Accounting Questions and Answers June 09, 2017

Lower-of-Cost-or-Market Inventory On the basis of the following data Commodity Unit Cost Price $142 74 161 154 163 Unit Market Price $164 94 186 146 173 Inventory Quantity 41 AL65 CA22 LA98 SC16 UT28 21 16 Determine the value of the inventory at the lower of cost or market. Assemble the data in the form illustrated in Exhibit 10 Inventory at the

E9-10 (Algo) Calculating Variable Overhead Variances [LO 9-5] Parker Plastic, Incorporated, manufactures plastic mats to use with rolling office chairs. Its standard cost information for last year follows: Parker Plastic had the following actual results for the past year: Required: Calculate Parker Plastic's variable overhead rate and efficiency

EX 6-9 Sales-related transactions, including the use of credit cards Journalize the entries for the following transactions: a. Sold merchandise for cash, $116,300. The cost of the merchandise sold was $72,000. OBJ. 2 b. Sold merchandise on account, $755,000. The cost of the merchandise sold was $400,000. c. Sold merchandise to customers who used

A comparative income statement is given below for McKenzie Sales, Ltd., of Toronto: Mckenzie Sales, Ltd. Comparative Income Statement This Year Last Year Sales $ 7,360,000 $5,593,600 Cost of goods sold 4,720,000 3,510,500 Gross margin 2,640,000 2,083,100 Selling and administrative expenses: Selling expenses Administrative expenses 1,379,000

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A machine can be purchased for $256,000 and used for five years, yielding the following net incomes. In projecting net incomes, double-declining depreciation is applied, using a five-year life and a zero salvage value. Year 4 Year 1 Year 3 Year 5 Year 2 Net income $109,000 $15,500 $35,000 $80,000 $38,500 Compute the machine's payback period

Aadaki seilmi veriler, Owens O-Rings Company'nin kitaplarndan alnmtr. irket, retim maliyetlerini hesaba katmak iin i maliyetini kullanr. Veriler Nisan ay operasyonlarna ilikindir. (1) Maaza grevlisinden aadaki ekilde malzeme ve erzak istenmitir: 405, malzeme X, 7.000 dolar. 406, malzeme X, 3.000 dolar; Y malzemesi, 6.000 dolar. 407, malzeme X,

Jason and Paula are married. They file a joint return for 2022 on which they report taxable income before the QBI deduction of $299,500. Jason operates a sole proprietorship, and Paula is a partner in the PQRS Partnership. Both are a qualified trade or business, and neither is a "specified services" business. Jason's sole proprietorship generates

B 3. Prepare the appropriate entries for both Western Soya Co. and Rhone-Metro on December 31, 2016. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) A. Record lease. B. Record cash payment. On December 31, 2016, Rhone-Metro Industries leased equipment to Western Soya Co. for a

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Calculation and Journal Entry for Employer Payroll Taxes Portions of the payroll register for Barney's Bagels for the week ended July 15 are shown below. The SUTA tax rate is 5.4%, and the FUTA tax rate is 0.6%, both of which are levied on the first $7,000 of earnings. The Social Security tax rate is 6.2% on the first $128,400 of earnings. The

Lavage Rapide is a Canadian company that owns and operates a large automatic car wash facility near Montreal. The following table provides estimates concerning the company's costs: For example, electricity costs should be $1,300 per month plus $0.06 per car washed. The company expects to wash 8,300 cars in August and to collect an average of $6.00

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Indiana Co. began a construction project in 2013 that will provide it $165 million when it is completed in 2015. During 2013, Indiana incurred $39 million of costs and estimates an additional $86 million of costs to complete the project. Suppose that, in 2014, Indiana incurred additional costs of $63 million and estimated an additional $52 million

2.1 Kiens marketing manager has been asked to develop a new promotional strategy for the company, which has been facing stiff competition from some new entrants. After much research she has narrowed down the choice to three strategies and has constructed the decision tree shown below which includes the payoffs and probabilities she has managed to

