Accounting Questions and Answers June 22, 2022

Carbon monoxide and hydrogen can react under different conditions to give different products. One system produces methyl alcohol, CH 3O H (g), when CO and H2 react in the presence of a suitable catalyst. a. At 227C, after the reaction has reached equilibrium, the partial pressures of CO, H 2, and CH 3O H are 0.702 atm, 1.75 atm, and 0.0134 atm,

A student has a total of 2000 in student loans that will be paid with 48 monthly installment loans with monthly payments of 49.30, determine the apr of the loan to the nearest one-half of a percent.

You are a doctor in a hospital, and a patient is experiencing trouble with her skin repairing itself from a cut. The patient is also expecting a child, but the cells in the reproduction development are experiencing a malfunction in cell division. Describe the stages of each type of cell reproduction process from a normal patient whose body cells

The following is an abstract from the working papers of the Tests of Controls Billing Function and Recording of Sales for the Year End: 31/12/2021 Pop. Size: 145,853 Define the objectives: Examine duplicate sales invoices and related documents to determine if the system has functioned as intended and as described in the audit program. Define the

Fancy Millwork has a factory that produces custom kitchen cabinets. It has multiple product lines. Materials and labor for the cabinets are determined by each job. To simplify the assignment, we will assume the following average costs. The company estimates that it will have 32,000 direct labor hours in total for the kitchen cabinets. The

The following statistics were obtained from two random samples. P 0.45 n 100 P2 0.40 n 100 a) Find the pvalue of a test to determine whether we can infer that the population proportions differ. b) Estimate a 95 confidence interval for the difference between the population proportions.

Find the OAS of a 3-year callable bond trading at 97597. Assume the bond pays an annual coupon of 96 and is callable at 10175 at the end of each year Assume current 1-year rates are 96 and we expect them to go up or down by 06 each year with equal probability. Provide your answer in basis points rounded to the nearest basis point.

Katelyn and Brittanie are sisters who own shares jointly in partnership. They purchased the shares in 2010 and are holding the shares for long-term capital growth. During the year ended 30 June 2022, their partnership received a fully franked dividend of $70,000. The franking credit attached to the dividend was $30,000. The only expense incurred

Tammy, Rebecca, and Miriam are partners in TRM Consulting, LLC, which will receive partnership tax treatment as the default for tax purposes. Tammy, Rebecca, and Miriam contribution $50,000, $25,000, and $25,000 of cash. In addition, the partnership agreed to take on a non-recourse loan of $20,000 from Miriam. Rebecca would like to contribute

When an employer records the regular payroll payments, there will be credits to FICASocial Security Payable and to FICAMedicare Payable for the employees share of FICA payments. Explain why there is a liability on the employers books for the employees obligation to contribute to FICA.

Calculate This Year Ratios and Last Year Ratios and indicate any change, if any that should be made to the spreadsheet. Using the spreadsheet provided, do not make any changes 2. Compare and Comment (this year vs last year) 3. Compare and Comment (this year vs industry) Answer some simple questions 4. Would you extend a line of credit to this

Susan received 15,000 salaries and 10,000 bonuses during the tax year 2020-21. Her employer provided the following benefits during the year Accommodation in a building costing 78,000. The building has an annual rental value of 3,400 and Susans employer pays 3,500 rent Per year. A mileage allowance of 48p per mile was paid by the employer.

General Information The I See The Light Company has a related company that produces the figurines. They use process costing in the molding department. The factory overhead is applied at a rate of 50 of direct labor dollars. The material is added at the beginning of the process. The labor and overhead costs are assumed to be added uniformly

Eagle Aviation Co Ltd (hereinafter, Eagle) is an airline flying from Melbourne to all major destinations in Europe and the United States. Due to growing competition from newly emerged budget airlines, Eagles has experienced financial difficulties. When international borders closed due to the Covid Pandemic in 2020, Eagles situation worsened. Its

ABC Company is a merchandising business. Below are the routing transactions for ABC Company for the month of December. Dec 1 Paid rent for December, $7500. Dec 3 Purchased merchandise from Goat Company for $8,000 under terms 1/15, n/30, FOB Shipping Point. Dec 4 Paid $500 cash for freight charges on purchase of Dec 3. Dec 5 Sold merchandise to

Cash Petty Cash Notes Receivable Accounts Receivable ABC Company Unadjusted Trial Balance December 31, 20xx Merchandise Inventory Estimated Returns Inventory Prepaid Insurance Office Supplies Delivery Equipment Accumulated Depreciation Delivery Equipment Accounts Payable Salaries Payable Customer Refunds Payable R.W. Miller, Capital (balance on

What are Accounts Payable & Accounts Receivable and why is it important to keep track of both?

