Accounting question and answers for September 14, 2023
- Q Mercedes, Co. has the following quarterly financial information.4th Quarter 3rd Quarter 2nd Quarter 1st Quarter Sales Revenue $925,800 $ 935,300 $ 933,600 $ 941,400 Cost of Goods Sold 305,700318,300 317,900...
- Q Preparing a bank Reconciliation Statement:•The July 31 bank statement for Parkview Company indicated acash balance of $5,000.17.•The cash ledger account on that date shows a balance of$4,262.83.•Four outstanding checks totaled...
- Q Comparative financial statements for Weller Corporation, amerchandising company, for the year ending December 31 appearbelow. The company did not issue any new common stock during theyear. A total of 800,000...
- Q The Foundational 15 [LO6-1, LO6-2, LO6-3, LO6-4, LO6-5]Diego Company manufactures one product that is sold for $80 perunit in two geographic regions—the East and West regions.Variable costs per unit: Manufacturing:...
- Q Periodic Inventory by Three Methods; Cost of Merchandise SoldThe units of an item available for sale during the year were asfollows: Jan. 1 Inventory 50 units @ $90 Mar. 10...
- Q The Square Foot Grill, Inc. issued $187,000 of 10-year, 5percent bonds on January 1, 2018, at 102. interest is payable incash annually on December 31. The straight-line method is used...
- Q Lubricants, Inc., produces a special kind of grease that iswidely used by race car drivers. The grease is produced in twoprocessing departments—Refining and Blending. Raw materials areintroduced at various points...
- Q Due to erratic sales of its sole product—a high-capacity batteryfor laptop computers—PEM, Inc., has been experiencing financialdifficulty for some time. The company’s contribution format incomestatement for the most recent month...
- Q 1. The auditor's responsibility section of the standardunmodified opinion audit report under US GAAS states:a) that the audit is designed to obtain reasonable assurance asto whether the financial statements are...
- Q Company A uses a heavily participative budgeting approachwhereas at Company B, top management develops all budgets andimposes them on lower-level personnel. Which of the followingstatements is false?A. A's employees will...
- Q Budget Performance ReportGenie in a Bottle Company (GBC) manufactures plastic two-literbottles for the beverage industry. The cost standards per 100two-liter bottles are as follows:Cost CategoryStandard Costper 100 Two-LiterBottlesDirect labor$1.22Direct materials5.14Factory...
- Q What are the requirements for a marital deduction?
- Q Supply costs at Coulthard Corporation's chain of gyms are listedbelow: Client-Visits Supply Cost March 11,666 $ 28,349 April 11,462$ 28,296 May 11,994 $ 28,434 June 13,900 $ 28,930 July 11,726...
- Q Garham Company had $360,000 in sales on account last year. Thebeginning accounts receivable balance was $20,000 and the endingaccounts receivable balance was $36,000. The company's averagecollection period (age of receivables)...
- Q Complete the following balance sheet using theinformation: CashAccounts Receivables Inventory ________Current Assets _________Net Fixed Assets $1,000,000 _________Total $1,300,000 =========Current Ratio = 3.0Inventory Turnover = 10.0Debt Ratio = 30%AccountsPayables $100,000Long-term DebtTotal LiabilitiesCommon Equity ________Total $1,300,000 =========Total...
- Q Jurvin Enterprises is a manufacturing company that had nobeginning inventories. A subset of the transactions that itrecorded during a recent month is shown below.$75,100 in raw materials were purchased for...
- Q The Terrence Co. manufactures two products, Baubles andTrinkets. The following are projections for the coming year:BaublesTrinkets15,000 units7,500 unitsSales$15,000$15,000Costs:Fixed$3,300$9,570Variable6,75010,0503,75013,320Income before taxes$4,950$1,680How many Baubles will be sold at the break-even point, assumingthat...
- Q Required information[The following information applies to the questionsdisplayed below.]Laker Company reported the following January purchases and salesdata for its only product.DateActivitiesUnits Acquired at CostUnits sold at RetailJan.1Beginning inventory240units@$16.50=$3,960Jan.10Sales190units@$25.50Jan.20Purchase170units@$15.50=2,635Jan.25Sales190units@$25.50Jan.30Purchase380units@$15.00=5,700Totals790units$12,295380unitsThe Company uses...
- Q Create a Fictitious balance sheet and income statement.
- Q What arguments can be given that the historical cost frameworkshould be abandoned?
- Q Hi can you assist me with this. Can you explain each of thesimilarities and differences in maybe a short paragraph. Thank youso3) Provide THREE ways in which Governmental entities are...
- Q Diaz Company incurred the following costs during the year2020.1.Salaries expense related to design for a trademark with anindefinite estimated life$12,0002.Materials used for research and development projects for thecurrent year20,0003.Fees paid...
- Q Q2: Colson Corp. had $900,000 net income in 2018. On January1, 2018 there were 600,000shares of common stock outstanding. On March 1, 400,000 shareswere issued and on September 1, Colson...
- Q [The following information applies to the questionsdisplayed below.]Preble Company manufactures one product. Its variablemanufacturing overhead is applied to production based on directlabor-hours and its standard cost card per unit is...
- Q Old Camp Company manufactures awnings for its own line of tents.The company is currently operating at capacity and has received anoffer from one of its suppliers to make the 12,000...
