Accounting question and answers for November 22, 2023
- Q QUESTION 4: The following is the Balance Sheet of a XYZ Ltd. as at 31st December 2020: Liabilities P Assets P Share Capital Profit and Loss Account General Reserve 12%...
- Q Abbotsford Tile Ltd. (ATL) is a wholesaler of high quality glass, ceramic and marble tiles. In November 2019 the owner of ATL agreed to sell the company to Barrie Tile...
- Q Menlo Company distributes a single product. The companys sales and expenses for last month follow: Total Per Unit Sales $ 450,000...
- Q Lane Company acquires copyrights from authors, paying advance royalties in some cases, and in others paying royalties within 30 days of year-end. Lane reported royalty expense of 375,000 for the...
- Q 20.Which of the following statement indicates that an entity is not an agent in accordance with AASB15 Revenue from Contracts with Customers? Group of answer choices The entity does not...
- Q You are given the following information related to ABC company for the next year. Total fixed costs $840,000 Sale price per unit 80 Variable cost per unit 30 If ABC...
- Q Avalon Manufacturers began operations on the outskirts of Durban at the start of 2022 manufacturing energy drinks. Their message to their customers is Everything we do is about you. They...
- Q Lyons Company deducts insurance expense of 84,000 for tax purposes in 2018, but the expense is not yet recognized for accounting purposes. In 2019, 2020, and 2021, no insurance expense...
- Q The City of Jefferson engaged in the following transactions in its fiscal year ending August 31, 2020. By law, the county is required to establish a capital projects fund to...
- Q o Consider each of the following independent and material situations. In each case: the financial report date is 31 December 2019; the field work was completed on...
- Q During its first year of operations, Cole's Electronics Inc. completed the following transactions relating to shareholders' equity. January 5: Issued 1,600,000 shares of common stock for $31 per share. February...
- Q The December cash records of Kirks Hardware follow: Cash Receipts Date Cash Debit ($) 4-Dec 4,170 9-Dec 510 14-Dec 530 17-Dec 2,180 31-Dec 1,850 Kirks Cash account shows a balance...
- Q Dec. 31, 20Y6 Dec. 31, 20Y5 Assets Cash $273,020 $256,310 Accounts receivable (net) 98,900 92,060 Inventories 279,200 272,560 Investments 0 105,590 Land 143,210 0 Equipment 308,050 240,970 Accumulated depreciation-equipment (72,120)...
- Q Instructions: Please respond to the following questions in each scenario: 1. Inventory On December 31, 2016, SaulGroups inventory of Product X is as follows: Historical cost is $1,000,000. Replacement cost...
- Q The following income statement items appeared on the adjusted trial balance of Foxworthy Corporation for the year ended December 31, 2021 ($ in 000s): sales revenue, $22,300; cost of goods...
- Q repare an amortization schedule for a five-year loan of $45,000. The interest rate is 8% per year, and the loan calls for equal annual payments. (Do not round intermediate calculations....
- Q You have recently joined Explorer Pte Ltd (Explorer) as an events executive. Your manager, Mr Lim, would like you to plan for a team building event for a client, DHS...
- Q Swiss Furniture Company manufactures bookshelves and uses an activity-based costing system. The following information is provided for the month of May: Activity Estimated Indirect Activity Costs...
- Q QUESTION 5 Carlson Cleaning Company reported the following on its December 31, 2024, balance sheet: ...
- Q Quilcene Oysteria farms and sells oysters in the Pacific Northwest. The company harvested and sold 7,800 pounds of oysters in August. The companys flexible budget for August appears below: ...
- Q Romano Corporation has three operating divisions and requires a 10% return on all investments. Selected information is presented here: Required: Calculate the missing amounts for each division. (Do...
- Q The following information is available from the annual reports of Nite and Day Companies. (In millions) Nite Day Sales revenue $112,500 $32,000 Beginning accounts receivable,...
- Q Jones, Incorporated adquiri el 15 % de Anderson Corporation el 1 de enero de 2020 por $105 000 cuando el valor en libros de Anderson era de $600 000....
- Q I wanted to try an create a manufacturing company, operating for around two months and see the process of how it works to help understand what i am learning in...