Mr. Thomas is a certified accountant working for an audit firm in London. He is married to Ms. Lucy and has 3 children. Lucy is a housewife and does not have any other income. Mr. Thomass income and other relevant data for the fiscal year 2020-21 are given below. Salary and other benefits from employment are 47,200. Trade income from his small

Explicitly consider the possibility of corner point solutions for mu that it might be equal to 0 or to 1 exactly. Apply KKT. (Note the variable here is mu, so you will have to use a different variable for your KKT multipliers lets use m and m) 1. What are the FOC of the KKT problem 2. What are the complementary slackness conditions 4. 3. Itemize

Stork Corporation (E P of 850,000) has 1,000 shares of common stock outstanding. The shares are owned by the following individuals Lana Johnson, 400 shares Lori Jones (Lanas mother), 200 shares and Leo Jones (Lanas brother), 400 shares. Lana paid 200 per share for the Stork stock eight years ago. Lana is interested in reducing her stock ownership

Darla Barker, CPA owns a small tax practice located in Sydney. Darla's family friend, Stephen Grey, owns a small security firm in Newcastle. Stephen's banker has decided that Stephen's company needs to submit audited financial statements in order to maintain Stephen's line of credit with the bank. Stephen emails Darla asking if she would be

Use the information provided below to answer the following questions Is the company solvent Motivate your answer. Calculate the earnings per share (expressed to the nearest cent). Comment on the financial result of the company. Provide an interpretation of the extract of the cash flow statement. From the information provided in all three financial

Company issue preferred stock 100000 share for cash $23 per share. The par value for preferred stock is $20,6%. 1) Journalize the issue of preferred stock? 2) Show the allocation of dividends to each class of stock: A) Dividend cash of 500000$, preferred is non- cumulative. B) Dividend cash of 500000$ preferred is cumulative and did not received

Bubble Gum Petroleum Inc. is a petrochemical company located in Galveston County, Texas. The company recently secured a project which requires installing pipelines through one of the mid-west states. The new pipelines planned to go through one of the economically stressed cities in the state. Billy Bob Sticky Fingers is the newly elected Mayor of

Hardeep was born in India and is now a permanent resident of Australia. He spends most of his time working off the coast of Singapore on an oil rig for a Saudi Arabian company. He signed a contract for this job while he was in Australia. For the last five years, Hardeep's wife has lived in Australia with their four children. Hardeep and his wife

At what pressure does the mean free path of kr atoms ( d = 3.16 10 10 m) become comparable with the diameter of a Kr atom if T = 300 K? Calculate the diffusion constant at this pressure. Assume that Kr obeys the ideal gas law even at these high pressures.

The following information pertains to Swifty Video Company. 1. 2. 3. 4. 5. 6. Cash balance per bank, July 31, 7,923. July bank service charge not recorded by the depositor 37. Cash balance per books, July 31, 7.944. Deposits in transit, July 31, 1,830, Bank collected 1.230 note for Swifty in July, plus interest 45, less fee 29. The collection has

Which of the following is an example of a product-level activity in a refinery? a. Transportation of fuel to gas stations b. Product testing for quality control c. Advertising the benefits of the companys products d. Maintenance activities in the refinery

There were no changes during 2018 in the number of common shares, preferred shares, or convertible bonds outstanding. There is no treasury stock. The company also has common stock options (granted in a prior year) to purchase 75,000 shares of common stock at $20 per share. A. Compute basic earnings per share for 2018. B. Compute diluted earnings

of Basic and Diluted EPS) The information below pertains to Barkley Company for 2018. 1,200,000 (Computation Net income for the year 7 convertible bonds issued at par (1,000 per bond) each bond is convertible into 30 shares of common stock 6 convertible, cumulative preferred stock, 100 par value each share is convertible into 3 shares of common

Rich, Inc. acquired 30% of Doane Corporation's voting stock on January 1, 2018 for $1,000,000. During 2018, Doane earned $400,000 and paid dividends of $250,000. Rich's 30% interest in Doane gives Rich the ability to exercise significant influence over Doane's operating and financial policies. On January 1, 2019, Rich sold half of its stock in

Briefly explain what are the four components ICO LNX that make up GOP, and which to the Governador factors in expanding or contracting the economy.

