for installments of 20,000.00 dollar/year. Each...
- Q Consider the following perpetual system merchandising transactions of Belton Company. Use a separate account for each receivable and payable; for example, record the sale on June 1 in Accounts ReceivableAvery...
- Q Hank started a new business, Hank's Donut World (HW for short), in June of last year. He has requested your advice on the following specific tax matters associated with HW's...
- Q What are the material quantity and material price variances? What are the labour quantity and labour price variances? What are the overhead quantity and overhead price variances?...
- Q Morgan Company's budgeted income statement reflects the following amounts: Sales Purchases Expenses January $ 120,000 $ 79,100 $ 24,400 February 110,000 67,100 24,600 March 125,000 82,350 27,400 April 130,000 85,600...
- Q Page Company makes 30% of its sales for cash and 70% on account. 60% of the credit sales are collected in the month of sale, 25% in the...
- Q Which of the following transactions would increase the equity of a company? a) Payment of dividends b) Issuance of common stock c) Purchase...
- Q The SLIMS COMPANY Slim R. started a new business, The Slims Co, on January 2022, that sells 2 products P1 and P2. During the first month of operations, the...
- Q Assume the list below shows part of the balance sheet and income statement of Pineapple Co., for FY 2022. Based on the information, calculate the accounts receivable...
- Q Davis, Inc., had the following quality costs for the years ended December 31, 20x4 and 20x5: 20x4 20x5 Prevention costs: ...
- Q Lobster Trap Company is considering automating its manufacturing facility. Company information before and after the proposed automation follows: Before Automation After...
- Q In accounting for partnerships, maintaining accurate capital accounts for each partner is extremely important. Provide journal entries in good form for each of the transactions below. ...
- Q Chapter 16, D.1 Taxpayer has a gas card he uses for all the gas purchased for his personal car. During the year he paid $500 in interest for gas charged...
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