Accounting question and answers for July 18, 2023
- Q PharmaNiaga Bhd (PNB) is considering its intangibleassets on how the matters below should be treated in its financialstatements for the year ended 31 March 2020.a). On 1 October 2019, PNB...
- Q Part 2Consider the budgetedincome statement for Happy Turtles for the month ended 30 June 2017below:-                                                  $                  $Sales                                           Less:  Costof Goods Sold                          290,000           Inventory, 31 May 201750,000           Purchases                                    192,000           Available for sale                         242,000           Inventory, 30 June 2017(40,000)                                                                            202,000Gross profit                                                          88,000Less:  Operating expenses                 Wages                                                                                 36,000                 Utilities                                                                    5,000                 Advertising                                                                          10,000                 Depreciation                                                                          1,000                 Office...
- Q Cost of Production ReportThe Cutting Department of Karachi Carpet Company provides thefollowing data for January. Assume that all materials are added atthe beginning of the process.Work in process, January 1,...
- Q Entries for Direct Labor and Factory OverheadSchumacher Industries Inc. manufactures recreational vehicles.Schumacher Industries uses a job order cost system. The timetickets from June jobs are summarized as follows:Job 11-101$2,240Job 11-1021,520Job...
- Q please be inform thatthe formula used and process of how each number have been get mustbe mentionShort term decisionmaking  Shot plc manufacturesthree types of furniture products - chairs, stools and tables....
- Q On April 1, Jiro Nozomi created a new travel agency, AdventureTravel. The following transactions occurred during the company’sfirst month.April 1 Nozomi invested $41,000 cash and computer equipmentworth $25,000 in the...
- Q Analyzing Manufacturing Cost AccountsFire Rock Company manufactures designer paddle boards in a widevariety of sizes and styles. The following incomplete ledgeraccounts refer to transactions that are summarized for June:MaterialsJune 1Balance28,300June...
- Q Net Present Value and Competing ProjectsFor discount factors use Exhibit 12B.1 and Exhibit 12B.2.Spiro Hospital is investigating the possibility of investing innew dialysis equipment. Two local manufacturers of this equipmentare...
- Q Your friend Tom Smith has decided to expand Smith Sales Company.He has acquired an expansion loan and purchased $500,000 of plantassets as part of the expansion. Tom values your advice...
- Q The Sarbanes-Oxley Act is arranged into eleven titles. As far ascompliance is concerned, the most important sections within theseare often considered to be 302, 401, 404, 409, 802 and 906....
- Q Select one type of retailer from each of the 3 categories (food,general merchandise, and service-NOTE: there are other serviceexamples that you can choose from like urgent doctor or dentalcare, hair...
- Q Delta Catfish Company has taken a position in its tax return toclaim a tax credit of $15 million (direct reduction in taxespayable) and has determined that its sustainability is “more...
- Q This year, a company has each of the following income statementitems:Gross profits on installment sales.Revenues on long-term construction contracts.Estimated costs of product warranty contracts.Premiums on officers’ life insurance policies with...
- Q Please create a horizontal and verticalanalysisJane Doe CORPORATIONCONSOLIDATED STATEMENTS OF EARNINGS(in millions, except per share data)Sep 30,Oct 1,Fiscal Year Ended20182017Net revenues:Company-operated stores$Â Â Â Â Â Â Â 19,690.30$Â Â Â Â Â Â Â 17,650.70Licensed stores2,652.202,355.00Other2,377.002,381.10Total net revenues24,719.5022,386.80Cost of sales including...
- 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$921,000$264,000$403,000$254,000Variable manufacturing and selling...
- Q Alsup Consulting sometimes performs services for which itreceives payment at the conclusion of the engagement, up to sixmonths after services commence. Alsup recognizes service revenuefor financial reporting purposes when the...
- Q Alsup Consulting sometimes performs services for which itreceives payment at the conclusion of the engagement, up to sixmonths after services commence. Alsup recognizes service revenuefor financial reporting purposes when the...
- Q Match each of the following terms with its correctdefinition:job-order costing systemProcess-costing systemoverapplied overheadplantwide overhead ratepredetermined overhead ratejob-order cost sheetoverhead varianceapplied overheadactual cost systemTime Ticketmaterials requisition formunderapplied overheadnormal cost sytemdirect materialsmanufacturing...
- Q Why is there a need for three Financial Accounting RatingsAgencies? Are these agencies measuring the sameattributes? If not, what are the critical differences betweenthese agencies? please elaborate
- Q Total Assets$7,082,500Total Liabilities1,700,000Common Stock1,250,000Additional Paid in Capital2,097,500Donated Capital90,000Ret. Earnings 1/1/Year41,650,000Net Sales6,250,000Cost of Sales3,750,000Selling & Adm Expenses1,212,500Interest Expense122,500gain on sale of LT Investments130,000Income Tax Expense300,000Loss on Disposition of Plant Assets225,000Loss due...
- Q What is accounts receivable? What is notes receivable and howare they different than accounts receivable? How do creditorsdecide to extend credit to their customers? What processes docredit managers use to...
- Q The budget director of Birds of a Feather Inc., with theassistance of the controller, treasurer, production manager, andsales manager, has gathered the following data for use indeveloping the budgeted income...
- Q Lavage Rapide is a Canadian company that owns and operates alarge automatic car wash facility near Montreal. The followingtable provides data concerning the company’s costs:Fixed Costper MonthCost perCar WashedCleaning supplies$0.50Electricity$1,300$0.07Maintenance$0.15Wages...
