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Accounting Questions and Answers October 31, 2018

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3. The Valhalla Company manufactures small lamps and desk lamps. The foll activities per product: Small Lamps - 8,000 units Desk Lamps - 16,000 units Setups 10,000 30,000 Inspections 32.000 14,000 Assembly (dlh) 8,000 46,000 Using the following

Diaz Company is a retail store with two operating departments, Clothes and Shoes. Information follows. a For Year Ended December 31 Clothes Shoes Sales $ 800,000 $ 450,000 Cost of goods sold 497,000 291,000 Direct expenses: Wages 125,000 88,000

been stuck on this for a while now, any help would be great Karen Company reported these income statement data for a 2-year period. 2022 2021 Sales $215,000 $180,600 34,400 25,800 Beginning inventory Cost of goods purchased 173,720 148,780 208,120

The following is the adjusted trial balance for Harrah's Casino as of December 31, 2016. Harrah's Casino Trial Balance December 31, 2016 3000 600 900 300 15,000 7500 Cash Accounts Receivable Prepaid Rent Poker Chips Roulette Tables Slot Machine

VW TRD Current Attempt in Progress The following selected accounts from the Pina Colada Corp's general ledger are presented below for the year ended December 31, 2022: $ 56,000 $ 33,000 Advertising expense Common stock Cost of goods sold 251.000

H55 Corporation acquired 25% of the common shares of Sharp Inc. on January 1,2022 , by paying $1,496,000 for 52,800 shares. Both companies are publicly-traded companies. Sharp declared and paid a $0.50 per share cash dividend on June 30 and again on

Markus Companys common stock sold for $4.00 per share at the end of this year. The company paid a common stock dividend of $0.80 per share this year. It also provided the following data excerpts from this years financial statements: Ending Balance

Help please!!!! ill make sure to leave a like!! Problem 12-1 Larry's Landscaping April Statement of Cash Flows The homework problems for Chapter 12 will use Larry's Landscaping. To refresh your knowledge of Larry's Landscaping, see the heading

AirQual Test Corporation provides on-site air quality testing services. The company has provided the following cost formulas and actual results for the month of February: Fixed Component per Month Variable Component per Job Actual Total for February

9. With regard to the prisoner's dilemma, the tit-for-tat strategy cooperates on the first trial, and subsequently A. defects if the opponent invites cooperation B. does what the opponent did on the previous trial C. reciprocates defection but not

Required information (The following information applies to the questions displayed below.] Homestead Oil Corp. was incorporated on January 1, 2019, and issued the following stock for cash: 800,000 shares of no-par common stock were authorized;

apter 7 Homework (Algol Help You skloped the question in the previous attempt 8. Required Information Problem 7-88 Record the disposal of equipment (L07-6) The following information applies to the questions displayed below) 309 Doints New Del is in

Problem 13-46 (LO 13-1) [The following information applies to the questions displayed below.) Zhang incorporated her sole proprietorship by transferring inventory, a building, and land to the corporation in return for 100 percent of the

Additional information: - The following expenses are paid as incurred: rent and interest. - Accruals of wages are made before payment. - The carrying amount of plant sold during the year was $100,000. - The 'accounts payable' account is used for

Warren Co. recorded a right-of-use asset of $750,000 in a 10-year Type A lease. The interest rate charged by the lessor was 10%. Under the new ASU, the balance in the right-of-use asset after 2 years will be: $825,000. $607,500. $907,500. $600,000

Preparation of Individual Budgets Selling and administrative expenses b . Using data generated in requirement ( a ) , prepare a budgeted income statement for the calendar quarter. Assume an overall effective income tax rate of 3 0 % . Round answers

Marino Company has provided the following information: Net sales, $480,000 Net income, $24,000 Average total assets, $200,000 What is Marino's net profit margin?