(c) For a social welfare function W W(U(M),...,UH (MH)), where Mh is in aw ath If Uh come, the social marginal utility of income is defined by M M Vh show that the social marginal utility of income is decreasing in Mh for a utilitarian social welfare function. Use this to argue that a fixed stock of income will be distributed equally. Show that

An investor is purchasing a 10day futures contract whose initial price is 850. The price of the contract changes daily following the path described in the table below. Day 1 2 3 4 5 Price Day Price 774.67 6 735.64 779.39 7 741.59 759.88 766.25 805.36 778.42 8 749.56 9 742.87 10 A volume of 1500 futures contracts will be purchased. The clearing

The following table shows the results of the solution and sensitivity analysis of a maximization linear programming problem. The number of units of round frames to make is Variable Round Frames Rectangular Frames Constraint Machine Hours Painting Hours O a. 70 O b.4.16 c. 46.66 O d. 120 Oe. Zero. QUESTION 9 Value 46.6667 6.6667 Dual Value 4.1667

BACKGROUND: At a minimum, accountants must read compiled statements for appropriate format and material misstatement that is obvious. If information presented to the accountant appears unreasonable, the accountant should not accept it and instead should ask for revised, updated information. If this is impossible, the accountants should most likely

Using the IP address and subnet mask shown write out the network address: Example: 188.10.18.2 ______188.10.0.0_____________________ 255.255.0.0 10.10.48.80 ______10.10.48.0_____________________ 255.255.255.0 16. 192.149.34.191 _____________________________ 255.255.255.0 17. 150.203.23.19 _____________________________ 255.255.0.0 18. 10.10.18.10

Anne York is a sole trader who started the business of buying and selling furniture in Brighton on the 1st of October 2021. She is going to prepare accounts to 31st of September 2021. She contributed to the business with 10,000 in the Bank, 4,800 cash, 45,000 flat and 12,000 Car. The transactions during the month are as follows 210 Purchased

Question 3 Coffee Bin Sdn Bhd is a manufacturer of coffee beans. The company has two production departments milling and roasting. It also has two service departments the stores and the canteen. The production departments and the stores and canteen are located within a single building. The information provided below has been extracted from the

7. Smith Inc. provides the following information related to its pension plan for the year 2022 Beginning Balances January 1, 2022 Plan Assets 738,800 Projected Benefit Obligation 763,000 Pension AssetLiability 24,200 cr Accumulated OCI Prior Service Cost 36,400 dr Accumulated OCI GainsLosses 0 a. b. C. Annual Service Cost 75,000

(a) The share capital of Rock Ltd at 30 June 2020 was comprised of 3,500,000 ordinary shares issued and paid to 1.80, less associated share issue costs of 78,000. These were issued in April 2012. 2,000,000 ordinary shares issued in October 2016. The issue price was 2.70. The issue required 1.00 to be paid on application with 0.50 on allotment

Which of the following governmental fund expenditures would not be considered a current operating expenditure? A. Capital outlay B. Rent C. Salaries and wages D. Employee benefits

Some benefits of the balanced scorecard include: Select one: A. It helps align departmental and personal goals to the organization B. It is an effective way to clarify and gain authority within the organization C. It is a mechanism for aligning personal goals with societal goals D. It helps organizations track their competitors E. All of the above

of safety, and operating leverage Organic Health Care Products Inc. expects to maintain the same inventories at the end of 2018 as at the beginning of the year. The total of all production costs for the year is therefore as sumed to be equal to the cost of goods sold. With this in mind, the various department heads were asked to submit estimates

Wilson Company has a process costing system. The Assembly Department had the following costs for May: Work In Process Inventory May 1 (materials) 48,000 (Labor Overhead) 32,000 Cost added during May $152,000 $168,000 Assume that Wilson uses the weighted-average method and that for May the company computed 20,000 equivalent units for labor and

