Accounting question and answers for July 03, 2023
- Q The following selected transactions were completed by AmsterdamSupply Co., which sells office supplies primarily to wholesalersand occasionally to retail customers. Also note that the companyuses a clearing house to take...
- Q On January 1, 2017, Mona, Inc., acquired 80 percent of LisaCompany’s common stock as well as 60 percent of its preferredshares. Mona paid $78,000 in cash for the preferred stock,...
- Q The Regal Cycle Company manufactures three types of bicycles—adirt bike, a mountain bike, and a racing bike. Data on sales andexpenses for the past quarter follow:TotalDirtBikesMountain BikesRacingBikesSales$922,000$268,000$403,000$251,000Variable manufacturing and selling...
- Q 1. Assume that you will deposit $4000 at the end of each of thenext three years in a St. George bank account paying 8% interest.You currently have $7000 in the...
- Q Complete the following table:Round all per unit amounts to the nearest penny (2 places to theright of the decimal point.)Round total cost amounts to the nearest dollar.JanuaryFebruaryUnits produced and sold1400012600Total...
- Q Comparative statement data for ABC Company and XYZ Company ispresented below. ABCCompany XYZ Company 2018 2017 2018 2017NetSales $1,570,000 $340,000COGS 1,080,490 238,000Operating Expenses 302,275 79,000Interest Expense 6,800 1,252Income tax expense 62,500 7,650Currentassets 325,975 312,410 83,336 79,467Plant assets (net) 521,310 500,000 139,728 125,812Current liabilities 66,325 75,815 35,348 30,281Long-term liabilities ...
- Q Use the following to answer questions36-38: Chicken Nuggets, LLC, provides chicken nuggets to fast foodrestaurants. The standard cost card for chicken nuggets indicateseach nugget takes two ounces of chicken meat at...
- Q Walsh Company manufactures and sells one product. The followinginformation pertains to each of the company’s first two years ofoperations:Variable costs per unit:Manufacturing:Direct materials$27Direct labor$13Variable manufacturingoverhead$5Variable selling andadministrative$4Fixed costs per year:Fixed...
- Q Use the information from the balance sheet and income statementin the popup? window, LOADING...?, to calculate the following?ratios: a. Current ratio b.? Acid-test ratio c. Times interestearned d. Inventory turnover...
- Q What are your thoughts about the future of accounting standardsand regulation in general?
- Q Primus, Inc., owns all outstanding stock of Sonston, Inc. Forthe current year, Primus reports net income (exclusive of anyinvestment income) of $576,000. Primus has 100,000 shares of commonstock outstanding. Sonston...
- Q Compare and contrast the AICPAs rules against the rules used ininternational audits under the International Ethics Standards Boardfor Accountants (IESBA).What does independence mean in an auditing context?Compare and contrast in...
- Q The Research & Development Department of Large Mart iscurrently working on the development of a “study pillow” thatallows students to upload study material into their brain whilstsleeping. In order to...
- Q What does independence mean in an auditing context? Compare andcontrast in fact and in appearance, and illustrate theirdifferences.
- Q The Winston Company estimates that the factory overhead for thefollowing year will be $716,400. The company has decided that thebasis for applying factory overhead should be machine hours, whichis estimated...
- Q • read audit standard ASA315 focusing on audit responsibilitywith respect to client governance, • read the web page on the ASICreport on the Commonwealth bank which details the governance issuesraised...
- Q Company XYZ operates a chain of bakeries in Canberra thatspecialises in supplying a range of cakesto restaurants and coffee shops. Major products include lamingtons,scones, and custard tarts. Untillast year, sales...
- Q Q1:From the following, select the entry to record the factoryoverhead applied to production in a Job Order Cost SystemA.Conversion CostsFactory OverheadB.Work in ProcessFactory OverheadC.Factory OverheadWork in ProcessD.Factory OverheadAccounts PayableQ2:Select the...
- Q Q1:Which of the following would explain anunfavorable Direct Materials Quantity Variance inthe manufacturing area of an all wood table manufacturer:A.Scrap costs related to wood has decreased 5% during theperiod.B.The cost...
- Q 2. Time value of money: 13 marksYou have inherited $50,000 from your Great Aunt Daisy. You havedetermined that you havetwo different investment opportunities available to you. The moneycan be placed...
- Q On March 31, 2020, Adtech Inc. issued $200,000, 9%,10-yearbonds. The bonds pay interest semi-annually, on September 30 andMarch 31. The first interest payment is on September 30, 2020. Thebonds are...
- Q What are the four types of audit opinions and list the two mainconditions that would require modifications to the auditor’sstandard report.
- Q The following selected transactions were taken from the books ofRipley Company for Year 1:On February 1, Year 1, borrowed $46,000 cash from the localbank. The note had a 6 percent...
- Q “I know headquarters wants us to add on that new product line,”said Dell Havasi, manager of Billings Company’s office productsdivision. “But I want to see the numbers before I make...
