Accounting question and answers for November 21, 2023
- Q 11. Chen lost her job in garment sales due to falling customer orders in Canada, which has been identified as one of many impacts from the COVID-19 pandemic of 2020....
- Q overhead rate based on machine-hours. At the beginning of the year, it estimated that 4,000 machine-hours would be The company uses a plantwide predetermined required for the period's estimated level...
- Q Required information [The following information applies to the questions displayed below) On December 1, Jasmin Ernst organized Emst Consulting. On December 3, the owner contributed $84,000 in assets to launch...
- Q Trevor is a single individual who is a cash-method, calendar-year taxpayer. For each of the next two years (2022 and 2023), Trevor expects to report salary of $106,000, contribute $8,400...
- Q Raw Materials Inventory (a) Beginning balance $ Purchased raw materials Incurred factory labor Direct materials Indirect materials Direct labor Indirect labor Overhead costs incurred Factory equip. depreciation Assigned overhead Completed...
- Q Constantly reexammes its processes and procedures. Kro tras peen using a single, facility-wide overeau allocationTate. The vice president of manice pelieves that kro call make better process improvements in it...
- Q Consider the following transaction: Sell $1,000 of services on account. What is the appropriate journal entry for this transaction? Debit Cash $1,000 and Credit Service Revenue $1,000 Debit Notes Payable...
- Q The maximum amortization period specified by Section 4433 with respect to capital assets is: Multiple Choice 5 years. 10 years. 20 years. No maximum amortization period is specified
- Q 25 points Swift Creek Learning is a retailer focused on education supplies. The company recently reported eamings per share of $1.84. Based on its recent price of $32.71 the company...
- Q Issued shares minus outstanding shares equals Select one: a. Authorized Shares Ob. Unissued Shares Oc. Treasury Shares Od. Subscribed Shares
- Q 3: (25 Marks) Consider Part A and Part B below separately: Part A: (9 Marks) On January 1, 2022, Trust Corporation had 1,000,000 ordinary shares outstanding. On March 1, the...
- Q Glenn Grimes is the founder and president of Heartland Construction, a real estate development venture. The business transactions during February while the company was being organized are listed as follows....
- Q HIGHER COLLEGES OF TECHNOLOGY-DUBAI Cost Concepts 01. Khaled has developed a new technology device that is so exciting he is considering quitting his job in order to produce and market...
- Q Cleaning supplies Electricity Maintenance Wages and salaries Depreciation Rent Administrative expenses Fixed Cost per Month Cost per Car Washed $0.70 $1,300 $0.05 $0.20 $4,200 $0.40 $8,300 $2,000 $1,400 $0.04 For...
- Q A method that estimates cost behavior by using just the highest and lowest volume levels is called the: Multiple Choice Scatter method. High-low method Least-squares method. Break-even method. Step-wise method
- Q Saved The ledger of Mai Company includes the following accounts with normal balances as of December 31: D. Mai, Capital $9,000; D. Mai. Withdrawals $800; Services Revenue $13,000; Wages Expense...
- Q 4 An increase in the marginal propensity to consume: a. shifts the autonomous investment line upward. b. shifts the autonomous investment line downward. c. decreases the multiplier. d. increases the...
- Q Bengro Company manufactures bookcases. The company uses standards to control its costs. The labor standards that have been set for one bookcase are as follows: + Standard Hours 2.5 Standard...
- Q On January 8, the end of the first weekly pay period of the year, Regis Company's employees earned $26,760 of office salaries and $60,840 of sales salaries. Withholdings from the...
- Q Current Attempt in Progress At December 31, 2020, Sheridan Corporation has the following account balances: Bonds payable, due January 1, 2029 $2,400,000 Discount on bonds payable 100,000 Interest payable 94,000...
- Q 2 Running Data began operations on February 1. The company produces GPS watches designed for nunners. On February 15, the company purchased 1200 DVD discs to include with each running...
- Q At the start of 2021, x Company developed the following budgeted total cost function: $11.62x+$208,000, where X is number of units produced. Budgeted production for the year was 10,500 units,...
- Q Which of the following financial statements are NOT required by not-for-profit organizations for external reporting purposes? Multiple Choice A Statement of Financial Position. A Statement of Changes in Members' Equity....
- Q Beginning inventory, Mar. 1 (40% complete) Production started Transferred out Ending inventory, Mar. 31 (70% complete) Cool and Clear Company Work-in-Process Inventory-Bottling Month Ended March 31, 2024 Dollars Units Transferred...
