Accounting question and answers for July 01, 2023
- Q On March 31, 2018, the Herzog Company purchased a factorycomplete with machinery and equipment. The allocation of the totalpurchase price of $1,040,000 to the various types of assets alongwith estimated...
- Q The January 1, Year 1 trial balance for the Wilson Company isfound on the trial balance tab. The beginning balances are assumed.Smith Co. entered into the following transactions involvingshort-term liabilities....
- Q Reliance Industries Ltd. Strategic Alternatives AnalysisStrategic Alternatives MatrixReliance Industries Ltd. Strategic AlternativesMatrix InternalExternal FactorsFactorsStrengthsStable market position in sub-products.Reliance Jio.WeaknessesDeclining in exploratory obstructs.Legitimate procedures and cases.OpportunitiesNew plants.Investing in oil and gas internationally.Strength-Opportunity (SO)Weakness-Opportunity...
- Q Which of the following costs of goodwill should becapitalized?Costs of goodwill from a business combination accounted for as apurchaseCosts of developing goodwill internallya)NoNob)NoYesc)YesNod)YesYes
- Q arly in its fiscal year ending December 31, 2018, San AntonioOutfitters finalized plans to expand operations. The first stagewas completed on March 28 with the purchase of a tract of...
- Q Starbucks Company’s payroll register contained the followinginformation:Sales salaries expense……………………….$300,000Federal income taxespayable……………… 60,000Social Security taxespayable……………… 18,600 (employee portion)Medicare taxpayable……………………… 4,350 (employeeportion)Medical insurance payable………………… 40,000(all paid by the employee)Wages payable…………………………….. ??????Futa rate = .6 % (.006)Suta rate...
- Q Tony and Suzie graduate from college in May 2018 and begindeveloping their new business. They begin by offering clinics forbasic outdoor activities such as mountain biking or kayaking. Upondeveloping a...
- Q The comparative balance sheets and income statements for MunozCompany follow:Balance SheetsAs of December 31Year 2Year 1AssetsCash$22,554$2,987Accounts receivable1,8131,088Inventory6,5036,097Equipment19,69943,369Accumulated depreciation—equipment(5,974)(15,475)Land19,2699,039Total assets$63,864$47,105Liabilities and equityAccounts payable (inventory)$2,738$4,423Long-term debt2,8606,538Common stock25,20011,500Retained earnings33,06624,644Total liabilities and equity$63,864$47,105Income StatementFor...
- Q America Industries has successfully completed production of its“tip calculators” and would like to perform a break-even profitmodel analysis. The combination of equipment purchase cost andother resource and facility fixed costs...
- Q The adjusted trial balance for Tybalt Construction as ofDecember 31, 2017, follows.TYBALT CONSTRUCTIONAdjusted Trial BalanceDecember 31, 2017No.AccountTitleDebitCredit101Cash$7,000104Short-term investments23,500126Supplies8,700128Prepaid insurance7,500167Equipment55,000168Accumulateddepreciation—Equipment$27,500173Building180,000174Accumulateddepreciation—Building60,000183Land53,050201Accounts payable16,000203Interest payable2,700208Rent payable3,000210Wages payable2,800213Property taxes payable1,400233Unearned professional fees7,500251Long-term notes payable67,000307Common stock7,000318Retained...
- Q prepare classified balance sheet using the following informationbuilding not in use $22100 long term notes payable $20000 interestpayable $420 deposit for advertising $1840 salaries payable $3850cash $21400 accounts payable $62300...
- Q Federal Rent-a-Car is putting together a new fleet. Itis considering package offers from three car manufacturers. FredMotors is offering 5 small cars, 5 medium cars, and 10 large carsfor $500,000....
- Q The accounting records of Wall’s China Shop reflected thefollowing balances as of January 1, Year 3:Cash$17,500Beginning inventory19,475(205 @ $95)Common stock15,800Retained earnings21,175The following five transactions occurred in Year 3:First purchase (cash):...
- Q Problem 21-2A (Part Level Submission) Deleon Inc. is preparingits annual budgets for the year ending December 31, 2017.Accounting assistants furnish the data shown below. Product JB 50Product JB 60 Sales...
- Q Why do you think you need to understand manual andcomputer-based accounting systems? What part does internal controland governance play?
- Q Part a The Deli University Gift Shop purchases sweatshirtsemblazoned with the school name and logo from a vendor in SpainTown at a cost of $2,000 each. The annual holding cost...
- Q Buffalo Windows manufactures and sells custom storm windows forthree-season porches. Buffalo also provides installation servicefor the windows. The installation process does not involve changesin the windows, so this service can...
- Q Plant equipment originally costing$32,400, on which $21,600 of up-to-date depreciation has beenaccumulated, was sold for $8,100.a. Prepare the journal entry to recordthe sale.b. Prepare the entry to record the saleof the equipment...
