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Accounting Questions and Answers October 22, 2012

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cash purchase invoice , sage 50 from ups delivery , $380 for courier delivery of photographs to clients plus $19 gst. invoice total $399 . issued cheque #454 in full payment. purchase invoice #ca-487 from calm air $1215 plus $60.75 gst . invoice total $1275.75 for return flight to churchhill . terms : 1/15,n/30 .recall the stored entry , edit the

all fixed costs are sunk cost do you agree. give a reason to support you answer ?

Privack Corporation has a standard cost system in which it applies overhead to products based on the standard direct labor-hours allowed for the actual output of the period. Data concerning the most recent year appear below: Budgeted variable overhead cost per direct labor-hour $ 4.00 Total budgeted fixed overhead cost per year $ 528,180 Budgeted
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( URGENT ) who will answer this questions will get three likes immediately ! Bullseye Company manufactures dartboards. Its standard cost information follows: Bullseye has the following actual results for the month of September: Required: 1. Calculate the direct materials price, quantity, and total spending variances for Bullseye. 2. Calculate the
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23 Below are some of the account balances of FDN Company. Advertising expense P162,000 Depreciation expense Office furniture 51,000 Depreciation expense Store equipment 37,000 Freight in 12,300 Freight out 8,800 Insurance expense 71,000 Professional fees 16,000 Repairs and maintenance expense 40,000 Store supplies expense 29,700 How much is the

MDA Incorporated processes corn into corn starch and corn syrup. The company's productivity and cost standards follow: From every bushel of corn processed, 10 pounds of starch and 5 pounds of syrup should be produced. Standard direct labor and variable overhead total $0.58 per bushel of corn processed. Standard fixed overhead (the predetermined

Approximately Relevant ABC Slven Company has Identifled the following overhead actlvitles, costs, and activity drivers for the coming year: Silven produces two models of cell phones with the following expected activity demands: 1. Determine the total overhead assigned to each product using the four activity drivers. Silven produces two models of
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Which of the following statements is not a qualification to deduct alimony? For each potion ,the divorce settlement date is prior to January 1,2019 A. Alimony must be paid in cash B. Alimony must cease upon the death of the recipient C. Alimony must be least $500 per month D. Alimony must be paid under a decree of divorce or separate maintenance

Please show Excell work steps Company uses the weighted average method of process costing. It had 70,000 units in beginning inventory, which ere 45% complete as to materials and 60% complete as to conversion. During the month, it started 110,000 units. At the end of e month, 56,000 units were in inventory, which were 80% complete as to materials
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The following information is for Alex Corp: Product X: Revenue $15.00 Variable Cost $2.50 Product Y: Revenue $25.00 Variable Cost $10.00 Total fixed costs $50,000 What is the breakeven point assuming the sales mix consists of two units of Product X and one unit of Product Y? a. 1,250 units of Y and 2,500 units of X b. 2,313 units of Y and 4,025

A management function that compares planned result with actual result is called A- Controlling B- Organizing C- Planning D- Directing

On 1 July 20x5, A Ltd acquired all the shares of B Ltd. The following transaction occurred during the year ended 30 June 20x6: B Ltd purchased inventory for $10,000. Subsequently B Ltd sold the inventory to A Ltd for $15,000. By the end of the financial year, the inventory had still not been sold by A Ltd to external entities. Prepare journal

On the Statement of Financial Position, which of the following is true? Group of answer choices A. Assets and Liabilities are reported as totals, and Net Assets are reported by unrestricted and restricted classifications. B. Liabilities are reported as a total, and Assets and Net Assets are reported by unrestricted and restricted classifications.