ACC 2 0 2 Milestone One: Operational Costs Data Appendix You plan to open a small business for manufacturing pet collars, leashes, and harnesses. You have found a workshop space you can use for sewing your products. After some research and planning,

Graphic Components (GC) has offered to supply the Federal Aviation Agency (FAA) with computer monitors at "cost plus 20 percent." GC operates a manufacturing plant that can produce 22,000 monitors per year, but it normally produces 20,000. The costs

The Matisse Co. is contemplating investing in several major asset purchases. The data below has been presented for one of the proposed investment projects. Cost of equipment $50,000 Working capital required at the beginning of the project $30,000

The following fixed expenses are controllable at the divisional level: depreciationfurnishings, computing and billing, warehouse, insurance, and security. In addition to these expenses, each division annually incurs $80,000 of computing costs, which

Tax Return Instructions Purpose: The purpose of this assignment is to provide a cumulative hands-on application of the concepts you've learned in Modules 1 - 6 of this course. Most of the information you'll need to complete this assignment is in

Wesco Incorporateds only product is a combination fertilizer/weedkiller called GrowNWeed. GrowNWeed is sold nationwide to retail nurseries and garden stores. Zwinger Nursery plans to sell a similar fertilizer/weedkiller compound through its regional

Weatherman Corp purchases land with some old structures on it. The company plans to clear the old structures and then to construct a new building on the property. Match each of the following expenditures / cash receipts to the category it should

Pike Corporation, a clothing retailer, had income from operations ( before tax ) of $ 3 7 5 , 0 0 0 , and recorded the following before - tax gains / ( losses ) for the year ended December 3 1 , 2 0 2 3 : Gain on disposal of equipment $ 2 7 , 0 0 0

Date Account Title Trial balance Adjustments Adjusted T. Balance Dec. 31,2018 Debit $ Credit $ Debit $ Credit $ Debit $ Credit $ Cash 6,000 Accounts Receivable 6,300 Office Supplies 1 , 200 Land 10,000 Building 40,000 Ac.Dep. Building 31,000

Problem: Imagine that it is December 2017, and you have just accepted the chief financial officer (CFO) position at Hays County Integrated Delivery System (IDS), hereinafter referred to as County. You will be reporting to Mr. Salter, Countys chief

On December 1 , Daw Company accepts a $ 1 0 , 0 0 0 , 4 5 - day, 6 % note from a customer. ( 1 ) Prepare the year - end adjusting entry to record accrued interest revenue on December 3 1 . ( 2 ) Prepare the entry required on the note's maturity date

A company has five business units that may be reportable as business segments. Data for these entities is as follows: A ($000) B C D E Sales $621 $853 $1,237 $2,832 $4,720 Profit 103 218 832 1,337 (583) Assets 1,200 2,780 2,324 4,280 8,321

In Year 5, Corona Inc. made cash distributions to its shareholders as follows: May 1, $3,000; August 1, $5,000. Corona's accumulated earnings and profits on January 1, Year 5 equal $8,000. Its Year 5 current earnings and profits is a negative

Question 1 of 10 -/1 E View Policies Current Attempt in Progress Cullumber Company borrows $87,600 on July 1 from the bank by signing a $87,600, 10%, 1-year note payable. Prepare a tabular summary to record (a) the proceeds of the note and (b)

Malvolio Ltd traded its delivery van in for a new van on the 31st December 2016. The old van was purchased during the year ended the 31st December 2011 for 28,000, and has been depreciated using 15% straight line (a full year depreciation is charged

Cuando un activo se mide usando el modelo del costo, cualquier prdida por deterioro es: compensado con el saldo de ingresos llevado directamente a la equidad acumulados en una cuenta separada de 'prdidas por deterioro acumuladas' se suma al saldo de

Use the CPI Table below. Average Annual Consumer Price Index (CPI) (1982-1984-100) Year CPI Year Year CPI 1976 56.9 1989 124.0 2001 177.1 1977 60.6 1990 130.7 2002 179.9 1978 65.2 1991 136.2 2003 184.0 1979 72.6 1992 140.3 2004 188.9 1980 82.4 1993

Your answer is partially correct. Journalize the transactions. ( Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select " No Entry" for the account titles and enter 0 for

2 0 . Describe the role of auditing in evaluating internal controls and governance structures.@@@@@@@@@

7.The January invoice for water and electricity of R550 has still not been pai d. 8. Interest expense on bank loans is calculated at 15% per annum. The loan was received on 31 December 2018 for an amount of R10 000. The Interest was paid monthly.

