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Accounting Questions and Answers October 02, 2018

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Balloons By Sunset ( BBS ) is considering the purchase of two new hot air balloons so that it can expand its desert sunset tours. Various information about the proposed investment follows: ( Future Value of $ 1 , Present Value of $ 1 , Future Value

At December 3 1 , 2 0 2 2 , the following information was available for E . Oriole Company: ending inventory $ 3 1 , 0 0 0 , beginning inventory $ 5 7 , 0 0 0 , cost of goods sold $ 2 1 5 , 6 0 0 , and sales revenue $ 3 6 5 , 0 0 0 . Calculate days

Determine the future value of the following single amounts. Note: Use tables, Excel, or a financial calculator. Round your final answers to nearest whole dollar amount. (FV of $1. PV of $1, FVA of $1. PVA of $1, FVAD of $1 and PVAD of $1) 1. 2 3. 4.

What does a high "Inventory Turnover Ratio" indicate about the company's short-term liquidity?

Which of the following is used amongst others in the determination of the financial position of an entity? A Provision for bad debes B. Mbtor eqpenses C. Interest income D. Depreciation

Static Budget versus Flexible Budget The production supervisor of the Machining Department for Hagerstown Company agreed to the following monthly static budget for the upcoming year: Hagerstown Company Machining Department Monthly Production Budget

Beech's managers have made the following additional assumptions and estimates: 1. Estimated soles for July. Augurt, Septembet, and October wil be $340,000,$360,000,$350,000, and $370,000, respectively. 2 All sales are on credit and ali credit sales

These items are taken from the financial statements of Crane Corporation for the year ended December 31, 2021: Land 180,000 Depreciation expense Accounts receivable Insurance expense Salaries expense Accumulated depreciation-equipment Income tax

Explain the risks and benefits associated with holding inventory

plz help On December 31,2023, Sandhill Co. rendered services to Indigo Corporation at an agreed price of $110,212.92. In payment, Sandhill accepted $43,200 cash and agreed to receive the balance in four equal instaliments of $21,600 that are duc

i tried everything but retained earning is coming as incorrect. someone help me find out the correct retained earning asap. Thanks in advance! Determining ending consolidated balances in the second year following the acquisition-Cost method Assume a

PREPARE THE BALANCE SHEET AND CALCULATE THE PAYOUT RATIO AND RETURN ON STOCKHOLDER'S EQUITY On January 1, 2017, Ayayai Corp. had these stockholders equity accounts. Common Stock ($10 par value, 65,000 shares issued and outstanding) $650,000 Paid-in

Required information The following information applies to the questions displayed below Tracer Advance Corporation (TAC) sells a tracking Implant that veterinarlians surgically insert into pets. TAC began January with an inventory of 200 tags

1. (Vaccine and Death Rate) Researchers are interested in examining whether COVID-19 vaccines are eective in reducing death rates among those who got the disease. To do so, researchers collected information from N cities. For each city, researchers

Question 17 8 points Save Answe On November 1, 2019, Pop's Burgers signed a $900,000, 39, six-month note payable with the amount borrowed plus accrued interest due six months later on May 1, 2020. Pop's Burgers should record which of the following

Fregozo Products, Inc., has a Connector Division that manufactures and sells a number of products, including a standard connector that could be used by another division in the company, the Transmission Division, in one of its products. Data

Diana \& Associates maintains its records on the cash basis. You have been asked to convert its cash basis income statement to the accrual basis. The cash basis income statement, along with additional information, follows: Diana \& Associates Income

Using the following information: a . The bank statement balance is $ 4 , 2 6 5 . b . The cash account balance is $ 4 , 4 4 8 . c . Outstanding checks amount to $ 8 3 5 . d . Deposits in transit are $ 9 5 4 . e . The bank service charge is $ 5 5 . f

Walk me through the three financial statements. If I had only one statement and wanted to review the overall health of a company, which statement would I use and why? What happens on the income statement if inventory goes up by $10? What is working

Slytherin Services Incorporated granted $ 8 million of his $ 1 par common shares to Executives subject to forfeiture if employment is terminated within 3 years the common shares of a market price of $ 6 per share on the grant date of the restricted