Calculate the Current ratio of BHP Group Ltd. for the financial year 2020. Enter two decimal places numbers (such as 123.45 ) without a sign and symbol
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When a newly selected E 7 is advanced on 1 6 September, the new assigned time - in - rate is what date? A ) 1 st day of the month following month advanced B ) 1 January of the advancement cycle exam taken C ) 1 September of the advancement cycle exam taken D ) 1 July of the advancement cycle exam taken
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JJ Company makes concrete blocks. Each block requires 0.15 DLH. Direct labor is paid $14 per DLH. JJ has the following budgeted production in units: Q1 - 2,400,000 Q2 - 6,000,000 Q3 - 5,600,000 Q4 - 2,000,000 Find the following: Q1 budgeted direct labor cost - Q2 budgeted direct labor cost - Q3 budgeted direct labor cost - Q4 budgeted direct labor

recognized gains and losses from the disposition of a capital asset may occur as a result of a

> Differentiate between a money market fund and a money market deposit account. > Describe the purpose of RA 7394 (Consumer Act of the Philippines of 1991).

Please help. Thank you so much. 6. What is the ROI related to this year's investment opportunity? 7. If the company pursues the investment opportunity and otherwise performs the same as last year, what margin will it earn this year? 8. If the company pursues the investment opportunity and otherwise performs the same as last year, what turnover
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The statement of shareholders' equity of Reliable Storage Corporation for the year ended December 3 1 , reports the following dividends paid to shareholders ( $ thousands ) . Distributions to equity holders The year - end balance sheet includes the following ( $ thousands except share data ) . a . Use the financial statement effects template to
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Please help! Yard Professionals Inc. experienced the following events in Year 1, its first year of operation: 1. Performed services for $24,500 cash. 2. Purchased $4,600 of supplies on account. 3. A physical count on December 31 , Year 1 , found that there was $1,030 of supplies on hand. Required Based on this information alone: a. Record the
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Which of the following would lower the risk of accepting the engagement? A) Users of the financial statements are relatively sophisticated. B) The auditee's financial condition is weak. C) Wide distribution of the audited financial statements. D) Management integrity is questionable.

You have been asked by the Payroll Manager, Linda Laporte, to create a short job aid to assist the payroll practitioners with reconciling the Revenu Qubec (RQ) account. Your organization is a monthly remitter. In your own words, outline suggested reconciliation methods including the forms, tools and reports that would be used in the process.

BILLY FONTAINE SCHOOL OF PROFIT INC. For more than 75 years, the Jack Miner Gallery of Kingsville (JMGK) has offered a variety of art sessions for artists of all ages and skill levels at the Billy Fontaine School of Profit Inc., (BFS). The BFS is a profit- oriented operation with a mission to inspire creativity, exploration, and artistic

If Susie earns $756,000 in taxable income, how much tax will she pay as a single taxpayer for 2022? (Use tax rate schedule.) Multiple Choice $214,269 $279,720 $242,675 $197,659 None of the choices are correct. The tax rate schedule 2022 Tax Rate Schedules Individuals Schedule X-Single If taxable income is over: But not over: The tax is: $ 0 $

Discuss the signaficance of double - entry accounting in maintaining accurate financial records?

Record a hotels following seven transactions in appropriately T accounts. a. Hotel receives $500 for room sales b Hotel pays staff $400 in wages c. Hotel makes $600 of restaurant sales all on credit d. Hotel owner withdraws $ 1,000 from the business e. Hotel buys $ 700 of inventory stock on account f. Hotel receives another $700 from room sales.

All of the following are true regarding certificates of insurance EXCEPT They may only be issued after the application is approved and the policy contract is issued Issuing a certificate prior to receiving confirmation of coverage is misleading They can only be issued where there is a connection with a policy contract They may be issued

4 Flatfish Limited reported the following items in shareholders' equity on December 31,2020 : No dividends were declared in 2018 or 2019 ; however, in 2020 , cash dividends of $4,743,500 were declared. Calculate how much would be paid to each class of shares. Assuming that the number of common shares remained constant throughout 2020, what was the
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Which of the following is true about retained earnings? Group of answer choices Both (a) and (b) are false Both (a) and (b) are true Dividend payments increase retained earnings Retained earnings is an account that can be found on the balance sheet