GL0701 - Based on Problem 7-5A LO C2, C3, P4 The following selected transactions are from Taylor Company. Can you help me with the two requirement for this question? General Journal tab - Prepare the Year 2 journal entries related to the notes and

Hernandez, Inc. a calendar year C corporation taxpayer, files the 2022 return on April 15, 2023. The return reflects an over-withholding of $2,500. If the IRS pays the refund May 20 it must pay interest to Hernandez of: a. $0 b. $50 c. $75. d. $100.

Pacific Rim Industries is a diversified company whose products are marketed both domestically and internationally. The companys major product lines are furniture, sports equipment, and household appliances. At a recent meeting of Pacific Rims board

Use the following information to fill in the answers:

How does the IIAs Code of Ethics differ from the Standards in governing the behavior and activities of internal auditors? Does include the CAE in a companys stock option program violate either the IIAs Code of Ethics or the Standards? Explain your

Desarrollo del presupuesto anual a.generalmente comienza varios meses antes del final del ao en curso. b.generalmente comienza el primer da del ao fiscal. c.generalmente comienza el primer da del ao anterior. d.no es necesario. El estado de

A disadvantage of the high-low method of cost analysis is that:

When a parent acquires subsidiary preferred stock, no subsequent working paper entry is necessary to adjust additional paid-in capital under the: I. constructive retirement method. II. cost method. I a) I only. b) II only. c) I and II. d) I or II if

regarding end of month activities: what is debit and credit adjusting entry for interest receivable

(EXPLAIN COMPUTATION OF DEFERRED TAX LIABILITY FOR MULTIPLE TAX RATES) At December 31, 2017, Higley Corporation has one temporary difference which will reverse and cause taxable amounts in 2018. In 2017, a new tax act set taxes equal to 45% for

2 1 . What are the challenges faced by auditors in conducting audits in multinational corporations?......

True or false: spouses of active duty or retired military personnel are NOT eligible for a VA loan

We can classify a company's control procedures into three major types: preventive controls, detective controls, and corrective controls . What is the difference between prventive controls, detective controls and corrective controls?

10. 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

1.Given the acquisition cost of product Z is $36, the net realizable value for product Z is $32, the normal profit for product Z is $5, and the market value (replacement cost) for product Z is $28, what is the proper per unit inventory price for

From the following balances of Samsung Ltd, prepare Balance Sheet as on 31st March 2021. Particulars Dr. Balance (Rs.) Cr. Balance (Rs.) Plant & Machinery Land and Building 8,00,000 6,00,000 Furniture 1,50,000 Cash in Hand 20,000 Bank Overdrafti

Scampini Technologies is expected to generate $175 million in free cash flow next year, and FCF is expected to grow at a constant rate of 7% per year indefinitely. Scampini has no debt or preferred stock, and its WACC is 12%. If Scampini has 40

Janko Wellspeing incorporated has a pump with a book value of $41,000 and a four-year remaining life. A new, more efficient pump is avadable at a cont of $62,000 Janko can recelve $8,700 for trading in the old pump. The old machine has variable

Transaction | Cash ( + ) | Cash ( - ) | Assets ( + ) | Liabilities ( + ) | Revenue ( + ) | Expenses ( - ) | Equity ( + ) | | - - - - - - - - - - - - - - - - - - - - - - - - | - - - - - - - - - | - - - - - - - - - | - - - - - - - - - - - | - - - - -

Discount-Mart issues $14 million in bonds on January 1, 2012. They have a eight-year term and pay interest semiannually. This is the partial bond amortization schedule for the bonds.

