Accounting question and answers for July 01, 2023
- Q IIA Performance Standard 2050 covers the co-ordination ofinternal and external audit and contains the following requirement:“the CAE should share information and coordinate activities withother internal and external providers of relevant...
- Q 1. Reed Corp. sells $700,000 of bonds to private investors. Thebonds are due in five years, have a 4% coupon rate and interest ispaid semiannually. The bonds were sold to...
- Q Mo Rocka is transferred to a new job by her employer. Thetransfer meets the distance and time tests. She incurs packing andmoving expenses of $4,100. The cost of her lodging...
- Q On January 1, 20x6, Cell Co. lends some money in exchange for a10% $100,000 10-year note. The market rate for similar notes is 8%.Interest is received semiannually each July 1...
- Q Leslie Sporting Goods is a locally owned store that specializesin printing team jerseys. The majority of its business comes fromorders for various local teams and organizations. While Leslie’sprints everything from...
- Q 31. OnJanuary 1, Patterson Inc. issued $4,000,000, 9% bonds for$3,756,000. The market rate of interest for these bonds is 10%.Interest is payable annually on December 31. Patterson uses theeffective-interest...
- Q Your clients, Adam and Amy Accrual, have a 21-year-old daughternamed April. April is single and is a full-time student studyingfor her bachelor’s degree in accounting at California Poly Academy(CPA) in...
- Q The XYZ Tax Return Firm prepares tax returns for individual,partnership, and corporate clients. It competes and plans to growby preparing returns faster than other firms and to charge itsclients lower...
- Q Polaski Company manufactures and sells a single product called aRet. Operating at capacity, the company can produce and sell 48,000Rets per year. Costs associated with this level of production andsales...
- Q daughn corporation is considering investing in a new facilitythe estimated cost of the facility is 1904630 it will be used for12 years then sold for 713200 the facility will generate...
- Q Superior Markets, Inc., operates three stores in a largemetropolitan area. A segmented absorption costing income statementfor the company for the last quarter is given below:Superior Markets, Inc.Income StatementFor the Quarter...
- Q Mercer Asbestos Removal Company removes potentially toxicasbestos insulation and related products from buildings. There hasbeen a long-simmering dispute between the company’s estimator andthe work supervisors. The on-site supervisors claim that...
- Q As a small business owner, your financial strategy may be limitedby the lack of revenue during periods of your business. Thesefiscal challenges may be overcome by understanding and utilizationthe company’s...
- Q Jackson County SeniorServices is a nonprofit organization devoted to providing essentialservices to seniors who live in their own homes within the JacksonCounty area. Three services are provided for seniors—home nursing,Meals...
- Q Smoky Mountain Corporation makes two types of hiking boots—theXtreme and the Pathfinder. Data concerning these two product linesappear below:XtremePathfinderSelling price per unit$128.00$90.00Direct materialsper unit$63.10$50.00Direct labor perunit$12.00$8.00Directlabor-hours per unit1.5DLHs1.0DLHsEstimated annualproduction and...
- Q Journalize the following business transactions in generaljournal form. Identify each transaction by number. You may omitexplanations of the transactions. 1. The company issues ordinary sharesin exchange for ?25,000 cash. 2. ...
- Q Cutting Edge is a monthly magazine that has been on themarket for 18 months. It currently has a circulation of 1.4 millioncopies. Negotiations are underway to obtain a bank loan...
- Q Problem 1The All Souls Hospital has three service departments (NursingSupport, Maintenance and Administration) and two operatingdepartments (Inpatient and Outpatient.) Selected data from a recentperiod on the five departments follows.ServiceDepartmentsOperating DepartmentsNursing...
- Q Khaleesi Corporation (“Khaleesi”) leases dragonglass weapons tocustomers. She gains a loyal following of customers becausedragonglass is of limited supply but high demand due to itsusefulness for the upcoming winter. Further,...
- Q how are transactions recorded in a computerized accountinginformation system?
- Q Required informationExercise 10-15 Straight-Line: Amortization and accrued bondinterest expense LO P2[The following information applies to the questionsdisplayed below.]Duval Co. issues four-year bonds with a $117,000 par value onJanuary 1, 2017,...
