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Accounting Questions and Answers October 06, 2018

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On 1/1/2020,P co,purchased 70% of S co,outstanding shares for $150,000 when the fair value of S net assets were equal to the book values.The balance sheets of P and S Co at 1/1/2019 are summarized as follows: P S Assets 590,000 180,000 Liabilities

In normal circumstances, if all information is known, the preferred method to allocate comrnon foint costs is: Select one: a. The Sales Value at Splitoff Method b. The NRV Method c. The Physical Units Method d. The Constant Gross Margin Percent

Haliburton Mills Inc. is a large producer of men's and women's clothing. The company uses standard costs for all of its products. The standard costs and actual costs for a recent period are given below for one of the company's product lines ( per

O You received no credit for this question in the previous attempt. Check my work journal entries to record the following merchandising transactions of Griffin's, which uses the perpetual inventory system and the gross method. (Hint: It will help to

Trez Company began operations this year. During this first year, the company produced 100,000 units and sold 80,000 units. The absorption costing income statement for this year follows. $3,600,000 Sales (80,000 units X $45 per unit) Cost of goods

El O'Henry Associates reported short-term noles payable and salarios payable as follows: Click the icon to view the short-term notes payable and salaries payable.) During 2024. O'Henry paid off both current liabilities that were left over from 2023,

ACC236, Sections of Accounting Concepts Grades Main Menu Contents Notes Print Course Contents LON-CAPA PROBLEMS [ MODULE ... >> PROBLEM # 81 ACC230, Sections 730 & 731, Fall 2021 - Survey of Accounting Concepts Content Three former college

As owner of Telo, a startup business, you are struggling to generate enough gross profit to compete with Creft and Wozz. Also, your business frequently runs low on cash. To help determine how to fix these issues, you review the following Tableau

Whilst attending a client's inventory count, the auditor is required to observe the inventory counting process, and to read and assess the instructions for the inventory count supplied to the client's staff performing counting procedures. What types

Problem 16-19 Using net present value and internal rate of return to evaluate investment opportunities LO 16-2, 16-3 Dwight Donovan, the president of Rundle Enterprises, is considering two investment opportunities. Because of limited automation; the

27. Clem is married and is a skilled carpenter. Clems wife, Wanda, works part time as a substitute grade school teacher. Determine the amount of Clems expenses that are deductible for AGI this year (if any) under the following independent

Mini, Inc., earns pretax book net income of $1,282,000 in 2019. Mini deducted $243,200 in bad debt expense for book purposes. This expense is not yet deductible for tax purposes. Mini reports no other temporary or permanent differences. The U.S.

Need help thanks! Green Thumb Gardening is a small gardening service that uses activity-based costing to estimate costs for pricing and other purposes The proprietor of the company believes that costs are driven primarily by the size of customer

Question 20 (4 points) The following totals for the month of March were taken from the payroll records of Kern Company. Salaries FICA taxes withheld Income taxes withheld Medical insurance deductions Federal unemployment taxes State unemployment

Rodger's Cabinet Manufacturers uses flexible budgets that are based on the following manufacturing data for the month of July: Line Item Description Amount Direct materials $8 per unit Direct labor $5 per unit Electric power (variable) $0.30 per

On January 1, 2017, Iris, Inc. purchased 35% of Crayola Co.s outstanding voting stock for $70,000. During 2017, Crayola earned net income of $40,000, and paid Iris a cash dividend of $2,500. On December 31, 2017, Iris investment in Crayola had a

the dropdown buttons, indicate the impact each transaction has on total equity ( if any ) . Compare the total with the amount of equity reported on the balance sheet. Show less 4 Prev 3 of 3 \ table [ [ Transaction , Impact on Equity ] , [ \ table [

on December 31,2022 , for $60 per share. You were paid a dividend of $1.10 per share each year you held the stock Vour broker charges you 2.5% fee for the purchase and site of att assets. You pre currently in the 284 tax bracket, and the average

PROBLEM IV The XYZ Company submitted the following sales forecast for the upcoming fiscal year. 1" Quarter 2nd Quarter 3 Quarter 4th Quarter Budgeted unit sales 9,000 10,000 14,000 12,000 Selling price per unit $17.00. Management expects to collect

Please select a company of your choice and complete this house of quality template thanks. House of Quality Strong + O Positive X Negative # Strong - Customer Rating O Direction of Improvement Design Requirements (How) portance (1-5) Design Criteria

