Accounting question and answers for January 19, 2024
- Q Help me plesseee ASAPPP Preparing a Schedule of Cash Collections on Accounts Receivable Kailua and Company is a legal services firm. All sales of legal...
- Q Which of the following should be recorded in Accounts Receivable? Receivables from subsidiaries. Receivables from officers. Dividends receivable. Oral promises from customers to pay for goods or services sold....
- Q Manual Company sells goods to Nolan Company during 2023. It offers Nolan the following rebates based on total sales to Nolan. If total sales to...
- Q If convertible bonds were issued at a discount, when computing diluted EPS, the amortization of the bond discount: Will have no effect. May increase or decrease the numerator, depending...
- Q Requiring employees to take vacations is an example of a good internal accounting control feature. True False
- Q Prepare the necessary journal entries assuming that the board votes for a 100% stock dividend at the fair value of the shares. (List all debit entries...
- Q When the activity level is 9,000, what is the total fixed costs? $60,000 $70,000 $90,000 $80,000 When the...
- Q Riverside Incorporated makes one model of wooden canoe. Partial Information for it follows:Total costsVariable costsFixed costsTotal costsCost per unitTotal cost per unitRiverside sells its canoes for $660 each....
- Q T # 21 Simmons Company began the month with a balance of $80,000 in Accounts Receivable. An a From this information, it can be...
- Q Which of the following is generally not considered one of the general-purpose financial statements issued by a corporation? Multiple Choice Income statement forecast for the coming year....
- Q Harrison Company expects to sell 120,000 units of its product next year, which would generate total sales of $9,240,000. Management predicts that income for next year will be...
- Q Yarmouth Company produces a liquid solvent in two departments: Mixing and Finishing. Accounting records...
- Q Required Information [The following informstion opplies to the questions displayed below.] The following information for the year ended December 31,2021 ,...
- Q Please HELP THE DROP DOWN BOX IS OPTION U & F, Jay Draperies makes and sells curtains. Information related to its performance in 2020 is given below: ...
- Q Please help.Thank you Sarasota Company is in the process of adjusting and correcting its books at the end of 2020 . In reviewing its records, the following...
- Q The following Stasement of Cash Flows appeared in the records of SHE. Projects Lid: SHL PROUECTS LIMITED STATEMENT OF CASH FLOWS OF FOR THE...
- Q Swifty Corporation purchased a trade name, customer list, and manufacturing equipment for a lump sum of $781,000. The fair market values of each asset are $307,520,$317,130,...
- Q help with part B please Edward works in the accounting department of a local footwear manufacturer that specializes in clogs and boots. Clogs...
- Q What is a major advantage of using an enterprise resource planning (ERP) system? It only manages financial and accounting processes. It focuses exclusively on external business processes....
- Q Why is the gross profit method not appropriate for annual reports? lrequires knowing the gross profit rate. It is too labor intensive to be done each year....
- Q Financial reporting systems are primarily used for internal decision-making. True False
- Q What ratio indicates the percentage of each sales dollar that is available to cover fixed costs and to provide a profit? a. profit ratio b. contribution...
- Q Goods are sold Nov 2, with terms "110,n30, FOB Shipping Point Which of the following is (are) correct? Select ALL correct choices, incorrect...
- Q Clark.Imports sold a depreciable plant asset for cash of $35,000. The accumulated depreciation amounted to $70.000, and al bssiof $5,000 was recognized on the sale, Under...
- Q How does blockchain technology impact COSO's classification assertion in financial statements? The classification of digital assets can be challenging due to evolving accounting guidance and the need for objective...
- Q According to the COSO, how is blockchain defined? As an append-only ledger maintained by a decentralized network of users. As a network that allows unlimited changes to...
- Q Sunland Limited organized late in 2022 and set up a single account for all intangible assets. The following summary shows the entries in 2023(all debits) that...
- Q The following account balances come from the records of Ourso Company. During the accounting period, Ourso recorded $14,000 of...
- Q are conducted to understand relationships among various items reported in one or more of the financial statements. Vertical analyses Ratio analyses Horizontal (trend) analyses
- Q Use the information above to calculate the following ratios and where applicable, round off answers correctly to two decimal places. 4.1 Gross Margin (4)...
- Q If a firm fails to properly prepare a(n) , it cannot prove the equality of its permanent account balances before carrying them forward to the...
- Q On October 5, 2023, Diamond in the Blue Spruce Recruiting Group Inc.'s board of directors decided to dispose of the Blue Division. A formal plan was approved. Diamond...
- Q Please correct DF1 & DF2. Thanks! Denver Fabricators manufactures products DF1 and DF2 from a joint process, which also yields a by-product, BP. The company accounts for the...
- Q Savannah owns and operates a consulting business. In the current year she had one employee to whom she paid wages of $14,000. Savannah contributed the required ...
- Q T # 9 III (Cick the ieon bs vied the data) Read the Iraisimetients. Hequirement 1, 5o:ve for Cash. Cash (in minons...
- Q In the context of blockchain, what is the primary purpose of the rights and obligations management assertion? Establishing procedures for testing internal controls: Ensuring the completeness of digital asset...
- Q Anita Kaur runs a courier service in downtown Seattle. She charges clients $0.62 per mile driven. Anita has determined that if she drives 2,900 miles in...
- Q Seventy-Two Inc., a developer of radiology equipment, has stock outstanding as follows: 70,000 shares of cumulative preferred 3% stock, $20 par and 405,000 shares of $25 par common....
- Q Question 12 Product costs appear on the balance sheet: only if the goods are sold during the period only if goods are partially completed or are unsold...