- Q QualCo manufactures a single product in two departments: Cuttingand Assembly. During May, the Cutting department completed a numberof units of a product and transferred them to Assembly. Of thesetransferred units,...
- Q Question 2 - 1,500 wordsThe Senior Partner of the firm you work for has appointedyou to a new role. It is now your responsibility to review upcomingaccounting standards and provide...
- Q E8-26ComplexChemComplexChem​,​Inc., produces chemicals for large biotech companies. It hasthe following data for manufacturing overhead costs duringAugust20172017​:VariableFixedActual costs incurred$30,500$15,500Costs allocated to products$32,000$14,200Flexible budget—$13,200Actual input x budgeted rate$32,200—RequirementFill in the blanks. Use...
- Q Part 1:Prepare the journal entries for each set of transaction databelow.Post the transactions in the ledger.Extract the unadjusted trial balance as of January 31 of thiscurrent year.Part 2:For this section,...
- Q Dublin Chips is a manufacturer of prototype chips based in​Buffalo, New York.Next​ year, in 2018​, Dublin Chips expects to deliver 615prototype chips at an average price of $95,000. Dublin ​Chips'marketing...
- Q What is the difference between grease payment and bribery? Isgrease payment legal per FCPA and per the law of all othercountries?
- Q Chief executive officer compensation can be a material amountand is often scrutinized by regulators, analysts, competitors, andinvestors. For CEOs of publicly traded companies, compensation canconsist of salary, bonus, stock option...
- Q Please read through this unit's list of terms and conceptsprovided in the Key Terms module of this unit. You should look forthese terms as you read the assigned textbook chapters....
- Q Maher Corporation, which has only one product, has provided thefollowing data concerning its most recent month of operations:Selling price $ 157 Units in beginning inventory 0 Units produced3,710 Units sold...
- Q The Watts Company is a publicly traded corporation thatproduces different types of commercial food processors. My name isAlan Smith and I have worked for this company for the last tenyears...
- Q Problem 11-14 Measures of Internal Business Process Performance[LO11-3]DataSpan, Inc., automated its plant at the start of the currentyear and installed a flexible manufacturing system. The company isalso evaluating its suppliers...
- Q In Lehman Brothers' case, why should E&Y have considered theRepo 105 transactions to be material and required these to bedisclosed before signing off on the audit? What E&Y should havedone...
- Q Raleigh Department Store uses the conventional retail method forthe year ended December 31, 2016. Available informationfollows:The inventory at January 1, 2016, had a retail value of $37,000and a cost of...
- Q Below is an alphabetical listing of all the accounts for T.O.'sDance studio on 12/31/11. Assume all adjustments have been made andall balances are \"normal.\" Accounts payable 3,000 Accountsreceivable 8,000 accumulated...
- Q Diaz Company issued $101,000 face value of bonds on January 1,2018. The bonds had a 8 percent stated rate of interest and aten-year term. Interest is paid in cash annually,...
- Q Almaden Hardware Store sells two product categories, tools andpaint products. Information pertaining to its 2018 year-endinventory is as follows:Inventory,by Product CategoryQuantityPer UnitCostNet Realizable ValueTools:Hammers100$5.90$6.40Saws29010.909.90Screwdrivers3902.903.50Paint products:1-gallon cans5906.905.90Paint brushes1004.905.40Required:1. Determine the carrying...
- Q 1. Which of the following statement is FALSE?a. The difference between the static budget and the flexiblebudget is the sale-volume variance.b. The difference between allocated and budgeted overhead is theproduction...
- Q Forester Company has five products in its inventory. Informationabout the December 31, 2018, inventory follows.ProductQuantityUnitCostUnitReplacementCostUnitSellingPriceA1,000$26$28$32B500312734C900191824D900232022E800302829The cost to sell for each product consists of a 10 percent salescommission. The normal profit...
- Q [The following information applies to the questionsdisplayed below.]  The adjusted trial balance for Chiara Company as of December 31,2017, follows.DebitCreditCash$176,900Accounts receivable51,000Interest receivable22,600Notes receivable (due in 90 days)172,000Office supplies16,000Automobiles172,000Accumulated depreciation—Automobiles$95,000Equipment136,000Accumulated depreciation—Equipment21,000Land78,000Accounts payable92,000Interest...
- Q Haggerty Company pays its salaried employees monthly on the lastday of each month. The annual salary payroll for 2015 follows.Compute the following for the payroll of December 31:If an amount...
- Q The Riteway Ad Agency provides cars for its sales staff. In thepast, the company has always purchased its cars from a dealer andthen sold the cars after three years of...
- Q Describe what is meant by asset impairment and identify thesources of inherent risks related to assetimpairment.
- Q Problem 1-39 (Static) Cost Data for Managerial Purposes (LO1-3)Imperial Devices (ID) has offered to supply the state governmentwith one model of its security screening device at “cost plus 20percent.†ID...
- Q 25.65% is Google’s Long Term Assets as % of Total Assets2018.70.82% is Walmart’s Long Term Assets as % of TotalAssets 2018.-What are the possible reasons for the difference in Long...
- Q It was determined that a shipment on Dec 29 from BGA to HubbaBubba Corp. arrived at Hubba Bubba on Jan 2. Hubba Bubba purchasedfrom BGA 100,000 lbs of bubble gum...
- Q What tax and nontax advantages and disadvantages accrue when anacquiring corporation purchases all of a target​ corporation'sstock for cash and subsequently liquidates the target​corporation?------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------Select the advantages of purchasing all of...
- Q Suppose your firm is considering two mutually exclusive,required projects with the cash flows shown below. The requiredrate of return on projects of both of their risk class is 10percent, and...
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