Accounting question and answers for July 01, 2023
- Q Sales-Related and Purchase-Related Transactions for Seller andBuyer Using Perpetual Inventory SystemThe following selected transactions were completed during Aprilbetween Swan Company and Bird Company:Apr.2.Swan Company sold merchandise on account to Bird...
- Q Bobcat Coffee had sales of goods totaling $200,000, receiving$150,000 in cash and $50,000 on account. The cost of the goods soldwere $60,000.Bobcat Coffee purchased $80,000 of inventory. All purchaseswere on...
- Q 1. In general, are state and local tax incentive programseffective in maintaining or attracting corporate business?
- Q Rivera Company has several processing departments. Costs chargedto the Assembly Department for November 2020 totaled $ 2,262,390 asfollows.Work in process, November 1 Materials$ 78,500 Conversioncosts48,000$ 126,500Materials added1,576,300Labor225,000Overhead334,590Production records show that 34,500 units were...
- Q During Heaton Company’s first two years of operations, itreported absorption costing net operating income as follows: Year 1Year 2 Sales (@ $63 per unit) $ 1,071,000 $ 1,701,000 Cost of...
- Q Congress uses the tax code to influence our behavior. Examplesinclude deductions for mortgage interest and property taxes tosteer people to home ownership instead of renting. Tax credits forpurchasing products that...
- Q 1. The ________________________ is a variable whose valuedepends on the value of another variable.2. Graphically, the ______________ is the point at which thecost line intercepts the cost (vertical) axis.3. An...
- Q Figure 3-3. Okafor Company manufactures skis. The managementaccountant wants to calculate the fixed and variable costsassociated with the leasing of machinery. Data for the past fourmonths were collected. Machine Lease...
- Q Problem 1J & J is considering replacing some of their older computers.Give the potential entries given the following scenarios. Assumeall scenarios are independent (B is not independent from A) andhave...
- Q On May 1, a tire store had a beginning inventory of 20 tireswhich it purchased for $300 each.On May 5th, the store purchased 4 more tires for $350 each.On May...
- Q Problem 3-03A a, b1-b3, c (Video) (Part LevelSubmission)Marigold Corp. was organized on July 1, 2020. Quarterlyfinancial statements are prepared. The unadjusted and adjustedtrial balances as of September 30 are shown...
- Q Problem 4Acme, Inc., a subsidiary of J & J, during 2015, began andcompleted a small warehouse. Construction on the warehouse beganJanuary 2, of 2015. Expenditures were made as follows: January...
- Q 3 of 3Required:In an effort to increase sales during the upcoming year, Lynbrookimplemented a new credit policy of offering terms of 3/15, n/30.Your CFO is trying to decide between the...
- Q Problem 2J & J is considering replacing some of their older computers.Give the potential entries given the following scenarios. Assumeall scenarios are independent (B is not independent from A) andhave...
- Q UnitsPer unit costBeginning Inventory200$ 120.00$ 24,000.0030-Janpurchase130$ 124.00$ 16,120.0012-Marpurchase220$ 128.00$ 28,160.00TotalSales350$ 320.00$ 112,000.00Ending InventoryFIFOLIFOEnding InventoryEnding InventoryGoods Available for SaleGoods Available for SaleDeduct ending InventoryDeduct ending InventoryCost of Goods SoldCost of Goods...
- Q Student Loan ProgramThe National Direct Student Loan (NDSL) program allows collegestudents to borrow funds from the federal government. The contractstipulates that the annual percentage rate of interest is 0 percentuntil...
- Q Ava owned a building held for investment worth $800,000 in whichher basis was $545,000. Ava owed a $320,000 mortgage on thebuilding. She exchanged the building for a warehouse owned by...
- Q Mortgage DepartmentSuppose you are the manager of a mortgage department at asavings bank. Under the state usury law, the maximum interest rateallowed for mortgages is 10 percent compounded annually.Required:A. If...
