Accounting question and answers for July 06, 2023
- Q Assume XYZ uses a calendar year forfinancial reporting. The company is authorized to issue 32,500,000shares of $1 par common stock. Listed below is a summary of XYZ’scommon stock activities.2,600,000780,0001,625,0005,005,0001-Number of...
- Q Assume XYZ uses a calendar year forfinancial reporting. The company is authorized to issue 32,500,000shares of $1 par common stock. Listed below is a summary of XYZ’scommon stock activities.2,600,000780,0001,625,0005,005,0001-Number of...
- Q anker corporation, which had only one product, has provided thefollowing data fir its first year.selling price $99units in beg inventory 0units produced 6300units sold 6000units in ending inventory 300variable cost:Direct...
- Q Partnership form of organization has advantages anddisadvantages. Note that different types of partnerships have beendeveloped to minimize some of these disadvantages. Alternatively,an individual or company can choose the proprietorship or...
- Q What factors would influence the inventory levels for acompany? How would one determine the optimum level?
- Q After evaluating Null Company’s manufacturing process,management decides to establish standards of 3 hours of directlabor per unit of product and $15 per hour for the labor rate.During October, the company...
- Q breakeven analysis assumes that all costs are fixed or variable.In reality, this is an inaccurate assumption. Some costs aresemi-variable and mixed. In the book discusses 3 different ways toseparate mixed...
- Q Hi, I need to determine what costs are fixed vs what costs arevariable. Listed below are the expenses.American Express Merchant FeesAmortization ExpenseAnswering ServiceBank Service ChargesBookkeeping FeeBrownie Points RewardsCustomer service SalaryCellular...
- Q During 2010, Salem Company spent $1,360,000 in research anddevelopment costs. As a result of its R&D activities, Salempatented a new product on September 30, 2010. On September 30,2010, Salem incurred...
- Q Prototyping an Event-Driven IT Application DC Medical Supply,located in Washington, DC is in the industry of medical devicesales. Its market share is small compared to the industry leaders,but it hopes...
- Q QUESTION 3: CASE STUDY 3 (10%)Cole Property Management CompanyCole Property Management Company received a bill for RM103, 500with payment terms 3/20, n/30. Samantha Cole, the owner of thecompany, knows that...
- Q Why should the payback method of analyzing capital purchasesnever be used as the sole basis for decision making?.Considering the amount of uncertainty and risk involved incapital budgeting, what is the...
- Q Consolidation worksheet, consolidated financialstatementsOn 1 July 2018, Ghostbusters Ltd acquired all the sharesof Bat Ltd for $305 000 on an ex-div. basis. On this date,the equity and liabilities of Bat...
- Q What are the principal objectives of a theory of white collarcrime? Identify and discuss some of the main underlying assumptionsfor any such theory. What are the different answers to the...
- Q Is it because younger employees tend to be less committed to theidea of conforming to established social rules and structures thatthey are more likely to engage in fraudulent activities?
- Q Exercise 6-11 Segmented Income Statement [LO6-4]Wingate Company, a wholesale distributor of electronicequipment, has been experiencing losses for some time, as shown byits most recent monthly contribution format income statement, whichfollows: Sales$1,598,000 Variableexpenses616,640 Contributionmargin981,360 Fixed...
- Q The accounting records of Timberline Lodge are maintained on thebasis of a fiscal year ending April 30. The facts listed below areto be used for making adjusting entries at April...
- Q The accounting records of Timberline Lodge are maintained on thebasis of a fiscal year ending April 30. The facts listed below areto be used for making adjusting entries at April...
- Q Accounting for share capitalRippa Ltd was incorporated on 1 July 2017. The followingtransactions and events occurred during the year ended 30 June2018:1 Jul 2017: Rippa Ltd makes an offer to...
- Q Rock Solid Manufacturing, Inc., has acquired the net assets ofJelly Soft Manufacturing, Inc., for $10 million and now needs toaddress how the acquisition should be recorded on its books forfinancial...
- Q When the amount invested differs substantially across projects,NPV is of limited value for comparison purposes. You have evaluatedthree projects of substantially different investment amounts usingthe net present value (NPV) method....
- Q Riu Corporation has a Parts Division that does work for otherDivisions in the company as well as for outside customers. Thecompany's Repair Division has asked the Parts Division to provideit...
- Q United Brits Ltd. has a bond outstanding that carries a 10percent coupon rate paid annually. Current bond yields are 7.5percent. It has $30 million outstanding and 12 years left tomaturity....
- Q Cost of Production ReportThe debits to Work in Process—Roasting Department for MorningBrew Coffee Company for August, together with informationconcerning production, are as follows:Work in process, August 1, 1,200 pounds, 50%completed$5,460**Direct...
- Q How do management accounts affect strategic decisions?
- Q a) CEMENCO Stock Return YEAR CEMENCO RETURN2000 13.9%2001 20.0%2002 11.6%2003 2.8%2004 3.6%2005 -16.3%2006 47.3%2007 -12.7%Find the Average Return and Risk (as measured by StandardDeviation) of CEMENCO since 2000.b) You have a portfolio consisting of 20 percent CEMENCO stock(? = 0.81), 40...