Hawke Skateboards is considering building a new plant. Bob Skerritt, the companys marketing manager, is an enthusiastic supporter of the new plant. Lucy Liu, the companys chief financial officer, is not so sure that the plant is a good idea. Currently, the company purchases its skateboards from foreign manufacturers. The following figures were

Facts: Pascal wrote a letter and mailed it to Elam offering to sell Elam his computer business for $250,000. Elam promptly mailed a reply acknowledging receipt of Pascal's letter and expressing an interest in purchasing the business. However, Elam only offered $200,000. Later, Elam decided that the business was in fact worth $250,000 that Pascal

View Policies Current Attempt in Progress Whispering, Inc. had net sales in 2 0 2 5 of $ 1 , 4 8 2 , 7 0 0 . At December 3 1 , 2 0 2 5 , before adjusting entries, the balances in selected accounts were Accounts Receivable $ 3 2 8 , 3 0 0 debit, and Allowance for Doubtful Accounts $ 3 , 4 2 0 credit. If Whispering estimates that 9 % of its

Which of the following statements is true when referring to fixed costs? Select one: a. Committed fixed costs arise from the annual decisions by management b. Fixed costs increase in total throughout the relevant range C. : Discretionary fixed costs can often be reduced to zero for short periods of time without seriously impairing the long- run

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You are the audit manager on the audit of Blue Stone Ltd (BSL) for the year ending 30 June 2023. As part of the final review stage of the audit, you reviewed the audit working papers and noted the following three matters: * The audit working papers for vouching property, plant and equipment indicate that an invoice for a major asset acquisition

Traxonia Railroad Inc. has three regional divisions organized as profit centers. The chief executive officer (CEO) evaluates divisional performance, using income from operations as a percent of revenues. The following quarterly income and expense accounts were provided from the trial balance as of December 31, 2016: RevenuesEast $ 884,000

Easy Inc. uses the FIFO method in its process costing system. The following data concern the operations of the company's first processing department for a recent month. Required: Using the FIFO method: a. Determine the equivalent units of production for materials and conversion costs. b. Determine the cost per equivalent unit for materials and

Required information [The following information applies to the questions displayed below.) Arndt, Inc. reported the following for 2021 and 2022 ($ in millions): Revenues Expenses Pretax accounting income (income statement) Taxable income (tax return) Tax rate: 258 2021 $ 930 786 $ 144 $ 114 2022 $1,022 842 $ 180 $ 214 a. Expenses each year include

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Remaining Time: 1 hour, 37 minutes, 41 seconds. Question Completion Status er Moving to another question will save this response. Question 8 of 35 Question 8 2.857 points Sev At the end of the accounting period, but before the closing entries have been recorded. Harry, the proprietor of Harrys Bar and Grit has a debit of $24.500 in his drawing

A New York City daily newspaper called Manhattan Today charges an annual subscription fee of $135. Customers prepay their subscriptions and receive 260 issues over the year. To attract more subscribers, the company offered new subscribers the ability to pay $130 for an annual subscription that also would include a coupon to receive a 40% discount

Absorption Costing Income Statement On October 31, the end of the first month of operations, Maryville Equipment Company prepared the following income statement, based on the variable costing concept: Line Item Description Amount Amount Sales (220,000 units) $7,920,000 Variable cost of goods sold: Variable cost of goods manufactured $6,360,000

Lisah, Inc., manufactures golf clubs in three models. For the year, the Big Bart line has a net loss of $5,000 from sales $201,000, variable costs $176,000, and fixed costs $30,000. If the Big Bart line is eliminated, $20,300 of fixed costs will remain. Prepare an analysis showing whether the Big Bart line should be eliminated. (Enter negative