PERSONAL ESTATE PLANNING Frank and Carol enjoy good health. Frank envisions working full time until age 65 then slowing down, possibly retiring at age 70. They want to protect and preserve their lifestyle together and for each other. They also want

Question 18 of 25 View Policies Current Attempt in Progress The following data are available for Bonita Company. $120200 Increase in accounts payable Increase in bonds payable Sale of investments Issuance of common stock Payment of cash dividends

Apple Teen begon in 202. Sometimes Apple Theron series ont see ole Teen posse eye of income Tree Collectly over the years. The taxes 25 used on need is scheduled Apple Tree national programon 22 comments 84.000 which includes $44.000 terest revenue

B1,2 fill in the tables Required information of 3 [The following information applies to the questions displayed below. Three different companies each purchased trucks on January 1, Year 1, for $50,000. Each truck was expected to last four years or

On October 1, 2020, Long Company purchases a $20,000 portfolio of debt investment (bonds) paying 10% interest annually. The company intends to hold the investments for the long term. Assuming tong has a year end of December 31. What is the journal

Risk identification and management is increasingly becoming an important managerial concern. However, despite the increasing attention paid to risk, managers often fail in managing it.. Required: Given the types of risks faced and the managerial

17 CVP: What-if analysis Lo1,2,3 Hacker Aggregates mines and distributes various types of rocks. Most of the company's rock is sold to contractors who use the product in highway construction projects. Treva Hacker, company CEO, believes that the

Following is the income statement for Mueller Mufflers for the month of June 2018: Requirement 1 . Calculate the degree of operating leverage. (Round to four decimal places.) Requirement 2. Use the degree of operating leverage calculated in

Exercise 22-22C Assigning joint product costs LO C3 Pirate Seafood Company purchases lobsters and processes them into tails and flakes. It sells the lobster tails for $19.30 per pound and the flakes for $14.40 per pound. On average, 100 pounds of

Need correct answer as follows: Ken has a $40,000 loss from an investment in a partnership in which he does not materially participate. He paid $30,000 for his interest. How much of the loss is disallowed by the at-risk rules? How much is disallowed

Johnny Lee, Inc., produces a line of small gasoline-powered engines that can be used in a variety of residential machines, ranging from different types of lawnmowers, to snowblowers, to garden tools (such as tillers and weed-whackers). The basic

At the end of each of the next four yis ars, a new machine is expected to generate net cash flows of $ 1 0 , 5 0 0 , $ 1 4 , 0 0 0 , $ 1 2 , 0 0 0 , and $ 1 6 , 5 0 0 , respectively. What are the cash flows worth today if a 8 % interest rate

Most Compeny has an opportunity to invest in one of two new projects. Project Y requires a $350000 Investment for new machinery with a four-year life and no salvage value. Project Z requires a $350,000 investment for new machinery with a three-year

Preble Company manufactures one product. Its variable manufacturing overhead is applied to production based on direct labor-hours and its standard cost card per unit is as follows: Direct materials: 4 pounds at $9 per pound Direct labor: 3 hours at

help with the ones that are wrong!! thank you! Exercise 11-16 / Your answer is partially correct. Try again On January 1, 2017, Martinez Corp. had $1,350,000 of common stock outstanding that was issued at par and retained earnings of $767,000. The

For each of the questions below choose the number in the drop - down menu that correctly response to the multiple - choice question. BE CAREFUL! The options will NOT be in alphabetical order! A 1 5 % increase in production volume will result in a A

Required information Problem 14-45 (LO 14-3) (Algo) [The following information applies to the questions displayed below] Javier and Anita Sanchez purchased a home on January 1,2022, for $852,000 by paying $284,000 down and borrowing the remaining

Juniper Corporation makes three models of insulated thermos. Juniper has $ 3 1 5 , 0 0 0 in total revenue and total variable costs of $ 1 8 2 , 7 0 0 . Its sales mix is given below: \ table [ [ , \ table [ [ Percentage of ] , [ Total Sales ] ] ] , [

Within a company the purchasing dept is pressured to reduce costs for materials purchased. As the purchasing dept reduces costs there is a correlation in reduced quality of the product(s) purchased. Manufacturing is held accountable for scrap and

D Question 13 15 pts Presented below is income statement and dividend information of the DeWine Corporation for the year ended December 31, 2021 Sales revenue $620,000 Cost of goods sold $355,000 Salaries expense 90,000 Insurance expense 20,000

