Accounting question and answers for November 12, 2023
- Q 2. State briefly the three steps done in the creating a company in Sage Pastel Partner
- Q JJ Pty Ltd is a multi-product company producing 40 000 units of product S and 10 000 units of product L annually. If product S has a contribution margin of...
- Q Which of the following statements is incorrect? a. The normal balance of an expense account is a debit. b. The normal balance of accounts receivable is a debit. c....
- Q A trial balance determines the complete accuracy of the numbers T or F
- Q write 800 words on making better decision in small business
- Q Management accountants are the doctors of business
- Q financial implication of maintaining credible accounting records
- Q Four Finger Appliance Company manufactures small kitchen appliances. The product line consists of blenders and toaster ovens. Four Finger Appliance presently uses the multiple production department factory overhead rate method....
- Q The Village of Parry reported the following for its Print Shop Fund for the year ended April 30,2024. VILLAGE OF PARRYPRINT SHOP FUND ...
- Q Below is information for three companies. Which company appears to be more leverage-based? Company A Company B Company C
- Q Powell case does not require the IRS establish which of the following? Select one: a. The summons was issued for a legitimate purpose. b. The IRS is not already in...
- Q Troy Engines, Ltd., manufactures a variety of engines for use in heavy equipment. The company has always produced all of the necessary parts for its engines, including all of the...
- Q What is the purpose of the qualified business income deduction? Explain how it is calculated. (2018 tax rules)
- Q On January 1, 2018, Majestic Mantles leased a lathe from Equipment Leasing under a finance lease. Lease payments are made annually. Title does not transfer to the lessee and there...
- Q Tania Branson works as a senior audit manager for a public accounting firm. A local corporation, Scopenet, Inc., invites the firm to bid to perform the companys annual financial statement...
- Q Cullumber Industries is preparing its cash budget for the third quarter of the current year. Sales for the third quarter are budgeted at $699000($233000 per month). Sales are...
- Q The following information is provided for Nguyen Company and Northwest Corporation. (in $ millions) Nguyen Company Northwest Corporation Net income 2022 Net sales 2022 Total...
- Q 1. Cul de los siguientes procedimientos no es un paso necesario que afecte la disolucin de una sociedad? Grupo de opciones de respuesta Revisin del patrimonio de los socios Cierre...
- Q Gravity energy obtained a three-year lease on 2000 acres on May 2, 2017, that contained a $4/acre delay rental clause. Drilling operations were started on June 15, 2019, and completed...
- Q Depreciation Methods Berkshire Corporation purchased a copying machine for $8,700 on January 1, 2023. The machine's residual value was $425 and its expected life was 5 years or 2,000,000 copies....
- Q Al describir los impuestos FICA, cul (si alguna) de las siguientes afirmaciones es incorrecta? A.) Si ambos cnyuges trabajan, no es necesario que resulten impuestos en exceso. B.)...
- Q The Grand River Hotel has both a rooms dept. and a coffee shop. It desires to know its breakeven point. Its variable cost % for the rooms and coffee shop...
- Q No deposits or outsnading checks Nov 30 I have updated wuestuon.
- Q At the beginning of 2016, Robotics Inc. acquired a manufacturing facility for $12.9 million. $9.9 million of the purchase price was allocated to the building. Depreciation for 2016 and 2017...
- Q [The following information applies to the questions displayed below.] In 2021, the Westgate Construction Company entered into a contract to construct a road for Santa Clara County for $10,000,000. The...
- Q Novak Corporation purchased a piece of equipment for $91,000. Novak wanted to lease out the equipment to a customer for 8 years, at the end of which time the customer...
- Q Assume the sales budget for April and May is 30,000 units and 32,000 units, respectively. The production budget for the same two months is 27,000 units and 28,800 units, respectively....
- Q 1. An ERP or AlS system that supports manufacturing must be able to assign which one of the following costs to the cost of manufactured goods?...
- Q Hace varios aos, su compaa de ao calendario emiti un pagar de $15,000 al 8% de inters anual con vencimiento cada 31 de diciembre. Si no se reciben intereses este...
- Q Accounting for equity investments in other entities depends crucially on the level of influence the investor holds on the investee. Already learned how to account for equity investments where the...
- Q Describe what the AMT exemption is and who is and isn't allowed to deduct the exemption. How is it similiar to the standard deduction and how is it dissimiliar?...
- Q Impact of GAAP rules on the comparability of LinkedIn income over time. LinkedIn's September 30, 2016, Form 10-Q balance sheet data reported certain items very differently from the way that...
- Q Assume that a company provided the following information and assumptions from its master budget: Sales budget: Unit sales in June, July, and August are 20,000, 18,000, and 17,000, respectively. The...
- Q Refer to the following lease amortization schedule. The 10 payments are made annually starting with the beginning of the lease. Title does not transfer to the lessee and there is...
- Q Prepare journal entries for the following credit card sales transactions (the company uses the perpetual inventory system). Sold $28,000 of merchandise, which cost $21,400, on Mastercard credit cards. Mastercard charges...
- Q Clemmens Company aplica los gastos generales en funcin del costo de mano de obra directa. Los costos generales y de mano de obra directa estimados para el ao fueron de...
- Q One day, your friend Brian who majors in marketing says to you, Accounting is meaningless because its just an aggregation of amounts calculated under heterogeneous rules that people made up....
- Q The Plastechnics Company began operations several years ago. The company purchased a building and, since only half of the space was needed for operations, the remaining space was rented to...
- Q Mr. Donald lives in Burlington, Ontario. He is 52 years old. His spouse Melanie is 35 years old and has 2021 net income of $18,500. They have two children both...
