Accounting question and answers for December 14, 2023
- Q Jill is single, age 27, and reported AGI of $61,000 in tax year 2013. She is an active participant in her employer's pension plan. What is the maximum deductible Roth...
- Q Undercosting a product increases the profit from the product and benefits the firm. Do you agree? Why?
- Q What are the responsibilities of auditors for the interim financial statements of public companies? Cite related professional pronouncement(s).
- Q Zing Cell Phone Company entered I to the following transactions involving current liabilities during 2020 and 2021. 2020 Mar.14 Purchased merchandise on credit fromferris inc.for136,000 . The terms were 1/10,...
- Q Bolton Corporation had additions to retained earnings for the year just ended of $359,000. The firm paid out $181,000 in cash dividends, and it has ending total equity of $4.86...
- Q \table[[Less treasury stock, at cost:,,],[741,052,632 shares in current year and 649,576,808 shares in prior year,36,160,30,482],[Total Merck & Co., Inc. stockholders' equity,$48,480,$49,624 ANSWER FOR b, c, AND...
- Q Thomas Company began its operations in 2027 and applies overhead costs to jobs using a pre-determined overhead rate equal to 60% of direct labor...
- Q Hydro Sports budgets overhead cost of $760,000 for the year. The company manufactures two types of jet skis: standard and deluxe. Budgeted direct labor hours per unit are 7 for...
- Q contabilidad gerencial DeMont Tax Services ofrece principalmente dos lneas de servicio: contabilidad e impuestos. Los servicios relacionados con la contabilidad representan el 60% de sus ingresos y proporcionan un...
- Q How could you implement Microsoft Excel at your current/prospective job? What features of Microsoft Excel do you find most helpful? What features of Microsoft Excel do you find least helpful?
- Q Hanung Corp has two service departments, Maintenance and Personnel. Maintenance Department costs of $400,000 are allocated on the basis of budgeted maintenance-hours. Personnel Department costs of $200,000 are allocated based...
- Q Sampson Apparel Inc. Sampson Apparel Inc. incurred actual variable overhead expenses of $20,000 in the current year for the production of 5,000 units. Variable overhead was applied at a rate...
- Q Loblaw Companies Limited is one of the largest and most recognized brands in Canada. From SEDAR or the company website, access the most recent year-end financial statements and annual report,...
- Q Contract performance will be excused under the following circumstances: a. Voidable contract by either party. b. Impossibility, such as the subject matter of the contract is destroyed while...
- Q A food manufacturer reports the following for two of its divisions for a recent year. ($ millions) Beverage Division Cheese Division Invested assets, beginning $ 2,685 $ 4,480 Invested assets,...
- Q Para una empresa multinacional de Estados Unidos, consolidar los estados financieros de subsidiarias extranjeras requiere dos pasos. Primero, los estados de la subsidiaria extranjera se deben reestablecer de...
- Q Sebastian purchases two pieces of equipment for $171,000. Appraisals of the equipment indicate that the fair market value of the first piece of equipment is $119,700 and that of the...
- Q Marco Cortez has finally decided that it is time to retire. His plan is to sell his house and move into a condo. Over his life he has collected a...
- Q A restaurant has a check average of $12 and variable costs per guest of $4.80. If its fixed costs are $38,500 each month, what is the sales revenue required to...
- Q Roberson Robotics outsourced component BF-653, a key component of many of its products. At the time, CFO Sam Winters concluded that outsourcing was the correct decision, but she decided to...
- Q A companys offering cash flow of $10000. If general and administrative expenses and depreciation expense are both $3000 interest expense is $1000 and firms profit margin is 5%, what is...
- Q Salmone Company reported the following purchases and sales of its only product. Salmone uses a perpetual inventory system. Determine the cost assigned to the ending inventory using FIFO. ...
- Q A process yields 60% of input as main product and 30% as by-product. 10,000 units were given as input at a cost of OMR 18,000. Other charges incurred are OMR...
- Q Using the "Human Life Value" method, how much life insurance should you purchase if you have 45 years until retirement, an annual income of $61,500 received at the start of...
- Q What are the 6 types of decisions for which differential analysis is used? Choose 4 and name an example for each.
- Q A couple named Harriet and Walter were divorced in 2015. During their marriage they owned a house together. Harriet continued to live in the house because of the poor state...
- Q In view of the difficulty in estimating future events, would you recommend that accountants wait until collections are made from customers before recording sales revenue? Should they wait until known...
- Q the audit trail can improve which one of the following a) bad debt expense b) progress invoicing c) creating estimates d) internal control
- Q Kaysia participates in a SIMPLE plan provided by her employer. In 2013, she contributes 6% of her $40,000 salary, and her employer contributes 3% to the plan. What amount of...
- Q Jager Inc. holds 30% of the outstanding voting shares of Kinson Co. and appropriately applies the equity method of accounting. Amortization associated with this investment equals $11,000 per year. For...
- Q which type of settlement option pays for over a predetermined time frame? a. fixed period b. lump sum . c. fixed a mount . d. lifetime income. e. interest only.
- Q What is a ACF chart telling you? How would you interpret the chart and its numbers? How will this information help you to select the best forecasting model from...
- Q The company produces a single product and has prepared the following standard cost sheet for one unit of the product. Direct Labor: 3 hours at $12.00 per hour...
- Q Problem 12-3A Indirect: Statement of cash flows LO A1, P1, P2, P3 Forten Company, a merchandiser, recently completed its calendar-year 2015 operations. For the year, (1)...
- Q Which of the following financial statements is least likely to be prepared on a monthly basis in a closely held corporation? A. All of the statements are equally likely to...
- Q I did try journalize , post to the ledger account, prepared trial balance but i need find my mistake on trial balance sheets. please help me ASAP.
