Accounting Questions and Answers July 31, 2024

Circle True or False 1. The phrase "income from continuing operations is used only when gains or losses on discontinued operations occur. True or False 2. The primary advantage of the multiple-step format lies in the simplicity of presentation and the absence of any implication that one type of revenue or expense item has priority over another.

The scope of internal auditing covers Select one: O a. main business operations. b. all activities within a company. O c. finance department. O d. accounting. PRAN ANOW WHE E BADWELM SPUNE HTML/NATT Themeng DENTAIRES Sim SANTALANG EMAN Ungurs is AWET The scope of internal auditing covers Select one: a. main business operations. b. all activities

Crosby Corporation Issued $300,000 of 6%, 10-year bonds payable on January 1, 2019. The market interest rate at the date of issuance was 4%, and the bonds pay Interest semiannually (on June 30 and December 31). Crosby Corporation's year-end is June 30 Read the reguirements CS 1. Using the PV function in Excel, calculate the issue price of the

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Percy corporation was formed on January 1. The corporate charter authroized 100,000 shares of $10 par value common stock. During the first month of operation, the corporation issues 390 shares to its attorneys in payment of a $5,900 charge for drawings up the articles of incorporation. The entry to record this transaction would include: MC Qu. 116

Using the percentage of receivables method for recording bad debt expense, estimated uncollectible accounts are $11,000. If the balance of the Allowance for Doubtful Accounts is $2,800 debit before adjustment, what is the balance after adjustment? Select one: a. $13,800 b. $11,000 c. $8,200 d. $2,800

Using the percentage-of-receivables method for recording bad debt expense, estimated uncollectible accounts are $45,000. If the balance of the Allowance for Doubtful Accounts is a $6,000 credit before adjustment, what is the amount of bad debt expense for that period? $39.000 $51,000 $6,000 $45.000

help pls Providing for doubtful accounts At the end of the current year, the accounts recelvable account has a debit balance of $1,021,000 and sales for the vear total $11,580,000. a. The allowance account before adjustment has a debit balance of $13,800. Bad debt expense is estimated at 1/2 of 1% of sales. b. The allowance account before

Based on the Statement of Financial Position, and / or Spending Plan for Bernard Baruch, attached: a . What is Bernard Baruch's PITI ratio? b . "Yes" or " No " Do you think Bernard Baruch is in a good financial position to receive a mortgage loan of $ 5 0 0 , 0 0 0 , which would require a principal + interest payment of $ 3 , 2 0 0 per month, to

cash flow Whoosh Limited is the largest manufacturer of surfboards in the country. The statement of comprehensive income and the trial balance of Whoosh Limited for the year ended 31 December 2021 are shown below: WHOOSH LIMITED STATEMEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 DECEMBER 2021 WHOOSH LIMITED The

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The national of X has a tax rate of 5% on the first $10.000 of taxable income. the the tax rate increases by 10% on the next $8.000 adding. Two people A and B have the taxable income per year as below: a. Calculate the ATR of each person. Who pays less taxes? Why? b. If there are 3 members in the family of person A and each member is provided an

Juniper Design Ltd. of Manchester, England, is a company specializing in providing design services to residential developers. Last year, the company had net operating income of $440,000 on sales of $1,800,000. The company's average operating assets for the year were $2,000,000 and its minimum required rate of return was 13%. Required: Compute the

Mini Case Study-The Bank Manager's Dilemma Topic: Institutions and Markets (Loan Covenants) As a young branch manager at a relatively small retail office within a large bank holding company, Sara has been challenged by her superiors to increase loan and deposit volume within her local banking market. In Sara's first year on the job, she has

Which of the following is an open source blogging tool and content management system?