Dorsey Company manufactures three products from a common input in a joint processing operation. Joint processing costs up to the split-off point total $305,000 per quarter. For financial reporting purposes, the company allocates these costs to the joint products on the basis of their relative sales value at the split-off point. Unit selling prices

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if you use excel please show formulas Wilson Bryant Air Conditioning, a Middle Georgia HVAC company, wanted to build a web-based project tracking for all small HVAC companies in Middle Georgia. Wilson Bryant Air Conditioning asked SunTrust Bank for a loan of $5 million presenting their idea. They had an agreement with the SunTrust that they will

Predetermined Factory Overhead Rate Poehling Medical Center has a single operating room that is used by local physicians to perform surgical procedures. The cost of using the operating room is accumulated by each patient procedure and includes the direct materials costs (drugs and medical devices), physician surgical time, and operating room

Your answer is partially correct. On October 1, 2020, Ocean Airways Ltd. purchased a new commercial aircraft for a total cost of $86.00 million. Included in the total cost are the aircraft's 2 engines, at a cost of $8.60 million each, and the aircraft's body, which costs $68.80 million. The estimated useful life of each of the aircraft's 2 engines

Which of the following would be classified as an external failure cost on a quality cost report? Multiple Choice Test and inspection of incoming materials. Depreciation of test equipment. Warranty repairs and replacements. Test and inspection of in - process goods.

Back in Boston, Steve has been busy creating and managing his new company, Teton Mountaineering (TM), which is based out of a small town in Wyoming. In the process of doing so, TM has acquired various types of assets. Below is a list of assets acquired during 2013: Asset Cost Date Placed in Service Office furniture $ 10,000 02/03/2013 Machinery

DDD Corporation agrees to exchange $50,000 and some raw land for a building owned by Jason Briggs. DDD Corporations land has a value of $600,000, a basis of $200,000 and is encumbered by a $200,000 mortgage that Briggs agrees to assume. Briggss building is valued at $450,000 and has a basis of $125,000. a. What are DDD Corporations and Briggss

21- Which of the following has been classified by Herzberg as a hygiene factor? a. Achievement b. Recognition c. Working conditions d. Responsibility 22- An organization plans to have a manufacturing unit after eight years and two new offices after nine years. They plan accordingly so that there can be sufficient funds for achieving this plan.

Bachrodt Corporation uses activity-based costing to compute product margins. Overhead costs have already been allocated to the company's three activity cost pools--Processing, Supervising, and Other. The costs in those activity cost pools appear below: Processing $ 21,600 Supervising $ 3,700 Other $ 10,700 Processing costs are assigned to products

An overhead rate for each department is computed by: O a. adding alocated service costs to the overhead costs that are directly traceable to the producing department and dividing this total by the measure of activity for that O b dividing the difference of actual overhead costs of a production department and the allocated service costs to that

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L32 . B D E F G H j 12 DATA FOR VARIANCE ANALYSIS: Standard Rate Actual Rate 14 Standard Hours / Qty 150 $ 1,000 $ Actual Hours / Qty 180 $ 1,200 $ 16 Grooming Labor Grooming Materials 12.00 11.50 2.00 3.00 18 19 20 21 Favorable/ Unfavorable Variance 22 23 24 25 Groomer Direct Labor Time Variance (Actual Hours - Standard Hours) x Standard Rate $

- Lay out the complete cashflow curve. Start with money out, including initial costs and ongoing maintenance costs. You can use the irregular cashflow spreadsheet to do this, just be sure to include copies of the spreadsheet in your answer so that I can see how you did it. Project A WWW will invest considerable amounts into expanding their current

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Lloyd and Harry, equal partners, form the Ant World Partnership. During the year, Ant World had the following revenue, expenses, gains, losses, and distributions: Cost of Goods Sold $ 85,000 Cash Distribution to Harry $ 15,000 Municipal Bond Interest $ 1,500 Short-Term Capital Gains $ 4,500 Employee Wages $ 40,000 Rent $ 10,000 Charitable