Effectiveness/efficiency; ethics; writing Top management of Capital Services observed that the budget for the EDP department had been growing far beyond what was anticipated for the past several years. Each year, the EDP manager would demonstrate

Four financial statements are usually prepared for a business. The statement of cash flows is usually prepared last. The retained earnings statement (RES), the balance sheet (B), and the income statement (I) are prepared in a certain order to obtain

On the first day of the fiscal year, a company issues a $7,300,000, 12%, 7-year bond that pays semiannual interest of $438,000 ($7,300,000 12% ), receiving cash of $6,370,439. Journalize the first interest payment and the amortization of the related

In governmental accounting, what is the difference between an acquisition and a merger? What differences exist between the accounting for an acquisition and for a merger

How does a company change its capital structure? What are the best ways to go about this procedure?

Find the effective rate that corresponds to the given nominal rate. 9 % compounded semiannually

What is materiality? Materiality plays such an integral role in an audit. While it is introduced in the planning stage, it is referenced throughout the audit. If I had a dollar for every time the word "materiality" was brought up during my time as

What is the importance of being able to distinguish independent contractors from employee. In what circumstances would you deem this distinction relevant, and why? What are the main factors used by the courts in addressing the issue?

Ms. JSK is a sole practitioner in public accounting practice. The fiscal year-end of her practice is December 31. Her only source of income is from the practice, which is expected to generate net income of $80,000 in fiscal 2019. She expects to pay

Multiple Choice Question A company had the following selected balances: Account Debit Credit Service Revenue $9,000 Rental Revenue $2,000 Wages Expense $5,000 Utilities Expense $10,000 Owner, Withdrawals $750 Demonstrate the entry to close the

Could you kindly explain to me about a partnership where one partner invests alot of money into it? When they divide the profits based on agreement made, does the investor partner only get a percentage too like the other partners or will they get

Stark Food Processing prepares ready-to-eat meals. At Stark, the cost of prepared meals has a fixed component and a variable component related to the number of meals prepared. The cost and number of meals prepared at the kitchen for the past seven

Hi-Tek Manufacturing Inc. makes two types of industrial component partsthe B300 and the T500. An absorption costing income statement for the most recent period is shown below: Hi-Tek Manufacturing Inc. Income Statement Sales $ 1,772,400 Cost of

2 16. Calculate the next 3 months billing cycle using the information below. APR is 15.92% with a starting balance of $225. Assume you only make the minimum payment each month which is 55% Month Carry Over Balance Finance Charge New Balance Minimum

Starting at time 0, a red bulb flashes according to a Poisson process with rate =1 . Similarly, starting at time 0, a blue bulb flashes according to a Poisson process with rate =2 , but only until a nonnegative random time , at which point the blue

AT THE BEGINNING OF THE CURRENT YEAR, PEANUTS CORPORATION HAD A 2000 CHARITABLE CONTRIBUTION CARRYOVER FROM 2 YEARS AGO AND 4000 FROM LAST YEAR. DURING THE CURRENT YEAR. PEANUTS HAD 50,000 IN ADJUSTED TAXABLE INCOME AND MADE 3000 OF CHARITABLE

Bill is considering acquiring a ship that costs $40,000. It is estimated that the ship will generate additional revenues of $20,000 per year for 5 years. The ship will be depreciated over 5 years utilizing the straight line method. Bill faces a 28%

(Related to Checkpoint 9.2)(Yield to maturity)The market price is $825825 for a 1313-year bond ($1 comma 0001,000 par value) that pays 1212 percent annual interest, but makes interest payments on a semiannual basis (66 percent semiannually). What is

The SGR target is calculated on the basis of projected changes in 4 factors: 1) fees for physicians services, 2) the number of Medicare beneficiaries, 3) US gross domestic product, and 4) service expenditures based on changing law or regulations

1) Discuss, with examples, the limitations of traditional financial performance measures. 2) Describe each of the four main perspectives of the Balanced Scorecard. Discuss the primary purpose of each perspective and provide at least one objective

Kanye West, a partner with 33% profit interest, received his Schedule K-1 from Stronger LLP. At the beginning of the year, Wests tax basis in his partnership interest was $120,000. His current year Schedule K-1 reported an ordinary loss of $115,000,

which of the following is false regarding a bank or third-party credit card expense?