Mini Case Study-The Bank Manager's Dilemma Topic: Institutions and Markets (Loan Covenants) As a young branch manager at a relatively small retail office within a large bank holding company, Sara has been challenged by her superiors to increase loan and deposit volume within her local banking market. In Sara's first year on the job, she has

The total factory overhead for Big Light Company is budgeted for the year at $1,132,800. Big Light manufactures two different products - night lights and desk lamps, Night Lights is budgeted for 15,800 units. Each night light requires three hour of direct labor. Desk tamps is budgeted for 24,300 units. Each desk lamp requires two hours of direct

Peanut Corporation acquired 80 percent of Snoopy Company's voting shares on January 1, 20X8, at underlying book value. On Dec. 31, 20X8, it also purchased $500,000 par value 8 percent Snoopy bonds, which had been issued on January 1, 20X5 to Schulz Corporation (unaffiliated with either Peanut or Snoopy) at a $45,000 premium. The bonds were

Circle True or False 1. The phrase "income from continuing operations is used only when gains or losses on discontinued operations occur. True or False 2. The primary advantage of the multiple-step format lies in the simplicity of presentation and the absence of any implication that one type of revenue or expense item has priority over another.

Last year Minden Company introduced a new product and sold 2 5 , 1 0 0 units of it a price of $ 1 0 0 per unit. The product's variable expenses are $ 7 0 per unit and its fixed expenses are $ 8 3 0 , 7 0 0 per year. Required: What was this product's net operating income ( loss ) last year? What is the product's break - even point in unit sales and

please make it fast me lett 0.40.50 Based upon the following numbers, the Quick Ratio is: Cash - $10,000; Accounts Receivable - $70,000; Prepaid expenses - $10,000; Land - $100,000; Accounts Payable - $10,000: Long-term debt - $85,000

Sales, Production, Direct Materials Purchases, and Direct Labor Cost Budgets The budget director of Gourmet Grill Company requests estimates of sales, production, and other operating data from the various administrative units every month. Selected information concerning sales and production for July 2016 is summarized as follows: a. Estimated

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All else equal, a company in a mature stage of its life-cycle generally has: a. Net cash provided (used) by financing activities that is lower than a company in a start-up phase. b. Net cash provided (used) by operating activities that is lower than a company in a start-up phase. c. Net cash provided (used) by investing activities that is higher

Problem 4 Decision Making (20 marks) Problem 4 - Decision Making (20 marks) Part A - Make or Buy (10 marks) DiP Company manufactures a part for use in its production of a medical equipment that is widely used in hospitals. When 10,000 items are produced, the costs per unit are: HEP Company has offered to sell 10,000 units of the same part for $120

QUESTION 5.5 Read the information below and answer the following questions 5.5 Internal Rate of Return of Project Cos (expressed to two decimal places) USING INTERPOLATION. (5 marks) INFORMATION The management of Mastiff Enterprises has a choice between two projects viz. Project Cos and Project Tan, each of which requires an initial investment of

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Mickey Corporation produces two products, Alphatis and Zeta75, which pass through two operations, Sintering and Finishing. Eoch of the products uses two row materials- X442 and Y661. The company uses a standard cost system, with the following standards for each product (on o per unit basis): Information relating to materiais purchased and

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Consider the following three bond quotes; a Treasury note quoted at 102:28, and a corporate bond quoted at 99.35, and a municipal bond quoted at 102.55. If the Treasury and corporate bonds have a par value of $1,000 and the municipal bond has a par value of $5,000, what is the price of these three bonds in dollars? (Round your answers to 2 decimal

Farmer Ned wants to cash in on the increased demand for ethanol. Accordingly, he purchased a corn farm in Iowa. Ned believes his corn crop can be sold to an ethanol plant for $9.45 per bushel. Variable cost associated with growing and selling a bushel of corn is $6.70. Neds annual fixed cost is $366,850. Use the contribution margin ratio to

help me Accts pls! For each company, calculate the missing income statement amount. Required: 1-a \& b. Using FIFO, calculate ending inventory and cost of goods sold. 1c&d. Using FIFO, calculate sales revenue and gross profit. 2a&b. Using LIFO, calculate ending inventory and cost of goods sold. 2c& d. Using LIFO, calculate sales revenue and gross

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Problem 1 Use the specific identification method to solve for the inventory balance. Consider these details from the internal documents of Best Buy on their TVs Purchases made in January January 1, 12 black Samsung brand 36 curved TV purchased at a cost of $320 January 3, 17 black Toshiba brand 42 limited edition flat screen TV were purchased at a