The beginning inventory of merchandise at Rhodes Co . and data on purchases and sales for a three - month period ending June 3 0 are as follows: Date Transaction Number of Units Per Unit Total Apr. 3 Inventory 4 2 $ 6 0 0 $ 2 5 , 2 0 0 8 Purchase 8 4 7 2 0 6 0 , 4 8 0 1 1 Sale 5 6 2 , 0 0 0 1 1 2 , 0 0 0 3 0 Sale 3 5 2 , 0 0 0 7 0 , 0 0 0 May 8

Assume a government leases equipment to be used in governmental activities under a noncancelable lease, meeting the requirements for classification as a capital lease. Where would the capital lease and the payments on the lease be reported in the governments financial statemen

equired information Skip to question [The following information applies to the questions displayed below.] Ferris Company began January with 9,000 units of its principal product. The cost of each unit is $5. Merchandise transactions for the month of January are as follows: Purchases Date of Purchase Units Unit Cost* Total Cost Jan. 10 6,000 $ 6 $

Which of the following expenditures is not likely to be allowed as a current deduction for a landscaping and nursery business? Cost of fertilizer Cost of accounting services Cost of uniforms for employees Cost of a greenhouse

What offers the same liability protection as a corporation but may be taxed as either a partnership or a corporate

During the current year, merchandise is sold for $ 2 3 7 , 5 0 0 cash and $ 6 2 5 , 0 0 0 on account. The cost of the goods sold is $ 4 2 2 , 3 0 0 . What is the amount of the gross profit?

1) Internal auditing is going to be performing an assurance engagement dealing with controls over production, shipping, and inventory. Some of the items to be covered in the engagement include: Determine if there is an issue with excess, obsolete or unsaleable inventory. Determine if there have been issues with accuracy of the inventory quantities

Two partners agree to share income based on the following-75% to Partner A and 25% to Partner B. They do not agree on how to share losses. Since there is no agreement on how to share losses they will be shared: O Partner A 25%; Partner B 25% O Partner A 75%; Partner B 25% Based on capital balances Partner A 50%; Partner B 50%

Data table Its income statement for 2017 is as follows: Revenues $794,640 Salaries of professional staff (8,400 hours $48 per hour) 403,200 Travel 20,000 Administrative and support costs 181,440 Total costs 604,640 Operating income $190,000 Data table The percentage of time spent by professional staff on various activities follows: Making

Which of the following items is not deductible in computing the income of a corporation under Division B of the Income Tax Act? a. Reserve for future decline in valuation of inventory b. Costs of tickets for meals and entertainment at a fundraising event c. Amount paid for landscaping business premises d. Amount paid to an arms length person to

7. Analyzing accounting data for managerial decisions Accounting data are used to analyze cash flows, and this analysis is critical for decision making. Consider the following case: J\&H Corp. recently hired Jeffrey. His immediate mandate was to analyze the company. He has to submit a report on the company's operational efficiency and estimate
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draw balance sheets 3. Let a bank has $10 reserves, 60 loans, 30 securities in its assets. It's liabilities includes $70 deposits and $30 borrowed funds. a If now a $20 withdraw is made, how will other accounts in its balance sheet be affected with the following responses made by the bank to the withdraw? (a) sale of $20 loans to other banks; (b)
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The Constructing Department of MEC Company had 2,600 units in work in process at the beginning of the period, which were 55% complete. During the period, 23,800 units were completed and transferred to the Packing Department. There were 7,400 units in process at the end of the period, which were 60% complete. Direct materials are placed into the

swifty corporations is authorized to issue both preferred and common stock. The par value of the preferred is $50. During the first year of operations, the company had the following events and transactions pertaining to it preferred stock -Feb.1 issued 28,000 shares for cash at $51 per share -July 1 issued 42,000 shares for cash at $56 per share
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Secured bonds: are called debentures

How do u get the note payable is $14,300(Last page, liabilities)?

What is the "real" impact and significance of THE FEDERAL TRADE COMMISSION and THE CONSUMER FINANCIAL PROTECTION BUREAU activities on U.S. commerce? with Refence

Martinez, Incorporated acquired a patent on January 1, 2020 for $40,700 cash. The patent was estimated to have a useful life of 10 years with no residual value. On December 31, 2021, before any adjustments were recorded for the year, management determined that the remaining useful life was 7 years (with that new estimate being effective as of

Chelsea is expected to settle a loan on April 6th, 2019 by paying $6,500. What amount should he pay if he decides to settle it on May 29th, 2018 instead? The interest rate is 1.00% compounded semi-annually.

