Accounting question and answers for November 24, 2023
- Q Moc Corporation reports on the calendar year and has made the S Corporation election. It distributed $200,000 in cash to its only shareholder, Marmi on December 31, 2020. Marmi has...
- Q Case #1 Individual Tax Return (5 marks) Mr. Caldeira is employed by a large public corporation and for 2020 his salary was $69,000. He was a member of the...
- Q An inventory count shows that teaching supplies costing 3006 are available at year end
- Q Compute the amount of EACH Interest payment. We Issued Bonds with a Face Value of $5,000 and a 6% Face rate paid Semi-Annually. The current Market Rate of Interest is...
- Q The Magnificent Corporation acquired land, buildings, and equipment from a bankrupt company at a lumpsum price of $180,000. The appraisal disclosed the following values: Land .................................................. $120,000 Buildings ............................................. 80,000...
- Q Please recall the company that you selected for the Module 1 SLP. Please review the companys dividends over the past three years. Then, answer the following questions in Word (except...
- Q Company X has issued share capital of 1,000,000 x $2 shares; 200,000 x $5 preference shares. There is a loan of $200,000 at 5%. There is a revenue reserve of...
- Q A researcher compares two compounds (1 and 2) used in the manufacture of car tires that are designed to reduce braking distances for SUVs equipped with the tires. SUVs equipped...
- Q Antuan Company set the following standard costs for one unit of its product. Direct materials...
- Q 6. Treasury Decisions are published first, officially, in: a. the Internal Revenue Bulletin. b. technical advice memos. c. the Federal Register. d. Congressional Committee Reports. ...
- Q The trial balance columns of the worksheet for Warren Roofing at March 31, 2022, are as follows. Warren Roofing Worksheet For the Month Ended March 31, 2022 Trial Balance Account...
- Q Mastery Problem: Target Income and Margin of Safety Target Income and Margin of Safety At the break-even point, sales and costs are exactly equal. However, the goal of most companies...
- Q A company has an inventory with a book value of $4,583,231, which includes 116 product lines and a total of 326,432 units. How many items compose this population for purposes...
- Q The Kingwood Company reported net income of $87,500 and average total assets of $900,000. Calculate the companys return on assets. (Round to one decimal.)
- Q you are analyzing a company's performance and want to know what percentage return the company has realized on the amount the shareholders invested in the company what measure would you...
- Q Which one of the following amounts is DEDUCTIBLE in computing income of a sole proprietorship under Division B of the Act? $1,000 of donations to federal political parties. ...
- Q Metro Corp. traded land A for land B. Metro originally purchased land A for $50,000 and land As adjusted basis was $25,000 at the time of the exchange. The fair...
- Q Lockman Company has the following information related to its inventory and sales volume for the most recent month: Assuming a 30% tax rate, Lockmans net income for the month...
- Q The four key factors that help you differentiate between inventory, supplies, and long-term assets are intended
- Q Alan Jackson invests $20,000 at 8% annual interest, leaving the money invested without withdrawing any of the interest for 8 years. At the end of the 8 years, Alan withdraws...
- Q Relevant costs are often referred to as: A. Unavoidable costs B. Differential costs C. Sunk costs D. All of these
- Q On January 1, 2014, Howe Company's Accounts Receivable balance was $11,700 and the balance in the Allowance for Doubtful Accounts was $585. On January 5, 2014, a $370 uncollectible account...
- Q Analyze and discuss operating EBITDA and its impact on the corporate strategy. What is Profitability Analysis and how does management use it in decision-making? Examine and discuss the...
- Q A machine with a cost of $65,900 has an estimated residual value of $3,065 and anbestimated lufe of 5 years. What is the amount if depreciation for the second full...
- Q If the market interest rate of a bond is the same as the face interest rate, then the bond is selling at ...
- Q Discuss your professional and legal responsibilities as an auditor by referring to the Statement of Auditing Standards (SAS) as well as the Public Company Accounting Oversight Board (PCAOB) rules. In...