- Q Scott Duffney, CPA, has randomly selected and audited a sampleof 100 of Will-Mart’s accounts receivable. Will-Mart has 3,000accounts receivable accounts with a total book value of $3,700,000.Duffney has determined that...
- Q Subject Tax Accounting:1Kodack is a begining tax researcher. He knows that the 1st stepof the research process is to get an understanding of the factssurrounding the transaction being researched. Describe...
- Q Splish Brothers Company is negotiating to lease a piece ofequipment to MTBA, Inc. MTBA requests that the lease be for 9years. The equipment has a useful life of 10 years....
- Q A video has been chosen for your enjoyment this week to coverthe topic of budgeting. Profit planning is an important process forany company. Discuss why a firm prepares a budget...
- Q Snowman Co. had the following December 31, 2017, accountbalances (listed in alphabetical order):Account12/31/2017 BalanceAdministrative and Office Salaries Expense$29,500Advertising Expense14,100Bad Debt Expense1,900Common Stock, $10 par110,000Cost of Goods Sold191,200Depreciation Expense: Buildings &...
- Q Return on Equity shows how efficiently the management of acompany puts capital to work to generate a return. Also, ROE is thebasis for the sustainable growth of the company. This...
- Q Builder Products, Inc., uses the weighted-average method in itsprocess costing system. It manufactures a caulking compound thatgoes through three processing stages prior to completion.Information on work in the first department,...
- Q Macinski Leasing Company leases a new machine to SharrerCorporation. The machine has a cost of $70,000 and fair value of$95,000. Under the 3-year, non-cancelable contract, Sharrer willreceive title to the...
- Q Analyzing and Interpreting PensionDisclosuresGeneral Mills, Inc. reports the following pension footnote in its10-K report.Defined Benefit Pension Plan ($millions)20132012Change in Plan AssetsFair value at beginning of year$ 4,353.9$ 4,264.0Actual return on...
- Q . What factors have caused the decrease in loan volume relativeto other assets on the balance sheets of commercial banks? How haseach of these factors been related to the change...
- Q BluStar Company has two service departments, Administration andAccounting, and two operating departments, Domestic andInternational. Administration costs are allocated on the basis ofemployees, and Accounting costs are allocated on the basis...
- Q Computing Asset Related RatiosDicks Sporting Goods included the following information in itsyear-end 2015 10-KSales$6,882,077PPE, gross2,598,648LandConstruction in progress124,400Accumulated depreciation1,317,429PPE, net, at year-end 20141,203,382Depreciation expense193,594a. Compute PPE turnover.Round answer to one decimal...
- Q What is a C corporation and a S corporation?How does a partnership relate to it?
- Q Use the data given to develop a Statement of Cash flows for 2007and calculate change in cash from 2006 in operating, investing andfinancing activities and reconcile to beginning and endingcash.Income...
- Q The predetermined overhead rate for manufacturing overhead for2016 is $5.00 per direct labor hour. Employees are expected to earn$8.00 per hour and the company is planning on paying its employees$290,000...
- Q A variance is the difference between a budgeted, planned, orstandard cost and the actual amountincurred/sold. Variances can be computed for both costs andrevenues. Identify and explain the typesof variance analysis...
- Q Lars Linken opened Whispering Winds Cleaners on March 1, 2022.During March, the following transactions were completed.Mar. 1 Issued 11,000 shares of common stock for $16,500cash.1 Borrowed $6,000 cash by signing...
- Q In January 2018, Sonja Deposited $20,000 in a bank in theBahamas. She earned $500 Interest income. She closed the Account inDecember 2018.a. Is Sonja subject to the FBAR reporting requirement?b....
- Q 1a. What is the role of risk assessment is setting the samplingsize in a substantive audit testing?-Discuss2. Can we compare control activities and control environment?-Discuss
- Q Culver Company, a manufacturer of small tools, provided thefollowing information from its accounting records for the yearended December 31, 2017.Inventory at December 31, 2017 (based on physical count ofgoods in...