- Q You own and operate a gasoline station. You started yourbusiness on May 1. At your site you have one, and only one,30,000-gallon tank for regular, unleaded, 87 octane gasoline. Yourstation...
- Q Robert Montoya, Inc., is a leading producer of wine in theUnited States. The firm was founded in 1950 by Robert Montoya, anAir Force veteran who had spent several years in...
- Q avage Rapide is a Canadian company that owns and operates alarge automatic carwash facility near Montreal. The following tableprovides data concerning the company’s costs:Fixed Costper MonthCost perCar Washed Cleaningsupplies $0.60 Electricity$1,300 $0.09 Maintenance $0.25 Wages andsalaries$5,000 $0.20 Depreciation$8,200 Rent$1,900 Administrativeexpenses$1,700 $0.04 For example,...
- Q Hi-Tek Manufacturing, Inc., makes two types of industrialcomponent parts—the B300 and the T500. An absorption costing incomestatement for the most recent period is shown:Hi-Tek Manufacturing Inc.Income StatementSales$1,720,000Cost of goods sold1,234,688Gross...
- Q Delph Company uses a job-order costing system and has twomanufacturing departments—Molding and Fabrication. The companyprovided the following estimates at the beginning of the year: MoldingFabricationTotalMachine-hours33,00043,00076,000Fixed manufacturing overheadcosts$730,000$270,000$1,000,000Variable manufacturing overheadcost per machine-hour$5.20$5.20 During...
- Q An Interactive Case Study On The Budgeting Process Salem Valveand Pump Company (SVP) Salem Valve and Pump Company was establishedby John Botu in 2002 after returning from the Gulf War...
- Q Amazon sells copiers that come with a 2-year warranty contractthat requires them to fix any defects during the warranty period.During 2018, Amazon sells 600 copiers for $4,000 each. During 2018,Amazon...
- Q 1. Before the provision for Federal income tax, KarasCorporation had book income of $400,000 for the current year. Thebook income included $100,000 of dividends received from a 15%owned domestic corporation....
- Q On January 1, 2018, Loop Raceway issued 520 bonds, each with aface value of $1,000, a stated interest rate of 5 percent paidannually on December 31, and a maturity date...
- Q what is the impact of the flat tax?
- Q 1. Prepare a job cost sheet for a single family home underconstruction. List about five items that can be classified asdirect materials and direct labor. Make a list of overhead...
- Q Superior Company provided the following data for the year endedDecember 31 (all raw materials are used in production as directmaterials):Selling expenses $ 210,000Purchases of raw materials $ 265,000Direct labor ?...
- Q Ben teaches golf lessons at a country club under a businesscalled Ben’s Pure Swings (BPS). He operates this business as a soleproprietorship on the accrual basis of accounting. This year...
- Q Examine with reasons, based on the provisions of the Act, as tochargeability of the following receipts to tax in the assessmentyear 2019-20: (i) Rent of ` 60,000 charged from tenants...
- Q The stockholders’ equity accounts of Bridgeport Corp. on January1, 2022, were as follows.Preferred Stock (7%, $100 par noncumulative, 5,500 sharesauthorized) $330,000Common Stock ($4 stated value, 330,000 shares authorized)1,100,000Paid-in Capital in...
- Q The Fields Company has two manufacturing departments, formingand painting. The company uses the weighted-average method ofprocess costing. At the beginning of the month, the formingdepartment has 30,000 units in inventory,...
- Q Find an annual report for a company of interest (perhaps youremployer). Publicly held company annual reports (10K) can belocated via Edgar Archives on the Security and Exchangewebsite.To perform the search...
- Q You have been asked by the Payroll Manager, Linda Laporte, tocreate a short job aid to assist the payroll practitioners withreconciling the Revenu Québec (RQ) account. Your organization is amonthly...
- Q Jannelle Richards has worked as a graphic designer for more than5 years. She decided to open her owngraphic design business as of the first of last month, which isknown as...
- Q In the topic of organizational accounting, why is the budgetimportant in medical clinics or hospitals?
- Q Net Present ValueUse Exhibit 12B.1 and Exhibit 12B.2 to locate the present valueof an annuity of $1, which is the amount to be multiplied times thefuture annual cash flow amount.Each...
- Q Rapid-Heat Pty Ltd (Rapid-Heat) is an Electric Heatersmanufacturer which sells Electric Heaters directly to the public.On 1 May 2017, Rapid-Heat provided one of its employees; Jasmine,with a car as Jasmine...
- Q The following events apply to Montgomery Company for 2016, itsfirst year of operation: 1. Received cash of $42,000 from the issueof common stock. 2. Performed $61,000 of services on account....
- Q . During 2018, a former employee of Staple Company filed alawsuit alleging age discrimination and asking for damages of$500,000. At December 31, 2018,Staple's legal counsel indicatedthat the likelihood of losing...
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!