- Q Mokunt (Pty) Ltd have the following information in their books,which they want to use for planning purposes for 2019. Quarter 1Quarter 2 Quarter 3 Quarter 4 Budgeted Sales in units...
- Q Prepare in good form: an Income Statement, Statement of Owner’sEquity 2. Classified Balance Sheet, 3. Calculate the Current Ratioand prepare the Closing Entries in a general journal Question #1 –35...
- Q Cardinal Company is considering a five-year project that wouldrequire a $3,025,000 investment in equipment with a useful life offive years and no salvage value. The company's discount rate is16%. The...
- Q Jake’s Roof Repair has provided the following data concerningits costs:Fixed Costper MonthCost perRepair-HourWages andsalaries$20,900$15.00Parts andsupplies$7.60Equipmentdepreciation$2,790$0.55Truck operatingexpenses$5,790$1.80Rent$4,660Administrativeexpenses$3,890$0.70For example, wages and salaries should be $20,900 plus $15.00per repair-hour. The company expected to...
- Q Fairmount Travel Gear produces backpacks and sells them tovendors who sell them under their own label. The cost of one of itsbackpacks follows:Materials $ 18.30Labor 12.30Variable overhead 5.30Fixed overhead ($2,853,900...
- Q Presented here are the comparative balance sheets of Hames Inc.at December 31, 2020 and 2019. Sales for the year ended December31, 2020, totaled $590,000.Assets20202019Cash$21,000$19,000Accounts receivable78,00072,000Merchandise inventory103,00099,000Total current assets$202,000$190,000Land50,00040,000Plant and equipment125,000110,000Less:...
- Q Question 3: Variance Analysis (20 marks in total) The followingstandard cost data relate to the operation of Dragon Company for2016. The standard cost per unit is based on the normal...
- Q 8. Holton Company makes three products in a single facility.Data concerning these products follow:ProductABCSelling price per unit$94.50$79.60$112.60Direct materials$41.20$44.40$67.70Direct labor$29.70$14.20$16.70Variable manufacturing overhead$5.70$4.80$7.80Variable selling cost per unit$7.20$3.40$4.80Mixing minutes per unit12.802.502.50Monthly demand in...
- Q Martinez Company's relevant range of production is 7,500 unitsto 12,500 units. When it produces and sells 10,000 units, its unitcosts are as follows: Amount per Unit Direct Materials $5.50,Direct Labor...
- Q 1. Jimmy borrowed $23,000 from BB&T for 200 days at 8 ¾ %simple interest. Find the maturity value of the simple interestnote. 2. At 120 days into the note, BB&T...
- Q On July 1, 2018, Tony and Suzie organize their new company as acorporation, Great Adventures Inc. The following transactions occurfrom August 1 through December 31. Also, the balances are providedfor...
- Q Katie is a shareholder in Engineers One, a civil engineeringcompany. This year, Katie's share of the net business income fromEngineers. One is $200,000. Assume that Katie's allocation of wagespaid by...
- Q An industrial engineer is considering two robots for purchase bya fiber optic manufacturing company. Robot X will have a first costof $125,000, an annual maintenance and operation (M&O) cost of$40,000,...
- Q Which of the following companies would you expect to have thehighest operating leverage number and which would have the lowest?Be sure to explain your choices.AmazonIntelWalmart
- Q Explain the difference between proprietorships, partnership, andcorporations based on owners, life of the organization, liabilityof owners, and legal status?
- Q 400 or more words discuss the difference between managerialaccounting and financial accounting. Do some research and findexamples of ways that management accounting and financialaccounting help companies, economy, and others. If...
- Q A) Which of the following industries would typically usejob order costing, and which would typically use processcosting?Clothing factoriesAccounting consulting firmsFood companiesShampoo manufacturerAircraft manufacturing companySports drink manufacturerB) Fortress Steel Company has...
- Q Question 2: Budget (20 marks in total) Lulu Company has thefollowing budgeted sales for the next six-month period: Month UnitSales January 48,000 February 84,000 March 60,000 April 72,000 May48,000 June...
