Financial Accounting questions and answers in October 2021

17) Keep versus Replace: The existing machine cost $100,000 when it was purchased 5 years ago. The existing machine can be used for a further five years. If we sell the existing machine now, its salva...
13) Equivalent annual cost : Your company decided to purchase a machine. Now, the business needs to decide which model to purchase. Two different models, with different characteristics will meet the n...
20) Cost Cutting :  CBD Inc, a processor of CBD oils, is analyzing a potential opportunity to cut costs.  It can spend $1,500,000 today on the purchase and installation of a new automated processi...
22. Which key combination could you use to select the next worksheet? Ctrl-Tab Ctrl-End Alt-Page Down Ctrl-Page Down       17. To move from cell A1 to the last cell in the data range and then move ...
22. Which key combination could you use to select the next worksheet? Ctrl-Tab Ctrl-End Alt-Page Down Ctrl-Page Down   31. You need to save your worksheet as a PDF for use in a presentation. Under wh...
68. Please refer to the following screenshot. Tim is interested in taking a loan for a home improvement project. He is setting the amount and the time period of the loan so that the monthly payment is...
65. Please refer to the following screenshot. If we want to find the total of the 2 nd  highest price and the 3 rd  lowest price, which of the following functions should we use? =LARGE(B2:B7,2)+SMAL...
62. Assume the cost of a cake is $10 times the area of its top surface. Which of the following formulas can correctly calculate the cost of a cake with a 3-inch diameter? PI*(3/2)^2*10 PI*3^2*10 PI()*...
61. Please download the file pretest.xlsx. In the worksheet Bakery, each row gives the following data for a sales transaction: Transaction Number, Salesperson, Date of Sale, Product, Units Sold, Reven...
54. Please refer to the following screen shot. Which of the following functions can retrieve the appropriate price for a product category entered in cell B9? =INDEX(B2:B7,MATCH(B9,A2:A7,0),1) =INDEX(A...
Question 4 has three parts    overview  part 1 part 2 part 3   question 5 has multiple parts   overview  a Using T-accounts, enter the beginning balances to the ledger. b Journalize the August ...
TINT Corporation presents the following condensed statement of financial position as of the close of the year: Cash P 520,000 Accounts payable P 550,000 Other assets 1,333,000 Ordinary share capital 5...
The board of directors of KALEIDOSCOPE Corporation has declared cash dividends of ₱30,000 to its outstanding shares. The outstanding share capital of KALEIDOSCOPE Corporation consists of 3,000 share...
Realiza las siguientes entradas en el general journal según sea el caso. No son de una compañía pero puede hacerlo en un solo documento con separación entre una transacción y otra.  Lee cuidados...
3) Salima Limited Co. reports the operating cash flow of $40,100. Depreciation is $5,000 and interest paid is $987. A net total of $4,165 was paid on long-term debt. The firm spent $20,000 on fixed as...
Task 5 Verify accuracy and financial year rollover. 6. Regularly review the system output to verify the accuracy of the data input, making adjustments for detected processing errors. Accurately record...
XYZ. reports a $67,500 liability to be paid four years from today. The firm plans to open a savings account for the repayment of the debt when it is due on maturity. The firm makes an initial deposit ...
Ali borrows $239,000 to buy a house on March 1. The bank quotes the mortgage rate of 7.75 percent. The loan repayment schedule is asking for the payment to be repaid in equal monthly payments over 20 ...
Q1 -By beginning this test, I affirm that I will not give or receive any unauthorized help and that all work provided will be my own. I agree to abide by Seneca's Academic Integrity Policy and I under...
Please show solution in good accounting form so I can compare my answer. Thank you! :) REQUIRED: 1. Prepare necessary journal entries 2. Compute for the compensation expense of 2020, 2021 and 2022 3. ...
Hi! Kindly show your solutions in good accounting form so I can compare it with my answer. Thank you! . Problem 3: (Book Value per share) The shareholders' equity of HUE Corporation on December 31 of...
Unlimited Sunshine Limited manufactures sunscreen products and has recently purchased manufacturing equipment to help bottle and package its products. The equipment was purchased at a cost of $71,000 ...
A commercial property was purchased at a price of $280873 at the beginning of the year. This property has a gross rental income of $67373 per annum and operating expenses of $12680 per annum. At the...
Unlimited Sunshine Limited makes sunscreen and has recently purchased equipment to bottle and package a new sunscreen product. The equipment costs $55,000 plus $10,000 to install. The new equipment w...
A small light industrial property has a sale price of $481418 and a gross rental income of $48381. Annual operating expenses and mortgage repayments are $10105 and $18119, respectively. Calculate the ...
What was Best Buy's effective income tax rate in fiscal 2019? O 21.00% O 22.45% O 24.10% O 25.70% O 33.45% O 35.00%. 11. Income Taxes The following is a reconciliation of the federal statutory income ...
Here is the link to the full financial report: https://smallpdf.com/file#s=f4236f90-659a-44db-8f69-23b041bae1de. Suppose that a company had sold all of its $2,510 of "Net property and equipment&q...
Question 32 3 pts How did the fact that Best Buy has operating leases affect its income statement and statement of cash flows in fiscal 2019? O No impact on the financial statements O No impact on the...
Assume that Best Buy will not retire any of the 2028 Notes prior to their maturity in 2028. Will the interest expense recognized in fiscal 2020 for these notes be higher than, lower than, or the same ...
Use the following information for the next two question: According to footnote 1's "Unadopted Accounting Pronouncements" section on p. 55-56, Best Buy will adopt the new lease standard, &quo...
Use the following information for the next three questions: Suppose Best Buy had decided to buy back all of its debt obligations (excluding its lease obligations) on the last day of fiscal 2019. Furth...