Rock Inc. has three divisions, Granite, Lime and Nina. All fixed costs are unavoidable Following is the income statement for the previous year: Saved Rock Inc. has three divisions, Granite, Lime and Nina. All fixed costs are unavoidable Following is

DistanceDistance Running Shoes reports the following: Journalize all entries required for DistanceDistance Running Shoes 2018 Recorded credit sales of $110,000. Ignore Cost of Goods Sold. Loaned $20,000 to Jess Parker, an executive with the company,

Model Magic Manufacturing reported the following year-end balance: Beginning work in process inventory, $35,000; beginning raw materials inventory, $18,000; ending work in process inventory, $38,000; ending raw materials inventory, $15,000; raw

Sales Return account is debited when: An account receivable is collected within the discount period Payment is made to a supplier within the discount period Merchandise is returned by a customer Merchandise is returned to a supplier.

Question 36 (5 points) Assumptions and Formula Sheet Your friend didn't budget his money very well and now has no money to get through the rest of the term. He approaches you and asks if you are willing to buy a bond he owns. He is selling it for

On April 2 a corporation purchased for cash 7,000 shares of its own $12 par common stock at $29 a share. It sold 4,000 of the treasury shares at $32 a share on June 10. The remaining 3000 shares were sold on November 10 for $25 a share. a.

Standard Normal Table: Jantel Mitchell's bakery prepares all its cakes between 4 A.M.and 6 A.M.so they will be fresh when customers arrive. Day-old cakes are virtually always sold, but at a 50% discount off the regular $16 price. The cost of baking

5. (2 points) Johnson & Joe plans to market a new product for the upcoming college season. Costs associated with the new product, at two different volume ranges, are as follows: 200,000 units Fixed costs (total) $300,000 $425,000 Selling price per

for the trends answer if favourable or unfavourable According to its 2020 annual finsncial statements, BRP Inc designs, develops, manutacturers, and sells powersport wehicles and How has the age mix of BRP's receivables changed from 2019 to 2020 ?

Instructions: Determine the increases/decreases for each balance sheet account. I. Condensed financial data of Mennan Company appear below: 2 . Ula plant assets costing $,U were sold tor $1,U casn when book value was $1,UU. 3. Bonds with a face

Bay Cruiseline offers nightly dinner cruises off the coast of Miami, San Francisco, and Seattle. Dinner cruise tickets sell for $50 per passenger. Bay Cruiselines variable cost of providing the dinner is $20 per passenger, and the fixed cost of

Define price discrimination and give an example O A. Price discrimination is the practice of charging different customers different prices for the same product or service. An example is when the airline industry charges different prices depending on

The adjusted trial balance of Sandhill Company at December 31,2022 , includes the following accounts: Owner's Capital $16,400, Owner's Drawings $7,400, Service Asyenue $36,300, Salaries and Wages Expense $16,600, Insurance Expense $1,300, Rent

How is it possible for a U.S. firm to have increasing earnings but a lower effective tax rate? The firm has expenses that are not deductible for tax purposes. Tax rates in foreign countries where the firm operates are higher. Tax rates in foreign

Gig Harbor Boating is the wholesale distributor of a small recreational catamaran sallboat. Management has prepared the following summary data to use in its annual budgeting process: Required: Prepare the company's budgeted income statement for the

Bill & Lisa Limited did not pay dividends on its 6 . 5 % , $ 1 0 0 par value cumulative preferred stock during 2 0 2 1 or 2 0 2 2 . Since 2 0 1 5 , 2 7 5 , 0 0 0 shares of this stock have been outstanding. Bill & Lisa Limited has been profitable in

Show the following results. (a) The least squares residuals sum to zero: Pn i=1 ubi = 0. (b) The correlation between residuals and regressors is zero: Pn i=1 Xiubi = 0. (c) The regression line passes through the sample mean: Y = b0 + b1X

The December 31, 2021, adjusted trial balance for the Blueboy Cheese Corporation is presented below. Credits Debits 21,000 300,000 10,000 50,000 600,000 Account Title Cash Accounts receivable Prepaid rent Inventory Office equipment Accumulated

repare journal entries to record the following merchandising transactions of Cabela's, which uses the perpetual inventory systern and he gross method. July 1 Purchased merchandise from Boden Company for $6,100 under credit terms of 2/15,n/30, FoB

The following are transactions of ABC Corporation for the month of February 2020. Provide the corresponding journal entries for each transaction: 1.Purchase of materials (direct and indirect), on credit, P1,000,000 2.Usage of raw materials, P750,000

Word Problem 14-23 [LU 14-2 (1)] Jim Clinnin purchased a used RV with 19,700 miles for $47,600. Originally the RV sold for $73,500 with a residual value of $20,700. After subtracting the residual value, depreciation allowance per mile was $0.93. How

Below is a series of cost of goods sold sections for companies A, L, N, and R. Exercise 5-11 Below is a series of cost of goods sold sections for companies A, L, N, and R. Fill in the lettered blanks to complete the cost of goods sold sections.