A physical inventory of Liverpool Company taken at December 31 reveals the following. Per Unit Units Cost Market Item Car audio equipment Speakers Stereos Amplifiers Subwoofers 345 $100 $108 260 121 326 204 110 105 51 96 62 Security equipment Alarms Locks Cameras 480 160 135 291 103 212 320 332 94 Binocular equipment Tripods Stabilizers 185 170

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Farmer Ned wants to cash in on the increased demand for ethanol. Accordingly, he purchased a corn farm in Iowa. Ned believes his corn crop can be sold to an ethanol plant for $9.45 per bushel. Variable cost associated with growing and selling a bushel of corn is $6.70. Neds annual fixed cost is $366,850. Use the contribution margin ratio to

vanhoe Company is about to issue $300,000 of 6-year bonds paying an 11% interest rate, with interest payable annually. The discount rate for such securities is 12%. Click here to view the factor table. (For calculation purposes, use 5 decimal places as displayed in the factor table provided.) In this case, how much can Ivanhoe expect to receive

E 7-26 Bank reconciliation Appendix A Jansen Company's general ledger showed a checking account balance of $23,820 at the end of May 2013. The May 31 cash receipts of $2,340, included in the general ledger balance, were placed in the night depository at the bank on May 31 and were processed by the bank on June 1. The bank statement dated May 31,

please read this case and answer the questions given in detail. thanks. After a detailed investigation and careful analysis, we have accepted Don jewelry as a new client. Don has been enchanting customers with magnificent jewelry and timepieces. We never had a client in the jewelry industry before. What do we think we should do to review their

vanhoe Company is about to issue $300,000 of 6-year bonds paying an 11% interest rate, with interest payable annually. The discount rate for such securities is 12%. Click here to view the factor table. (For calculation purposes, use 5 decimal places as displayed in the factor table provided.) In this case, how much can Ivanhoe expect to receive

What types of software are available to assist in analyzing large amounts of data, and how can they be implemented and How will the software assist in analyzing large amounts of data? In regards to Forensic Accounting..

question 2 the following data are available for a foundry operation started as a new company four years ago when the construction cost index was 125 current liabilities $170000 operating income $176200 NBV long term assets (end year 3) $687500 current assets $300000 GROSS BOOK VALUE $1100000 estimated total useful life 8 years Age of assets 4

please make it fast me lett 0.40.50 Based upon the following numbers, the Quick Ratio is: Cash - $10,000; Accounts Receivable - $70,000; Prepaid expenses - $10,000; Land - $100,000; Accounts Payable - $10,000: Long-term debt - $85,000

Below is budgeted production and sales information for Flushing Company for the month of Decomber: The unit selling price for product XXX is $6 and for product ZZZ is $16. Budgeted sales for the month is 1. 515024000 h. $1008000 c. 37764000 4. 55.634000

Which of the following departments is necessary for production, but is not directly involved in production? Manufacturing department Construction department Production department Maintenance department Support departments are normally accounted for as a(n) __________. investment center cost center profit center None of the above . When the

Which of these wages paid to employees would NOT be included in calculating Form W-2 wages for the QBI deduction? Wages paid to: Statutory employees. Physicians. Mechanics. Salesmen.

Jones Company had a 20 percent tax rate. Given the following pre-tax amounts, what would be the income tax expense reported on the face of the income statement? Sales revenue $ 1,100,000 Cost of goods sold 600,000 Salaries and wages expense 80,000 Depreciation expense 110,000 Dividend revenue 90,000 Utilities expense 10,000 Discontinued operations

question 2 the following data are available for a foundry operation started as a new company four years ago when the construction cost index was 125 current liabilities $170000 operating income $176200 NBV long term assets (end year 3) $687500 current assets $300000 GROSS BOOK VALUE $1100000 estimated total useful life 8 years Age of assets 4