- Q Andretti Company has a single product called a Dak. The companynormally produces and sells 87,000 Daks each year at a sellingprice of $62 per unit. The company’s unit costs at...
- Q Rivera Company has several processing departments. Costs chargedto the Assembly Department for November 2020 totaled $ 2,262,390 asfollows.Work in process, November 1 Materials$ 78,500 Conversioncosts48,000$ 126,500Materials added1,576,300Labor225,000Overhead334,590Production records show that 34,500 units were...
- Q What was the philosophy of Nick Leeson’s boss in terms ofexperience and compensation of employees hired to assist Nick onthe trading floor. Why might this be a problem for BaringsBank?
- Q Date: September 20, 2016Presented here is Exxon Corporation’s comments on RRA in its1979 10-K:The following information departs significantly from priorreporting of historical information and attemptsto portray 1978, 1979 and future...
- Q Shamrock Company’s income statement for the year ended December31, 2017, contained the following condensed information.Service revenue$837,000Operating expenses (excluding depreciation)$621,000Depreciation expense60,000Loss on sale of equipment25,000706,000Income before income taxes131,000Income tax expense40,000Net income$91,000Shamrock’s...
- Q Froya Fabrikker A/S ofBergen, Norway, is a small company that manufactures specialtyheavy equipment for use in North Sea oil fields. The company uses ajob-order costing system that applies manufacturing overhead...
- Q What are the requirement(s) for an investment to be classifiedin each of the 3 categories (Held-to-Maturity securities, TradingSecurities, and available for sale securities)? Also, that are therequirements for an investment...
- Q Equivalent Units of ProductionUnits of production data for the two departments of ContinentalCable and Wire Company for November of the current fiscal year areas follows:Drawing DepartmentWinding DepartmentWork in process, November...
- Q Problem 11-18 Relevant Cost Analysis in a Variety of Situations[LO11-2, LO11-3, LO11-4]Andretti Company has a single product called a Dak. The companynormally produces and sells 121,000 Daks each year at...
- Q Question # 2Prepare the necessary journal entries to record the followingtransactions relating to the long-term issuance of bonds byGlendale Corp. Show calculations and round to the nearestdollar.March 1Issued $200,000 (face...
- Q Bradley-Link’s December 31, 2018, balance sheet included thefollowing items: Long-Term Liabilities ($ in millions) 8.0%convertible bonds, callable at 102 beginning in 2019, due 2022 (netof unamortized discount of $2) [note...
- Q Ricky and lucy are debating several types of taxes. their debatehas focused on the differents types of tax rate structures andwheter thay are fair. Please define each tax rate structure,provide...
- Q Questions:1. Record the transactions in the general journal.2. Prepare the stockholder's equity section of D-Cell's balancesheet at October 31, 2018. Assume D-Cell's net income for the monthwas $87,000.D-Cell Wireless needed...
- Q 1)The trial balance for unearned compensation for 2018 is 15,000and 2019 is 5,000. What would the journal entry look like for thisproblem?2)The trial balance for land in 2018 is 100,000...
- Q Custom Auto Parts started this year with the followingbalances: Cash: $60,000 Merchandise Inventory: $8,000 Land: $12,000 Accounts Payable: $0 Common Stock: $50,000 Retained Earnings: $30,000During the year theyhad the following...
- Q Two of the most important Supreme Court cases dealing with longarm jurisdiction are the International Shoe case (in thetext) and the Worldwide Volkswagen v. Woodson(Supreme Court website or other source)...
- Q There are two components of accounting, comparability andconsistency.Comparability is when different companies report the same thingbut use different methods to do so.Consistency is when the same company reports the sameinformation...
- Q Research Problem 2. Your client, John Butler, is an avid HoustonAstros fan. Last March at the Astros’ home opener, as a result of arandom drawing of those in attendance at...