The CVP income statement for Sheridan Machine Company for 2021 appears below. SHERIDAN MACHINE COMPANY Income Statement For the Year Ended December 31, 2021 Sales (43,000 units) $1,075,000 Variable expenses 752,500 Contribution margin 322,500 Fixed

Cengage is very picky with the name of the transactions. Could you please write it as accurately as possible? Rios Co. is a regional insurance company that began operations on January 1, 20Y2. The following selected transactions relate to

the answer is not 7.5 or 7.52 Question 4 Incorrea Mark 0.00 out of 1.00 P Aag question Bankruptcy Risk and Z-Score Analysis Following are selected ratios for Logitech International SA for the company's 2019 fiscal year. $ thousands (except per share

Hazelnut Corporation manufactures lawn ornaments. It currently has two product lines, the basic and the luxury. Hazelnut has a total of $ 1 6 8 , 8 9 5 in overhead. The company has identified the following information about its overhead activity

Information regarding Carla Vista Corporation is provided as follows. \ table [ [ Net income, 2 0 2 7 , 2 0 2 6 ] , [ Dividends on preferred stock,$ 1 0 0 , 0 0 0 , $ 1 0 5 , 0 0 0

The following transactions took place at Five Flags Amusement Park during May. Five Flags Amusement Park must charge 8 percent soles tax on all sales: DATE TRANSACTIONS 20x1 may 1 Sold merchandise on account to Bill Gomez: issued Sales Slip 1015 for

Any unjustified costs in the product is sought to be transferred to Overhead costs by the Product Manager True False

Problem 13-24 (Algo) Special Order Decisions [LO13-4] Polaski Company manufactures and sells a single product called a Ret. Operating at capacity, the company can produce and sell 44.000 Rets per yeat. Costs associated with this level of production

the amount of 1.5% b. Journalize the entry to record the payroll tax expense incurred for the week of June 17.- " Refer to the Chart of Accounts for exact wording of account titles

spreadsheet for the year 2017, and provide an explanation of its meaning, comparable to other years: - Current Ratio - Asset Turnover - Inventory Turnover - Debt to Asset Ratio - Interest Coverage - Profit Margin - Return on Assets - Return on Equity

Sales Territory and Salesperson Profitability Analysis Havasu Off-Road Inc. manufactures and sells a variety of commercial vehicles in the Northeast and Southwest regions. There are two salespersons assigned to each territory. Higher commission

A company purchased a weaving machine for $332,970. The machine has a useful life of 8 years and a residual value of $18,500. It is estimated that the machine could produce 767000 bolts of woven fabric over its useful life. In the first year,

Consider the following sample data for the relationship between advertising budget and sales for Product A: Observation 1 2 3 4 5 6 7 8 9 10 Advertising 40,000 50,000 50,000 60,000 70,000 70,000 80,000 80,000 90,000 100,000 Sales ($) 240,000 308,000

In a relational database, what is a foreign key? a ) A key that uniquely identifies a record within its table b ) A key that is used to speed up searches c ) A key used to link two tables together d ) A key that can accept null values \

On 1 July 20X2, New Company purchased $600,000 of Old Corp. 5.5% bonds, classified as an AC investment. The bonds pay semi-annual interest each 30 June and 31 December. The market interest rate was 5% on the date of purchase. The bonds mature on 30

Scott Company has many offices. Scott wants to hire a cleaning company to have their (Scotts) offices cleaned. The cleaning company charges $200 for every 10 offices. Scott is going to make a decision on how many offices are to be cleaned this time.