Sheridan Company purchased equipment on account on September 3, 2022, at an invoice price of $186,000. On September 4, 2022, it paid $4,300 for delivery of the equipment. A one-year, $1,925 insurance policy on the equipment was purchased on September 6 , 2022. On September 20,2022 , Sheridan paid $3,700 for installation and testing of the

Based on the Statement of Financial Position, and / or Spending Plan for Bernard Baruch, attached: a . What is Bernard Baruch's PITI ratio? b . "Yes" or " No " Do you think Bernard Baruch is in a good financial position to receive a mortgage loan of $ 5 0 0 , 0 0 0 , which would require a principal + interest payment of $ 3 , 2 0 0 per month, to

l3. If the word -Split- appears in the Split column of a report ra name, it means that the transaction is split between two or A. accounts or items B. customers C. journals D. reports 14. Even though transactions are entered via business documents sales receipts, QuickBooks DT keeps track of all transactions A. in a chart such as invoices and . B.

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Crosby Corporation Issued $300,000 of 6%, 10-year bonds payable on January 1, 2019. The market interest rate at the date of issuance was 4%, and the bonds pay Interest semiannually (on June 30 and December 31). Crosby Corporation's year-end is June 30 Read the reguirements CS 1. Using the PV function in Excel, calculate the issue price of the

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Group Project - Year The following list summarizes the transactions that took place during a start up's first year of operations. Using the information below, prepare a list of the appropriate journal entries, including any necessary adjusting entrics, and create a balance sheet and income statement. Use examples from pages 241 and 182 as

. Explain the following terms: a. Purpose of an audit b. Accounting cycle and transaction process c. Balances d. Presentation and disclosure

Below is budgeted production and sales information for Flushing Company for the month of Decomber: The unit selling price for product XXX is $6 and for product ZZZ is $16. Budgeted sales for the month is 1. 515024000 h. $1008000 c. 37764000 4. 55.634000

"I think we goofed when we hired that new assistant controller," said Ruth Scarpino, president of Provost Industries. "Just look at this report that he prepared for last month for the Finishing Department. I cant understand it." Finishing Department costs: Work in process inventory, April 500 units; materials 100% complete; conversion 60% complete

Need answers only :) 1. The receivable from Popular Creek is denominated in Swiss francs. Popular Creek's books show a $4,700 payable to SunTime. 2. Purchases of inventory goods are made evenly during the year. Items in the ending inventory were purchased November 1 . 3. Equipment is depreciated by the straight-line method with a 10-year life and

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Which of the following are benefits of flexible budget reporting? Select one: A. Provide managers with reasonable cost targets at different levels of production B. Compare cost performance with budgeted costs at actual levels of production C. Help make mid-period projections about financial results D. Allow for variance analysis E. All of the above

Dorothy Koehl recently leased space in the Southside Mall and opened a new business, Koehl's Doll Shop. Business has been good, but Koehl frequently runs out of cash. This has necessitated late payment on certain orders, which is beginning to cause a problem with suppliers. Koehl plans to borrow from the bank to have cash ready as needed, but

"I think we goofed when we hired that new assistant controller," said Ruth Scarpino, president of Provost Industries. "Just look at this report that he prepared for last month for the Finishing Department. I cant understand it." Finishing Department costs: Work in process inventory, April 500 units; materials 100% complete; conversion 60% complete

Sekel Designer is a Tailor who designs clothes according to client specifications. Enrel ltd, a candle manufacturing company has made an inquiry and requested for quotation of its employees work suit. Sekel has named Enrels request JobM123. The following dates relates to JobM123: Consumable Materials $ 131.45 Production Wages: Technical Sketches

how to calculate share capital QUESTION 2 The Greene Corp. produced the following data accompanying its financial data for 2022; a. Equipment costing 10,000 with a book value of 8,000 was sold for 15,000 b. Motor vehicle costing 40,000 with depreciation of 16,000 was sold at a loss of 5,500 c. The building was revalued during the year. d. No

Sheridan Company purchased equipment on account on September 3, 2022, at an invoice price of $186,000. On September 4, 2022, it paid $4,300 for delivery of the equipment. A one-year, $1,925 insurance policy on the equipment was purchased on September 6 , 2022. On September 20,2022 , Sheridan paid $3,700 for installation and testing of the

Which of the following items is not a management concept that was created to improve companies' performances? Just-in-time manufacturing. GAAP constraints and guidelines. Total quality management. Continuous improvement. Customer orientation.