The fieldwork for the December 31, 2016 audit of Schmidt Corporation ended on March 17, 2017. The financial statements and auditor's report were mailed March 29, 2017. In each of the situations below, indicate the appropriate action (a, b, c, d, e, f). The possible actions are as follows a. Request the client to adjust the December 31, 2016

Staley Inc. reported the following data: Net income $396,200 Depreciation expense 61,250 Loss on disposal of equipment 27,600 Increase in accounts receivable 9,000 Increase in accounts payable 3,350 Prepare the Cash Flows from the Operating Activities section of the statement of cash flows, using the indirect method. Refer to the Amount

36. 38. 39. 41. 37. Which of the following is an example of a hallmark of the fiduciary relationship A. Loyalty B. Subservience C. Politeness D. Both loyalty and subservience, but not politeness 40. Which of the following is not a duty of an agent to a principal A. Loyalty B. Due care C. Maximizing profits D. Obedience Which of the following is

Sunland Company uses the perpetual inventory system and had the following purchases and sales during March. Using the inventory and sales data above, calculate the value assigned to cost of goods sold in March and to the ending inventory at March 31 using FIFO and LIFO.

Sunland Company uses the perpetual inventory system and had the following purchases and sales during March. 31 33 34 310 316 319 325 Beginning inventory 104 Purchase Sales Purchase Sales Purchase Sales Cost of goods sold Ending inventory Units 64 204 Purchases 44 Unit Cost FIFO 40 50 55 60 tA tA Units Using the inventory and sales data above,

Calculator Bark Corporation began operations on January 1, 2017. At December 31, 2017, Bark appropriately had a credit balance in Allowance for Change in Fair Value of Investments of 330. No transactions related to these investments occurred during 2018, and the cost and market values on December 31, 2018, are as follows Cost Investment z Company

For Salcido, Inc., the value of beginning Work in Process Inventory was 116,000, 25 of which was direct materials cost. During the period, Salcido completed work on 43,800 units, only completed 90 of the work on another 11,300 units, and incurred 83,000 in direct materials cost and 180,500 in conversion costs. Salcido adds direct materials at the

In a continuation of their efforts to explore the financial condition of ABC Company, the Board of Directors has now started to explore the various investment strategies of the company. They would like to understand more about the differences between debt versus equity investments. They also wish to learn more about the various types of

Accounting for investments in securities depends on three factors (1) security type, either debt or equity (2) the companys intent to hold the security either short term or long term and (3) the investors percentage of ownership in the other companys (investees) equity securities. Exhibit 15.2 identifies six classes of securities using these three

81. A study was undertaken to assess the impact of the consolidation of the Big 4 accounting firms. The article reports a finding of increased equality among Big 4 auditors at both the national industry level and at the city industry level. It reported that consolidation led to equality of auditor market share. Suppose the data included

For each of the following transactions, indicate the dollar amount(s) and section(s) of the statement of cash flows that would be impacted by each of the following independent transactions: (You may assume either the direct or indirect method state which one you use). 1. Sold equipment for $6,000; the equipment originally cost $28,000 and had

b) What is the best contribution level for any employee i for i = 11,12,....,20? c) What is the total contribution level in the Nash Equilibrium by the 20 employees (that is, excluding the contribution by the manager)? d) What is the contribution level of the manager in the Nash Equilibrium?

At a company, 20 employees are making contributions for a retirement gift. Each of the 20 employees is choosing how many dollars to contribute from the interval 0,10. The manager of these 20 employees announces that she will contribute d dollars for every dollar that an employee contributes. The payoff to employee i who makes contribution of x

Which of the following statements regarding profit margin is not true? Multiple Choice Profit margin reflects the percent of profit in each dollar of revenue. Profit margin is also called return on sales. Profit margin can be used to compare a firm's performance to its competitors. Profit margin is calculated by dividing net income by net sales.