- Q Mrs. Yang is married and does not wish to file a joint return. She provided more than half of the cost of maintaining the home for the tax year, where...
- Q Problem 13-14B Financial Ratios for Common Stockholders [LO13-5, LO13-6] Kris Building Supply sells various building materials to retail outlets. The company has just approached Kingston State...
- Q Jill purchased her principal residence on January 1, Year 4, for $300,000. On January 1, Year 6, when it was worth $250,000, she turned it into a rental house. On...
- Q Based on your reading on the case of 1 malaysia development berhard on wikipedia answer the following question 1. why did they commit this fraud? ( relate to fraud triangle...
- Q Under IAS 1 Presentation of financial statements which of the following items could be disclosed as an extraordinary item: Write-downs resulting from expropriation of assets by a foreign government...
- Q What is break-even analysis? Differentiate between fixed and variable costs and explain their impact on break-even analysis. Calculate break-even quantity and price under a variety of business conditions...
- Q On September 12, Vander Company, Inc. sold merchandise in the amount of $2,500 to Jepson Company, with credit terms of 2/10, n/30. The cost of the items sold is $1,725....
- Q Which number goes into the box to make the statement true? 4,76,192<4,578,136 A
- Q A company absorbs factory overheads at a rate of N$25.00 per direct labour hour. At the beginning of the year, the company estimated that the direct labour hours were 10...
- Q Cul de los siguientes procedimientos es ms probable que incluya un auditor en la planificacin inicial de un examen de los estados financieros? 1 Determinar si los procedimientos de...
- Q Shore Co. sold merchandise to Blue Star Co. on account, $110,600, terms FOB shipping point, 2/10, n/30. The cost of the goods sold is $66,360. Shore paid freight of $2,000....
- Q On December 31, Pacifica, Inc., acquired 100 percent of the voting stock of Seguros Company. Pacifica will maintain Seguros as a wholly owned subsidiary with its own legal and accounting...
- Q On June 30, 2016, Kimberly Farms purchased custom-made harvesting equipment from a local producer. In payment, Kimberly signed a noninterest-bearing note requiring the payment of $68,000...
- Q 1. What is the difference between expense and expenditure? Explain why this difference is important in governmental accounting. Give examples of each from any CAFR of interest.
- Q Campbell, a single taxpayer, earns $190,500 in taxable income and $4,200 in interest from an investment in State of New York bonds. (Use the U.S. tax rate schedule.) (Do not...
- Q What are the major classes of ratio analysis? What can we learn from each class?What types of comparisons should be made with ratios?What are some potential problems with ratios?
- Q Chicago Publishers produces and sells new textbooks to college and university bookstores. Assume typical project-level costs total $285,000 for a new textbook. Production and distribution costs amount to 20% of...
- Q Cancun Kitchen (Pty) Ltd (Cancun) was started by a Mexican immigrant who moved to Durban, South Africa from Cancun, Mexico. The entity manufactures three Mexican products at its factory in...
- Q Based on the following crash cost table, what would be the minimum time to complete the project described below whose normal costs are shown in the table below. What...
- Q Music Teachers, Incorporated, is an educational association for music teachers that has 20,400 members. The association operates from a central headquarters but has local membership chapters throughout the United States....
- Q Rodriguez Corporation issues 14,000 shares of its common stock for $266,400 cash on February 20. Prepare journal entries to record this event under each of the following separate situations. 1....
- Q 1.The following information as to earnings and deductions for the weekly pay period ended March 9,2021 was taken from a companys payroll records: 10 marks Employees Names Weekly Gross Pay...
- Q 1- Suppose receipts of $20,000 are moved from March to April. (March receipts are now planned at $94,999 while April receipts are planned at $110,210.) - What change would this...