Wyalusing Industries has manufactured prefabricated houses for over 20 years. The houses are constructed in sections to be assembled on customers' lots. Wyalusing expanded into the precut housing market when it acquired Fairmont Company, one of its suppliers. In this market, various types of lumber are precut into the appropriate lengths, banded

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Q3) GIVEN THE FOLLOWING INFORMATION (YEAR END 2020) ABOUT PLUTO INCOPORTATION. MAKE ITS INCOME STATEMENT (2020) STATEMENT OF RETAINED EARNINGS (2020) STATEMENT OF OWNERS EQUITY (2020) BALANCE SHEET (2020) CALCULATE AND INTERPRET GROSS PROFIT MARGIN (2020) CALCULATE AND INTERPRET (DERECIATION AMORTIZATION) /DEPRCIABLE ASSETS (2020) 5 MARKS EACH

Which of the following is a limitation of an Enterprise Resource Planning ( ERP ) system? Question 4 Select one: A . There is a greater likelihood of fraud as system modules are easily edited or deleted B . Improvements in accuracy of outputs often come at a cost of reduced timeliness C . There is decreased visibility of data and information due

6 12.5 points In calculating insurance premiums, the actuarially fair insurance premium is the premium that results in a zero NPV for both the insured and the insurer. As such, the present value of the expected loss is the actuarially fair insurance premium. Suppose your company wants to insure a building worth $490 million. The probability of

Green Planet Corp. has (a) 5,800 shares of noncumulative 11% preferred stock with a $2 par value and (b) 22,000 shares of common stock with a $0.01 par value. During its first two years of operation, Green Planet declared and paid the following total cash dividends. Compute the dividends paid each year to each of the two classes of stockholders:

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Tony Corporation began operations on January 1, 2018. The following transactions relating to stockholders' equity occurred in the first two years of the company's operations. 2018 Jan. 1 Authorized the issuance of 2 million shares of $5 par value common stock and 100,000 shares of $100 par value, 10% cumulative, preferred stock. Jan. 2 Issued

Top managers of Stenback Industries predicted 2 0 2 4 sales of 1 4 , 5 0 0 units of its product at a unit price of $ 8 . 0 0 . Actual sales for the year were 1 4 , 1 0 0 units at $ 9 . 0 0 each. Variable costs were budgeted at $ 2 . 2 0 per unit, and actual variable costs were $ 2 . 3 0 per unit. Actual fixed costs of $ 4 6 , 0 0 0 exceeded

Swifty Fabricators produces protective covers for smart phones. Since the covers must be customized to each smart phone model, Swifty uses a job order costing system. On September 1, the company reported the following inventory balances: Direct Materials Work in Process Finished Goods $9,500 $34,200 $53,400 During September, the following events

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Can someone please help me with answering theses questions in your own words. I have provided both of my scenarios. During week 2, you were asked to identify a scenario when you experienced one or more of the villains. Last week, you were asked, what decision might you have made differently. Does this decision take account for any societal

help out with my quiz please Schedule of Cash Payments Shakti Power inc, was organized on february 28 . Projected selling and administrative expenses for each of the first three months of operations are as follows: Deprecation, insurance, and property taves represent $6,000 of the estimated manthiy expenses. The annual insurance premium was paid

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5 Required (a) Enter the following in a multi-column petty cash book which is maintained on the imprest system: R 2007 March 1 Cash cheques from head cashier 600,00 Paid for c.o.d. parcel 4,23 3 Revenue stamps for legal documents 28,50 4 Donations for Police Orphans' Fund 10,00 6 Cleaner's wages 65,00 9 Repairs to typist's chair 16,95 10 Bouquet

Target Corporation prepares its financial statements according to U.S. GAAP. Target's financial statements and disclosure notes for the year ended February 3, 2018, are available here. This material is also available under the Investor Relations link at the company's website (www.target.com). Target's share-based compensation includes sey