Jones Company had a 20 percent tax rate. Given the following pre-tax amounts, what would be the income tax expense reported on the face of the income statement? Sales revenue $ 1,100,000 Cost of goods sold 600,000 Salaries and wages expense 80,000 Depreciation expense 110,000 Dividend revenue 90,000 Utilities expense 10,000 Discontinued operations

Calculator Boxwood Company sells blankets for $36 each. The following was taken from the inventory records during May. The company had no beginning inventory on May 1. Date Blankets Units Cost May 03 Purchase 5 $14 10 Sale 3 17 Purchase 9 $15 20 Sale 4 23 Sale 2 30 Purchase 9 $16 Assuming that the company uses the perpetual Inventory system,

Accounts receivable turnover and days sales in receivables For two recent years, Robinhood Company reported the following: 20Y9 20Y8 Sales $8,442,000 $7,015,000 Accounts receivable: Beginning of year 640,000 580,000 End of year 620,000 640,000 a. Determine the accounts receivable turnover for 20Y9 and 20Y8. Round answers to one decimal place.

QUESTION 5 An automated production line was acquired by Automs Ltd on 01 July 2021 from an overseas supplier. The piece of machinery was used to assist in dispatching poods ordered from an online retail store that has experienced significant sales growth following pandemic-related lockdowns. The purchase costs were $600,000, import duties and

Calculator Boxwood Company sells blankets for $36 each. The following was taken from the inventory records during May. The company had no beginning inventory on May 1. Date Blankets Units Cost May 03 Purchase 5 $14 10 Sale 3 17 Purchase 9 $15 20 Sale 4 23 Sale 2 30 Purchase 9 $16 Assuming that the company uses the perpetual Inventory system,

What's consumer behavior

Prescented below is information related to Stewart Company. Required: How much did Stewart Company have in dividends for the year

Moor Cowbell Corporation compiled the following information for the current period. Moor Cowtbelt. uses normal costing and uses direct labor cost as a cost driver. How much manufacturing overhead). did Moor Cowbell apply during the current period? $350,000 $600,000 $450.000 $650,000

Doaktown Products manufactures fishing equipment for recreational uses. The Miramichi plant produces the companys two versions of a special reel used for river fishing. The two models are the M-008, a basic reel, and the M-123, a new and improved version. Cost accountants at company headquarters have prepared costs for the two reels for the most

E 7-26 Bank reconciliation Appendix A Jansen Company's general ledger showed a checking account balance of $23,820 at the end of May 2013. The May 31 cash receipts of $2,340, included in the general ledger balance, were placed in the night depository at the bank on May 31 and were processed by the bank on June 1. The bank statement dated May 31,

On January 1, 2014, a corporation issued $402,100 of 10-year, 12% bonds. The interest is payable semi-annually on June 30 and December 31. The issue price was $417,353 based on a 10% effective (market) interest rate. Assuming the effective-interest method of amortization is used, what is the book value of the bond liability as of June 30, 2014 (to

QUESTION 27 2 points Earnings management is often motivated by: O a. IFRS standards b.Compliance with GAAP OC Desire to disguise poor performance Od. Strong economic conditions 2 points Save Awwer QUESTION 28 What is the effect on the financial statements when a company fails to adjust the prepaid insurance expense account at year-end for

Sumner so equipment in thiness for 51,500 Summer out the quanto few years ago for $70,250 and has come $625 oferection expens. Assuming that this Sumner's only disponon dun the yout, what is the amount and character of Sumner's gain or loss? Moe Choice 58:2500 3477 126 race o None of the choices correct Sumner sold equipment that it uses in its

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2. ABC Container Company has declining sales of its principal product, non-biodegradable plastic cartons. The President, Joseph Stanton, instructs his controller to lengthen the estimated assets lives in order to reduce the amortization expense and increase net income. A processing line of automated plastic extruding equipment, purchased for $2.7