1(b) [10 marks] The following trial balance was extracted from the books of Lulu Enterprise as at 31^("st ") December 2022. (Figures are in 000) Sales 5000 Opening stock 330 Closing stock 289 Sales return 521 Purchases 2346 Rent expense 108 Depreciation 26 Utilities 13 Fuel expenses 50 Sales discount 284 Transportation in 133 Transportation out

Silven Industries, which manufactures and sells a highly successful line of summer lotions and insect repellents, has decided to diversify in order to stabilize sales throughout the year. A natural area for the company to consider is the production of winter lotions and creams to prevent dry and chapped skin. After considerable research, a winter

Before-tax cost of debt Gronseth Drywall Systams, Inc,; is in discussions with its investment bankers regarding the issuance of new bonds. The investment banker bas informed the fim that different maturities wil carry different coupon rates and seli at diffecent prices. The firm must choose amory sevecal allematives: In each case, the bonds will
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The fabric division of Sweet Petunias Baby Gear produces fabric designs to be used by the furniture division. The fabric division sells fabric to the furniture division and other outside customers at $800 per bolt. Variable product costs for a bolt are $575 while variable selling and administrative costs are $75 per bolt. What is the transfer

Turquoise Inc. expects that customers of 20Y6 sales will be issued refunds or allowances of $8,000 in 20Y7. To make an adjustment for the expected refunds and allowances, Turquoise Inc. will _____

During the audit of the accounts receivable accounts of Solace Enterprises, a provider of car batteries in the southeastern United States, the auditors have received an abnormally high amount of receivable confirmations back from the clients customers indicating much lower balances owed to the client. As a result of this finding, which of the

Inflows:Cash received from federated campaign . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 6 5 0 , 0 0 0 Cash received that is designated for 2 0 1 9 operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 5 , 0 0 0 Contributions pledged for 2 0 1 8 , not yet received. . . . . . . . . . . . . . . . . .

Evaluate the reason why does cash flow matter and how you can effectively manage it?

OnlineStore customers can place orders to the order processing center where clerks enter their orders. As the clerk is entering data from the customer, the order management system (OMS) updates the applicable customer master data and checks inventory for availability of products. The OMS pulls the product description and price from the inventory

A 15-year, 12% semiannual coupon bond sells for $1,153.72. What is the cost of debt (rd)? Please show all steps and formulas in excel. Thank you.

Lasio received crypto coins from an airdrop. How will he determine his basis in thr coins. A) Coins received in an airdrop are only treated as ordinary income. There is no basis for them. B) Lasios basis is equal to the fair market cale the day before the airdrop. C) Lasio basis is equal to the FMV on the date he disposes of them. Therefore, coins

Note 1 7 indicates that Target s finance lease liability at February 1 , 2 0 2 0 is $ 1 , 3 7 0 ( = $ 6 7 current + $ 1 , 3 0 3 noncurrent ) while its finance lease assets are $ 1 , 1 8 0 . Why do the asset and liability amounts differ?

l Blue Ridge Marketing Inc. manufactures two products, A and B. Presently, the company uses a single plantwide factory overhead rate for allocating overhead to products. However, management is considering moving to a multiple department rate system for allocating overhead. The following table presents information about estimated overhead and
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Is short term note that is going to be paid in 6 months included in the classified cash flow statement?

Current Attempt in Progress The maturity value of a $4900,6%,60-day note receivable dated February 10 th is $4925. $5194. $4949. $4900
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A project is expected to produce cash inflows of $6,500 for five years. What is the maximum amount that can be spent on costs to initiate this project and still consider the project acceptable, given an 11% discount rate?