Dengo Company makes a trail mix in two departments: Roasting and Blending. Direct materials are added at the beginning of each process, and conversion costs are added evenly throughout each process. The company uses the FIFO method of process costing. October data for the Roasting department follow. 3. Assign costs to the department's

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Prepare the Adjusted Trial Balance of Daily Drive, Inc. for the year ended, December 31. Steps to complete the Adjusted Trial Balance: - Post the following into T-Accounts - balances of the accounts from the given Unadjusted Trial Balance - Adjusting Journal Entries - Determine the Adjusted Balances - Enter the Adjusted Balances in this

PLEASE HELP ON ALL OF THIS - I HAVE TRIED IT SO MANY TIMES. Instructions on Journal entries 1. Skip a line between each transaction 2. Indent the credit entry 3. Record all transactions to the nearest cent. Chart of Accounts Name of Account Cash Accounts Receivable Merchandise Invento Estimated Returns Invento Store Supplies Prepaid Insurance

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This is your project: How hotels can compete with short term rentals (like Airbnb)? 2020 saw a significant increase in traveler demand for short-term rental properties. Identify and explain the most attractive features and amenities of short-term rentals. Please make your presentation informative and useful for the audience. List major advantages

At the beginning of 2018, Angel Corporation began offering a two year warranty on its products. The warranty program was expected to cost Angel 9% of net sales. Net sales made under warranty in 2018 were $209 million. Fifteen percent of the units sold were returned in 2018 and repaired or replaced at a cost of $5.20 million. The amount of warranty

Please answer all of the questions. 1) Which of the following statements does NOT apply to financial accounting? a) is subject to GAAP b) Is primarily meant to provide information to stockholders and creditors. c) Is subject to regulation by external bodies d) Emphasizes data that is verifiable e) Provides data on the market value of a company's

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Problem 12-1 (Algo) Securities held-to-maturity; bond investment; effective interest; financial statement effects [LO12-1, 12-2] Fuzzy Monkey Technologies, Incorporated purchased as a long-term investment $60 million of 6% bonds, dated January 1 , on January 1, 2024. Management has the positive intent and ability to hold the bonds until maturity.

Balance Sheet June 30th, Year 5 The following are all transactions that happened during Year 6 : Made sales on account of $250,000 Collected accounts receivable of $256,800 Purchased merchandise on account of $152,200 Determined cost of goods sold was $140,000 Paid accounts payable (for merchandise purchased) of $143,000 Paid wages to employees of

charged $1,361,067 Depreciation on the Income Statement of Andrews. If early this year Ace purchased a new depreciable asset, the effect on Andrews's financial statements would be (all other items remaining equal): Select: 1 Save Answer Increase Net Cash from operations No impact on Net Cash from operations Decrease Net Cash from operations on the

Scholastic Furniture, Inc. manufactures a variety of desks, chairs, tables, and shelf units that are sold to public school systems throughout the Midwest. The controller of the companys Desk Division is currently preparing a budget for the second quarter of the year. The following sales forecast has been made by the divisions sales manager. April

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QUESTION 4 3 Kosasa Company produces and sells one product only, Sobolo, the standard cost for one unit being as follows. GHC Direct material A-10 kilograms at Ghc 20 per kg 200 Direct material B - 5 litres at Ghc 6 per litre 30 Direct wages 5 hours at Ghc 6 per hour 30 Fixed production overhead 50 Total standard cost 310 The fixed overhead

An investment with a positive net present value (NPV) means that Select an answer. the expected return on the investment is expected to exceed the discount rate used the expected return on the investment will be greater than zero the internal rate of return is equal to zero a positive cash flow on the investment is guaranteed

1. What is the principal amount of the note? 2. What is the total number of monthly payments? 3. What is the total cash paid over the entire period of the note? (Round your answer to 2 decimal places.) 4. What is the total amount of interest paid over the entire period of the note? (Do not round your intermediate calculations. Round your answer to