- Q 2.Because of the kiddie tax, which of the following types ofinvestments should be relied upon to fund a trust for the educationof a young beneficiary?A. Investments that emphasize high levels...
- Q please answer it in an hour I'll rate emergencythanksZoe Corporation has the following information for the month ofMarch:Purchases$92,000Materials inventory, March 16,000Materials inventory, March 318,000Direct labor25,000Factory overhead37,000Work in process inventory, March122,000Work...
- Q Shawnee Motors Inc. assembles and sells MP3 players. The companybegan operations on August 1 and operated at 100% of capacityduring the first month. The following data summarize the resultsfor August:Sales...
- Q On November 1, 2017, Tamarisk Company adopted a stock-optionplan that granted options to key executives to purchase 24,900shares of the company’s $9 par value common stock. The options weregranted on...
- Q Yale Company manufactures hair brushes that sell at wholesalefor $3 per unit. The company had no beginning inventory in theprior year. These data summarize the current and prior yearoperations:Prior YearCurrent...
- Q Problem 12-28 Make or Buy Decisions [LO12-3]“In my opinion, we ought to stop making our own drums and acceptthat outside supplier’s offer,” said Wim Niewindt, managingdirector of Antilles Refining, N.V.,...
- Q Describe the going concern assumption and describe how it isconsidered by auditors.
- Q A company has beginning inventory of 2 units at 10/each. Inorder: A purchase of 3 units at $13.00/each and then purchased 10units at $15.00 each. The company sold 11 units...
- Q What are the auditor’s responsibilities for auditing accountingestimates made by management?
- Q What are the inherent limitations of an audit?
- Q Explain in your own words how you would test/audit the followingaccounts: a. Cash b. AR c. Inventory
- Q Explain the search for unrecorded liabilities. What are thetesting procedures? Which assertions is it testing? What is thepurpose of this test?
- Q Security Technology Inc. (STI) is a manufacturer of anelectronic control system used in the manufacture of certainspecial-duty auto transmissions used primarily for police andmilitary applications. The part sells for $61...
- Q In 2017, Lisa calculated a ($46,473) NOL on her Form1045, Schedule A. Lisa wants to carryback her 2017 NOL to 2015. In2015, Lisa filed single, had no dependents, took the...
- Q Margaret started her own business in the current year and willreport a profit for her first year. Her results of operations areas follows:Gross income$45,000Expenses:Travel$1,000Contribution to Presidential Election Campaign$100Transportation(5,725 miles evenly...
- Q Question 3 Mr Bean Mart produces and sales four types of toys namely Blaze(B), Pinocchio (P), Paw Patrol (PP) and Scooby (S). Informationrelating to the production of these toys is...
- Q In your own words, briefly state at least 1 thing you havelearned from Chapter 19 (Secured Transactions), Chapter 21 (AgencyRelationships), and Chapter-24 (Merger & Acquisition)
- Q Complete the journal entries as necessary for both Part 1 andPart 2.Part 1. Transaction1. On January 1st of 2020, Casey bought 10% of Apple 100,000shares of outstanding common stock at...
- Q Halo University is a private faith-based university with lessthan 10,000 undergraduate and graduate students. The largestsources of revenue are tuition and donations. In the past tenyears, the football team has...
- Q Taskback to topBackground:You a member of the audit team at Miller Yates Howarth (MYH), anaccounting firm with offices throughout the major regional centresof NSW and Queensland. Although a medium sized...
- Q Interpreting Acquisition Footnote with In-Process Research andDevelopmentOn October 3, 2017, Gilead Sciences, Inc. (Gilead) acquired 100%of the outstanding common stockof Kite Pharma, Inc. (Kite). According to Gilead’s December 31,2017 Securities...
- Q 8. Using the accompanying explanations of each IT strategicrole, suggest the appropriate IT strategic role (automate,informate, or transform) for the following types of IT investments.Depending on your interpretation,it ispossible that...
- Q On January? 1, 2018, Allgood Company purchased equipment andsigned a? six-year mortgage note for? $186,000 at? 15%. The notewill be paid in equal annual installments of? $49,148, beginningJanuary? 1, 2019....
- Q Discuss the following concepts: (10)Realization conceptMatching concept
- Q Continued Part 1, - Internal controlsprocessBased on this scenario, you decide to create an internalcontrols process that will protect your business. Your first taskis to create a written plan for...
- Q What is meant by applying the time matching concept (hedgingprinciple) to a funds flow statement, and why should this bedone?
- Q How does funds statement differ from the functions of thebalance sheet, income statement and statement of cash flows?
- Q 2. Incremental costs are the additional costs incurred if acompany pursues a certain course of action. True or False15.Benjamin Company had the following results of operations for thepast year:Sales (13,900...
- Q Personal Financial Planning Mini-CaseJeff and Mary Douglas, a couple in their mid-30s, have twochildren - Paul age 6 and Marcy age 7. The Douglas' do not havesubstantial assets and have...