- Q Tony and Suzie see the need for a rugged all-terrain vehicle to transport participants and supplies. They decide to purchase a used suburban on July 1, 2022, for $15,600. They...
- Q what is a B corporation and what is its purpose? Does Washington have a B corporation form?
- Q At the beginning of 2016, Robotics Inc. acquired a manufacturing facility for $12.4 million. $9.4 million of the purchase price was allocated to the building. Depreciation for 2016 and 2017...
- Q Discuss and identify the two primary types of subsequent events that require consideration by management and evaluation by the auditor and give two examples of each type?
- Q Which of the following statements is TRUE? Securitized products are not the same as REITs or covered bonds Securitized products are the same as covered bonds as they do not...
- Q Tami Tyler opened Tamis Creations, Incorporated, a small manufacturing company, at the beginning of the year. Getting the company through its first quarter of operations placed a...
- Q You are considering purchasing the preferred stock of a firm but are concerned about its capacity to pay the dividend. To help allay that fear, you compute...
- Q El 1 de noviembre, Alan Company firm un documento por pagar a 120 das al 8%, con un valor nominal de $17,100. Cul es el asiento de ajuste para el...
- Q 4- Please provide examples and how to solve it Determine the retirement savings contributions credit in each of the following cases. ...
- Q PROBLEMS FOR GROUP 8 1. Prepare the Inventory records. DATE PARTICULARS PRICE PER UNIT 1.01.2021 Balance in inventory was 1,000 bags of rice OMR...
- Q Assume D, a widower, made no prior taxable gifts. Consider 2501, 2502, 2505, and 6019. In 2012, D makes his first taxable gift in the amount...
- Q Question: Deal More Save More Limited ( DMSM ) is a chain of retail stores across Canada. DMSM sells a wide range of...
- Q Regina Henry deposited $20,000 in a money market certificate that provides interest of 10% compounded quarterly if the amount is maintained for 3 years. How much will Regina have at...
- Q Herbert Fancypants, a popular professional golfer, has become known for the knickers (not underwear; Google/Bing it) he wears in each golf tournament. This attire has become his trademark; however, he...
- Q Provide an example of the capital you choses
- Q During 2021, Flounder Corporation spent $151,200 in research and development costs. As a result, a new product called the New Age Piano was patented. The patent was obtained...
- Q Lowland Inc. had a receivable from Holberg, a foreign company, that is due in the local currency of the customer (euros). On December 31, 2016, the receivable is for $200,000...
- Q Marz Corporation manufactures and sells two products: Chocolate Bars and Chocolate Covered Raisins. The operating results for 2022 are as follows: Bars...
- Q On 1/1/20x1, Petwoud Company exchanged 25,000 shares of its $1 par value common stock and $150,000 cash to acquire 80% of the outstanding voting common stock of Supagud, Inc. At...
- Q On 1 January 20X4 (transaction date), Jessey Ltd a South African company bought a machine from an American company for $100 000. Jessey Ltd settled the debt on 31...
- Q The Town of Weston has a Water Utility Fund with the following trial balance as of July 1,2023, the first day of the fiscal year: ...
- Q Net income 5,000 Gains (losses) (400) What is comprehensive income (loss)? Do not use parentheses or dollar sign
- Q Which ONE of the following is NOT in the selling and administrative budget? Sales commissions Factory building depreciation Office supplies Advertising expense
- Q 3.An account becomes uncollectible a.when multiple factors confirm that the account is uncollectible. b.upon receipt of a certified letter from the debtor. c.when the debtor fails to pay...
- Q a- Give a numerical example of: 1) Current liabilities. 2) Long-term liabilities b. What are the characteristics of corporations? - please use your own words dont copy and paste (...
- Q 8-33 The Matsui Lubricants plant uses the weighted-average method to account for its work-in-process inventories. The accounting records show the following information for a particular day. ...
- Q A purchaser would report the following inventory items on its balance sheet: a. items shipped f.o.b. destination and in transit. b. items received on consignment. c. purchases with delayed payment...
- Q Stock Options On January 1, Y6, the shareholders of Aylmer approved a plan that grants options to the companys executives to purchase 10,000 of the companys common shares each. The...
- Q The ledger of Blossom Company contains the following balances owners capital 28,000 owners drawing 1000 service revenue 48,000 salaries and wage expenses 25,000 and supply expenses 6000 account titles and...
- Q You work for a nuclear research laboratory that is contemplating leasing a diagnostic scanner (leasing is a common practice with expensive, high-tech equipment). The scanner costs...
- Q Q.3 Political, Economic, Social, and, Technological risk (PEST), all represent major challenges to society in general and to the Accounting profession. Identify one of these challenges, and explain how developments...
- Q For companies that manufacture several products that use different proportions of manufacturing overhead resources, why does the use of activity-based costing provide more reliable product cost information for management decision-making...
- Q TB MC Qu. 17-112 (Algo) Crinkle Cut Clothes Company manufactures... Crinkle Cut Clothes Company manufactures two products CC1 and CC2. Current direct material and direct labor costs are...
- Q ABC company had contribution margin of $600,000 and contribution margin ratio of 20%. Fixed cost are $250,000, selling price is $40. Total variable cost is: Total sales (in dollar) is:...
- Q Trinity Medical Laboratory Ltd (TMLL) a medical research entity, has discovered a cure for a previously incurable disease. TMLL is protecting the drugs formula by keeping it secure in the...
- Q En enero de 2018, Sonja deposit $20 000 en un banco de las Bahamas. Obtuvo $500 de ingresos por intereses. Cerr la cuenta en diciembre de 2018. a. Sonja...
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