A taxpayer owns and operates an art gallery with a large inventory of paintings held for sale to customers. She took one of the paintings home and hung it in her dining room. A week later, a dinner guest liked the painting so much that he purchased

Check my Trinkle Company made several purchases of long-term ossets during the year. The details of each purchase are presented here. New Office Equipment 1. List price: $40,700; terms: 2/10, 1/30; paid within the discount period 2.

ent may ca Chrome-Take a Test-aaron morgan https/www.mathot cornstudent/PlayerTest.aspx?testid. 1 92616510gcenterwrayes CBAD 202 Fall 2018 Mason the sales budger Test: test 4. ch 9, 10, 11 Time Remaining: 01 07:24 Submit Test This Question: 1 pt 35

Cast Iron Grills, Inc., manufactures premium gas barbecue grills. The company uses a periodic inventory system and the LIFO cost method for its grill inventory. Cast Iron's December 31, 2018, fiscal year-end inventory consisted of the following

BALANCE SHEET CLASSIFICATIONS Indicate the proper balance sheet classification for each of the following accounts Retained earnings Service revenue Interest payable Common Stock Accounts payable Expenses Unearned service revenue

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

that is equivolent (1) Find the amount x to the remaining 5%0 year compound CCash flows. Interest is yearly $x 137 isyys cmpd yrly Year $ 5 that is equivolent (1) Find the amount x to the remaining 5%0 year compound CCash flows. Interest is yearly

Process Cost Accounting that involves the following departments Oregon Wood Products, Inc. makes sheets of plywood in a three-step process 1) Forming, 2) Sizing, and 3) Finishing In all three departments materials costs are added at the beginning of

The Outland Company manufactures 5,000 units of a part that could be purchased from an outside supplier for $16 each Outland's costs to manufacture each part are as follows: Direct materials $4 Direct labor Variable manufacturing overhead Fixed

In operations management, the term 'lean production' is most closely associated with: a ) Reducing waste b ) Increasing inventory c ) Expanding production lines d ) Lengthening production cycles

5, Your client is installing a new duct tape manufacturing line that coats a toluene-t onto the plastic web; dries the adhesive, which evaporates all the toluene, and then s packages it into commercial duct tape. Uncontrolled, the process would emit

Electronic Distribution has a defined benefit pension plan. Characteristics of the plan during 2024 are as follows: The expected long-term rate of return on plan assets was 10%. There were no AOCI balances related to pensions on January 1, 2024, but

please help! Which of the following statements is true? 1. The book value of an old machine is always considered an opportunity cost in a decision. II. A cost that will be incurred regardiess of which alternative is selected is not relevant when

Bellingham Company produced 6,900 units of product that required 6.5 standard hours per unit. The standard variable overhead cost per unit is $5.90 per hour. The actual variable factory overhead was $260,645. Determine the variable factory overhead

! Required Information SB Exercise E8-5 to E8-10 [The following information applies to the questions displayed below.] Shadee Corp. expects to sell 560 sun visors in May and 440 in June. Each visor sells for $30. Shadee's beginning and ending

Danielle Fun Goods sells bicycles throughout the southwestern United States. The following data were taken from the most recent quarter Expected Production End-of Month Inventory July 1,800 units 210 units August 1,950 units 300 units September

Choose any three ( 3 ) role - players between The legislature and public financial management, The public accounts committee, The auditor general , The public protector and The reserve bank in public financial management in South Africa and assess

n Find the future value for the ordinary annuity with the given payment and interest rate. PMT = $2,250; 1.10% compounded quarterly for 12 years. The future value of the ordinary annuity is $ (Do not round until the final answer. Then round to the

You can purchase a Treasury bill that is 65 days from maturity for $18,465. The Treasury bill has a face value of $18,500. a. Calculate the Treasury bills quoted yield. (Use 360 days in a year. Do not round intermediate calculations. Round your

Question 5 7 pts PMZ Corporation manufactured and sold 1200 pcs of Product A for the year 2020 The variable and fixed costs for yest 2020 is indicated in the table PM2 pays its Ancome Tax based on the following scheme: Corporations pay a foed 5,000

Wyrich Corporation has two divisions: Blue Division and Gold Division. The following report is for the most recent operating period Total Blue Gold Company Division Division $522,000$ 391,000 $131,000 Sales 02:2729Variable expenses 160,670 89,930

