Accounting question and answers for September 05, 2023
- Q Decker Manufacturing is preparing its master budget for thefirst quarter of the upcoming year. The following data pertain toDecker Manufacturing's operations 1: Data Table Current Assets asof December 31 (prior...
- Q Barbour Corporation, located in Buffalo, New York, is a retailerof high-tech products and is known for its excellent quality andinnovation. Recently, the firm conducted a relevant cost analysisof one of...
- Q On August 3, Cinco Construction purchased special-purposeequipment at a cost of $4,883,900. The useful life of the equipmentwas estimated to be eight years, with an estimated residual valueof $95,890.a. Compute...
- Q Ocean World is considering purchasing a water park in Charlotte,North Carolina, for $2,100,000. The new facility will generateannual net cash inflows of $535,000 for eight years. Engineersestimate that the facility...
- Q ABC Corp. The company has fixed costs of $300,000. Total costs,both fixed and variable, are $378,000 when 40,000 units areproduced. How much is the variable cost per unit? (Please round...
- Q 4/01/17Alex contributed $10,000 cash; two computers with the fair valueof $2,500 and an old truck fully paid with the fair value of $9,600(remaining useful life of 4 years and SV...
- Q Q1The following trial balance was extracted from the books ofABC Store on 31 December 20x5.DRCR$$Sales223,940Returns inwards1, 900Returns outwards970Discount allowed800Discount received2,970Purchases80,100Stock56,000Rent and rates60,500Electricity5,800Debtors45,700Creditors29,750Bank110,450Motor vehicle at cost100,000Accumulated depreciation for motor vehicle30,000Provision for...
- Q The following events were completed by Dana’s Imports inSeptember 2018:Sept.1Acquired $54,000 cash from the issue of common stock.1Purchased $35,000 of merchandise on account with terms 2/10,n/30.5Paid $1,000 cash for freight...
- Q Would the market-value debt ratio tend to be higher than thebook-value debt ratio during a stock market boom or a recession?Explain.Why would the WACC based on market values tend to...
- Q At the beginning of 2018, the Redd Company had the followingbalances in its accounts: Cash$8,300Inventory2,300Common stock7,800Retained earnings2,800 During 2018, the company experienced the following events:Purchased inventory that cost $5,800 on account from...
- Q Complete a Schedule of Cost of Goods Manufactured and aManufacturing Company Income statement. Use the Cost of GoodsManufactured that was developed in the Schedule of Cost of GoodsStatement in the...
- Q Evergreen Company sells lawn and garden products to wholesalers.The company's fiscal year-end is December 31. During 2021, thefollowing transactions related to receivables occurred:Feb.28Sold merchandise to Lennox, Inc., for $12,000 and...
- Q Question textAccounting forShareholders' Equity TransactionsThe shareholders' equity section of the balance sheet of TheClaremont Company appeared as follows at the end of the first yearof operations:Common stock,$0.08 par value$480,000Additionalpaid-in-capital71,520,000Retainedearnings25,600,000Treasurystock(6,000,000)Shareholders'equity$91,600,000During the...
- Q Presented below is information related to the AccountsReceivable accounts of Concord Inc. during the current year2017.1. An aging schedule of the accounts receivable asof December 31, 2017, is as follows.AgeNet...
- Q Task 1:a) Explain the meaning of taxation and various types of taxesand classification of taxation. You must consider the UK rule whileexplaining this question. b) “Taxation is very much required...
- Q On April 6, 2018, Home Furnishings purchased $41,000 ofmerchandise from Una's Imports, terms 3/10 n/45. On April 8, HomeFurnishings returned $8,600 of the merchandise to Una's Imports forcredit. Home Furnishings...
- Q Accounting for Share TransactionsThe shareholders' equity section of the consolidated balance sheetof Wilson Industries appeared as follows at the beginning of theyear:Shareholders' EquityClass A common stock, $0.02 par value; 20,000,000...
- Q Exercise 5.2Fred's Hardware and Hobby House expects its sales to increase ata constant rate of 8 percent per year over the next three years.Current sales are $500,000.Complete the following table...
- Q 143) On January 2, 2010, Pannabaker Corporation issued $400,000,five-year, 10% bonds when the market rate of interest was 12%. Thebonds pay interest annually on December 31. Pannabaker Corporationuses the effective-interest...
- Q Activity-Based CostingSteampunk Corporation has the following predicted indirect costsand cost drivers for 2019 for the given activity cost pools:FabricationDepartmentFinishingDepartmentCost DriverMaintenance$ 60,00030,000Machine hoursMaterials handling90,00045,000Material movesMachine210,00015,000Machine setupsInspections-75,000Inspection hoursTotal$ 360,000$165,000The following activity predictions...
- Q Weatherly Lumber Company process wood pulp for manufacturingvarious paper products. The company employs aa process costingsystem for its manufacturing operations, All direct materials areadded at the beginning of the process,...
- Q How can you determine the number of units necessary to attain acertain level of profit?How can you determine total sales at the break even point?Give 3 ways of stating break...
- Q howdo I record this in Quuckbooks?Ordered two Ceiling Boom Wash Systems from Ultimate Washer;wrote check number 10029 for 3300. Equipment has a three-yearexpected life; will be installed the week of...
- Q Swanson & Hiller, Inc., purchased a new machine on September1 of the current year at a cost of $130,000. The machine’sestimated useful life at the time of the purchase was...