- Q Case Study: Property and Equipment - SubstantiveproceduresYour firm is auditing the financial statement of NewthorpeManufacturing Ltd for the year ended 30 June 2015. You have beenassigned to the audit of...
- Q Sharp Company manufactures a product for which the followingstandards have been set:Standard Quantityor HoursStandard Priceor RateStandardCostDirect materials3feet$5per foot$15Direct labor?hours?per hour?During March, the company purchased direct materials at a costof $56,610,...
- Q Discuss the implication for auditors, clients public andregulations in matters such as: 1. the approach to auditing, 2.Regulations on auditing, 3. Forms of audit reports, 4.Communication of audit matters
- Q QuestionsJones Company is a merchandise company that uses the perpetualinventory method. The business prepares financialstatements on a monthly basis and has the following adjusted trialbalance at January 31:8,000 Cash 10,000 Notespayable (all long-term)11,000 Accountsreceivable 42,600 Owner’scapital, January...
- Q The selling and administrative expense budget of FenleyCorporation is based on the number of units sold, which arebudgeted to be 2,500 units in January. The variable selling andadministrative expense is...
- Q Why did the practice of consolidated reporting arise in theUnited States earlier than in France?
- Q Part B Bruce Manufacturing Ltd’s post-closing trial balance at30 June 2019 included the following balances: Machinery Control (atcost) $244 480 Accumulated Depreciation – Machinery Control 113 800Fixtures (at cost) 308...
- Q Harmony Audio Company manufactures two models of speakers, DLand XL. Based on the following production and sales data forSeptember 2016, prepare (a) a sales budget and (b) a productionbudget.DLXLEstimated inventory...
- Q 16. Owen Company's unadjusted book balance at June 30 is$14,440. The company's bank statement reveals bank service chargesof $120. Two credit memos are included in the bank statement: onefor $1,490,...
- Q Larry, Inc. produces two products that are purchased andconsumed by upscale high-end gourmets. Larry harvests rotten-logfungi which grow in Larry’s rotten-log lot in the middle of theforest. The fungi are...
- Q Financial Statement Creation – Use the information below tocreate B/S, I/S and Statement of Retained Earnings after adjustingfor the four additional activities belowConsider the following information from a company's unadjustedtrial...
- Q Activity Index: Standard direct labour hours 2,000 3,200 3,6004,000 Variable costs Indirect materials $ 4,000 $ 6,400 $ 7,200 $8,000 Indirect labour 2,300 3,680 4,140 4,600 Utilities 3,200 5,1205,760 6,400...
- Q Ealing Company began operations as a new subsidiary ofFundamental Company, a U.S. Corporation, on January 2, 2018, byissuing common stock for 180,000 foreign currency units (FCU).Ealing immediately borrowed 35,000 FCU...
- Q Hale Corporation is comparing two different capital structures,an all-equity plan (Plan I) and a levered plan (Plan II). UnderPlan I, the company would have 190,000 shares of stock outstanding.Under Plan...
- Q Assume Interstellar Communications Ltd.’s balancesheet includes the following assets under Property,Plant, and Equipment: Land, Buildings, and Motor-Carrier Equipment.Interstellar Communications hasa separate accumulated depreciation account for each of theseassets except land....
- Q Return on Investment, Margin, Turnover Ready Electronics isfacing stiff competition from imported goods. Its operating incomemargin has been declining steadily for the past several years. Thecompany has been forced to...
- Q Bond Premium, Entries for Bonds Payable TransactionsCampbell Inc. produces and sells outdoor equipment. On July 1,Year 1, Campbell issued $15,000,000 of 10-year, 10% bonds at amarket (effective) interest rate of...
- Q Adelphi Company purchased a machine on January 1, 2017, for$70,000. The machine was estimated to have a service life of tenyears with an estimated residual value of $5,000. Adelphi sold...
- Q PA11-3 Comparing, Prioritizing Multiple Projects [LO 11-1, 11-2,11-3, 11-6] Hearne Company has a number of potential capitalinvestments. Because these projects vary in nature, initialinvestment, and time horizon, management is finding...
- Q As an auditor, a common task is to verify thatexpenditures of a company are properly classified as capital orrevenue expenditures. Discuss the determinants of suchclassifications. If an expenditure is capitalized,...
- Q Palisade Creek Co. is a merchandising business that uses theperpetual inventory system. The account balances for Palisade CreekCo. as of May 1, 2019 (unless otherwise indicated), are asfollows:110Cash$ 83,600112Accounts Receivable233,900115Merchandise...
- Q Discuss the importance of and various types of performancemeasures that management can use to focus its attention on areasthat need to be corrected or improved. (250 words)
- Q practical ways accountants develop communication and interpersonalskills
- Q On January 1, 2020, Hawkeye Air leased a new airplane for 5years. The expected life of the airplane is 20 years. The leasestipulates that Hawkeye Air makes annual payments of...
- Q Vertical Analysis of Balance SheetBalance sheet data for Hanes Company on December 31, the end ofthe fiscal year, are shown below.20Y220Y1Current assets288,900158,840Property, plant, and equipment558,540512,620Intangible assets115,56050,540Current liabilities173,34079,420Long-term liabilities394,830332,120Common stock96,30093,860Retained earnings298,530216,600Prepare...
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