- Q Separable costs", by definition, in a "joint process" occur before the "splitoff point" options True False
- Q Marjorie is 50% partner in Callie's candies. under the terms of the partnership agreement she is to receive 50% of the partnership income but no less than $30,000, if the...
- Q The manager of Able Car Inspection reviewed his monthly operating costs for the past year. His costs ranged from $4,000 for 1,000 inspections to $ 3,600 for 600 inspections. ...
- Q Marco is a 21 year old full time student at a local university. He is autistic. His brother, Giovanni, is a 19 year old high school student. Their mother may...
- Q Find Target's financial statements and disclsoure notes for the year ended February 3,2018 (which is 2017 fiscal year) at the Investor Relations link at the company's website (www.target.com). 3. What...
- Q Steven Company has fixed costs of $160,000. The unit selling price, variable cost per unit, and contribution margin per unit for the companys two products are as follows: Product Selling...
- Q The company management is asking Ms.Haniya to make some changes in the financial statements of the campany in the current year. The management wanted Ms.Haniya to show less profits so...
- Q 4. Brewster has had it with his next-door neighbor, Steve. Steve constantly comes over to Brewster's house and takes Brewster's tools without permission. Brewster decides he has had enough of...
- Q 6. Effect of Doubtful Accounts on Net Income During its first year of operations, Fisher Plumbing Supply Co. had sales of $390,000, wrote off $6,200 of accounts as uncollectible using...
- Q Swanson Company has two divisions; Sporting Goods and Sports Gear. The sales mix is 65% for Sporting Goods and 35% for Sports Gear. Swanson incurs $6,660,000 in fixed costs. The...
- Q 2. Escriba en el diario las transacciones de abril en un diario de dos columnas a partir de la pgina 18. Consulte el Plan de cuentas para obtener la redaccin...
- Q Which of the following will most likely cause a court to pierce the corporate veil? a. A drop in the stock price of more than 10% for publicly traded corporations...
- Q Pregunta 5 de 15. Revise el siguiente escenario, luego determine el monto de la prdida acumulada del contribuyente. El 23 de octubre de 2020, Marielle vendi acciones de ABC...
- Q In performing an ATTEST Engagement A CPA would be required to do what as part of the engagement?
- Q Elli Catering Services previously bought equipment with an estimated market value of $45,000 and is now offering it for sale at $65,000. The Trang Restaurant Group acquired it for $10,000...
- Q To analyze changes in a company's sales over the last five years, you should perform: vertical analysis. ratio analysis. horizontal analysis. cross-sectional analysis
- Q What would you pay for an investment that pays you $38000 at the beginning of each year for the next ten years? Assume that the relevant interest rate for this...
- Q Paula compr una casa por $300,000. Despus de proporcionar un pago inicial del 20%, tom prestado el saldo de la caja de ahorros y prstamos local con un prstamo hipotecario...
- Q Suppose you purchase 800 shares of stock at $61 per share with an initial cash investment of $26,000. If your broker requires a maintenance margin of 25 percent, at what...
- Q In 250-500 words explain What is the split-off point? How would you approach a decision to sell joint products at the split-off point, or process those products further? Give an...
- Q J & K partnership's balance sheet at December 31, 2018 reported the following: Total Assets 100,000 Total Liabilities 20,000 J, Capital ...
- Q Brynn purchased a new machine on January 1, for $420,000. Brynn paid $10,000 down with the rest payable in 10 equal annual payments, beginning in one year, which include interest...
- Q Management of Mittel Company would like to reduce the amount of time between when a customer places an order and when the order is shipped. For the first quarter of...
- Q You have been asked by senior management to report on changing customer needs and to compare changes in customer satisfaction. Explain how you would go about doing this, how you...
- Q Imagine that your boss gave you a file containing the strategic plans of your two biggest competitors. With a quick glance, you realize what they are and ask where he...
- Q Some online penny auctions charge a fee, such as $1, for every bid placed. Why should these costs of $1 per bid be considered "sunk costs"? Would it be smart...
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