Lavage Rapide is a Canadian company that owns and operates a large automatic car wash facility near Montreal. The following table provides estimates concerning the companys costs: Fixed Cost per Month Cost per Car Washed Cleaning supplies $ 0.60 Electricity $ 1,100 $ 0.08 Maintenance $ 0.15 Wages and salaries $ 4,400 $ 0.30 Depreciation $ 8,000

QUESTION 35 Statement 1: The cost of inventories of items that are not ordinarily interchangeable and goods or services produced and segregated for specific projects shall be assigned by using specific identification of their individual costs. Statement 2: Specific identification of costs is appropriate when there are large numbers of items of

Toole Corporation uses a job order costing system and allocates manufacturing overhead at a rate of $ 6 0 per machine hour. During the period, the company used 1 , 0 0 0 machine - hours and actually incurred manufacturing overhead costs of $ 6 2 , 0 0 0 . Prepare the summary journal entry: a . To record the total manufacturing overhead allocated

Larry and Sue separated at the end of the year. Larry has asked Sue to sign a joint income tax return for the year because he feels that the tax will be lower on a joint return. Larry and Sue both work. Sue received a salary of $25,000 and Larry's salary was $20,000 Larry works as a waiter at a local restaurant and received tips. The restaurant

Cash flows from operating activities-indirect method Amount Descriptions Statement of Cash Flows-Operating Activities Final Question Instructions The net income reported on the income statement for the current year was 5437,000. Depreciation recorded on store equipment for the year amounted to $17.400 Balances of the current asset and current l y

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The Forrester Corporation disclosed the following financial information (in millions) in its recent annual report: Year 1 Year 2 Net sales $67,096 $81,662 Beginning accounts receivable (net) 3,896 3,696 Ending accounts receivable (net) 3,696 3,598 a. Calculate the accounts receivable turnover ratio for both years. b. Calculate the average

Bramble Furnace Corp. purchased machinery for $339,000 on May 1, 2020. It is estimated that it will have a useful life of 10 years, scrap value of $53,000, production of 100,000 units, and working hours of 12,500. During 2021 Bramble uses the machinery for 2,000 hours, and the machinery produces 25,000 units. From the information given, compute

The management of Ballard MicroBrew is considering the purchase of an automated bottling machine for $57,000. The machine would replace an old plece of equipment that costs $15,000 per year to operate. The new machine would cost $7,000 per year to operate. The old machine currently in use is fully depreciated and could be sold now for a salvage

2 You received a bonus of $12,000 that you will invest now. Assume a rate of return of 8% per year for each of the 24 years. The equivalent value after 24 years is closest to : $76,294.40 AO $76,094.40.BO $76,194.40 .CO $76,394.40 .DO

Financial Statements of a Manufacturing Firm The following events took place for Rushmore Biking Inc. during February, the first month of operations as a producer of road bikes: Purchased $223,200 of materials. Used $192,000 of direct materials in production Incurred $164,000 of direct labor wages. Applied factory overhead at a rate of 75% of

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1. A project has an upfront capital cost of $1 million. It produces returns of $150,000 per year for 8 years. At the end of 8 years the project is finished and the equipment has zero salvage value. Calculate the net present value of the project if it is financed by borrowing the full upfront capital cost at 7% per anmum, compounded yearly. 2.