- Q 22.Projects with shorter payback periods have higher risk, as thecompany has less time to respond to unanticipated changes.True or False23.If the internal rate of return (IRR) of an investment is...
- Q Urban Glam Cosmetics made purchases of lipstick in the currentyear as follows:Jan. 1 Beginning inventory75units@$12.00=$900Mar. 14 Purchased250units@$13.00=3,250July 30 Purchased500units@$14.00=7,000Units available for sale825unitsCost of goods available for sale$11,150Urban Glam Cosmetics made...
- Q You own an accountingfirm. Your firm assists medium sized businesses with their morecomplex accounting transactions (leases, pensions, stock options)and processes such as establishing internal controls and creatingreporting policies. You are...
- Q 2.) Define pass-through taxation. What business entitieshave pass-through taxation?3.) What is the benefit of a corporation electing to betaxed as a S-corporation? What are the limitations of a companymaking this...
- Q Explain how the doctrine of stare decisis works. Why is itimportant?A corporation currently has income solely generated within theUnited States. However, next year the corporation plans to extendinto foreign markets....
- Q Measures of liquidity, Solvency and ProfitabilityThe comparative financial statements of Marshall Inc. are asfollows. The market price of Marshall Inc. common stock was $ 65 onDecember 31, 20Y2.Marshall Inc.Comparative Retained...
- Q Prairie Electronics, located in Regina, manufactures threeproduct lines: (1) high-end speakers, (2) personal computers, and(3) handheld devices. For 20X5, it compiled the following budgeteddata: High-EndSpeakersPersonalComputersHandheldDevicesTotal Sales (inunits)400,000610,000500,000 Price (perunit)$1,500$1,310$435 Variable costs perunit: Direct materials$430$360$35 Direct labour1008050 Overhead607035 Shipping402010 Sales...
- Q On January 1, 2018, NFB Visual Aids issued $780,000 of its20-year, 8% bonds. The bonds were priced to yield 10%. Interest ispayable semiannually on June 30 and December 31. NFB...
- Q General City's general fund reported a supplies inventorycosting $200,000 at the beginning of the fiscal year. During theyear, General City purchased materials and supplies on account for$15,000,000; $900,000 remains unpaid...
- Q You have been named the Chief Financial Officer (CFO) of a twoyear old company, ABC Analytics. Financials havebeen prepared by a bookkeeper. As CFO, you responsible for thepreparation of accurate...
- Q Faster Company purchased equipment in 2010 for $104,000 andestimated an $8,000 salvage value at the end of the equipment's10-year useful life. At December 31, 2016, there was $67,200 in theAccumulated...
- Q 1)For each item listed below, indicate the effect on net income inarriving at cash flows from operations by choosing one of thefollowing code letters. Code Cash Flows fromOperating Activities Addto NetIncome A Deductfrom NetIncome D 1. ...
- Q 5. Jamestown Furniture Co. is a small, butfast-growing manufacturer of living room furniture. Its twoprincipal products are end tables and sofas. There are fiveprocesses in the manufacturing at Jamestown: Cutting...
- Q Access the FASB’s Codification Research System at the FASBwebsite (WWW.fasb.org). Determine the specific citation foraccounting for each of the following items: Required: 1. Definitionof initial direct costs. 3. The disclosures...
- Q 7. Old Vine Vineyard produces premium wine. Its success in theindustry is due to its quality, although all of its customers, wineshops and specialty grocery stores, are very cost conscious...
- Q If a customer is making small but regular payments, is this anindication that an account may be collectible?
- Q During April, the production department of a process manufacturingsystem completed a number of units of a product and transferredthem to finished goods. Of these transferred units, 71,000 were inprocess in...
- Q how you would implement a new payroll system for a largeretail organization that will take affect in 6 months. Thisnew system would replace the current system where employeesmanually turn in...
- Q During March, the business engaged in the followingtransactions, All figures are GST (GST is15%)inclusive where applicable:Journalise each transaction. Key journal entries bytransaction letter, using the format below:General JournalTransactionsAccountsDebit ($)Credit ($) 1...
- Q Presented below is information related to CulverCompany.CostRetailBeginning inventory$ 63,190$103,900Purchases (net)117,310182,500Net markups11,288Net markdowns26,066Sales revenue170,960Compute the ending inventory at retail.Ending inventory$Compute a cost-to-retail percentage under the followingconditions. (Round ratios to 2 decimal...
- Q The Regal Cycle Company manufactures three types of bicycles—adirt bike, a mountain bike, and a racing bike. Data on sales andexpenses for the past quarter follow:TotalDirtBikesMountain BikesRacingBikesSales$930,000$268,000$407,000$255,000Variable manufacturing and selling...
- Q 22. Use the following information and the indirect method tocalculate the net cash provided or used by operatingactivities:Net income$87,300Depreciationexpense14,000Gain on sale ofland6,300Increase inmerchandise inventory4,050Increase inaccounts payable8,15022B. Alvez reports net income...
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