- Q Weston Products manufactures an industrial cleaning compoundthat goes through three processing departments—Grinding, Mixing,and Cooking. All raw materials are introduced at the start of workin the Grinding Department. The Work in...
- Q Don Jackson paid Hungry Hannah’sHamburgers $54,000 for the right to operate a fast-food restaurantin Thomasville under the Hungry Hannah’s name. Jackson also agreedto pay an operating fee of 0.5% of...
- Q Wu Company incurred $44,200 of fixed cost and $54,600 ofvariable cost when 2,100 units of product were made and sold.If the company's volume increases to 2,600 units (withinrelevant range), the...
- Q Instruction: Read the following scenario study and respond asper the following requirements: Benjamin, the owner of a smallconsultancy in Victoria, thought he could boost his income bycreating false companies and...
- Q Sally Beauchamp, the Director of Finance of your NorthernExpeditions company, has advised that the company will be openingan office in Nunavut this year. The office will offer guidednorthern trips to...
- Q The information below pertains to Swifty Company for 2018. Netincome for the year $1,250,000 7% convertible bonds issued at par($1,000 per bond); each bond is convertible into 30 shares ofcommon...
- Q The following accounts and corresponding balances were drawnfrom Thornton Company’s Year 2 and Year 1 year-end balancesheets.Account TitleYear 2Year 1Accounts receivable$73,700$80,300Prepaid rent520930Utilities payable1,7901,020Other operating expenses payable31,40034,400The Year 2 income statement...
- Q Feather Friends, Inc., distributes a high-quality woodenbirdhouse that sells for $80 per unit. Variable expenses are $40.00per unit, and fixed expenses total $180,000 per year. Its operatingresults for last year...
- Q Harry and Ginny have a great marriage. Their personalities arecompatible in every way. However, their gene combination seems tobe susceptible to dark environmental influences, primarilyautoimmune disorders. Their oldest daughter Katie...
- Q Q1a) What influences the Cost of Equity of a firm? ExplainQ1b) Explain how the Capital Asset Pricing Model provides a goodestimate of the Cost of Equity.Q1c) Explain the formula: Cost...
- Q Dillon Products manufactures various machined parts to customerspecifications. The company uses a job-order costing system andapplies overhead cost to jobs on the basis of machine-hours. At thebeginning of the year,...
- Q The following information was drawn from the year-end balancesheets of Solomon Trading Company:Account TitleYear 2Year 1Investment securities$35,700$27,500Equipment233,500212,500Buildings846,500949,500Land83,00065,000Additional information regarding transactions occurring duringYear 2:Investment securities that had cost $5,090 were sold....
- Q Using the table below create SinCo's Income Statement for 2013and 2014.(Do not round intermediate calculations. Roundyour answer to 2 decimal places.)20132014Revenue$4,0005252Cost of Good Sold1,6002,101Depreciation500524Inventory300335SG&A500534Interest Expenses150175Common Stock andPaid-in Capital2,2002,200Federal and State...
- Q Fresno Fiber Optics, Inc.manufactures fiber optic cables for the computerand telecommunicationindustries. At the request of the company VP ofmarketing, the cost managementstaff has recently completed a customer-profitability study. Thefollowing activity-based...
- Q Supplemental Case Chapter 5: Gain Sharing at CircleWorksCircleWorks has been making custom bicycles for biking enthusiastsfor nearly fifty years. The family-run company has had much successusing small teams of employees...
- Q Complete the assignment as follows: Using the Milestone One SWOTTemplate provided, conduct a SWOT for the pet supply store’s newproduct. Consider how this information can help to develop themarketing strategy....
- Q Conroy Company leased equipment on January 1. Informationpertinent to the lease is as follows: The lease term is 6 years.Annual payments of $60,000 are due on January 1 of each...
- Q What does it mean to be independent in "fact" and "appearance" -are they the same thing?
- Q What does it meant to be independent in face and appearance - arethey the same thing? What do you think an auditor must adhere bothrequirements? What might happen if an...
- Q Typewritten answers only, please. No handwrittenanswers.Thank you.Golden Manufacturing Company started operations by acquiring$111,000 cash from the issue of common stock. On January 1, 2018,the company purchased equipment that cost $101,000...
- Q Spitz Company ordered merchandise from a foreign supplier onNovember 20 at a price of 109,000 forints when the spot rate was$0.59 per forint. Delivery and payment were scheduled for December20....
- Q Wingate Company, a wholesale distributor of electronicequipment, has been experiencing losses for some time, as shown byits most recent monthly contribution format income statement:Sales$1,552,000Variable expenses587,860Contribution margin964,140Fixed expenses1,061,000Net operating income (loss)$(96,860)In...