On June 30, 2016, Blair Industries had outstanding $80 million of 8% convertible bonds that mature on June 30, 2017. Interest is payable each year on June 30 and December 31. The bonds are convertible into 6 million shares of $10 par common stock.

The following is the unadjusted trial balance for Ivanhoe Lodge Ltd. at its year end, May 31, 2021. The company adjusts its accounts monthly Credit Debit $5,961 10,710 4.770 4,400 96,540 1B4,800 $ 22,200 32.400 Cash Accounts receivable Supplies

1 2 . Describe the role of auditing in assessing the reliability of financial statements.

what are the two types of standard audit reports?

Can I get help on this problem? Thanks! 2. The following transactions apply to Mo's Auto Repair Service for the year 2018. 1) Issued stock to investors for $30,000 cash. 2) Purchased land for $24,000 cash. 3) Performed services on account for

Brief Exercise A-10 Lloyd Company earns 9% on an investment that will return $474,000 12 years from now. Click here to view the factor table. (For calculation purposes, use 5 decimal places as displayed in the factor table provided.) What is the

What does Implementation and Development mean and for what purpose might this finding be used

inciside Misiple Croice

Please answer every part pf the question. Thank you! Nigam \& Roy, Incorporated began operating on June 26 with no inventory on hand. It then made the purchases listed below. Nigam \& Roy. Incorporated sold and delivered 64 units on June 30.

Wangerin Corporation applies overhead to products based on machine-hours. The denominator level of activity is 8,900 machine-hours. The budgeted fixed manufacturing overhead costs are $328,410. In April, the actual fixed manufacturing overhead costs

You are reading the 2013 annual report of WRT Corporation and you find the following items in its footnotes. The expected rate of return on plan assets has been increased to 10% from 8%. Required: Determine the effect (higher, lower, or unchanged)

look at the las pictures 2018 2017 2016 Sales revenue $ 460,000 $ 435,000 $ 410,000 $ $ 12,000 300,000 $ 23,000 210,000 24,000 280,000 Cost of goods sold: Beginning inventory Net purchases Cost of goods available Ending inventory Cost of goods sold

Crawford Corporation incurred the following transactions. 1. Purchased raw materials on account $46,300. 2. Raw Materials of $36,000 were requisitioned to the factory. An analysis of the materials requisition slips indicated that $6,800 was

The process of planning and managing a firm's long-term investments is called: a. capital structure. b. working capital management. c. agency cost analysis. d. financial depreciation. e. capital budgeting

A company paid $44,800 plus a broker's fee of S700 to acquire 9% bonds with a $47000 maturity value. The company intends to hold the bonds to maturity. The cash proceeds the company will receive when the bonds mature equal: Multiple Choice 47,700

(1.) Discuss the differences between financial and managerial accounting. What types of documents are prepared by business organization using financial and managerial accounting? (2.) Please visit the Institute of Management Accountants site. What

Net income is or is not the net change in all assets and liabilities from operating (revenue and expense) transactions.

plz solve its timed!!

Answer: 21. Farmer Company has no beginning work in process: 9,000 units are transferred out and 3,000 units in ending work in process are one-third finished as to conversion costs and fully complete as to materials cost. The equivalent number of

write the answer in 2-3 steps with clear hand writing or typed answer Describe a production environment in which MRP would be useful. Describe a production environment in which MRP would not be useful

Consider a firm that is producing 10 units of a product, incurring Fixed Cost=$10,000, and Variable Cost=$5000 for all 10 units. When it produces 11 units, it incurs a Variable Cost=$6000 for those 11 units. What is the firms Average Fixed Cost for

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