Paste Clipboard A1 3 4 5 6 1.000 7 8 9 10 11 FILE 2 12 13 14 15 5 6 16 1. Prepare a bank reconciliation using a companys bank statement and cash account. HOME Date June 1 3 8545NOWO A 10 13 A B D E 1 The June bank statement and the cash Taccount for Superior Printing Company is shown below. 2 20 22 26 27 29 Calibri 30 INSERT B I U Y Font X 11

Which of the following stockholders equity accounts are eliminated during the consolidation process? a. Common Stock of the subsidiary b. Preferred Stock of the subsidiary c. Additional Paid-in Capital of the subsidiary d. All of the above

Identify the most important type of intermolecular force that would exist between neighboring molecules in CH 3 CH 2 COOH. A. London dispersion forces B. Dipole-dipole forces C. Hydrogen bonding

Indicate which of the following would not be an example of an internal service fund: City Self-Insurance Fund City Print Shop City Data Processing Service Center City Airport

CFA An analyst gathered the following data about stocks J, K, and L, which together form a valueweighted index Stock Price c December 31, Year 1 K Shares Outstanding 40 10,000 30 6,000 50 9,000 December 31, Year 2 Price Shares Outstanding 50 10,000 20 12,000 40 9,000 2 for 1 stock split The ending valueweighted index (base index 100) is closest to

The following information pertains to Sheridan Company. 1. Cash balance per bank, July 31, 8,004. 2. July bank service charge not recorded by the depositor 46. 3. Cash balance per books, July 31, 8,096. 4. Deposits in transit, July 31, 3,266. 5. 1,840 collected for Sheridan Company in July by the bank through electronic funds transfer. The

A. Given the following information, determine the proper order quantity for each item if the periodic order method is used Par Stock Usage 72 36 Bourbon 5 Rum 9 Whiskey 36 Item Vodka Gin 48 24 3 Quantity on Hand 24 4 6 4 24 10 B. Should any adjustments to par stock or usage figures be considered for any of the following beverages listed Which Ones

Let X be the set of all binary strings with an odd number of 1's. (a) Give a recursive definition for X (b) Prove by induction that your recursive definition gives X.

Arabicas planned production for the year that just ended was 10,000 units. Actual production totaled 10,000 units, and the company sold 11,000 units of its manufacturing output at 10 per unit. The following costs were incurred Manufacturing costs Direct material used Direct labor Variable manufacturing overhead Fixed manufacturing overhead Selling

The following information applies to the questions displayed below Abd El Hakim operates a consulting firm called Al Tayer Today, which began operations on August 1. On August 31, the companys records show the following accounts and amounts for the month of August. Cash Accounts receivable Office supplies Land Office equipment Accounts payable

Problem 12.92 Ballistic Fingerprinting: Guns make unique markings on bullets they fire and their shell casings. These markings are called ballistic fingerprints. An ABCNEWS Poll examined the opinions of Americans on the enactment of a law"... that would require every gun sold in the United States to be test-fired first, so law enforcement would

Calculate the pH of 100 ml of a solution containing 0.01 moles of ammonium chloride and 0.2 mole of ammonia. The basicity constant (%) for the equilibrium between NH 3 and NH +4 /OH is 1.8 x 10 -5 .

KOK Bhd an electrical goods manufacturer, entered into the following transactions during the year 2016. Required: Show how the following situation should have been recorded by KOK Bhd under Malaysian accounting regulations that year, and comment whether there are any differences in that reporting from what would be recorded by the company. _ i.

On June 30, 2021, the partnership had the following fiscal yearend balance sheet Liabilities and Equity Accounts payable Loan from Charlie Other payable Assets Cash Accounts receivable Inventory Supplies Plant assetsnet Patent Total assets 58,000 32,000 28,000 20,000 24,000 12.000 174,000 Christian, capital (20) Daniella, capital (20) Xavier,

The balance sheet caption for common stock is the following Common stock, $3 par value, 2,480,000 shares authorized, 1,030,000 shares issued, 1,030,000 shares outstanding Required: a. Calculate the dollar amount that will be presented opposite this caption. b. Calculate the total amount of a cash dividend of $0.17 per share

4. Brother limited want to launch the adult laptop devices onto the market. They are unsure of which strategy to adopt to make this a success. Brother limited are aware that they operate in an extremely competitive market place. Required (a) Outline the four generic strategies outlined by Porter and discuss which of them would be most suitable to

Hecht Corporation reports the following results for 2021: Gross receipts on sales $1,900,000 Cost of goods sold & operating expenses 1,600,000 Long-term capital gain 50,000 Short-term capital loss 100,000 Dividend income from 18% owned domestic corporations 1,000,000 Cash charitable contribution 200,000 Additional information: Hecht has a

