Accounting question and answers for November 24, 2023
- Q Phillis Wheatley purchased a drill press (three-year personalty) on May 25, 2019, at a cost of $2,560,000. Phillis Wheatley does not take first-year depreciation but does take Section 179 expense....
- Q Which one of the following is the approach that is taken to full costing where all of the units of output are identical? A. Direct costing B. Standard costing C....
- Q ABC Corp. purchased machinery for $120,000 on January 1, 20X1. The estimated salvage value is $20,000, and the expected useful life is 5 years. Calculate the annual depreciation using the...
- Q 2. Decker Manufacturing is preparing its master budget for the first quarter of the upcoming year. The following data pertain to Decker Manufacturing's operations: 1(Click the icon to view the...
- Q 18 Piper Corporations standards call for 2,875 direct labor-hours to produce 1,150 units of product. During October the company worked 1,050 direct labor-hours and produced 900 units. The standard hours...
- Q OnaRoll, Inc. amortiza sus derechos de autor de $20,000 en 40 aos. La seorita Hap, la contadora, olvid registrar la amortizacin en el ao en curso. El efecto de este...
- Q Scott Lockhart owns and operates AAA Delivery Services. On January 1, 20Y7, Common Stock had a balance of $60,000, and Retained Earnings had a balance of $801,500. During the year,...
- Q Consider a forward where the underlying asset pays no income. Underlying asset price = $2.5, forward price = $1.2, years to expiration = 0.23, underlying asset volatility = 54.11%,...
- Q The stock in Palm Corporation is held equally by two brothers. One year before its liquidation, the shareholders transfer property (basis of $350,000, fair market value of $200,000) to Palm...
- Q An auditor can be removed from their position as Auditor by: ( A A decision made by the CEO and Chairman of the company ( B A vote by the...
- Q Similar to the acquisition method, the purchase method based its cost allocations on the combination-date fair values of the acquired assets and liabilities. T/F
- Q Describe the type of budget or budgeting process used in your place of business. If not working, use a past job or experience with a volunteer organization. Discuss positives and...
- Q Toms Tool & Die uses a predetermined factory overhead rate based on machine-hours. For August, Toms budgeted overhead was $609,500 based on a budgeted volume of 53,000 machine-hours. Actual overhead...
- Q True or false, then support your view. If a company has a division or segment of its overall business that is losing money, shutting it down will always improve the...
- Q When does double taxation (e.g. as in the case of property distributions) mean? Do you have any recommendation on preventing that from happening, or minimizing it at least? In 3...
- Q At December 31, McKensies price-earnings ratio was 13.4. McKensies net income was $330,000, its earnings per share was $3.50, and its annual dividend per share was $2.00. What was...
- Q Owen Mills Limited began its operations on Trumpet Land, a beautiful island in the Caribbean with a very diverse population in terms of age, gender, ethnicity, religion, disability, sexual orientation,...
- Q if it is accepted that there are many inequalities within the society, would critical theorist argue that introducing more accounting, or improved method of accounting , would or could...
- Q Tim has worked for one employer his entire career. While he was working, he participated in the employers defined contribution plan [traditional 401(k)]. At the end of 2020, Tim retires....
- Q Becton Labs, Inc., produces various chemical compounds for industrial use. One compound, called Fludex, is prepared using an elaborate distilling process. The company has developed standard costs for one unit...
- Q Assume a taxpayer earns $150,000 of wages from his employer each year and he is considering starting a business on the side. He expects the business to operate at a...
- Q PB 12. Determine the amount of cash expended for Insurance Premiums during the month, based on the entries in the following accounts (assume 0 beginning balances) Account debit credit...
- Q Describe the current tax law for sale of residence
- Q Provide translation statement, cleanup statement and sql statement with results for each of the following queries (6 points each): Find the bowlers who had a raw score of 155...
- Q Journal Entries and Trial Balance On June 1, 2019, Kris Storey established an interior decorating business, Eco-Centric Designs. During the month, Kris completed the following transactions related to the business....