Average Rate of Return-New Product Galactic Inc. is considering an investment in new equipment that will be used to manufacture a smartphone. The phone is expected to generate additional annual sales of 7,100 units at $273 per unit. The equipment

1. Specify your assumptions about the following items: a. Number of days you anticipate opening the Snowie kiosk per month _______ b. Number of hours you will work (no wages required) per day ________ c. Number of hours you will pay an employee to

Which of the following cash flows is not considered when using the net present value method? A)Future cash inflows. B) Future cash outflows. C) Past cash outflows. D) Non-uniform cash inflows. E) Future year-end cash flows.

will rate Solve for the net operating working capital below by following three steps 1. Consider a firm with $572 in Cash, $2,825 in Accounts Receivable, $5,992 in Inventory, $8,977 in Property, plant and Equipment. Calculate the Current Assets of

The direct labor budget of Yuvwell Corporation for the upcoming fiscal year contains the following details concerning budgeted direct labor - hours: 1 st Quarter 2 nd Quarter 3 rd Quarter 4 th Quarter Budgeted direct labor - hours 1 0 , 2 0 0 9 , 3

BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $132,900 paid to its employee, and FICA Medicare taxes are 1.45% of gross pay. For BMX, its FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to its

To encourage a potential customer to book their wedding with her, Melanie wants to add a delayed credit to Roy Fishers account for a Custom Design in the amount of $100 dated April 7, 2026. Create an Estimates & Progress Invoicing Summary by

Stanford owns and operates two dry cleaning businesses. He travels to Boston to discuss acquiring a restaurant. Later in the month, he travels to New York to discuss acquiring a bakery. Stanford does not acquire the restaurant but does purchase the

Pittman Company is a small but growing manufacturer of telecommunications equipment. The company has no sales force of its own; rather, it relies completely on independent sales agents to market its products. These agents are paid a sales commission

Sunspot Beverages, Limited, of Fiji uses the weighted - average method in its process costing system. It makes blended tropical fruit drinks in two stages. Fruit juices are extracted from fresh fruits and then blended in the Blending Department. The

7. Which of the following accounts would be classified as current assets on the balance sheet? a. Accounts receivable, inventory, cash equivalents. b. Marketable securities, accounts payable, property, plant and equipment. c. Prepaid expenses,

Question 3 Beza Darjat Factory Berhad produces and sells thermal lunch bag. The detailed data on costs and prices are as follows: Impact of tax is not taken into account. Required: (a) Calculate the breakeven point for Beza Darjat Factory Berhad in

MANAGERIAL ACCOUNTING Hart Graphics is considering leasing a digital production press from Xerox to produce pictures for customized color mail-order catalogues. Hart can charge $0.40 per picture and estimates it will incur costs of $0.24 per picture

Diltex Farm Supply is located in a small town in the rural west. Data regarding the store's operations follow: Sales are budgeted at $220,000 for November, $200,000 for December, and $210,000 for January. Collections are expected to be 70% in the

The ledger of Sheridan Company contains the following balances: Owner's Capital $29,900, Owner's Drawings $1,900, Service Revenue $51,000, Salaries and Wages Expense $28,600, and Supplies Expense $7,000. The closing entries are as follows: (1) Close

NOW OL Cador The eve of Paradise ve service for the year ended May 31, 2018, 3000 000 One 300.000 15.00 expense 450.000 Prepare and consent for the year ended May 31, 2016. Ever Cauley invested and $40,000 thenie exchange for common stock, 510,000

Complete this question by entering your answers In the tabs below. Req a and b| Req c Req d to h d. A single person with taxable income of $80,136 e. A single person with taxable income of $313,471 f. A head of household with taxable income of

A14-12 Dividends: Massive Corp. is authorized to issue unlimited $0.80 no-par preferred shares and unlimited no-par common shares. There are 15,000 preferred and 45,000 common shares outstanding. In a five-year period, annual dividends paid were

this is the answer , just explained how to get it Question 3 A company manufactures five sizes of screwdrivers. Ordering costs and carrying costs are not known, but it is known that they are the same for each size. At present, each size is produced

Pressed Organics is a cold pressed juice manufacturer who creates organic juices. As the budget accountant in the new processing department, you are given the task of identifying direct and indirect costs of each new cold pressing machine. Your

Flight Caf prepares in-flight meals for airlines in its kitchen located next to a local airport. The company's planning budget for July appears below: Flight Caf Planning Budget For the Month Ended July 31 Budgeted meals (9) 20,000 $ 76,000 Revenue

Activity-Based Department Rate Product Costing and Product Cost Distortions Big Sound Inc. manufactures two products: receivers and loudspeakers. The factory overhead incurred is as follows: Indirect labor $400,400 Subassembly Department 198,800

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