- Q Margot’s Ice Cream operates several stores in a majormetropolitan city and its suburbs. Its budget and operating datafor the current year follow:FlavorBudgeted DataActual Operating ResultsGallonsSelling Price per GallonVariable Costs per...
- Q Thread: DQ1: Discuss the decision-making process in thetextbook.
- Q FINANCIAL STATEMENT ANALYSIS CASERC, Inc. manufactures a variety of consumer products. Thecompany’s founders have run the company for 30 years and are nowinterested in retiring. Consequently, they are seeking a...
- Q Feather Friends, Inc., distributes a high-quality woodenbirdhouse that sells for $40 per unit. Variable expenses are $20.00per unit, and fixed expenses total $160,000 per year. Its operatingresults for last year...
- Q Camille Sikorski was divorced last year. She currently providesa home for her 15-year-old daughter Kaly. Kaly lived in Camille’shome for the entire year, and Camille paid for all the costs...
- Q Is all of this correct?Journal EntriesCash4000 Common Stock4000Cash5000 Notes Payable5000Rent Expense900 Cash900Supplies450 Accounts Payable450Equipment7200 Cash7200Equipment2850 Cash1350 Accounts Payable1500Prepaid Advertising375Advertising Expense125 Cash500Insurance Expense225 Cash225Cash2625 Service Revenue2625Cash5125 Unearned Service Revenue5125Accounts Recievable1500 Service...
- Q Assume that our class owns corporation A and further that wecontrol all issued stock. We need capital for expansion; however,we are unable to make additional contributions. Do you recommendthat we...
- Q On May 1, 2018, Hecala Mining entered into an agreement with thestate of New Mexico to obtain the rights to operate a mineral minein New Mexico for $9.2 million. Additional...
- Q Outback Outfitters sells recreational equipment. One of thecompany’s products, a small camp stove, sells for $140 per unit.Variable expenses are $98 per stove, and fixed expenses associatedwith the stove total...
- Q The following data from the just completed year are taken fromthe accounting records of Mason Company: Sales$654,000Direct labor cost$80,000Raw material purchases$139,000Selling expenses$100,000Administrative expenses$40,000Manufacturing overhead applied to work in process$230,000Actual manufacturing overhead...
- Q how to report the undistributed earnings in the FERCform 6 when roll over balance
- Q Manitoba Mini Homes Corp. has annual earnings of $24,500 in itsunadjusted trial balance. The company prepares financial statementsannually, with adjusting journal entries recorded at year-end. Thefollowing items have not yet...
- Q I'm in the process of learning ERP using SAP, and doing someexample practice questions. At the moment, I'm learning about theprocurement process and the questions involve some accountingaspects, which I...
- Q High Time Tours leased rock-climbing equipment from AdventuresLeasing on January 1, 2018. High Time has the option to renew thelease at the end of two years for an additional three...
- Q Assume that the parent company acquires its subsidiary byexchanging 84,000 shares of its $2 par value Common Stock, with afair value on the acquisition date of $38 per share, for...
- Q Using APA guidelines with in-text citations/references. Write anintroduction paper one paragraph long with a minimum of 10 or moresentences. This is for an essay at the end of the class,...
- Q Edfor Inc. is a manufacturing company with offices andplants in Ontario, Québec and Alberta. The company startedoperations in 1975 and currently has an approximate annual payrollof $10,000,000 in each jurisdiction....
- Q Polaski Company manufactures and sells a single product called aRet. Operating at capacity, the company can produce and sell 32,000Rets per year. Costs associated with this level of production andsales...
- Q You are the senior on the audit of Smartpart (Pty) Ltd, acompany which wholesales a large range of motor vehicle accessoriesto garages, panel beating businesses and specialist accessory shops. The company...
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
- Unlimited Question Access with detailed Answers
- Zin AI - 3 Million Words
- 10 Dall-E 3 Images
- 20 Plot Generations
- Conversation with Dialogue Memory
- No Ads, Ever!
- Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!