For each of the following transactions for the Banner Company, complete the journal entries by indicating the account that is debited (Dr) and the amount, followed by the account that is credited and the amount. Choose from the account name abbreviations below AND PLEASE SPELL THEM CORRECTLY IN YOUR ANSWER or Blackboard will mark your answer

On January 1, 2015, Green Company acquired 5year bonds with a total face value of P5, 000, 000 for P5, 379, 079. The bonds carry an interest of 12 per year payable every December 31. The bonds are to be appropriately classified as held for trading. On December 31, 2015, the bonds are quoted at 104. The effective interest is 10. On January 3, 2016,

Question 9 The following items have been extracted from the trial balance of Kyambogo and co Ltd as at 30th November 2016 Opening inventory Purchases and sales Carriage inwards Carriage outwards Sales and purchases returns Trade receivables and payables Repairs and maintenance Sundry operating expenses Wages and salaries Opening allowances for

Bath Fixtures Supply, Inc. (BFSI), manufactures three types of fixtures: industrial, standard, and brass. It applies all indirect costs according to a predetermined rate based on direct labor-hours. A consultant recently suggested that the company switch to an activity-based costing system and prepared the following cost estimates for year 2 for

Tom recently received 2,000 shares of restricted stock from his employer, Independence Corporation, when the share price was $10 per share. Tom's restricted shares vested three years later when the market price was $14. Tom held the shares for a little more than a year and sold them when the market price was $20. What is the amount of Tom's income

Consider the following two clocks, Big Ben (hour hand length of 2.7 m, minute hand length of 4.3 m) and a personal alarm clock (hour hand length of 2.0 cm, minute hand length of 3.5 cm). Construct a table like the one shown below, filling in the blanks. Make sure to show the math you used to determine the values.

w (rad) V Hour hand (Big Ben) Minute hand (Big Ben) Hour hand (alarm clock) Minute hand (alarm clock

The nominal rate of discount is 3% convertible, quarterly. The inflation-adjusted rate of interest is 1.24%. Find the rate of inflation.

9) Northern Kings Ltd. (NKL) began operations on January 1, 2021. The companys charter authorized the following share capital Preferred shares 6, 20 par value, authorized 20,000 shares Common shares no par value, authorized 300,000 shares During 2021 NKL had the following transactions (in the order they are listed) Sold and issued 30,000 common

What is the difference between Bad Debt Expense and Allowance for Doubtful Accounts?

Mother and daughter enterprises is a relatively new firm that appears to be on the road to great success. The company paid their first annual dividend yesterday in the amount of $.28 a share. the company plans to double each annual dividend payment, ie., 100 % growth rate, for the next three years. After that time they are planning on paying a

Buteco Inc. estimates the following costs for the planned production and selling of 100,000 units: Raw materials $400,000 Variable Direct labor $200,000 Variable Factory overhead $400,000 Fixed Selling and administrative costs $300,000 Fixed - Compute the total costs to produce and sell 110,000 units.

I. A wellinsulated pipe of 2.54 cm inside diameter carries air at 2 bar pressure and 366.5K. It is connected to a 0.0283 m insulated bulge, as shown. The air in the bulge is initially at 110 kPa pressure and 311K. A and D are flow meters which accurately measure the air mass flow rate. Valves B and C control the air flow into and out of the bulge.

The July 1, 2019 balance sheet for the general fund of the Town of Hiller, Texas is: Transactions for the town during fiscal 2020 were (in thousands): 1. The town council approved a budget estimating revenues of $50,000 in property taxes and $15,000 in fees and service charges. The budget authorized expenditures of $68,000. 2. Property taxes were

(in thousands) Cash..... Taxes receivable. Total assets TOWN OF HILLER General Fund Balance Sheet July 1, 2019 60,000 5,000 65,000 Accounts payable..... Fund balanceunassigned. Total liabilities and fund balance ... 6,000 59,000 65,000

Date Account Titles and Explanation May 15 June 5 June 30 Nov. 30 Debit Credit,Pina Construction Ltd. reported the following information related to its shareholders equity on January 1, 2021, the first day of its fiscal year. 0.50noncumulative preferred shares, unlimited number of shares authorized, 130.000 shares issued 1.430,000 Common shares,