Vulcan Company'nin Haziran ay katk biimi gelir tablosu aada verilmitir: Vulcan Company 30 Haziran'da Sona Eren Aya Ait Gelir Tablosu Satlar 800.000 $ Deiken Giderler 300.000 Katk Pay 500.000 Sabit Giderler 475.000 Net Faaliyet Geliri 25.000 $ Ynetim irketin performansndan hayal krklna urad ve ne olacan merak ediyor Kr artrmak iin yaplabilir. Sat

solve the following using BEDMAS 5X4 -(3+1)22

The balance in Accounts Receivable at the beginning of the year amounted to $3,040. During the year, $9,880 of credit sales were made to customers. If the ending balance in Accounts Receivable amounted to $1,980, and uncollectible accounts expense amounted to $840, what is the amount of cash inflow from customers that would appear in the operating

Product costs and product profitability reports, using a single plantwide factory overhead rate Kao Engines Inc. produces three productspistons, valves, and camsfor the heavy equipment industry. Kao Engines production process uses a single plantwide factory overhead rate based upon direct labor hours to allocate overhead to the three products. The
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At the end of the current period, Rivet, Incorporated reports the following amounts: Assets = $52,300; Liabilities = $35,700; Dividends = $2,260; Revenues = $23,000; Expenses = $14,000. Calculate net income and stockholders' equity at the end of the period.

help we can take an active role in promoting healthy groups by most or all these actions and behaviors we can determine if a group is working together well if they have most or all of the qualities and behaviors- we can take an active role in promoting healthy groups by most or all of these actions and behaviors: Grupo de elecciones de respuesta
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Discuss any problems you see with using accounting software. Use your own words.

Becton Labs Inc. produces various chemical compounds for industrial use. One compound, called Fludex, is prepared by means of an elaborate distilling process. The company has developed standard costs for one unit of Fludex, as follows: Direct materials 2.50 mL at $ $22 per millilitre Direct labour 1.40 hours at $ 14.50 per hour Variable overhead

Production Budget and Direct Materials Purchases Budget Jani Subramanian, owner of Jani's Flowers and Gifts, produces gift baskets for various special occasions. Each gift basket includes fruit or assorted small gifts (e.g., a coffee mug, deck of cards, novelty cocoa mixes, scented soap) in a basket that is wrapped in colorful cellophane. Jani has
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The following data is available for blossom corporation at December 31 2025: Common stock, par $10 (authorized 31000 shares) $279,000 Treasury stock (at cost $15 per share) $1065 Based on the data, how many shares of common stock are outstanding?

Assuming a 12% annual interest rate, determine the present value of a five-period annual annuity of $6,500 under each of the following situations. The first payment is received at the end of the first year, and interest is compounded quarterly.

Highland Company produces a lightweight backpack that is popular with college students. Standard variable costs relating to a single backpack are given below: Standard Quantity or Hours Standard Price or Rate Standard Cost Direct materials $ 4.50 per yard Direct labor Variable manufacturing overhead $ 2 per direct labor-hour Total standard cost
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The declaration, record, and payment dates in connection with a cash dividend of $428,000 on a corporations common stock are February 28, April 1, and May 15. Journalize the entries required on each date.

industry? Astime there are 365 deys in a peoc. Do not reund intermediate caloulations. Round yeur anpwer to the nearest dollar
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solve please and double check work :) ill leave a thumbs up if correct Exercise 11-9 (Algo) Return on Investment (ROI) and Residual Income Relations (LO11-1, LO11-2] A family friend has asked your help in analyzing the operations of three anonymous companies operating in the same service sector industry. Supply the missing data in the table below:
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In an income statement, the difference between gross sales and net sales is given by: In an income statement, the difference between gross sales and net sales is given by: Cost of goods sold Current liabilities Taxes and interests Returns, discounts any other product loss ( i . e . damaged product )

Board Company's direct labor information for February is as follows: Direct labor hours worked (AQ) 35,200 Standard direct labor hours for units manufactured (SQ) 37,200 Unfavorable direct labor rate variance 17,600 Total payroll for direct labor $ 440,000 The standard direct labor rate per hour (SP) for February was:

recommendations you would make for a government who want to go accrual? List the steps thst should be taken in order to do it