EXERCISE 9-6 Variable Overhead Variances L09-6 Logistics Solutions provides order fulfillment services for dot.com merchants. The company maintains warehouses that stock items carried by its dot.com clients. When a client receives an order from a

Required: 1) Prepare Closing Entries. 2) Prepare Post Closing Trial Balance The following are the transactions of Kookie Company for the year ended December 31, 2019: Dec 1 Owner invested cash of 530,000 and land of 1.200.000 and equipment amounting

a) Prepare an unadjusted trial balance at May 31, 2023. HINT: Where do you get the information needed to prepare the unadiusted trial balance? \begin{tabular}{|c|c|c|c|} \hline \multicolumn{3}{|c|}{ General Journal } & Page GJ1 \\ \hline Date &

Blue Corporation is preparing the comparative financial statements for the annual report to its shareholders for fiscal years ended May 31, 2020, and May 31, 2021. The income from operations for the fiscal year ended May 31, 2020, was $1,755,000 and

Luthan Company uses a plantwide predetermined overhead rate of $23.20 per direct labor-hour. This predetermined rate is based on a cost formula that estimated $278,400 of total manufacturing overhead cost for an estimated activity level of 12,000

Exercise 28-13 (Algorithmic) (LO. 1) The Wes Trust reports $108,000 of AMT income before the annual exemption. Round any computations and final answer to the nearest dollar. The entity's AMT for 2022 is $ Feedback Check My Work The alternative

Reporting Issuance and Retirement of Long-Term Debt On the basis of the details of the following bonds payable and related discount accounts, indicate the items to be reported in the Cash flows from financing activities section of the statement of

Finch Computer Services, Inc. has been in business for six months. The following are basic operating data for that period: Service hours Revenue Operating costs July 116 $6,032 $4,270 Aug. 138 $7,176 $5,260 Month Sept. Oct. 262 426 $13,624 $22,152 $

Billings Corporation SYD Depreciation Schedule-Wood Pulp Mixer Year Total Depreciation ($) X Depreciation Rate Fraction II Annual Depreciation ($) Accumulated Depreciation ($) Book Value ($) $17,976 (new) $ $ $ II $ 2 $ = $ $ $ $ 3 $ $ $ $ $ 11 4 $

Delmar Company Budget Performance Report-Vice President, Production For the Month Ended June 30 Delmar Company Budget Performance Report-Manager, Western Region Plant For the Month Ended June 30 Delmar Company Budget Performance Report-Supervisor,

Early in 2017, Dobbs Corporation engaged Kiner, Inc. to design and construct a complete modernization of Dobbs's manufacturing facility. Construction was begun on June 1, 2017 and was completed on December 31, 2017. Dobbs made the following payments

ing Company manufactures wood baseball bats. Vinson's two primary products are a youth bat, designed for d players. Vinson sells the bats to sporting goods stores and all sales are on account. The youth bat sells for More info a. Budgeted sales are

Please close the question Required information [The following information applies to the questions displayed below. The April 30 bank statement for KMaxx Company and the April ledger account for cash are summarized here BANK STATEMENT Checks

When depreciable property is contributed to a partnership _ _ _ _ _ _ _ . PICK ALL THAT APPLY! Question 8 options: - the partnership takes the book value as basis if it is built - in gain property - the partnership must use the remainder of the

A 42-inch Samsung television set costs Best Buy $600 less trade discounts of 40% and 20%. Best Buy maintains a 80% margin on TV sets. During the Thanksgiving Day long weekend, Best Buy will be selling all TV sets for 6% off the regular price. If you

How can differences in two countries or cultures create ethical issues in business? After completing your assigned reading for the week, prepare to discuss this question by conducting a brief search on the Internet with the phrase "doing business in

Puppet Corporation began with an investment by shareholders of $17,000. a. In its first year, the income earned was $1,700. What would the equity section of its balance sheet show at year end? b. In the second year, it had an income of $10,300 and a

I need the answer as soon as possible 12. The partnership agreement of Maneesh and Girish provides that (i) Profits will be shared equally. (ii) Maneesh will be allowed a salary of 400 p.m. (iii) Girish who manages the sales department will be