- Q Assume that a $1,000 Five-Year term insurance policy is issued to Tom , a 35-year-old male. Please Calculating the NSP(net single premium) for a Five-Year Term Insurance Policy to Tom.
- Q A credit card payment received against/on an open invoice would be recorded using the: Multiple Choice Statements icon in the Customers section of the Home Page ...
- Q An improvement to the use of a predetermined overhead rate for assigning overhead costs to manufactured products is: Group of answer choices activity-based costing process costing ...
- Q HELP! When a parent company acquires a less-than-100 percent controlling interest in a subsidiarywhat portion of that subsidiary's financial data does the parent consolidate?
- Q Raw Materials Inventory decreases when a)materials are used. b)goods are sold. ...
- Q Taylors Manufacturing is approached by an overseas customer to fulfill a one-time-only special order for a product similar to one offered to domestic customers. Taylors Manufacturing has excess capacity. The...
- Q What 6 major conclusions can be drawn from the ratios below about the companys future? Explain. (6 marks) Ratio 20X9 ...
- Q Which job will pay you more? (Just write A or B) A: $36,000 salary per year. B: $15.25/hour for 40 hours a week and 48 weeks per year. What is...
- Q The plus side of a T account represents the. a. normal balance of that account b. double balance of that account c. trial balance of that account d. footings balance...
- Q For a 20% interest in partnership capital, profits, and losses, Thug contributes a machine having a basis of $30,000 and an FMV of $40,000. The partnership also assumes a $24,000...
- Q Barker Production Company is considering the purchase of a flexible manufacturing system. The annual cash benefits/savings associated with the system are: Decreased waste $ 75,000 Increased quality 100,000 Decrease in...
- Q You have just been advised that your organization is opening an office in Qubec. Describe the employer contributions that are specific to the province of Qubec, their rates and thresholds...
- Q Mary purchased goods from Patrick. Journalize the following transactions in the books of Mary ands Patrick: Mary purchased goods for $1,500, terms, 1/10, n/30. The cost to the seller is...
- Q Which of the following accounts has a normal credit balance? Cash Deferred Revenues Dividends Accounts Receivable Insurance expense
- Q Suppose that in a study, time collection proceeds in 8 waves: 0(baseline), 1,2,3,5,7,9,12 months. Let Yi denote the vector of observed responses for a subject who missed second and fifth...
- Q Ruslan has owned a rental home for many years, but in December 2021, his long-time tenant moved out. In January 2022, Ruslan began renting the property to a coworker who...
- Q MM Company is preparing budgets for the quarter ending June 30th. Budgeted sales for the next five months are: April 20,000 units May 50,000 units June...
- Q 3. The total cost of completed but undelivered jobs equals the balance in the Work in Process Inventory account. True or False
- Q Factors that affected the development of accounting during the nineteenth century
- Q Explain how cost accounting information is used for decision making and performance evaluation in organizations.
- Q Use the unadjusted trial balance of Electric Bike on December 31,2023. \table[[Cash,Debit,Credit],[Accounts receivable,$8,700,],[Merchandise inventory,23,265,],[Store supplies,35,200,],[Office supplies,2,715,],[Prepaid insurance,835,],[Equipment,3,855,],[Accumulated depreciation, equipment,81,090,],[Accounts payable,,$14,255
- Q Income Statement of Al Fahdi Company L.L.C. for the year ended 31st December, 2018 ...
- Q Margo, a calendar year taxpayer, paid $580,000 for new machinery (seven-year recovery property) placed in service on August 1, 2017. Use Table 7-2. How would your computation change if...
- Q Explain the differences between participation and nonparticipation as styles of budgeting and discuss the advantages of each.
- Q Accounting Help! The South Division of Wiig Company reported the following data for the current year. Sales $ 2,943,000 Variable costs ...
- Q how will DACA being terminated will affect the chicano population
- Q Which of the following ratios indicate strong capacity for a company? Select ALL correct answers. Low operating margin ratio Low profit margin ratio Low debt to equity ratio Low asset...
- Q What is the formula for the annual rate of return? A : Expected Annual Net Income Average Investment B : Annual Cash...
- Q On September 1, Tata Steel shares are selling at INR 420. The standard deviation of the stock prices has been estimated as 14%. 2-months Call and put options with an...
- Q Nate transfers property to Mega Bank Trust Co. as trustee under a trust instrument that contains the following provisions: The trustee shall distribute as much of the trust income or...
- Q support dept #1 support dept #2 operating #1 operating #2 total departmental costs $ 90,000.00 $ 60,000.00 $ 700,000.00 ...
- Q Lance Lawn Services reports warranty expense by estimating the amount that eventually will be paid to satisfy warranties on its product sales. For tax purposes, the expense...
- Q Futura Company purchases the 76,000 starters that it installs in its standard line of farm tractors from a supplier for the price of $11.10 per unit. Due to a reduction...
- Q ONLY NEED HELP WITH QESTION 5 Blast it! said David Wilson, president of Teledex Company. Weve just lost the bid on the Koopers...
- Q Product Cost Method of Product Costing MyPhone, Inc. uses the product cost method of applying the cost-plus approach to product pricing. The costs of producing and selling 4,770...
- Q The following transactions occurred for the Fierro Company. A three-year fire insurance policy was purchased on July 1, 2024, for $12,240. The company debited prepaid insurance for the entire...
- Q Discuss two limitations of financial statement analysis and discuss each limitation.
- Q Las empresas multinacionales ABC, EFG y XYZ presentan los siguientes ndices : ABC EFG XYZ Razn de Ventas al extranjero/Total ventas 69% 65% 73.9%...
- Q 2.4 Discuss and compare how the companies implement the Contemporary Management Techniques for Samsung and xiaomi company
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