NJ residents water consumption per day follows approximately a normal distribution with a mean of 20 gallons per day, and a standard deviation of 8 gallons per day. a. Find the probability that a randomly selected resident consumes at least 11 gallons of water per day. b. Find the probability that a randomly selected resident consumes at least 30

To the annuity holder, annuity payments are: A. Fully includable in gross income. B. Similar to life insurance proceeds in that they are excluded from gross income. C. First considered to be a tax-free return of the original purchase price. D. In part a return of the original purchase price and in part taxable income. E. Revised any time the life

Match the appropriate accounting assumption or principle that is most applicable to each of the following cases Prepayment for an annual license is allocated equally to expense over the next 12 months for ABC Inc. Inventories at Sparky Mercantile are valued at lower of cost or net realizable value Although the inflation rate for the most recent

P105. (Classification of Costs and Interest Capitalization) (LO 1, 3) On January 1, 2017, Blair Corporation purchased for 500,000 a tract of land (site number 101) with a building. Blair paid a real estate brokers commission of 36,000, legal fees of 6,000, and title guarantee insurance of 18,000. The closing statement indicated that the land value

Prepare a consolidated balance sheet at acquisition and compute consolidated net income one year later On December 31, 2016, Pam Corporation purchased 80 percent of the stock of Sun Company at book value. The data reported on their separate balance sheets immediately after the acquisition follow. At December 31, 2016, Pam Corporation owes Sun

ABC began constructing a building for its own use at the beginning of the year. During the year ABC incurred interest of $14034 on specific construction debt, and $86735 on other borrowings. Interest computed on the weighted-average amount of accumulated expenditures for the building during the year was $91035. The amount of interest ABC should

Which of the following statements is true regarding mutual ownership between a parent and its subsidiary? Multiple Choice The treasury stock approach is required to eliminate subsidiary shares held by the parent company, The treasury stock approach is required to reflect parent shares held by the subsidiary. The shares of the parent held by a

Shrewd Endeavors, Inc., invested 70,000 in a business venture with the following cash flow results MARR is 10. Determine the internal rate of return and whether or not this is a desirable venture. EOY 0 1 2 3 4 5 6 7 8 9 10 CF EOY CF 70,000 11 10,000 20,000 12 9,000 19,000 13 8,000 18,000 14 17,000 15 16,000 16 15,000 17 14,000 18 13,000 19 12,000

a. How is the ad hominem fallacy different from the straw man fallacy ? b. Write an original example of ad hominem fallacy . c. Write an original example of the straw man fallacy .

On 1 July 2022, Birds Ltd acquired all the issued shares of Tokyo Ltd for $174800. At this date, the equity of Tokyo Ltd consisted of share capital of $80000 and retained earnings of $68800. All the identifiable assets and liabilities of Tokyo Ltd were recorded at amounts equal to fair value except for the following. Carrying amount Fair value

Question 22 of 75. When is income in respect of a decedent (IRD) taxed On the decedents final retum. In the taxable year the recipient receives the income. In the taxable year after the recipient receives the income. in the taxable year the estate notifies the recipient of the existence of IRD. Mark for follow up Question 23 of 75. Trust

The following balance is extracted from the books of Geforce Enterprise as at 30 June 2021. Geforce Enterprise. Trial Balance as at 30 June 2021 Capital Investment Furniture and fittings at cost Office equipments at cost Motor vehicle at cost Accumulated depreciation at 1 July 2020 Furniture and fittings Office equipment Motor vehicle Purchases

Rift Stalk has the following information for its five business segments for the year 2020 Sement External Revenue Internal Revenue Segment profit (loss) ABC D E 15,000,000 4,500,000 2,500,000 1,500,000 500,000 4,000,000 2,000,000 1,000,000 700,000 300,000 6,000,000 (3,000,000) (2,500,000) 600,000 (1,500,000) 3) Based on revenue test, which of the

A) Classify the following data as either qualitative data or quantitative data. In addition, classify the quantitative data as discrete or continuous. 1. The number of times that a movement authority is sent to a train from a relay station is recorded for several trains Over a threeweek period. The movement authority, which is an electronic

Weaver Mills uses a job order costing system to account for its production of specialty fabrics. On January 31 the company reported the following balances in its inventory accounts: $50,975 in Raw Materials, $24,950 in Work in Process, and $15,080 in Finished Goods. On January 31, the total of all open job order cost sheets would be?