Accounting question and answers for July 15, 2023
- Q How would a change in strategy such as shifting advertisingemphasis to high Contributed Margin products affect yourbudget?
- Q 8. The Smart CPA firm held an End of Tax Season party. Thecompany expected attendance of 75 people and prepared the followingbudget:Hotel room rental $600Food 1,000Entertainment 750Decorations 250Total Costs $2,600Seventy...
- Q Exercise 4-6 Preparing closing entries and thepost-closing trial balance LO2,3,4CHECK FIGURE: Post-closing trial balancecolumns = $51,300The adjusted trial balance at April 30,2017 for Willard Co.followsDebitCredit101Cash3,600106Account receivable8,500153Trucks26,000154Accumulated depreciation, trucks8,250193Franchise13,200201Accounts Payable9,600209Salaries Payable3,200233Unearned...
- Q 23. Small Company, a producer of auto components, has thefollowing information:Income tax rate 20%Selling price per unit $9.00Variable cost per unit $4.00Total fixed costs $150,000.00The break-even point in units is...
- Q What are the biggest challenges for managers using cvp analysisto make product decisions? Why?
- Q 38. The least-squares regression method can be used toapproximate a cost function. A disadvantage of this method is________.A) it requires a lot of prior cost dataB) it does not use...
- Q How frequently do you believe that firms should conduct varianceanalysis and why??
- Q The following incomplete balance sheet for the SandersonManufacturing Company was prepared by the company’s controller. Asaccounting manager for Sanderson, you are attempting to reconstructand revise the balance sheet.SANDERSON MANUFACTURING COMPANYBalance...
- Q Additional Problem 12 Sheridan Ltd., which follows ASPE, had thefollowing comparative statement of financial position: SheridanLtd. Comparative Statement of Financial Position As at December 31Assets 2018 2017 Cash $ 70,520...
- Q On July 1, 2016, Killearn Company acquired 136,000 of theoutstanding shares of Shaun Company for $15 per share. Thisacquisition gave Killearn a 25 percent ownership of Shaun andallowed Killearn to...
- Q Prepare a schedule of depreciation? expense, accumulated?depreciation, and book value per year for theequipment under the three depreciation? methods: straight-line,?units-of-production, and? double-declining-balance. Show yourcomputations. ?Note: Three depreciation schedules must beprepared.2.Which...
- Q Additional Problem 12Sheridan Ltd., which follows ASPE, had the following comparativestatement of financial position:Sheridan Ltd.Comparative Statement of Financial PositionAs at December 31Assets20182017Cash$70,520$43,000Accounts receivable116,96087,720Inventories68,800103,200Prepaid insurance8,6006,880Equipment264,880223,600Accumulated depreciation-equipment(60,200)(43,000)Patents68,80086,000Total assets$538,360$507,400Liabilities and Shareholders’EquityAccounts payable$79,120$68,800Interest payable6,88010,320Wages...
- Q On January 1, 2014, Cron Corporation issued $740,000 in bonds thatmature in ten years. The bonds have a stated interest rate of 12percent and pay interest on June 30 and...
- Q ASSETS11Cash12Accounts Receivable13Prepaid Insurance14Office Supplies16LandLIABILITIES21Accounts Payable22Unearned Rent23Notes PayableEQUITY31Common Stock32Retained Earnings33DividendsREVENUE41Fees EarnedEXPENSES51Salary and Commission Expense52Rent Expense53Advertising Expense54Automobile Expense59Miscellaneous ExpenseComplete a Ledger Account with the requirments stated.Elite Realty acts as an agent in...
- Q Sheridan, Inc., sells two types of water pitchers, plastic andglass. Plastic pitchers cost the company $19 and are sold for $34.Glass pitchers cost $28 and are sold for $49. All...
- Q An accounting professional requires at least two skill sets. Thefirst is to be technically competent. Knowing how to capture,manage, and report information is a necessary skill. Second, theability to assess...
- Q 2. The company is considering a project involving the purchaseof new equipment. Change the data area of your worksheet to matchthe following: Use Exhibit 12B-1 and Exhibit 12B-2. (Useappropriate factor(s)...
- Q Internal Controls are extremely important with any accountingsystem, especially a computerized system. It is a huge part ofcreating and maintaining an accurate set of accounting records. I’msure you all have...
- Q Cost of Production ReportHana Coffee Company roasts and packs coffee beans. The processbegins by placing coffee beans into the Roasting Department. Fromthe Roasting Department, coffee beans are then transferred to...
- Q On January 1, 2018, Instaform, Inc., issued 10% bonds with aface amount of $58 million, dated January 1. The bonds mature in2037 (20 years). The market yield for bonds of...
- Q At January 1, 2018, Brant Cargo acquired equipment by issuing asix-year, $200,000 (payable at maturity), 5% note. The market rateof interest for notes of similar risk is 10%.Prepare necessary journal...
- Q Background Information:In this project you are to assume that you are the audit partneron the audit engagement of Earthwear Clothiers, Inc. (Earthwear).Earthwear is a U.S. publicly traded company and is...
- Q Feather Friends, Inc., distributes a high-quality woodenbirdhouse that sells for $20 per unit. Vari- able expenses are $8per unit, and fixed expenses total $180,000 per year. Its operatingresults for last...
- Q Assumptions Used to Estimate the Allowance for DoubtfulAccountsA commercial furniture wholesaler reserves for its allowance fordoubtful accounts based on standard reserve percentages supportedby historical collection experience. (An ageing of accountsreceivable...
- Q For the current year, Mary sojourned in Canada for 210 days.Also, for the current year, Steve, a long-time resident of Quebec,was living in Canada for the first 210 days in...