- Q Mermaid LTD's long term debt agreements make certain demands onthe business. For example, Mermaid may not purchase treasury sharesin excess of the balance of retained earnings. Also, long term debtmay...
- Q A group of investors decides to invest $500,000 in the stocks ofthree companies.Company D sells for $60 a share and has an expected growth of16% per yearCompany E sells for...
- Q A small firm intendsto increase the capacity of a bottleneck operation by adding a newmachine. Two alternatives, A and B, have been identified, and theassociated costs and revenues have been...
- Q On 1 December 2013, John and Patty Driver formed a corporationcalled Susquehanna Equipment Rentals. The new corporation was ableto begin operations immediately by purchasing the assets and takingover the location...
- Q Paymore Products places orders for goods equal to 75% of itssales forecast in the next quarter which has been provided in thebelow table.Quarter in Coming YearFollowing YearFirstSecondThirdFourthFirst QuarterSales forecast$388$360$342$390$390Paymore’s labor...
- Q On January 1, 2017, McIlroy, Inc., acquired a 60 percentinterest in the common stock of Stinson, Inc., for $372,000.Stinson's book value on that date consisted of common stock of$100,000 and...
- Q On January 1, 2021, the general ledger of Big Blast Fireworksincludes the following account balances:AccountsDebitCreditCash$22,900Accounts Receivable39,000Allowance for Uncollectible Accounts$4,100Inventory35,000Land69,100Accounts Payable29,900Notes Payable (12%, due in 3 years)35,000Common Stock61,000Retained Earnings36,000Totals$166,000$166,000The $35,000 beginning...
- Q Consider a plant that pollutes lead into the drinking water of asmall town. The town is con- sidering a couple of interventions(i.e. taxation versus regulation) to address this problem. However,they...
- Q Grichuk Power leased high-tech electronic equipment from KoltenLeasing on January 1, 2018. Kolten purchased the equipment fromWong Machines at a cost of $253,500, its fair value. (FV of $1, PVof...
- Q A new accountant at Shamrock, Inc. is trying to identify whichof the amounts shown below should be reported as the current asset“Cash and cash equivalents” in the year-end balance sheet,...
- Q Kingsport Containers Company makes a single product that issubject to wide seasonal variations in demand. The company uses ajob-order costing system and computes predetermined overhead rateson a quarterly basis using...
- Q Natick Industries leased high-tech instruments from FraminghamLeasing on January 1, 2018. Natick has the option to renew thelease at the end of two years for an additional three years. Natickis...
- Q Explain the leverage effect on theCapital market line (CML). Give your own numerical example andgraph.
- Q Hello,Looking to compare!Thanks,The East Wind Company has a power plant designed and built toserve its three manufacturing plants. Data for 2010 are as follows:Usage in Kilowatt-HoursFactory locationBudgetActualPictou100,00080,000Amherst60,000120,000Yarmouth40,00040,000Budgeted fixed costs for...
- Q You are given the following information for Hendrix Guitars,Inc. Profit margin 6.3 % Total asset turnover 1.75 Total debt ratio.35 Payout ratio 30 % Calculate the sustainable growth rate. (Donot...
- Q 4. ABC Company issued 1000 ordinary shares of P1 each. Paymentfor the shares was to be made as follows: on application 30 thebe,on allotment 40 thebe and on call 30...
- Q Company ABC acquired a machine at the beginning of the year. Themachine had a 6-year useful life. He expensed the entireacquisition cost in the current year. His error has what...
- Q Tiger Furnishingsproduces two models of cabinets for home theater components, theBasic and the Dominator. Data on operations and costs for Marchfollow:BasicDominatorTotalUnits produced1,3003801,680Machine-hours3,3002,7006,000Directlabor-hours3,4003,7007,100Direct materialscosts$19,000$4,150$23,150Direct laborcosts62,50052,500115,000Manufacturingoverhead costs201,200Total costs$339,350Tiger Furnishings’s CFO believes that...
- Q Becky Gonzalez (a factory worker) earns $ .50 for every unit shemakes up to 200 units. She makes an additional $.10 on every unitshe makes over 200.The union contract guarantees...
- Q Tempo Company's fixed budget (based on sales of 14,000 units)for the first quarter reveals the following. Fixed Budget Sales(14,000 units × $207 per unit) $ 2,898,000 Cost of goods soldDirect...
- Q 3. Zee Company issued 1000 P1 ordinary shares at P1.50 pershare. The shares were to be paid for as follows: 50 thebe onapplication, 70 thebe (including premium) on allotment and...
- Q Alexa owns a condominium near Cocoa Beach in Florida. This year,she incurs the following expenses in connection with her condo:Insurance$2,000Mortgage interest6,500Property taxes2,000Repairs & maintenance1,400Utilities2,500Depreciation14,500During the year, Alexa rented out the...
- Q Question 2 Below is the Trial Balance of Marks Supermarket as at31 March 2010. Dr Cr Pula Pula Purchases and sales 328 000 960 000Inventory at 1 April 2009 60...
- Q Perry Company purchased 100% of Starling Company on 1/1/20X1. Atthe date of acquisition, the following differences existed:Starling had a 20-year loan for $500,000. The fair value of theloan was $540,000.Starling...
- Q Variable costing versus absorption costing. The Garvis Companyuses an absorption-costing system based on standard costs. Variablemanufacturing cost consists of direct material cost of $4.50 perunit and other variable manufacturing costs...
- Q How does the IRS tax code affect the economic activity?
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