Accounting question and answers for July 03, 2023
- Q Sharp Company manufactures a product for which the followingstandards have been set:Standard Quantityor HoursStandard Priceor RateStandardCostDirectmaterials3feet$5per foot$15Direct labor?hours?per hour?During March, the company purchased direct materials at a costof $45,240, all...
- Q INSTRUCTIONS: Prepare the variances and identify whether theyare favorable orunfavorable. The below website will provide further assistance withvariances:http://accounting-simplified.com/management/variance-analysis/material/price.htmlDATA FOR VARIANCEANALYSIS: "Standard Hours / Qty" "StandardRate" "Actual Hours / Qty" "ActualRate" GroomingLabor 150 $12.00 180 ...
- Q Sage Co. sells $ 403,000 of 12% bonds on June 1, 2017. The bondspay interest on December 1 and June 1. The due date of the bonds isJune 1, 2021....
- Q Dateplease white general ledger : cash at bank, accounts receivable,inventory,account payable, bank loan payable,Transaction description1Obtained a loan of $48,000 fromMRMC Bank at a simple interest rate of 6% per year....
- Q Saddlery Company sells leather saddles and equipment for horseenthusiasts. Saddlery uses the perpetual inventory system. Thefollowing schedule relates to the company’s inventory for the monthof May:CostSalesMay 1Beginning inventory150 units$90,0005Sale100 units$78,0009Purchase50...
- Q A relatively new company, Wine To End Whining, Inc., hasdetermined they need to engage in a budgeting process as part oftheir new strategic plan. The Company has asked you to...
- Q Problem 5A-7 Cost Behavior; High-Low Method; Contribution FormatIncome Statement [LO5-10]Morrisey & Brown, Ltd., of Sydney is a merchandising companythat is the sole distributor of a product that is increasing inpopularity...
- Q Cost of Units Completed and in ProcessThe charges to Work in Process—Assembly Department for a period,together with information concerning production, are as follows.All direct materials are placed in process at...
- Q Materials costs of $408000 and conversion costs of $360510 werecharged to a processing department in the month of September.Materials are added at the beginning of the process; conversioncosts are incurred...
- Q Please read the case study below on the differences betweenequity and liabilities. Decide whether the Class A common (ie.ordinary) shares may be disclosed as part of shareholders’ equity.Explain the application...
- Q What differences exist for a manufacturing organization betweenprocess costing and job order costing? What similarities are therebetween the two methods? Are the two methods mutually exclusive?Please include examples of companies...
- Q The amounts of the assets and liabilities of Journey TravelAgency at December 31, 2018, the end of the year, and its revenueand expenses for the year follow. The retained earnings...
- Q Using the effective-interest amortization methodOn December 31, 2018, when the market interest rate is 6%,Benson Realty issues $700,000 of 6.25%, 10-year bonds payable. Thebonds pay interest semiannually. Ben- son Realty...
- 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 New Zealand tax,a number of statements (independent of eachother) are presented which relate to a particularscenario. For each of the statements, specify whether it isTRUE or FALSE , and justify...
- Q all persons mentioned below are New Zealand taxresidents unless otherwise stated. All taxpayers have a 31 Marchbalance date.QUESTION 1. Tobby has been buying and sellingresidential houses since 2010 and is...
- Q How do the four principles of the Code of Ethics (Integrity,Objectivity, Confidentiality, and Competency) influence theauditing standards? Why are each of theseimportant? Are these principles sufficient?
- Q Of the four types of management objectives (strategic,operations, reporting, and compliance), where does internal auditgenerally spend the least amount of time? Why?
- Q PA9-5 CalculatingDirect Materials, Direct Labor, Variable Manufacturing OverheadVariances [LO 9-3, 9-4, 9-5]Bullseye Companymanufactures dartboards. Its standard cost informationfollows:Standard QuantityStandard Price (Rate)Standard Unit CostDirect materials(cork board)2.5sq. ft.$2.00per sq. ft.$5.00Directlabor1hrs.$14.00per hr.14.00Variablemanufacturing overhead...
- Q Describe opportunities for the internal audit function toprovide insight on effective internal control?
- Q In relation to thesource of income which of the following statements isleast correct?Select one:1. The source of business profits will be the place where thetrader undertakes their trading activities.2. The...
- Q Controls cannot provide absolute assurance. Describesome of the major limitations of internal control and explain howthey diminish the reliability of internal controls.
- Q The management of MACU Corporation istrying to determine the amount of each of two products to produceover the coming planning period. The following information concernslabor availability, labor utilization, and productprofitability:DepartmentProduct(hours/unit)1 2Labor-HoursAvailableA1.00 0.38110B0.25 0.3045C0.25 0.4560Profit...
- Q A&B (two individuals) wants to organize an entity to combinetheir two businesses. Assume the business will average $1 millionof taxable income from the combined businesses. What entity wouldyou advise your...
- Q ou recently hired a young MBA who is advising you thatyou should grow more aggressively and who is suggesting that youshould do so by acquiring other smaller companies. Your cookwareand...