Required information [ The following information applies to the questions displayed below. ] Tree Seedlings has the following current - year purchases and sales for its only product. The company uses a periodic inventory system. a . Determine the

need help completing 1-4 Problem 3-12 (Algo) Predetermined Overhead Rate; Disposing of Underapplied or Overapplied Overhead [LO3-4] cuzadis Company makes furniture using the latest automated technology. The company uses a job-order costing system

Sales mix and break-even analysis Conley Company has fixed costs of $15,525,000. The unit selling price, variable cost per unit, and contribution margin per unit for the company's two products follow: Product Selling Price Variable Cost per Unit

What is the present value (PV) of $90,000 received seven years from now, assuming the interest rate is 6% per year? OA $59,855 O B. 558,500 O C. $50,877 O D. $104,747 esources

Question 26 (3 points) Groovy Goods has beginning inventory for the year of $28,000. During the year, Groovy purchases inventory for $230,000 and has cost of goods sold equal to $233,000. Groovy's ending inventory equals: a) $69,000 Ob) $97,000 O c)

Sheffield Corp. sells 200000 units for $14 a unit. Fixed costs are $350000 and net income is $250000. What should be reported as variable expenses in the CVP income statement? O $2550000 O $600000 $2450000 O $2200000 JULEFIMA The following monthly

Label Each Step: The Livingston Corporation manufactures lamps. It has set up the following standards per finished unit for direct materials and direct manufacturing labor: (Click the icon to view the standards.) The number of finished units

Assume that a new project will annually generate revenues of $1,900,000 and cash expenses (including both fixed and variable costs) of $1,100,000, while increasing depreciation by $180,000 per year. In addition, the firm's tax rate is 32 percent.

Old Country Links, Incorporated, produces sausages in three production departments - Mixing, Casing and Curing, and Packaging. In the Mixing Department, meats are prepared and ground and then mixed with spices. The spiced meat mixture is then

Following is partial information for the income statement of Audio Solutions Company under three different inventory costing methods, assuming the use of a periodic inventory system: Required: Compute cost of goods seld under the FIFO, LFO, and

The adjusted trial balance of Karise Repairs on December 31 follows. Note, C. Karise, Capital account balance was $35,000 on December 31 of the prior year, and there were no owner investments during the year. Note. C. Karise, Capital account balance

QUESTION ONE Stewart Mueller, a Canadian resident, is considering selling his shares of AA Ltd . , which operates a printing business in Canada. He hopes that he will be able to use the capital gains deduction to shelter the gain from tax. Stewart

Henkes Corporation bases its predetermined overhead rate on the estimated labor-hours for the upcoming year. At the beginning of the most recently completed year, the company estimated the labor-hours for the upcoming year at 73,000 labor-hours. The

what are the advantages of THE Current accounting standards method over the alternative formats?

On March 1, 2025, Pharoah Company acquired real estate, on which it planned to construct a small office building, by paying $83,000 in cash. An old warehouse on the property was demolished at a cost of $8,800; the salvaged materials were sold for

Question 19 3 Points Which of the following could have caused the variances observed in the solutions to questions 15-18? . A A purchase of inferior materials and a lower grade of labour used B A purchase of inferior materials and a higher grade of

Please help with this question. On January 1,2020 , Absolute Manufacturing purchased a machine for $880,000 that it expected to have a useful life of skx years. The company estimated that the residual value of the machine was $40,000. Absolute

Espresso Express operates a number of espresso coffee stands in busy suburban malls. The fixed weekly expense of a coffee stand is $ 1 , 7 0 0 and the varlable cost per cup of coffee served is $ 0 . 7 3 . Required: Fill In the following table with

Exercise 19-15 Factory overhead computed, applied, and adjusted LO P3, P4 At the beginning of the year, Custom Mfg. established its predetermined overhead rate by using the following cost predictions: overhead costs, $750,000, and direct materials

Osborn, Inc., produces cell phone equipment. Tina Hensley, Osborn's president, implemented a quaity-improvement program that has now been in operation for 2 years. The cost report shown here has recently been issued. (Click the icon to view the cost

I need the answer as soon as possible 26. Calculate interest on Karishma's drawings : (i) If she has withdrawn 40,000 during the year and interest on drawing is charged @ 10% per annum. (ii) If she has withdrawn 40,000 during the year and interest

Clear explanation on the classifications of companies (public, private limited and private unlimited) under the Companies Act 2016. [16marks)