- 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: MoldingFabricationTotal Machine-hours33,00043,000 76,000 Fixed manufacturingoverhead costs$720,000$270,000 $990,000 Variablemanufacturing overhead per machine-hour$5.90$5.90 During the...
- Q Problem 5-27 (LO 5-1, 5-2, 5-3, 5-4, 5-5, 5-7)Pitino acquired 90 percent of Brey's outstanding shares onJanuary 1, 2016, in exchange for $513,000 in cash. The subsidiary'sstockholders' equity accounts totaled...
- Q The accounting records of Wall's China Shop reflected thefollowing balances as of January 1, Year 2: Cash $ 18,500 Beginninginventory 13,800 (150 units @ $92) Common stock 15,000 Retainedearnings 17,300...
- Q You are asked to prepare the Balance Sheet after each ofthe transactions to prove the Basic AccountingEquation.ASSETS = LIABILITIES + CAPITALMr. Abdulla started business with cash OMR………………………………on1st January 2019.Purchased furniture...
- Q Using the following budgeted information for production of 9,000and 15,000 units, prepare a flexible budget for 18,000 units.Production9,000 units15,000 unitsExpense A$14,400$24,000Expense B 22,000 22,000Expense C 43,000 43,000Total expenses $?2.The production cost for a waterproof...
- Q When operating a business the calculation of taxable income isimportant as it is the basis for determining the amount of tax thatmust be paid on the income of the business.How...
- 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 Suppose you are single and work for a company that pays you$24/hour for all regular hours and time -and-a-half for any weeklyhours exceeding 40 hours.In a typical workweek, you work...
- Q Cash Budget The controller of Mercury Shoes Inc. instructs youto prepare a monthly cash budget for the next three months. You arepresented with the following budget information: June July AugustSales...
- Q Early in 2014, Jones Industries was formed with authorization toissue 125,000 shares of $20 par value common stock and 15,000shares of $100 par value cumulative preferred stock. During 2014,all the...
- Q ATTENTION: ALL COMPONENTS / QUESTIONS MUST BE FULLYANSWERED -- DO NOT USE THE TEXTBOOK SOLUTIONS ALREADY INPLACEIF YOU ARE UNABLE TO ANSWER ALL COMPONENTS, PLEASE DONOT ANSWER. THANK YOU! :)O’Brien...
- Q The Hammerly Corporation is preparing its master budget for thequarter ending March 31. It sells a single product for $25 a unit.Budgeted sales are 40% cash and 60% on credit....
- Q What is the most important Internal Control Procedure toyou?
- Q Portions of the financial statements for Myriad Products areprovided below.MYRIAD PRODUCTS COMPANYIncome StatementFor the Year Ended December 31, 2018($ in millions)Sales$860Cost of goods sold301Gross margin559Salaries expense$140Depreciation expense94Patent amortization expense5Interest expense34Loss...
- Q The following account balances were included in the trialbalance of Sarasota Corporation at June 30, 2017. Sales revenue $1,579,860 Depreciation expense (office furniture and equipment) $6,762 Sales discounts 31,690 Property...
- Q Describe the various forecasting methods. What are the stepsneeded to develop a forecast? Explain how you could use Excel tohelp develop a forecast. Provide an example of an Excel forecastfor...
- Q Typewritten answers only, please, no handwrittenanswers. Thank you.On April 6, 2018, Home Furnishings purchased $37,000 ofmerchandise from Una's Imports, terms 2/10 n/45. On April 8, HomeFurnishings returned $7,800 of the...
- Q LOAN AMORTIZATIONJan sold her house on December 31 and took a $30,000 mortgage aspart of the payment. The 10-year mortgage has a 12% nominalinterest rate, but it calls for semiannual...
- Q Concord Corp. designs and manufactures mascot uniforms for highschool, college, and professional sports teams. Since each team’suniform is unique in color and design, Concord uses a job ordercosting system. On...
- Q The Scenario:You work in the product development department of an athleticapparel company. Your company has decided to add a new product andis choosing between a polo tee, yoga pants, or...
- Q Discuss the differences, if any, in the way you would conduct afinal interview with a 10-year corporate controller accused ofembezzling funds and a new cashier accused of stealingcash. Include a comparison...
- Q Taxpayer is considering the following investment.Year 1Year 2Year 3Year 4Year 5Year 6Cash income produced4,00011,00020,00023,00025,00030,000Cash expenses1,0005,0006,0008,0008,00010,000Expenses that are tax deductibleNone80%70%80%100%75%Marginal tax rate20%24%24%30%30%30%Compute the present value of the after-tax cash flows of...
- Q ClientTotal Purchases in Prior YearAverage OrderCustomer Rank By PurchasesCompany NameAverage Annual SalesA 2,379 1,190A(use hlookup formula here)B 72,560 6,596E(use hlookup formula here)C 10,366 5,183M(use hlookup formula here)D 77,745 7,068E 11,106 5,553F 83,295 7,572G 11,899 5,950H 89,243 8,113I 12,749 6,375J 95,618 8,693K 13,660 6,830L 102,450 9,314M 14,636 7,318N 109,770 9,979O 15,681 7,841P 117,608 10,692Average 44,121The assignment:(1) Use theattached document and dataset to do the...
- Q ProForm acquired 60 percent of ClipRite on June 30, 2017, for$960,000 in cash. Based on ClipRite's acquisition-date fair value,an unrecorded intangible of $700,000 was recognized and is beingamortized at the...
- Q ABC Company manufactures a product through three processdepartments. In the first process, all direct materials are addedat the beginning of the process. The following information pertainsto the month of September.Production...
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!