- Q On March 31, 2021, Rodger Construction Co. bought a new concrete mixer. The mixer cost $74,000. The expected life is 10 years with a salvage value of $4,000 What is...
- Q In the 1992 Constitution and the financial laws [Public Financial Management Act 2016 (Act 921)] of Ghana, was introduced to ensure that Public Funds and resources are properly safeguarded...
- Q Justa plc. follows accrual account and provides legal services on credit in December. The service was billed at the agreed amount of 2,500. Justa plc. increases accounts receivable by 2,500...
- Q create a dashboard with at least 3 visualization elements with at lease one user interactive feature.
- Q Warren Co. recorded a right-of-use asset of $780,000 in a 10-year finance lease. The interest rate charged by the lessor was 10%. The balance in the right-of-use asset...
- Q Fill In the Blank Question 69 The process of determining the present value is referred to as __________ the future amount.
- Q TRUE or False Question 15 - Evaluating internal controls at third-party service providers, such as cloud computing suppliers, is not an attestation type of service which a...
- Q For this part of the assignment browse through all worksheets before attempting the question. Using the Microsoft excel workbook assgt_mgmt1000_open_s1_24.xls complete the questions below to provide solutions for the directors...
- Q how is the non controlling intersted reflected in the consolidated financial statements? identify the appropriate placements and explain how each component is calculated
- Q 13. Which of the following shows the proper effect of a stock split and a stock dividend? Item Stock Split Stock Dividend (a) Total share capital increase increase (b) Total...
- Q Question 8 Define long and short term employment benefits. Discuss how these are accounted for under international financial reporting standards (IFRS 2 and IAS 19) and the impact of the...
- Q Sage Company sells 8% bonds having a maturity value of $2,620,000 for $2,421,360. The bonds are dated January 1, 2020, and mature January 1, 2025. Interest is payable annually on...
- Q 30 de noviembre, los saldos de capital son Gray 90.000, Carr 75.000 y Melton 75.000. Las proporciones de ingresos son 20%, 20% y 60%, respectivamente. Gray decide retirarse de la...
- Q 13) A taxpayer may use a cash basis for one business and an accrual basis for another business. True or False 14) For a cash method taxpayer, expenses paid with...
- Q Pharmaceutical companies promote their prescription drugs using television advertising. In a survey of 75 randomly sampled television viewers, 9 indicated that they asked their physician about using a prescription...
- Q tech company has two divisions pc and tablets.prepare a contribution margin income statement segmented by division. The revenue for pcs was 4,000,000 and for tablets was 3,000,000.The variable expenses for...
- Q On 12/1/2016, Capri Company Purcahsed Equipment for 1$65,000. The equipment has an estimated life of 6 years with a Salvage value of $1,200. Prepare the Adjusted Journal entry necessary at...
- Q Steven operates a restaurant as a sole proprietor and files a Schedule C for the business activity. Which of the following assets, all of which he owns, qualify as a...
- Q On January 1, 2021, Orange Corporation issues $700,000, 5-year, 8% bonds at 105. Interest is paid semiannually on January 1 and July 1. Orange Corporation uses the straight-line method of...
- Q Benny is a partner in the BEN partnership.His outside basis is $250. He receives a distribution of land worth $400 which has a basis inside the partnership of $130. a)Is...
- Q LIFO Perpetual Inventory The beginning inventory at Midnight Supplies and data on purchases and sales for a three-month period ending March 31 are as follows: Date ...
- Q General Corporation is taxable in a number of states. This year, General made a $100,000 sale from its State A headquarters to a customer in State B. This activity is...
- Q Question 4 If interest on a bank account leads to a 25.000kr profit in year, how much capital income tax will be paid of that sum assuming the account...
- Q Please help me to solve those two questions. Question 1, I don't know what are function and time ticket and why it is useful. I need help! 1) What is...