Direct Materials Used, Cost of Goods Manufactured In September, Lauren Ashley Company purchased materials costing $220,000 and incurred direct labor cost of $140,000. Overhead totaled $380,000 for the month. Information on inventories was as follows: September 1 September 30 Materials $110,000 $110,000 Work in process $60,000 $80,000 Finished

Use Goal Seek to find where the given equation has the desired value. FX =-2*X^2+21*X+5. Find all values so that (separate by commas)

Group Project - Year The following list summarizes the transactions that took place during a start up's first year of operations. Using the information below, prepare a list of the appropriate journal entries, including any necessary adjusting entrics, and create a balance sheet and income statement. Use examples from pages 241 and 182 as

Direct Materials Used, Cost of Goods Manufactured In September, Lauren Ashley Company purchased materials costing $220,000 and incurred direct labor cost of $140,000. Overhead totaled $380,000 for the month. Information on inventories was as follows: September 1 September 30 Materials $110,000 $110,000 Work in process $60,000 $80,000 Finished

Questior 10 7.14 pts Nergal Heavy Industries' work in process inventory on June 1 has a balance of $22,400 representing Job No. 301. During June, $50,000 of direct materials were requisitioned for Job No. 301 and $35,000 of direct labor cost was incurred on Job No. 301. Manufacturing overhead is allocated at 125% of direct labor cost. Actual

Dorothy Koehl recently leased space in the Southside Mall and opened a new business, Koehl's Doll Shop. Business has been good, but Koehl frequently runs out of cash. This has necessitated late payment on certain orders, which is beginning to cause a problem with suppliers. Koehl plans to borrow from the bank to have cash ready as needed, but

Bonita has the following inventory data: Nov. 1 Inventory 26 units @ $5.30 each 8 Purchase 106 units @ $5.70 each 17 Purchase 53 units @ $5.55 each 25 Purchase 79 units @ $5.80 each A physical count of merchandise inventory on November 30 reveals that there are 88 units on hand. Ending inventory under LIFO is $1003. $491. $986. $508.

l3. If the word -Split- appears in the Split column of a report ra name, it means that the transaction is split between two or A. accounts or items B. customers C. journals D. reports 14. Even though transactions are entered via business documents sales receipts, QuickBooks DT keeps track of all transactions A. in a chart such as invoices and . B.

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Basic Concepts Sato Company is considering an investment in equipment that is capable of producing more efficiently than the current technology. The outlay required is $2,200,000. The equipment is expected to last five years and will have no salvage value. The expected cash flows associated with the project are as follows: Year Cash Revenues Cash

Professional Products Inc., a wholesaler of office products, was organized on February 5 of the current year, with an authorization of 30,000 shares of preferred 2% stock, $100 par and 500,000 shares of $10 par common stock. The following selected transactions were completed during the first year of operations: Feb Apr. June 5 5 9 14 Issued

El 20 de mayo, White Repair Service extendi una oferta de $108,000 por un terreno cuyo precio de venta era de $140,000. El 30 de mayo, White Repair Service acept la contraoferta del vendedor de $115,000. El 20 de junio, el terreno fue tasado a un valor de $95,000 para fines de impuestos sobre la propiedad. El 4 de julio, una cadena minorista

Feather Friends, Incorporated, distributes a high-quality wooden birdhouse that sells for $40 per unit. Variable expenses are $20.00 per unit, and fixed expenses total $160,000 per year. Its operating results for last year were as follows: Required: Answer each question independently based on the original data: 1. What is the product's CM ratio?

for the 12th, it also asks to journalizs the payment umalize the following transactions for Inland Empire Supply, Inc., that occurred during the month of March. Assume the "net" method is used. (Record debits first thon credits Exclude explanations from anyja wres) Click the icon to view the transactions.) Start by joumalizing the purchase of

Q3 As production manager, Mr. Bis asked to track the manufacturing cost per unit on the factory floor. Total manufacturing costs were $ 90000 before considering factory maintenance salaries of $ 14000 and $ 52000 of factory depreciation. How much is the calculation of manufacturing cost per unit if 400 units had been produced in the current