- Q C ple has the following after-tax profits for its two most recent accounting periods: On 1 November 2013, the company's issued share capital consisted of 500,000...
- Q 1.-Tek Manufachuring. Incorporated, makes fwo types of industrial congonent patts-the B300 and the T500 An absorption costing mcome...
- Q F Barrio Fiesta Inc. Alberta TO: East West College Alberta Attn: Arif C. and M. Lasker 65 Full Course Dinners @$44/Plate Facility Fee NAME: Please pay immediately - Dee...
- Q What challenge does blockchain pose for coSO's occurrence assertion in financial audits? Blockchain information independently confirms the occurrence of all transactions. Blockchain technology fully automates the verification of transaction...
- Q T # 15 An account will have a debit balance if: A. the amount of the credits exceeds the amount of the debits. B. the amount of...
- Q Computing Impairment of Intangible Assets Stiller Company had the following information for its three intangible assets. Patent: A patent was purchased for $140,000 on June 30 of...
- Q A company's inventory on December 31,2024 , was $342,000 based on a physical count priced at cost, and before any necessary adjustment for the following: -...
- Q Please help.Thank you The equipment has been depreciated using the sum-of-the-years'-digits method for the first 3 years for financial reporting purposes. In 2021, the company decided to change...
- Q 2. Now suppose that an XYZ Bank customer, planning to take cash on an extended college graduation trip to the Bahamas, withdraws $1,000 from her account. Complete the...
- Q 5. The following balances were extracted from N's financial statements: Extracts from the statement of financial position as at 31 December Extract from statement of profit or loss...
- Q Cullumber Corporation issues a $9,100,000, 4%, 20-year mortgage note payable on December 31, 2020, to obtain needed financing for the construction of a building addition. The terms provide for...
- Q McBold (Pty) Ltd ("McBold") is a South African company and manufactures high quality vitamins...
- Q Which of the following is a required financial statement presentation by a lessee for both capital leases and operating lease? Lease Expense Amortization Expense and Interest Expense The reduction...
- Q On March 31,2024, the Herzog Company purchased a factory complete with vehicles and equipment. The allocation of the total purchase price of $1,000,000 to the various...
- Q please help and solve Exercise 11-9 (Algo) Payback period; net present value; unequal cash tlows LO P1, P3 Gonzalez Company is considering two new...
- Q Complete the balance sheet using cash flow data Following is a partially com- pleted balance sheet for Epsico Inc. at December 31, 2022, together with comparative data for the year...
- Q What is the primary purpose of outsourcing certain business processes? To automate all decision-making processes within the organization. To offload routine tasks to third-party service providers...
- Q help please It was the end of the third quarter for Bonita industries. There had been some discussion in prior quarters about best practices related to carrying...
- Q Exercise 7-45(Algo) Job Costing in a Service Organization (LO 7-4) Farnsworth Executive Coaching (FEC) offers services to firms in advising executives on improving productivity and leadership....
- Q What does the accuracy, valuation, and allocation management assertion imply in the context of blockchain technology? Blockchain focuses on the allocation of digital assets. Blockchain is not relevant to...
- Q At the beginning of 2022, Metatec Incorporated acquired Ellison Technology Corporation for $600 million. In addition to cash, recelvables, and inventory, the following assets and their fair...
- Q According to the AICPA, what are three of the eight separate management assertions that auditors test for in the financial statements? Objectivity, completeness, accuracy. Existence, occurrence, presentation. Privacy, reliability,...
- Q Stephen Weiss Prompt 2 posted 8 months ago (last edited 1 month ag FIFO, weighted-average, and LIFO methods are often used instead of specific identification for inventory valuation purposes....
- Q GAAP for pension plans requires companies with defined benefit pension plans to recognize pension expense based on accrual-basis concepts. recognize pension expense as an amount equal to...
- Q Which of the following statements is true? Business investigation expenses are always deductible. Interest paid on debt used to purchase municipal bonds is not deductible. There is a tax...
- Q 16. In the calculation of cash (used in)/from operating activities, depreciation is added back because: A. It is not allowable for taxation purposes B. It is a non-cash...
- Q When would a buyer not need to record the purchase commitment or disclose it in a note to the financial statements? When the price is determined at shipment and...
- Q Polyester filling 315,000 Lumber 555,000 Glue 80,000 Materials were requisitioned to individual jobs as follows: Polyester The glue is not a significant cost, so it is treated as...
- Q The lessee should report finance lease obligations on the balance sheet as a current liability. a long-term liability. a current liability for the current portion and...
- Q T # 19 A company had credit sales of $35,000 and cash sales of $25,000 during the month of May. Also, the company's...
- Q Explain the concept of the "tax base" of an asset or liability. Explain how this concept helps to identify situations in which deferred tax adjustments are required.
- Q can someone solve the question above? thank you! On 1 July 2023, Woomera Ltd enters into a 6-year lease of an equipment. Woomera Ltd incurred $2337 in costs to...
- Q What is a critical consideration for COSO's completeness assertion regarding blockchain technology in financial reporting Blockchain technology eliminates the need for completeness assessments in financial reporting. Blockchain guarantees the...
- Q can someone solve the question above? thank you! On 1 July 2023, Woomera Ltd enters into a 6-year lease of an equipment. Woomera Ltd incurred $2337 in costs to...
- Q T # 8 For each of the following items, indicate whether that item would be considered to be a transaction at Gerbig Pet Grooming Corporation....
- Q T # 14 Which error will be uncovered by a trial balance? A. The bookkeeper recorded the same journal entry three times. B. The bookkeeper forgot...
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