- Q Stephen is admitted to the HHH Partnership on January 1 of thecurrent year in return for his services managing the partnership’sbusiness during the year. The HHH partnership reportsordinary income of $200,000...
- Q How does accounting for a governmental unit differ fromaccounting for a for-profit corporation? Choose a governmentalentity, review its financial statements, and explain the items thatyou find that are different from...
- Q What are the acceptable methods of accounting for businessoperations in a foreign country? Choose a publicly traded companythat operates internationally and identify impact that the foreignoperations have on the financial...
- Q What is the impact of some businesses using InternationalFinancial Reporting Standards (IFRS) instead of generally acceptedaccounting principles (GAAP)? In your opinion, should there be aworldwide convergence of accounting standards? Why...
- Q 1.ComputeNorthtown's current? ratio, debt? ratio, and earnings per share.Round all ratios to two decimal places.2.Computethe three ratios after evaluating the effect of each transactionthat follows. Consider each transactionseparately.a.Borrowed $105,000 on...
- Q Valley Company’s adjusted trial balance on August 31, 2017, itsfiscal year-end, follows.DebitCreditMerchandiseinventory$40,500Other (noninventory) assets62,090Total liabilities$25,500Common stock17,200Retained earnings21,500Dividends8,800Sales226,200Sales discounts2,210Sales returns andallowances13,000Cost of goods sold74,300Sales salaries expense32,800Rent expense—Selling space8,800Store supplies expense1,800Advertising expense14,000Office...
- Q Write the journal entries for each:Rose Company had no short-term investments prior to year 2017. Ithad the following transactions involving short-term investments inavailable-for-sale securities during 2017.Apr.16Purchased 10,000 shares of Gem...
- Q Based on the material from the "U.S. Department of JusticeForensic Examination of Digital Evidence: A Guide for LawEnforcement" document, explain some important parts of the computerforensic process.Provide short and concise...
- Q The textbook states that the cash budget is one of the mostimportant parts of the master budget. There are several reasonslisted as to why a cash budget is considered to...
- Q 1.What is the difference between a wholesaler and aretailer?2.Whose cost is COGS listed at, the customer’s price or theseller’s price?3.Why would a business offer a purchase discount?
- Q The master budget at Western Company last period called forsales of 225,100 units at $9.10 each. The costs were estimated tobe $3.76 variable per unit and $225,100 fixed. During the...
- Q Cane Company manufactures two products called Alpha and Betathat sell for $120 and $80, respectively. Each product uses onlyone type of raw material that costs $6 per pound. The company...
- Q Compute trend percentages for each item for 2013 through 2016.Use 2012 as the base year and round to the nearest percent.2. Compute the rate of return on net sales for2014...
- Q FIFO Perpetual InventoryThe beginning inventory of merchandise at Dunne Co. and data onpurchases and sales for a three-month period ending June 30 are asfollows:DateTransactionNumberof UnitsPer UnitTotalApr. 3Inventory36$225$8,1008Purchase7227019,44011Sale4875036,00030Sale3075022,500May 8Purchase6030018,00010Sale3675027,00019Sale1875013,50028Purchase6033019,800June 5Sale3679028,44016Sale4879037,92021Purchase10836038,88028Sale5479042,660Required:1. Record...
- Q LIFO Perpetual InventoryThe beginning inventory of merchandise at Dunne Co. and data onpurchases and sales for a three-month period ending June 30 are asfollows:DateTransactionNumberof UnitsPer UnitTotalApr. 3Inventory84$375$31,5008Purchase16845075,60011Sale1131,250141,25030Sale711,25088,750May 8Purchase14050070,00010Sale841,250105,00019Sale421,25052,50028Purchase14055077,000June 5Sale841,315110,46016Sale1121,315147,28021Purchase252600151,20028Sale1261,315165,690Required:1. Record...
- Q On December 31, 2016, Pharoah Company had 1,340,000 shares of $7par common stock issued and outstanding. At December 31, 2016,stockholders’ equity had the amounts listed here.Common Stock$9,380,000Additional Paid-in Capital1,745,000Retained Earnings1,105,000Transactions...
- Q Classifying Securities1. Explain and illustrate the concept of securities and thierclassifications, find information on the Internet or throughanother source to support what you found in the e-text, or2. If you...
- Q The standards for one case of liquid weed killer are asfollows:Direct materials7lb@$8.25/lbDirect labor4hr@$17.6/hrVariable overhead (based onmachine hours)1.3hr@$6.05/hrDuring the week ended May 6, the following activity took place:5,162 machine hours were...
- Q Luzadis Company makes furniture using the latest automatedtechnology. The company uses a job-order costing system and appliesmanufacturing overhead cost to products on the basis ofmachine-hours. The following estimates were used...
- Q Why is Control Environment considered the most importantcomponent of COSO’s internal control model?