- Q Mr. Z, a calendar year taxpayer, opened a new car wash. Prior tothe car wash’s grand opening on October 8, Mr. Z incurred variousstart-up expenditures (rent, utilities, employee salaries,supplies, and...
- Q This week we'll further explore the following two importantareas for analysis: what to measure and how to measure. What willyour AIE term project be? There are lots of great topics...
- Q Padre, Inc., buys 80 percent of the outstanding common stock ofSierra Corporation on January 1, 2018, for $736,960 cash. At theacquisition date, Sierra’s total fair value, including thenoncontrolling interest, was...
- Q The Bartlesville plant of Harmon Company produces an industrialchemical. at the beginning of the year, the Bartlesville plant hadthe following standard cost sheet:Direct material: (10 pounds @ $1.60) $16.00Direct labor: (0.75...
- Q Following are two income statements for Alexis Co. for the yearended December 31. The left number column is prepared before anyadjusting entries are recorded, and the right column includes theeffects...
- Q What is the link between professional ethics and legalliability?
- Q Herro Corporation began operations inJuly and manufactured 40,000 units during the month with thefollowing unit costs:Directmaterials $7.00Directlabor 4.00Variableoverhead 3.00Variable marketingcost 3.00Total fixed factory overhead is$400,000 per month. During July, 35,000 units were sold at...
- Q Illustrate the data processing cycle and explain each phase inrelation to an accounting information system with appropriateexample at each stage.DATA -(INPUT)- Processing (storage)-Output- Information
- Q 1) based on the text What does the text imply is thepositive return from "investing" in accounts receivables?As is true of other current assets, accounts receivable shouldbe thought of as an...
- Q Background Info:(Gap Inc owns Gap, Banana Republic, Old Navy, Intermix, HillCity, and Athleta. Gap Inc. is the largest specialty retailer inthe United States, and is 3rd in total internationallocations.)What percentage...
- Q what are the pertinent accounting pronouncements which areapplicble to up-streem oil and gas entites? please list them withexplainations. Thank you
- Q Becton Labs, Inc., produces various chemical compounds forindustrial use. One compound, called Fludex, is prepared using anelaborate distilling process. The company has developed standardcosts for one unit of Fludex, as...
- Q Kohler Corporation reports the following components ofstockholders’ equity on December 31, 2016:Common stock—$10 par value, 100,000 sharesauthorized,40,000 shares issued and outstanding$400,000Paid-in capital in excess of par value, common stock60,000Retained earnings270,000Total...
- Q what are the pertinent accounting pronouncements which areapplicble to up-streem oil and gas entites? please list them withexplainations.Thank you
- Q Background Info:What is the percentage of debt used to finance Gap?___56%_____What is the percentage of owner’s equity used to finance Gap?_44%_____Question:What is the significance of these twopercentages?
- Q ABCDESales Revenue 40,000 75,000 580,000 35,000 55,000Cost of Goods Sold 19,000 50,000 270,000 19,000 30,000Operating Expenses 10,000 40,000 235,000 12,000 18,000Identifiable Assets 35,000 80,000 500,000 65,000 50,000After conducting all of...
- Q Exercise 4-40 Special Order (LO 4-1, 2)Fairmount Travel Gear produces backpacks and sells them tovendors who sell them under their own label. The cost of one of itsbackpacks follows:?Materials $27.00Labor...
- Q Come-Clean Corporation produces a variety of cleaning compoundsand solutions for both industrial and household use. While most ofits products are processed independently, a few are related, suchas the company’s Grit...
- Q Whirlwind Cycles is owned 100% by Daniel, a single taxpayer.Both Whirlwind Cycles and Daniel use the cash method of accountingfor tax purposes. The business incurred the following items ofincome and...
- Q : Use US GAAP.Selected information for Muffin’s Muffins Inc. for2017 is presented below. All amounts are pretax. The effective taxrate is 30%.Gain on sale of land 193,400Selling expenses 287,600Accounts receivable,...
- Q Accounting Theory (9th edition) Chapter 6 : the search ofobjective Critical thinking and analysis : Question 1: Do you seean evolutionary process involving the documents and reportspresented in this chapter?...
- Q Data Breaches : In recent years we’ve witnessed a series ofdisastrous data breach. Research one of breaches reported in therecent years (for example this article). Write a report about thebreach,...
- Q Analyzing and Reporting Financial Statement Effects of BondTransactions On January 1, 2012, Trueman Corporation issued$400,000 of 20-year, 11% bonds for $369,908, yielding a market(yield) rate of 12%. Interest is payable...
- Q Haffner Corporation uses the weighted-average method in itsprocess costing system. Data concerning the first processingdepartment for the most recent month are listed below:Beginning work in process inventory:Units in beginning work...
- Q On January 1, 2014, Garfield Corp. (lessor) entered into anoncancellable lease agreement with Odie Corp. (lessee) formachinery which was carried in Garfield’s accounting records at$2,265,000 and had a fair value...
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