Southern Atlantic Distributors began operations in January 2021 and purchased a delivery truck for $40,000. Southern Atlantic plans to use straight-line depreciation over a four-year expected useful life for financial reporting purposes. For tax purposes, the deduction is 45% of cost in 2021, 30% in 2022, and 25% in 2023. Pretax accounting income

Question 9 is a term used to represent the effort of companies to create customer lifetime value while seeking long-term profitability and other goals. a) Customer loyalty b) Relationship marketing c) Customer satisfaction d) Sales concept Question 10 A product is called a good if a) It is predominantly tangible b) Its price is below the market

how do i trasnfer income and expense accounts to profit and loss account 2 . 3 Use the table below to prepare journal entries to transfer the income and expense accounts to Profit and Loss at 3 0 June 2 0 2 2 . You should refer to: the Accounts listed in the Chart of Accounts file ( see file: FNSACC 4 1 4 _ NeoZone Chart of Accounts ) . the

The following represents the targets accounting data you have estimated for the years 2020-2021. Assume that all of these numbers are end-of-year data ( i.e . today is January 1 st , 2020 and the revenues, etc . are at the end of 2020, 2021). In addition, you have the following information for the target and the acquiring firm. (15 points)

On January 1, the Matthews Band pays $65,600 for sound equipment. The band estimates it will use this equipment for five years and perform 200 concerts. It estimates that after five years it can sell the equipment for $2.000. During the first year, the band performs 45 concerts Compute the first-year depreciation using the straight-line method.

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The Abrams, Bartle, and Creighton partnership began the process of liquidation with the following balance sheet: Abrams, Bartle, and Creighton share profits and losses in a ratio of 3:2:5. Liquidation expenses are expected to be $3,000. The noncash assets were sold for $200,000. Which partner(s) would be required to contribute assets to the

A person had an income of $20,000 last year and paid $10,000 in tax. This year, the person had an income of $100,000 and paid $30,000 in tax. The person's marginal tax rate is

Los siguientes datos se recopilaron para utilizarlos en la conciliacin de la cuenta bancaria de Eves Company: Saldo por banco $9,475 Saldo por registros de la empresa 8.630 cargos por servicios bancarios 25 Depsito en trnsito 2.560 verificacin sin fondos suficientes 1.860 Cheques pendientes 5.290 Instrucciones A. Cul es el saldo ajustado en la

On March 1, 2016, Mandau Services issued a 99% long-term notes payable for $ 23 comma 000$23,000. It is payable over a 44-year term in $ 5 comma 750$5,750 principal installments on March 1 of each year, beginning March 1, 2017. Each yearly installment will include both principal repayment of $ 5 comma 750$5,750 and interest payment for the

eBook Show Me How Question Content Area Differential analysis for a discontinued product A condensed income statement by product line for Lavonia Beverage Inc. indicated the following for Vim Cola for the past year: Line Item Description Amount Sales $ 2 3 7 , 9 0 0 Cost of goods sold ( 1 1 1 , 0 0 0 ) Gross profit $ 1 2 6 , 9 0 0 Operating

Choose the option that best indicates, in terms of the Auditing Profession Act, when an auditor can be held liable to a third party who reliedon the opinion expressed by the auditor in audited financial statements. a.If it can be proven that the auditor was negligent in expressing the opinion, or making his/her report or statement, that the third

You are the financial controller of Omega, a listed company which prepares consolidated financial statements in accordance with International Financial Reporting Standards ( IFRS ) . The year - end of Omega is 3 1 March 2 0 2 3 and its functional currency is the rand. Your managing director, who is not an accountant, has recently prepared a list

Q5- (8 Marks: c1 8): Al Hilal Company sells one product. Presented below is information for March for Al Hilal Company. Mar. 2 Inventory 110 sale 90 Purchase 160 sale 130 Purchase 170 sale 110 5 12 14 22 28 units at BD6 each units at BD8 each units at BD6 each units at BD8.5 each units at BD7 each units at BD9 each Al Hilal uses the Average Cost

Babylon Corporation manufactures luxury sofa sets and uses a standard cost system. It allocates overhead costs based on quantity of direct materials. The companys performance report for January includes the following selected data. Static Budget (300 sofa sets) Actual Production (280 sofa sets) Explanations Sales Revenue $ 500,000 300 x $2000