- Q Current Attempt in Progress In the first month of operations, the total of the debit entries to the Accounts Receivable account was $1200 and the total of the credit entries...
- Q Loss Corporation, a calendar-year C corporation, had a deficit in accumulated earnings and profits (E&P) at January 1, 2023 of ($300,000). However, Loss Corporation generated current E&P in 2023 of...
- Q Se compr una casa hace 4 aos. El precio de compra fue de $92,000 y el comprador hizo un pago inicial de $11,000. El saldo actual del prstamo es...
- Q 2. Jaycie Phelps, Inc. acquired 20% of the outstanding common stock of Theresa Kulikowski, Inc. on ...
- Q Why does profitability matter to nonprofits?
- Q Whats the current yield of a 4.75 percent coupon corporate bond quoted at a price of 102.33? (Round your answer to 2 decimal places.)
- Q Festival Co values its inventory using the average cost method. At the beginning of January it held 110 units of inventory which cost $5 each. The following inventory movements took...
- Q P6-7 (General and Subsidiary Ledger Entries; Reconciliation) The City of Beverly Heights General Fund had the following transactions, among others, in 20X7: Appropriations were made as follows: Personal Services ...
- Q On September 1, 2020, Hall Corp. retired early its 15 year bonds with a face of $500,000, 12% stated rate for $505,000 cash. At that date there was unamortized bond...
- Q Which of the following would not be included in the budgeted MOH? A) Indirect materials. B) Factory parking lot security. C) Salary of the Administrative Assistant to the Company CEO....
- Q Use video Daniel Goldstein: The battle between your present and future self List and explain the key issues from the video. Connect the reading to the video. Discuss how...
- Q 4.Under the accrual basis of accounting, revenue is recognized when __________, and expenses are recognized when __________
- Q The following is information concerning a product manufactured by Ames Brothers. Sales price per unit $ 75 Variable cost per unit 43 Total fixed manufacturing and operating costs (per month)...
- Q At January 1, 2021, Caf Med leased restaurant equipment from Crescent Corporation under a nine-year lease agreement. The lease agreement specifies annual payments of $25,000 beginning January 1, 2021, the...
- Q QBAO Which types of entries can be made in QuickBooks Online that are classed as non-posting? (select all that apply) a. Delayed Charges b. Timesheet Entries c. Vendor Credits d....
- Q when would payments made to employees be considered to be an asset
- Q On January 1, 2016, ABC Company purchased equipment for $100,000. The equipment was assigned an estimated life of 10 years and a residual value of $10,000. On January 1, 2020,...
- Q Daves Delightful Dish Diorama issued $100,000 of convertible bonds at 131. The company recently issued non-convertible bonds at face value (i.e. at 100). Prepare the entry to record the issuance...
- Q A condensed income statement for the Commercial Division of Maxell Manufacturing Inc. for the year ended December 31, 2016, is as follows: 1 Sales...
- Q Which of the following is a true statement about the relationship between joint products and by-products? A.Only materials and labor are allocable as joint costs to by-products. ...
- Q John and Rachael are married couple. John Is aged 70 and Rachael Is 62. The following Information is available for the year 22/23. ...
- Q A truck with a cost of $30,000, an estimated useful life of four years, and an estimated salvage value of $2,000 is depreciated using the double-declining-balance method. What is the...
- Q Marsden Company has three departments occupying the following amount of floor space: Department 1 24,000 square feet Department 2 10,900 square feet Department 3 34,000 square feet How much store...
- Q please answer 1-10 true or false 1.Compensation to banks is always required in providing loans and services to clients. true or false 2. If...
- Q On 1/9/2018 a company sells merchandise to another company, and the sale is made in a currency other than the sellers currency. The seller collects the amount on 1/2/2019, and...
- Q Your company manufactures garage doors. The standard quantity of direct labor to manufacture a door is 9 hours. The standard hourly wage is $25 per hour. The number of doors...
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