I ALREADY ASKED THIS QUESTION BUT SENT ME THE ANSWER OF ANOTHER EXERCISE. PLEASE HELP ME John Neff owns and operates Waikiki Surf Shop. A year-end trial balance is provided is shown. Waikiki Surf Shop UNADJUSTED TRIAL BALANCE December 31, 20-- ACCOUNT TITLE DEBIT CREDIT 1 Cash 30,000.00 2 Accounts Receivable 22,500.00 3 Merchandise Inventory
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S&L Financial buys and sells securities which it classifies as available-for-sale. On December 27, 2021, S&L purchased Coca-Cola bonds at par for $892,000 and sold the bonds on January 3, 2022, for $900,000. At December 31, the bonds had a fair value of $885,000, and S&L has the intent and ability to hold the investment until fair value recovers.

helpppp Tyler Tooling Company uses a job order cost system with overhead applied to products on the basis of machine hours. For the upcoming year, the company estimated its total manufacturing overhead cost at $216.300 and total machine hours at 61.800. During the first month of operations, the company worked on three jobs and recorded the
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with solution Apollo, Inc. bought the following portfolio of trading securities near the end of 2021. Security Cost Fair value 12/31/2021 80,000 P 84,000 B 60,000 54,000 22,000 22,000 What amount will be reported in the statement of financial position for this portfolio at December 31, 2021, and how will it be classified? Amount Classification a.
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Puntarelli Contracting keeps its accounting records on a cash basis during the year. At year-end, it adjusts its books to the accrual basis for preparing its financial statements. At the end of 2018, Puntarelli reported the following balance sheet items: Debit Credit Cash $2,700 Accounts receivable 4,200 Inventory 5,600 Equipment 12,000

What is a standard cost system? Is the standard cost system more useful that some of the other types of costing systems that we studied earlier? What are the types of variances? What does variance analysis accomplish?

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how? where does the 65% came from?

Tax Consequences.Rena purchased 200 shares of a no-load stock mutual fund. During the year she received $3.61 per share in dividend distributions, $209 in long-term capital gain distributions, and capital gains of $1,011 when she sold the stock after owning it eight months. What are the tax consequences of Rena's ownership of this stock fund? Rena

Sheridan Company began using dollar-value LIFO for costing its inventory last year. The base year layer consists of $601,000. The value of this years ending inventory at current prices equals $825,000 and the index for the current year is 1.20. What is the value of this years ending inventory using dollar-value LIFO?

Pastel Bags (PB) is a designer of high-quality backpacks and purses. Each design is made in small batches. Each spring, PB comes out with new designs for the backpack and the purse. The company uses these designs for a year and then moves on to the next trend. The bags are all made on the same fabrication equipment that is expected to operate at
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Using property she inherited, Lei makes a 2 0 2 3 gift of $ 1 6 , 2 0 0 , 0 0 0 to her adult daughter, Doris. Neither Lei nor her spouse, Greg, have made any prior taxable gifts. Assuming that a flat 4 0 % . tax rate applies, determine the Federal gift tax liability if ( a ) the election to split gifts is not made and ( b ) the election to split
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Under the general rule each time a partner receives a distribution from the partnership their basis must be immediately calculated to check for distribution in excess of basis. True False

Question 18 4.8 pts There is no limit on the amount of annual salary subject to Group of answer choices Federal Unemployment Tax (FUTA). Medicare tax. Social Security tax. FICA tax. Flag question: Question 19 Question 19 4.8 pts During 200X, Rome Co. had the following transactions related to its new factory building: Purchase price of land:

Q1. Define in Your words a. Cost Centre b. Profit Centre c. Investment Centre

An example of where an entity has a present obligation is: Select one: A public announcement made by an entity's management to undertake restructuring. the declaration of a dividend by directors which is yet to be approved at a meeting of shareholders a historical pattern of performing a major overhaul of plant and machinery every three years a

Which group of entrepreneurs are small business owners who have had more than one venture, often in different lines of business?

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