- Q The following data is provided for Garcon Company and PepperCompany.Garcon CompanyPepper CompanyBeginning finished goodsinventory$14,200$19,750Beginning work in processinventory17,10020,550Beginning raw materialsinventory10,80015,000Rental cost on factoryequipment30,75022,900Direct labor20,20037,000Ending finished goodsinventory18,50013,200Ending work in processinventory28,00018,400Ending raw materialsinventory5,8008,400Factory...
- Q During Heaton Company’s first two years of operations, itreported absorption costing net operating income as follows:Year 1Year 2Sales (@ $61 per unit)$915,000$1,525,000Cost of goods sold (@ $31 per unit)465,000775,000Gross margin450,000750,000Selling...
- Q Selected information fromthe December 31, Year 3, trial balance of Pitt Corp.follows:DebitCreditCommon stock$1,250,000Additional paid-incapital2,187,500Retained earnings, January1, Year 41,650,000Net sales6,250,000Cost of sales$3,750,000Selling and administrativeexpenses1,212,500Interestexpense122,500Gain on extinguishment ofdebt130,000Loss on sale ofequipment225,000Loss due...
- Q Financial statements for Steele Inc. follow.SteeleInc.ConsolidatedIncome Statements(inthousands except per share amounts)201920182017Net sales$7,245,088$6,944,296$6,149,218Cost of goods sold(5,286,253)(4,953,556)(4,355,675)Gross margin$1,958,835$1,990,740$1,793,543General andadministrative expenses(1,259,896)(1,202,042)(1,080,843)Special andnonrecurring items2,61700Operating income$701,556$788,698$712,700Interest expense(63,685)(62,398)(63,927)Other income7,30810,08011,529Gain on sale ofinvestments09,1170Income before incometaxes$645,179$745,497$660,302Provision for incometaxes(254,000)(290,000)(257,000)Net...
- Q ssessment item 3 back to top Case B - Report Value: 20% DueDate: 16-Sep-2018 Return Date: 05-Oct-2018 Length: 3000 wordsSubmission method options: Alternative submission method Task backto top Background You...
- Q Specific Identification, FIFO, LIFO, and Weighted-AverageSwing Company's beginning inventory and purchases during thefiscal year ended September 30, 20-2, were as shown.UnitsUnit PriceTotal CostOctober 1, 20-1Beginning inventory400$20.00 $8,000October 181st purchase53020.50 10,865November 252nd purchase19021.50 4,085January...
- Q QUESTIONS:(c) Prepare an adjusted trial balance on May31.Based on:The Moto Hotel opened for business on May 1, 2017. Here is itstrial balance before adjustment on May 31.MOTOHOTELTrial BalanceMay 31, 2017DebitCreditCash$ 2,333Supplies2,600Prepaid...
- Q PARAMETERS FOR BASELINECASEThe following numbers areestimates for the upcoming year for a manufacturing company.Since the company is effectiveat implementing a JIT inventory system, assume there isno beginning or ending inventory.No....
- Q You have been asked to review the December 31, 2021, balancesheet for Champion Cleaning. After completing your review, you listthe following three items for discussion with your superior: Aninvestment of...
- Q 16. Camen Company projects the following?sales:JanuaryFebruaryMarchCash sales (45%)$12,150$13,500$14,400Sales on account (55%)14,85016,50017,600Total sales$27,000$30,000$32,000Camen collects sales on account in the month after the sale. TheAccounts Receivable balance on January 1 is $13,100?,...
- Q 9-3:Potter Replica produces a specialty statue for sale tocollectors. In 2017, Potter’s expected and actual output was 12,000statues. Potter sold 10,000 statues at an average selling price of$425. Other information...
- Q You are a resident of Seattle, Washington, and maintain achecking account with a bank in that city. You have just written acheck on that bank to pay your tuition. Describe...
- Q You are a manager at PopUp Company, who manufactures toasterovens. Your company produces two types of toaster ovens: basic anddeluxe. PopUp Company currently uses a traditionalunit-based costing system, however, you feel...
- Q What types of management behavioral impacts are relevant toselecting an absorption versus a variable costing income statementfor performance measurement? Why do you believe these behavioraldifferences exist?
- Q CHART OF ACCOUNTSBeartooth Co.General LedgerASSETS110Cash120Accounts Receivable125Notes Receivable130Inventory131Estimated Returns Inventory140Office Supplies141Store Supplies142Prepaid Insurance180Land192Store Equipment193Accumulated Depreciation-Store Equipment194Office Equipment195Accumulated Depreciation-Office EquipmentLIABILITIES211Accounts Payable-Summit Company216Salaries Payable218Sales Tax Payable219Customer Refunds Payable221Notes PayableEQUITY310Common Stock311Retained Earnings312Dividends313Income SummaryREVENUE410Sales610Interest RevenueEXPENSES510Cost...
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