Q3 As production manager, Mr. Bis asked to track the manufacturing cost per unit on the factory floor. Total manufacturing costs were $ 90000 before considering factory maintenance salaries of $ 14000 and $ 52000 of factory depreciation. How much is the calculation of manufacturing cost per unit if 400 units had been produced in the current

Taylor and Michael are agents working for Juarez Real Estate Brokers last September 2018 when one of Jessicas clients became interested in Michaels listing. The two write up an option agreement and purchase contract per the terms of their respective clients with the option expiring December 31st, 2020. Due to a wildfire, real estate prices have

The Heating Division of Bramble International produces a heating element that it sells to its customers for $44 per unit. Its unit variable cost is $30, and its unit fixed cost is $10. Top management of Bramble International would like the Heating Division to transfer 15,500 heating units to another division within the company at a price of $31.

Franklin Company makes and sells lawn mowers for which it currently makes the engines. It has an opportunity to purchase the engines from a reliable manufacturer. The annual costs of making the engines are shown here. \ table [ [ Cost of materials Units $ 1 6 , $ 2 2 7 , 2 0 0

Smith Distributors, Inc., supplies ice cream shops with various toppings for making sundaes. On November 17, 2018, a fire resulted in the loss of all of the toppings stored in one section of the warehouse. The company must provide its insurance company with an estimate of the amount of inventory lost. The following information is available from

QUESTION 27 2 points Earnings management is often motivated by: O a. IFRS standards b.Compliance with GAAP OC Desire to disguise poor performance Od. Strong economic conditions 2 points Save Awwer QUESTION 28 What is the effect on the financial statements when a company fails to adjust the prepaid insurance expense account at year-end for

for the 12th, it also asks to journalizs the payment umalize the following transactions for Inland Empire Supply, Inc., that occurred during the month of March. Assume the "net" method is used. (Record debits first thon credits Exclude explanations from anyja wres) Click the icon to view the transactions.) Start by joumalizing the purchase of

Your friend is asking for advice about starting a restaurant business. Based on your knowledge, and what you have learned in the class so far, what are three good reasons for your friend to start a restaurant business, 2 of which are income tax related. Please list two reasons why your friend should not start a business. Those two reasons may or

INDIVIDUALS Bob Brown is single and aged 67 years. During 2020/21 his income comprised: $ Social security pension 9,290 Bank interest 120 Dividends from Australian public companies: Unfranked: 343 franked 52 Bob did not notify his bank of his TFN, so the TFN tax of $58 was withheld by the bank. His bank statement also shows $27 in bank charges. He

Current Attempt in Progress Ivanhoe Company purchased on January 1, 2020, as a held-to-maturity investment, $117.000 of the 6%, 6 year bonds of Harrison, Inc. for $106.020, which provides a 8% return. The bonds pay interest semiannually. Prepare Ivanhoe's journal entries for (a) the purchase of the investment, and (b) the receipt of semiannual

Required information The following information appiles to the questions displdyed below? Lewson Consulting had the following occounts and amounts on December 31 Se the above information to prepare a December 3 balance sheet for Lawson Consulting. Hint The ending Rotalned Earnings: ccount batance as of December 31 is $1,600

INDIVIDUALS Bob Brown is single and aged 67 years. During 2020/21 his income comprised: $ Social security pension 9,290 Bank interest 120 Dividends from Australian public companies: Unfranked: 343 franked 52 Bob did not notify his bank of his TFN, so the TFN tax of $58 was withheld by the bank. His bank statement also shows $27 in bank charges. He

Revenues may be generated by: a. All of the given answers are correct. b. having a liability forgiven c. holding and disposing of inventory in the normal course of business d. receiving a donation

The following data is given for the Stringer Company: Budgeted production 920 units Actual production 1,035 units Materials: Standard price per ounce $1.77 Standard ounces per completed unit 11 Actual ounces purchased and used in production 11,727 Actual price paid for materials $24,040 Labor: Standard hourly labor rate $14.56 per hour Standard