Nickleson Company had an unadjusted cash balance of $5,792 as of May 31. The company's bank statement, also dated May 31, included a $57 NSF check written by one of Nickleson's customers. There were $712 in outstanding checks and $230 in deposits in

Mtodo FIFO, anlisis de un solo departamento, una categora de costo Hatch Company produce un producto que pasa por tres procesos: fabricacin, ensamblaje y acabado. Todos los costos de fabricacin se suman uniformemente para todos los procesos. Se

Haas Company manufactures and sells one product. The following information pertains to each of the companys first three years of operations: Variable costs per unit: Manufacturing: Direct materials $ 20 Direct labor $ 12 Variable manufacturing

On April 30, the bank reconciliation of Cullumber Company shows a deposit in transit of $1421. The May bank statement and the general ledger Cash account in May show the following: On April 30 , the bank reconciliation of Cullumber Company shows a

Garden Depot is a retailer that is preparing its budget for the upcoming fiscal year. Management has prepared the following summary of its budgeted cash flows: The company's beginning cash balance for the upcoming fiscal year will be $ 3 2 , 0 0 0 .

Required information [The following information applies to the questions displayed below.] Duval Company issues four-year bonds with a $100,000 par value on January 1,2020 , at a price of $95,952. The annual contract rate is 7\%, and interest is

Julie has just retired. Her company's retirement program has two options as to how retirement benefits can be received. Under the first option, Julie would receive a lump sum of $135,000 immediately as her full retirement benefit. Under the second

After recording depreciation for the current year, Media Mania Incorporated decided to discontinue using its printing equipment. The equipment had cost $ 7 4 5 , 0 0 0 , accumulated depreciation was $ 5 3 7 , 0 0 0 , and its fair value ( based on

A company's inventory records show the following data for the month of January. \ table [ [ Date , Activities,Units Acquired at Cost,Units Sold at Retail ] , [ January 1 , Beginning inventory, 1 8 0 units @ $ 9 = $ 1 , 6 2 0 , ] , [ January 5 ,

On January 1, 2018, the Modine Road Corporation issued $500,000 par value, B%, 5-year bonds. Interest is payable semiannually each January 1 and July 1 with the first interest payment due at the end of the period on July 1, 2018. The market rate of

Exercise 6-8 (Algo) Compute the Margin of Safety [LO6-7] Molander Corporation is a distributor of a sun umbrella used at resort hotels. Data concerning the next month's budget appear below: Required: 1. What is the company's margin of safety? (Do

i need answers for these three questions the tree Question 3 (6 marks) Consider a 1-year long strangle with strikes of 700 and 900, and a 1-year straddle with a strike of 800 on TSLA stock. The spot price is $815 and its volatility is 45%. The

Colter Company prepares monthly cash budgets. Relevant data from operating budgets for 2020 are as follows. Sales Direct materials purchases Direct labor Manufacturing overhead Selling and administrative expenses January $396,000 132,000 99,000

Universal Company uses a standard cost system and prepared the following budget at normal capacity for the month of January: Direct labor hours 24,000 Variable manufacturing overhead $48,000 Fixed manufacturing overhead $108,000 Total manufacturing

Problem 8-71 (Static) Choosing Between Job Costing and Process Costing (LO 8-7) Saratoga Systems produces a single product. The production process requires all material to be brought to the shop floor before any work begins. The material is then

The following information is available for a company's utility cost for operating its machines over the last four months. Month Machine hours Utility cost January 1,080 $ 5,630 February 1,980 $ 7,260 March 2,760 $ 9,900 April 780 $ 3,960 Using the

PLEASE answer. I will give a good rate Problem 13-20 (Algo) Sell or Process Further Decision [LO13-7] (Prepared from a situation suggested by Professor John W. Hardy.) Lone Star Meat Packers is a major processor of beef and other meat products. The

Superstar Co. acquired 35% of ordinary shares of an associate for P2,000,000 on January 1, 2017. On this date, all the identifiable assets and liabilities of the associate were recorded at fair value. An analysis of the acquisition showed that

Cushman Company tuvo $836 000 en ventas netas, $365 750 en ganancias brutas y $209 000 en gastos operativos. El costo de los bienes vendidos es igual a:

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