Accounting question and answers for December 14, 2023
- Q Describe why the adjusting process is necessary and give an example of one of the following 4 types of adjusting entries: 1) Prepaid expense 2) Unearned revenue 3) Accrued revenue...
- Q One of the theories regarding initial public offering (IPO) pricing is that the initial return y (the percentage change from offer to open price) on an IPO depends on the...
- Q The Atlantic Medical Clinic can purchase a new computer system that will save $11,000 annually in billing costs. The computer system will last for nine years and have no...
- Q Westin Watercrafts predetermined overhead rate for year 2011 is 200% of direct labor. Information on the companys production activities during May 2011 follows. ...
- Q A consultant commented that "too often the numbers look good but feel bad." This comment often stems from estimation error common to capital budgeting proposals that relate to future cash...
- Q the following data are available for quarter company. increase in accounts payable $120000 increase in bonds payable $400000 sale of investments $150000 issuance of common stock 180000 payment of cash...
- Q Ben, age 67, and Karla, age 58, have two children who live with them and for whom they provide total support. Their daughter is 21 years old, blind, is not...
- Q What Capital Gain Tax (CGT) events apply to the following transactions? (a) You sell shares in QAN for $10,000. (b) You receive $800,000 in return for signing a three-year contract...
- Q during the first quarter of a year, three products were ordered on seperate orders at a price of $100.00 each. Payment terms with the supplier are 3/10, net 30 and...
- Q Comfy Chair Company makes two types of chairs, a lounge chair and a folding beach chair. The company uses a job-order costing system and applies overhead on the basis of...
- Q The Impact of Benefits on Net Pay memo
- Q Problem 12-6A Liquidation of a partnership LO P5 Kendra, Cogley, and Mei share income and loss in a 3:2:1 ratio (in ratio form: Kendra, 3/6; Cogley, 2/6; and Mei, 1/6)....
- Q How does professional skepticism impact an auditor's independence in auditing, and what are some of the key considerations that auditors should consider when applying professional skepticism to minimize threats to...
- Q The comparative balance sheet of Pelican Joe Industries Inc. for December 31, 2016 and 2015, is as follows: 1 Dec....
- Q Rory Company has an old machine with a book value of $77,000 and a remaining five-year useful life. Rory is considering purchasing a new machine at a price of $103,000....
- Q Electric, Inc. was incorporated on January 1, 2016. Electric issued 4000 shares of common stock and 1200 shares of preferred stock on that date. The preferred stock is cumulative, $100...
- Q Please Help. I answered these wrong and I took out the wrong answer. I am struggling. THANK YOU 1. The Carlquist Company makes and sells a product called Product K....
- Q Comprehensive problem with ABC costing. (LO 5) Pet Transport Company makes two pet carriers, the Cat-allac and the Dog-eriffic. They are both made of plastic with metal...
- Q In 2005, Mr. Earl, a single taxpayer, contributed $45,000 in exchange for 500 shares of DB stock. In 2008, he paid $40,000 to another shareholder to purchase 1,000 more DB...
- Q What are the processes to file an objection against a decision of the Commissioner? Discuss the key features of the objection and appeal process.
- Q What Capital Gain Tax (CGT) events apply to the following transactions? (a) You sell shares in QAN for $10,000. (b) You receive $800,000 in return for signing a three-year contract...
- Q A stakeholder is any person or entity that has an interest in the success or failure of a business or project. Discuss at least two types of stakeholders and give...
- Q A manufacturing company accumulates the following data on fixed overhead: Actual fixed overhead cost incurred: $21,000; Budgeted fixed overhead: $20,000; Applied fixed overhead: $24,000. The fixed overhead spending variance is
- Q Querrey Incorporated and Ronno Incorporated conduct business in a foreign country that imposes a 3 percent VAT. Querrey produces entertainment videos at a $5.6 material cost per unit and sells...
- Q As owner, which sales compensation plan would you choose if forecasted annual sales of the new store were at least ? What do you think of the motivational aspect of...
- Q Elk Company reports negative current E&P of $270,000 and positive accumulated E&P of $440,000. Elk distributed $340,000 to its sole shareholder, Barney Rubble, on December 31, 20X3. Barney's tax basis...
- Q What is the danger from an ethical perspective of having a CPA firm that conducts the audit of a public company to also engage in consulting for installation of a...
- Q 8 pts Which of the following is not true? Group of answer choices When management outsources their organizations IT functions, they also outsource responsibility for internal control. The financial justification...
- Q In 2005, Mr. Earl, a single taxpayer, contributed $45,000 in exchange for 500 shares of DB stock. In 2008, he paid $40,000 to another shareholder to purchase 1,000 more DB...
- Q California Pizza Kitchen opened its first restaurant In Beverly Hills in 1985. Almost immediately after the first location opened, it expanded from California to more than...
- Q The Brite Beverage Company bottles soft drinks into aluminum cans. The manufacturing process consists of three activities: Mixing: water, sugar, and beverage concentrate are mixed. Filling: mixed...
- Q Patterson Company issued 30-year bonds on June 30. The face value of the bonds was $750,000. The stated interest rate on the bonds was 6%. The market rate of interest...
- Q How are contributions to a pension plan reported in the statement of Revenues, Expenditures, and Changes in Fund Balance for governmental funds? a. As functional expenditures b. As other financing...
- Q Part 1A: Jemmott Corporation has two divisions: Western Division and Eastern Division. The following report is for the most recent operating period: Total...
- Q M3) Memory Company has determined that the unit Selling Price of a new product it is considering for production can be no higher than $36; Memory's desired profit is 50%...