- Q Misstatements were identified in the confirmation of accounts receivable. Indicate whether you believe these indicate one or more deficiencies in internal control.
- Q From a Financial Managers standpoint , how might the financialmanager argue that this case is ethical and how might they argue itis unethical? Both sides of the argument. CASE: Trigon...
- Q An entrepreneur is considering a new project consisting of anapartment building with 50 units. Each unit can be rented for$950/month. It is expected to have an average vacancy rate of...
- Q aKansas Company uses a job costing accounting system for itsproduction costs. The company uses a predetermined overhead ratebased on direct labor-hours to apply overhead to individual jobs.The company prepared an...
- Q Consider the following financial data for Fortnite Corp:Projected Sales per month = 150,000 unitsSelling Price = $19.95 per unitExpenses:Raw Material = $7.50 per unitAssembly labor = $5.00 per unitOperating Expenses...
- Q Smoky Mountain Corporation makes two types of hiking boots—theXtreme and the Pathfinder. Data concerning these two product linesappear below:XtremePathfinderSelling price per unit$120.00$87.00Direct materials per unit$65.20$51.00Direct labor per unit$11.20$8.00Direct labor-hours per...
- Q Variable Costing, Absorption CostingDuring its first year of operations, Snobegon, Inc. (located inLake Snobegon, Minnesota), produced 40,000 plastic snow scoops.Snow scoops are oversized shovel-type scoops that are used to pushsnow...
- Q On the day of his daughter's birth, a father decided toestablish a fund for her college education. The father wants to beable to withdraw $4000 from the fund on her...
- Q What are the steps to finding out the FIFO and the LIFO and theaverage cost in Accounting?
- Q Required informationProblem 14-15 Comprehensive Ratio Analysis [LO14-2, LO14-3,LO14-4, LO14-5, LO14-6][The following information applies to the questionsdisplayed below.]You have just been hired as a financial analyst for LydexCompany, a manufacturer of...
- Q Foreign Currency ImpactKellogg included the following note in its fiscal 2015 10-Kreport ($ millions).Comparable net income attributable to Kellogg............................. $1,257Foreign currencyimpact................................................ (100)Currency neutral comparable net income attributable to Kellogg................ $1,357a....
- Q FloorMate Carpet Company manufactures carpets. Fiber is placedin process in the Spinning Department, where it is spun into yarn.The output of the Spinning Department is transferred to the TuftingDepartment, where...
- Q Gallatin Carpet Cleaning is a small, family-owned businessoperating out of Bozeman, Montana. For its services, the companyhas always charged a flat fee per hundred square feet of carpetcleaned. The current...
- Q The K&K Motel has 100 rooms and a swimming pool. Otheractivities such as vending machine sales and telephone sales areoperated on a breakeven basis and may be ignored.Compute the net...
- Q Cotrone Beverages makes energy drinks in three flavors:Original, Strawberry, and Orange. Company is currently operating at75 percent of capacity. Worried about the company's performance,the company president is considering dropping the...
- Q Serial Problem Business Solutions LO P2, P3The December 31, 2017, adjusted trial balance of BusinessSolutions (reflecting its transactions from October throughDecember of 2017) follows. NoAccountTitleDebitCredit101Cash$50,801106Accountsreceivable5,568126Computersupplies620128Prepaidinsurance1,530131Prepaidrent750163Officeequipment8,900164Accumulateddepreciation—Office equipment$445167Computerequipment22,400168Accumulateddepreciation—Computer equipment1,400201Accountspayable2,000210Wagespayable460236Unearnedcomputer services revenue2,100301S. Rey,Capital64,000302S. Rey,Withdrawals7,600403Computerservices...
- Q Matheson Electronics has just developed a new electronic devicethat it believes will have broad market appeal. The company hasperformed marketing and cost studies that revealed the followinginformation:New equipment would have...
- Q Peyton Smith enjoys listening to all types of music and ownscountless CDs. Over the years, Peyton has gained a local reputationfor knowledge of music from classical to rap and the...