Which of the following statements about the Securities Act of 1933 is not true? A. A third party that purchased securities described in the registration statement may sue the auditor for material misrepresentations or omissions in the audited financial statements. B. A third-party user has the burden of proof that the auditor was either negligent

Problem I: The adjusted trial balance of Debit Company is shown below: Debit Company Adjusted Trial Balance December 31, 2020 Cash $6,500 Accounts receivable 8,000 Supplies 1,000 Prepaid Rent (3 months) 2,500 Equipment, net 42,000 Accounts payable $4,000 Salary payable 2,000 Unearned revenue (2 month advance) 2,000 Note payable long term 14,000

On September 22, 2018, a flood destroyed the entire merchandise inventory on hand in a warehouse owned by the Rocklin Sporting Goods Company. The following information is available from the records of the company's periodic inventory system: Inventory, January 1, 2018 Net purchases, January 1 through September 22 Net sales, January 1 through

accounts receivable balance of $490,000 at the beginning of the year and a year-end balance of $620,000. Net credit sales for the year The average collection period of the receivables was: (Round any intermediary calculations to two decimal places and your final answer to the Marie's Clothing Store had an totaled $3,600,000. nearest day.) O A. 7

Johnson Co. Ltd. make and sell two product Q and Z, each of which passes through the same automated production operations. The following estimated information is available for period 1: Product unit data Q z Direct material cost 2 40 Variable production overhead cost 28 4 Overall hours per product unit(hours)0.25 0.15 Production/sales of product Q

2. At the beginning of the year, an audio engineer quit his job and gave up a salary of 175,000 per year in order to start his own business, Sound Devices, Inc. The new company builds, installs, and maintains custom audio equipment for businesses that require high-quality audio systems. A partial income statement for the first year of operation

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On January 2, 2020, Michael (lessee) entered into a 10-year non-cancelable lease with Thomas (lessor) for equipment. Required Information: The equipment has an estimated useful life of 13 years. There is no purchase option. Transfer of ownership to Michael is not stipulated in the lease contract. The fair value to Thomas (lessor) at the inception

Exercise 5-9 Compute and Use the Degree of Operating Leverage [LO8] Eneliko Company installs home theater systems. The companys most recent monthly contribution format income statement appears below: Amount Percent of Sales Sales $ 145,000 100% Variable expenses 58,000 40% Contribution margin 87,000 60% Fixed expenses 23,000 Net operating income $

25. Schister Systems uses the following data in its Cost-Volume-Profit analyses: Total Sales 400,000 Variable expenses 280,000 Contribution margin 120,000 Fixed expenses 100,000 Net operating income $ 20,000 What is total contribution margin if sales volume increases by 20%? A) $80,000 B) $158,400 C) $200,000 D) $144,000

Barlow Company manufactures three products - A , B , and C . The selling price, variable costs, and contribution margin for one unit of each product follow: The same raw material is used in all three products. Barlow Company has only 6 , 0 0 0 pounds of raw material on hand and will not be able to obtain any more of it for several weeks due to a

Situation 3 Concord Inc. has a fiscal year ending April 30. On May 1, 2023, Concord borrowed \$12 million at 10% to finance construction of its own building. Repayments of the loan are to begin the month after the building's completion. During the year ended April 30, 2024 , expenditures for the partially completed structure totalled $9 million.

The following records are the operational results of two extreme months of the HFT Enterprise. ( If the data shows broken on your screen, please use Zoom - in / out function to have it displayed correctly. Or you also may need to expand it to the full - screen \ table [ [ , Month 1 , Month 2 ] , [ Customer Count, 9 , 0 0 0 customers, 1 2 , 0 0 0

The Geller Company uses a job-order costing system. The following information was recorded for September: Added During September The direct labour wage rate is $10 per hour. Overhead is applied at the rate of $5 per direct labour hour. Jobs 1, 2, and 3 have been completed and transferred to finished goods. Job 2 has been delivered to the customer