- Q Acme Industries pays at the time-and-a-half rate for all time worked over 8 hours in any one day no matter how many hours are worked in a week. Susan Jones...
- Q Sebastian purchases two pieces of equipment for $193,000. Appraisals of the equipment indicate that the fair market value of the first piece of equipment is $135,100 and that of the...
- Q Liquidity ratios indicate a company's short-term debt-paying ability. These ratios include: (Select all that apply). Each incorrect answer results in a negative point mark. Select one or more: a. Quick...
- Q Which of the following is not a "relative" under the constructive ownership rules? a. a 60% owned corporation b. a partnership in which the taxpayer owns 20% c. a sister...
- Q Would business taxes make borrowing better or worse for investors? Using one scholarly source to support
- Q Chik Chik Company showed the following balances at the end of its first year: Cash 3000. Prepaid Insurance: 4700. Accounts Receivable: 3500. Accounts Payable: 2800. Notes Payable: 4200. Common Stock:...
- Q Heliot Company operates its business in State H, which levies a 6 percent sales and use tax. This year, Heliot purchased a $802,500 item of tangible property in State K...
- Q On February 15 of the current year, Young received a $10,000 lump-sum payment from a qualified profit sharing plan, the full amount of which Young rolled over into an IRA...
- Q a single taxpayer sold a residential building in 2019 with a gain of $10000
- Q Which of the following is correct? a.Credit is the normal balance of the accounts receivable account. b.Debit is the normal balance of the Income from Services account. c.Debit is the...
- Q Mission Corporation reported the following equity section on its current balance sheet. The common stock is currently selling for $18.00 per share. Common Stock, $5 par, 194,000 shares authorized, 143,000...
- Q Casey Nelson is a divisional manager for Pigeon Company. His annual pay raises are largely determined by his divisions return on investment (ROI), which has been above 22% each...
- Q A furniture manufacturer is considering a new product and must make a go-or-no-go decision before tomorrows planning team meeting. Market research shows that the unit selling price agreeable to potential...
- Q Q4. The 2021 income statement of Adrian Express reports sales of $20,710,000, cost of goods sold of $12,600,000, and net income of $1,980,000. Balance sheet information is provided in the...
- Q Sold and shipped Job No. 403 to the appropriate customer. All sales are on account 1/10, net 30 days, FOB shipping point. Luxurious Spa, Inc. marks up all work by...
- Q In your own words please tell us what the terms overapplied overhead and underapplied overhead mean. What items are included in overhead specifically. Explain the significance of these concepts in...
- Q Briefly describe some of the similarities and differences between GAAP and IFRS with respect to reporting accounting changes.
- Q Carlos has a basis in his partnership interest of $30,000. He receives a current distribution of $6,000 cash, unrealized receivables (FMV $11,000, basis $10,000), inventory (FMV $8,000, basis $4,000), land...
- Q when revenue should be recognized ?
- Q Axe Manufacturers produces a product with the following manufacturing cost hierarchy for its only current product. Activity Level Cost Unit 10 per unit Batch 250 per batch Product 5,000 per...
- Q As outside basis in a partnership is $20,000. She receives properties C and D in liquidation of his partnership interest. Neither property C and D is inventory or unrealized receivables....
- Q Jacob Dublin wants to create a fund today that will enable him to withdraw $25,700 per year for 8 years, with the first withdrawal to take place 4 years from...
- Q In the law of contract, once the contracting parties agree and the contract is entered into, nothing can spoil, impair or destroy the contract.Discuss
- Q Identify and explain when each of the following companies should recognize revenue for the sales of their products: A. Tractor Supply Co. is a retail store that sells products with...
- Q FOR BAKERY Budget: (1-2 pages) Build a budget plan for the first 2 years of production Conduct a variance analysis (15% 1-2 pages) Build a budget for the first...
- Q On January 1, the company issued $2.5 million of six-year, zero-interest-bearing notes along with warrants to buy 1.25 million common shares for $10 per share. The company received $1.9 million...
- Q 18) At the formation of the EA Partnership, Emily contributes land with a basis of $10,000 and an FMV of $30,000 and Andrea contributes cash of $30,000. Emily and Andrea...
- 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...
- Q Provide the reason(s) as to why an S corporation K-1 does not have liabilities and profit/loss interest on Shareholder information section relative to the K-1 for a partnership.
- Q Which of the following is not a source that can be used in preparing the sales budget? a.Marketing activities. b. Prior sales. c. The production budget. d. Industry trends.
- Q [The following information applies to the questions displayed below.] You have just been hired as a financial analyst for Lydex Company, a manufacturer of safety helmets....
- Q You purchase a $2,000 coin-op video game for your software company. You remove the coin-op mechanism so that the game can be played for free and put it in your...
- Q Do you have any concerns about Wirecards strategy
- Q Sales are all made on credit. We expect to receive 70% of the sales in the quarter of the sales and the remaining 30% in the quarter after the sale....
- Q Answer the following questions relating to the partnership business structure: Maximum 150 words What are the 3 elements of the statutory definition of a partnership? (3 marks) ...
- Q How do figure out issuance of bonds?Bonds are at 12% which implies a selling price of 88 1/2. A co issues 10%, 10 year bond with a par value of...
- Q The sales budget is usually the first and most crucial of the component budgets in a master budget because all other budgets rely on it for planning purposes. There are...
- Q hello, I was billed $74 dollars in September for the rental of a statistic book. I just realized I have also been getting charged $16 per month as well....
- Q Does an increase in the interest receivable increase cash flows from operations relative to net income?
- Q Can a CPA be independent without being objective? Why or why not? Can a CPA be objective without being independent? Why or why not? Does your answer matter assuming you...
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