- Q Use the given data shown in the graph. Costs $ 120,000 F $ 80,000 $ 40,000 Required: Master budget Flexible budget line Actual costs 8,000 units Actual activity 10,000 units...
- Q 5 (1 point) If 6 people can finish a project in 39 hours, how many people are required to complete the job in 18 hours? Your Answer: Answer Question 6...
- Q p?attempt=458138&cmid=1683588&page=5 Raj wants Prem to buy Raja's Restaurant. The cost today to buy the restaurant is $125,000. Raj assures Prem that in the first year Raja's will make $25,000, in...
- Q Northwest Fur Co. started 2021 with $112,000 of merchandise inventory on hand. During 2021, $490,000 in merchandise was purchased on account with credit terms of 1/15, n/45. All discounts were...
- Q Milltown Company sells used cars. During the month, the dealership sold 25 cars at an average price of $21,000 each. The budget for the month was to sell 23 cars...
- Q Suppose that Russian Net Exports decline dramatically as a result of global sancions According to the Spending Allocation Model, what will be the effect of this change in Russia? O...
- Q State of Economy Probability Very Poor 0.30 -9% ABC Company Expected Return XYZ Company Expected Return -19% Poor 0.25 -8% -6% Good 0.15 8% 9% Very Good 0.30 34% 33%...
- Q On June 30, Crane Corporation discontinued its operations in Mexico. During the year, the operating income was $244,000 before taxes. On September 1, Crane disposed of the Mexico facility at...
- Q The following are summary cash transactions that occurred during the year for Hilliard Healthcare Co. (HHC): Cash received from: Customers $660,000 Interest on notes receivable 12,000 Collection of notes receivable...
- Q Debit Priya Corporation acquired 100 percent of Sheldon Company stock on January 1, 2021 for $965,000 cash. Following are pre-closing trial balance amounts for Priya Corporation and Sheldon Company as...
- Q When a company incurs costs for employee salaries but will not pay cash until the following month, which account is credited? O Salaries Payable O Salaries Revenue O Cash O...
- Q ABC, a sole proprietor, agreed to form a partnership with EFG in a business. Accounts in the ledger for ABC on September 30, 2021, just before the formation show the...
- Q 15 of 100 < View Policies Current Attempt in Progress Vaughn Manufacturing has the following data related to an item of inventory: Inventory, March 1 Purchase, March 7 Purchase, March...
- Q 1. (25) Consider an economy with three consumers and two goods x1 and x2. They all have the following utility function u (x, x) = max{xi, x}. All agents further...
- Q 13-4A (Algo) Calculating financ Selected current year-end financial statements of Cabot Corporation follow. (All sales were on credit; selected balance sheet amounts at December 31 of the prior year were...
- Q Lombard Division has the capacity to make 1,500 units of an intermediate good that is sold both internally and on the open market for a price of $28 each. To...
- Q 2/ The normal capacity of Newport company (8000) hours and factory overhead at this level $ 16000 that $ 4000 of its as fixed. standard labor hours 8500 hours, actual...
- Q 33 of 50 < > -/1 E On July 22, Michael sold $22800 of inventory items on credit with the terms 1/15, net 30. Payment on $14300 sales was received...
- Q The Boxwood Company sells blankets for $30 each. The following was taken from the inventory records during May. The company had no beginning inventory on May 1. Date Blankets Units...
- Q MBA 613 - Excel Assignment - Step 1 You decide to open a Bike Store in January 2023. As part of the process, you need to prepare as a Financial...
- Q The trading company "MICHAEL" plans to operate for the next year. The company closed the previous comparable period with the following simplified balance sheet: Assets Value in USD Equities Value...
- Q View Policies Current Attempt in Progress Using these data from the comparative balance sheet of Sunland Company, perform horizontal analysis. (If amount and percentage are a decrease show the numbers...
- Q 23 For GoodStuff, Inc., December sales are projected to be $12,000. In creating the January budget, the sales staff expects sales to be about 10% less than December. What is...
- Q 26 5 pts The Jon Stewart Company (JSC) began 20X1 with accounts receivable, inventory and prepaid expenses totaling $659 and its total current liabilities totaling $321. At the end of...
- Q 12 of 12 Bridgeport Pix currently uses a six-year-old molding machine to manufacture silver picture frames. The company paid $95,000 for the machine, which was state of the art at...