- Q Generally accepted accounting principles require the use of accruals and deferrals in the determination of income. How is income determined under the accrual-basis of accounting? Include in your answer what...
- Q Lambda Corporation has current liabilities of $452,000, a quick ratio of 1.9, inventory turnover of 5.6, and a current ratio of 4.9. What is the cost of goods sold for...
- Q Ignoring the option to expand: (Points : 4) overestimates the internal rate of return on a project. ignores the possibility that a negative net present value project might be positive,...
- Q Which of the following is NOT a characteristic of a process system? A- The products produced are heterogeneous in nature. B- The focus is on continually producing homogeneous products. C-One...
- Q Exercise 2-4 Effect of accounts receivable and accounts payable transactions on financial statements LO 2-1, 2-2 The following events apply to Lewis and Harper, a public accounting firm, for the...
- Q Carlos Cavalas, the manager of Echo Products Brazilian Division, is trying to set the production schedule for the last quarter of the year. The Brazilian Division had planned to sell...
- Q Defined Benefit Pension Plan Spath Company adopted a noncontributory defined benefit pension plan on January 1, 2016. Spath uses the benefit/years-of-service method, which results in the following information: ...
- Q Review the Financial Statements for Coca-Cola Company for the Year Ended 12/31/17 at the following link https://s22.q4cdn.com/984101753/files/doc_financials/annual_2017/2017-annual-report-on-form-10k.pdf (Links to an external site.)Links to an external site. and identify...
- Q Flint Company sells 283 units of its products for $18 each to Logan Inc. for cash. Flint allows Logan to return any unused product within 30 days and receive a...
- Q ASSUME ALL CORPORATIONS ARE C CORPORATIONS Corporation X-a C Corporation-distributed the following to its sole shareholder-John-during the year: Inventory-cost/basis of $5,000 with a fair market value of $9,000....
- Q Profitability ratios Network Communications has total assets of $1,400,000 and current assets of $600,000. It turns over its fixed assets 4 times a year. It has $300,000 of debt. Its...
- Q Robots, Inc. reported the following information regarding 2016-2017 inventory. Robots, Inc. ...
- Q The current assets and liabilities sections of the comparative balance sheet of Cullumber Inc., a private company reporting under ASPE, at October 31 are presented below, along with the income...
- Q Liabilities are 1/3 of Assets and Owner's Equity is $160,000. What is the amount of the liabilities
- Q Adjusting Entries The following information relates to December 31 adjustments for Best Print, a printing company. The firms fiscal year ends on December 31. Weekly salaries for a five-day week...
- Q Sue is an FAU accounting student, who works part-time as a waitress at Busy Burger in Boca. Busy Burger allows all employees a 40 percent discount for any food that...
- Q Morning Dove Company manufactures one model of birdbath, which is very popular. Morning Dove sells all units it produces each month. The relevant range is 01,900 units, and monthly production...
- Q The following information is available for the month of April from the First department of the Armque Corporation: Units Work in process, April 1 (50% complete)...
- Q Daren has investments in two passive activities. Activity A, acquired three years ago, produces income in the current year of $375,000. Activity B, acquired last year, produces a loss of...
- Q Many companies use accelerated depreciation for tax purposes because: Answer it is easier to calculate than straight-line depreciation. it reflects the amount of cash used in depreciation. it results in...
- Q On May 1, 2012, Chase Inc. Purchases $60,000 of 10-year, 8% Manus Corporation bonds dated March 1, 2012 at 100 plus accrued interest. What entry would Chase record when purchasing...
- Q 16. Four years ago, a married couple named Jay and May, purchased real property and titled it as joint tenants with rights of survivorship. At the time of purchase, May...
- Q On January 1, 2018, the general ledger of ACME Fireworks includes the following account balances: Accounts Debit Credit Cash 26,200 ...
- Q On April 1, 2016, the Apex Corporation sold a parcel of underdeveloped land to the Applegate Construction Company for $740,000. The book value of the land on Apexs books was...
- Q Kelly and Chanelle Chambers, ages 47 and.45, are married and live at 584 ThoreauDrive, Boston, MA 59483. Kelly's Social Secuiity number is 254.91.9483 and Chanelle'sis,374-48-2938. The Chamber's have two children:...