- Q Rolfe Company (a U.S.-based company) has a subsidiary in Nigeriawhere the local currency unit is the naira (NGN). On December 31,2016, the subsidiary had the following balance sheet (amounts arein...
- Q Give examples of functional departments
- Q When preparing a statement of cash flow using the indirectmethod, I know we start with the net income amount from the incomestatement and make adjustments to non cash expenses such...
- Q Do you think flowcharting is a useful skill for auditors? Whatare some potential benefits of preparing a flowchart for aprocess?
- Q Problem 14-5A Empire Company is a manufacturer of smart phones.Its controller resigned in October 2017. An inexperienced assistantaccountant has prepared the following income statement for themonth of October 2017. EMPIRE...
- Q 1. What are the advantages and disadvantages of using interviewtechniques to collect data?2. What are the benefits of sampling?3. You want to collect eating behavior information aboutpreschool youth, elementary youth,...
- Q On February 1, 2017, a new software development firm engaged inan initial public offering in which it raised $495,000 in capitaland issued 30,000 shares of $1 par value common stock....
- Q On January 1, 2018 WAG entered into a non-cancellable leaseagreement with PE for the lease of specialized laboratory equipmentdesigned to draw blood to perform health tests for their customers.The lease...
- Q On January 1, 2018, Professor's Credit Union (PCU) issued 6%,20-year bonds payable with face value of $700,000. The bonds payinterest on June 30 and December 31.Requirement 1: If the market...
- Q 1) What is IRC section 751 recapture and how is it taxed? is itordinary or capital?2) How does it impact your gain on the sale of an appreciatedasset?
- Q The adjusted trial balance for Pharoah Company is givenbelow.Pharoah CompanyTrial BalanceAugust 31, 2020BeforeAdjustmentAfterAdjustmentDr.Cr.Dr.Cr.Cash$10,200$10,200Accounts Receivable8,9009,900Supplies2,300600Prepaid Insurance3,8002,700Equipment13,50013,500Accumulated Depreciation-Equipment$ 3,700$ 4,500Accounts Payable5,8005,800Salaries and Wages Payable01,400Unearned Rent Revenue1,400800Common Stock11,20011,200Retained Earnings3,6003,600Service Revenue33,90034,900Rent Revenue11,10011,700Salaries and Wages...
- Q The comparative balance sheet of Whitman Co. at December 31,20Y2 and 20Y1, is as follows: Dec. 31,20Y2 Dec. 31,20Y1AssetsCash$ 910,700$ 978,540Accounts receivable (net)828,740755,880Inventories1,256,7701,156,590Prepaid expenses29,14034,610Land313,280473,560Buildings1,448,010892,490Accumulated depreciation-buildings(409,820)(382,490)Equipment509,990450,800Accumulated depreciation-equipment(140,250)(157,550)Total assets$4,746,560$4,202,430Liabilities and Stockholders'EquityAccounts payable (merchandise creditors)$...
- Q Toxaway Company is a merchandiser that segments its businessinto two divisions—Commercial and Residential. The company’saccounting intern was asked to prepare segmented income statementsthat the company’s divisional managers could use to...
- Q Financial statements rely on countless estimates byaccountants, including the useful life of buildings and equipment,the dollar amounts that will be collected from customers whopurchase on credit, the prediction of future...
- Q Forten Company, a merchandiser, recently completed itscalendar-year 2017 operations. For the year, (1) all sales arecredit sales, (2) all credits to Accounts Receivable reflect cashreceipts from customers, (3) all purchases...
- Q Question 2Alifulhubey company produced a single product called Killi andhe provide you following 3 months cost data of the current year2018.MonthProduction unitsTotal cost (MVR)January1,20066,600February90058,200March1,40068,200It is assumed that Alifulhubey company variable...
- Q Best Exports has noticed their current year net income is only$60,000. In order to get a loan from their bank to assist thebusiness they will need to provide a statement...
- Q 3-30 (Objectives 3-3, 3-4) Publicly traded companies mustelectronically file a variety offorms or reports with the U.S. Securities and Exchange Commission(SEC), includingthe Form 10-K, which includes the audited annual financialstatements....
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