- Q Mr. Ahsan, Mr. Bindy and Mr. Chong created a partnership business with equal amount ofcapital as follows: Mr. Ahsan: cash RM300,000.00, office equipment worth RM500,000.00. Mr. Bindy:cash RM700,000.00 and merchandise...
- Q BizHub Limited has two (2) production departments: Assembly and Finishing; and one service department: Repairs. The overheads of each production department comprise directly allocated expenses and a share of the...
- Q 8 Preferred stockholders have the following rights EXCEPT: OA. the right to sell their stock on the market. OB. a stated dividend rate. OC. voting rights. OD. the priority over...
- Q Select one: True False la means to breath. 30 t of Infarction means an area of inflamed tissue. Select one: True O False Anthracosis is defined as: O a. Collection...
- Q Which of the following statements is true? I. When fixed costs are included in the cost of goods sold, the gross margin percentage should increase and decrease with sales volume....
- Q Exercise 2. Statements of Financial Position (partial) Assets Land Inventory Accounts receivable Notes payable (1yrs) Total 2022 2021 100,000 42,000 2,000 5,500 12,000 20,000 6,000 4,000 120,000 71,500 Please fill...
- Q 16. Rita's Clothing Shop sells $400 in merchandise and accepts a U.S. Bank Visa card as payment. Visa charges a 2% service fee. The shop's entry to record this transaction...
- Q The following information applies to the questions displayed below.j Kubin Company's relevant range of production is 30,000 to 35,000 units. When it produces and sells 32,500 units, its average costs...
- Q A customer paid a total of $84,000 for a purchase, including 15% HST. What was the HST amount to the nearest dollar
- Q Journal Chart of Accounts Instructions Selected transactions completed by Equinox Products Inc. during the fiscal year ended December 31, 2016, were as follows: Record on journal page 10: Issued 15,000...
- Q I X Accounts payable $ 12,900 Interest expense 500 Accounts receivable 16,800 Note payable, long term 16,000 Accumulated depreciation, equipment 7,300 Other assets, long-term 13,700 Advertising expense 11,000 Prepaid expenses...
- Q Use the following sales journal to record the transactions. All credit sales are terms of n/30. (If a box is not used in the journal leave the box empty; do...
- Q A B D E F G H J K 3. If 8,000 units are produced and sold, what is the variable cost per unit produced and sold? Direct materials Direct...
- Q Moving to another question will save this response. uestion 7 Question 7 of 21 2 points Save Answer For an individual who pays personal income taxes at a 30 percent...
- Q Kushner & Company is an architectural firm specializing in home remodeling for private clients and new office buildings for corporate clients. Kushner charges customers at a biling rate equal to...
- Q Required: 1. If National Restaurant Supply requires a 15% return on investment (ROI), what is the maximum amount the company would be willing to pay the Swedish manufacturer for the...
- Q 26 1.5 points A company purchased equipment costing 400,000. The equipment is expected to have no residual value and is to be depreciated using the diminishing balance method at 25%...
- Q C3-82. (Learning Objectives 3, 4: Adjust the accounts; construct the financial statements; evaluate a business based on financial statements) Teresa Gardner has owned and operated Gardner Advertising, Inc., since it...
- Q Sketch the flow graph model and determine the State space Representation for a system with the transfer function given as:- Y(S) R(3) 5+75 +5 = T(s) = 245 +12 +53
- Q Epson, Inc. reports the following information: Units produced Units in Beginning Inventory Units sold Sales price 2,300 units 350 units 2,500 units Direct materials Direct labor Variable manufacturing overhead Fixed...
- Q Current Position Analysis The following items are reported on a company's balance sheet: Cash $642,000 Marketable securities 501,600 Accounts receivable (net) 486,600 Inventory 376,200 Accounts payable 627,000 Determine (a) the...
- Q Sweeney & Allen, a large marketing firm, adjusts its accounts at the end of each month. The following information is available for the year ending December 31. 1. A bank...
- Q 9. John Jones incurred the following interest items for the current year: Interest on machine used in business $1,200 Interest on personal residence 8,000 Interest on personal credit card purchases...
- Q 6.25 points Save An Given that the cost of common stock is 7 percent, dividends are $5 per share and the price of the stock is $100 per share, what...
- Q At the start of 2021, X Company developed the following budgeted total cost function: $10.68X + $228,600, where X is number of units produced. Budgeted production for the year was...
- Q Project A B 5000 7000 1000 3.000 2 1.000 2000 NPV of IRR & MIRK Pery back * Discounted pay back C63 3000 1.000 PI Cf4 2500 4000 + Projects...
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