- Q Raintree Cosmetic Company sells its products to customers on a credit basis. An adjusting entry for bad debt expense is recorded only at December 31, the companys fiscal year-end. The...
- Q Exercise 22-18 Green Landscaping Inc. is...
- Q ABC Company has used a two-stage, reciprocal method cost allocation system for many years. In the first stage, overhead costs from its two service departments (repair and administration) are allocated...
- Q The post-closing trial balances of two proprietorships on January 1, 2017, are presented below. Pica Company Knows Company...
- Q Reynolds Manufacturing Company manufactures a product that is processed in three sequential departments. Lately, the competition in the industry has become very intense as many foreign manufacturers have introduced their...
- Q The Woodruff Corporation purchased a piece of equipment three years ago for $248,000. It has an asset depreciation range (ADR) midpoint of eight years. The old equipment can be sold...
- Q Select one internal control from the list provided that would prevent or detect the error or fraud described. Controls may be used twice in this exercise or not at all....
- Q Problem 5-25 Prepare and Interpret Income Statements; Changes in Both Sales and Production; Lean Production [LO5-1, LO5-2, LO5-3] Starfax, Inc., manufactures a small part that is widely used in various...
- Q In 2009, Ellen, married filing jointly, had $4,000 mortgage interest, $2,000 real estate taxes, $2,000 state income tax, and medical expenses of $2,000. Assuming Ellen had an adjusted gross income...
- Q Calculate the COGS and the Inventory balance for the end of the month 1-Jun Purchased merchandise for $5,000 under credit terms of 1/10,...
- Q Southern Atlantic Distributors began operations in January 2013 and purchased a delivery truck for $60,000. Southern Atlantic plans to use straight-line depreciation over a four-year expected useful life for financial...
- Q Using Table 11-1, compute the amount of compound interest (in $) earned in 1 year and the annual percentage yield (APY) for the investment. (Round your answers to two decimal...
- Q Jim Teacher was able to get some estimating information from the president of another fraternity that had planned and carried out a similar party for graduating seniors last...
- Q Wood Corporation owns 70 percent of Carter Companys voting shares. On January 1, 20X3, Carter sold bonds with a par value of $742,500 at 98. Wood purchased $495,000 par value...
- Q Universal Electronics, Inc. (UEI), which started operations one year ago, has two divisions: Consumer and Commercial. Both divisions invest heavily in R&D, which is assumed to benefit five years. R&D...
- Q Protrade Corporation acquired 80 percent of the outstanding voting stock of Seacraft Company on January 1, 2020, for $564,000 in cash and other consideration. At the acquisition date, Protrade assessed...
- Q 1-Which of the following is an example of a source document in a computerized accounting information system ? a)purchase invoices b)cash payments journal c)balance sheet d)income statement 2-...
- Q Bank Three currently has $900 million in transaction deposits on its balance sheet. The Federal Reserve has currently set the reserve requirement at 8 percent of transaction deposits. a. If...
- Q Chang, Inc. emiti un pagar a 120 das por un monto de $360,000 el 16/12/17 con una tasa anual del 5%. Qu cantidad de inters se ha acumulado al 31/12/17?...
- Q Willow Creek Nursery, with an authorization of 18,000 shares of preferred stock and 310,000 shares of common stock, completed several transactions involving its stock on October 1, the first day...
- Q Consolidation of an International Subsidiary at Date of Acquisition Fairview Corporation, a U.S. company, has a wholly-owned subsidiary in Mexico. The subsidary's functional currency is the Mexican peso, and translation...
- Q Oakmont Company has an opportunity to manufacture and sell a new product for a four-year period. The companys discount rate is 18%. After careful study, Oakmont estimated the following costs...
- Q On the basis of the following data, determine the value of the inventory at the lower of cost or market. Assemble the data in the form illustrated in Exhibit 9....
- Q Describe the accounting information that is missing, or the accounting information that you would like to know before you could advise Wheelcos President. Give three examples. Wheelco, Inc....
- Q Princess Manufacturing Inc. (PMI) offers 30 days credit to its customers who purchase items on account. Uncollectible amounts are estimated by accruing a monthly charge to bad debt expense equal...
- Q QUESTION 2 Required: Journalise the transactions given below: On 1 January 2022, Canada Ltd had the following equity accounts: Share...
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