Best Buy shows a line item for "Gain on sale of investment, $12" on its income statement in fiscal 2019. Is this a realized or unrealized gain? O Realized by nature of the fact that an inves...
Best Buy's share price closed at $58.47 on Feb. 2, 2019. What is your most precise estimate of Best Buy's market capitalization on that date? O $3,012 O $3,306 O $15,536 O $16,161 O $16,546 O $27,343 ...
How did the awarding of stock-based compensation affect Best Buy's financial statements. in fiscal 2319? C} Increased total expenses by $123 million and decreased total shareholdersr equity by $123 ...
Suppose Best Buy retired an incremental 20 million of its common shares during fiscal 2019 (that is, hypothetically assume they retired 20 million more shares than they actually did). Would the follow...
You purchased equipment in 2017 for $120,000 plus it costs $20,000 to have it delivered and installed. You also traded yoour old computer worth $20,000. The old CCA half-year rule still applied. Base...
As a policy, when Best Buy repurchases shares of its common equity, it retires the shares and then "plugs" to Retained Earnings the difference between the shares' original issuance proceeds ...
  1.Which of the following statements is true? A. If the P/E of a subject company is lower than that of its competitors, the subject company may be overvalued. B.  On the other hand, if the P/E of t...
1.For a ____________ loan, the asset being built or renovates is normally the collateral for the loan.  Construction  SBA 7(A) l  CDC-504  Mezzanine 2.Susan is starting her food truck business and...
Cost Cutting :  CBD Inc, a processor of CBD oils, is analyzing a potential opportunity to cut costs.  It can spend $1,500,000 today on the purchase and installation of a new automated processing l...
In 2017, a company was planning to launch a new project in Canada. The cost of the production equipment is $1,420,000.  The equipment falls in CCA class 8 with a 20% rate for income tax purposes. A w...
Equivalent annual cost : Your company have project that required intial investment to buy a machine for $250,000. Calculate EAC.  The operating cost for the machine (before tax) is $65,000 per year. ...
Cost Cutting :  Your company, is analyzing a potential opportunity to cut costs.  It can spend $1,750,000 today on the purchase and $ 10,000 on the installation of a new automated processing line....
Provincial Liquor Corp. (PLC) controls the sale and distribution of all alcohol products in the Canadian province in which it operates. It operates on a for-profit basis, is controlled by the provinci...
Question 31 of 36 Selloane owns a bond portfolio that includes Bond A, a callable bond with ten years to maturity. Bond A is callable at any time beginning one year from today. Selloane's portfolio al...
Question 35 of 36 The following three bonds are available for purchase: Bond X: Noncallable, accelerated sinking fund; Bond Y: Nonrefundable, callable, accelerated sinking fund; and Bond Z: Noncallabl...
Question 21 of 36 The bid-ask spread for a bond most likely conveys information about:   A. both its liquidity and its credit quality. B. its credit quality, but not its liquidity. C. neither its liq...
Question 18 of 36 What effect will an increase in expected yield volatility have on the value of a putable bond and a callable bond?   A. The putable bond will increase and the callable bond will dec...
QUESTION 2 (DERIVATIVE SECURITIES)  a) A fund manager has been monitoring the performance of Virgin Galactic Corporation shares (NYSE: SPCE). The shares are currently trading at $34.8 on the New York...
  WHAT IS THE COMPUTATION OR THAT?. Scenario 1 . Your grandparents gave you P 1?5,[l[l[l.flfl on your 16th birthday. You were instructed to invest the money so that the earnings can he used to pay ...
You are the financial manager for a company that produces cars. Currently, you only produce sedans and hatchbacks. However, your manager has come to you with a proposal to produce a cheap four-wheel d...
Question 6     The following are the financial statements of Ramsey Sports and Outdoors Ltd at 30 June 2021:       Ramsey Sports and Outdoors Ltd Statement of Financial Performance for the year e...
Question 3     Below is the Cash Receipts Journal, Cash Payments Journal, Cash at Bank Ledger account and Bank Statement of Tacoma Importers for the month ending May 31 2021.    The bank reconcili...
Question 2     All transactions below relate to Genco Enterprises Ltd.'s uncollectable accounts for the financial year ended 30 June 2021.  Transactions are GST inclusive.      Jul 13     ?...
Question 5     The following information relating to DiMeo Investments Ltd has been obtained from the statement of financial position as at 30 June 2020.     1 000  000 ordinary shares issued ...
Question 4     Tassie Scenic Tours started operating a sightseeing bus tour business on 1 July 2018.  The business owns one bus.  The company chooses to use the units of production method of accou...
Which industry report would be the most representative of your upper upscale hotel?   a. A report of all hotels in your region b. A report of all upper upscale hotels in the United States c. A report...
    Gap Inc.'s Sales, Cost of Goods Sold, and Gross Profit   The consolidated balance sheets of Gap Inc. included merchandise inventory in the amount of $1,627 as of January 30, 2016 (the end of fi...
Purchases and Sales of Merchandise, Cash Flows Cycletime, a bike shop, opened for business on April 1. It uses a periodic inventory system. The following transactions occurred during the first month o...
What is the free cash flow of the Greeley Corporation if it has earnings before interest and taxes of $4.9 million,  depreciation of  $0.5 million,  a tax rate of 0.2, a capital expenditure of $0.7...
Prepara las entradas de cierre de las cuentas temporeras con la siguiente información: Carmelo Vélez comenzó un negocio con el nombre de Limpieza Profunda . Después de los ajustes en diciembre del...
Carmen Ramos comenzó un negocio con el nombre de Limpieza Perfecta . Las siguientes transacciones ocurrieron en enero de 2020: Fecha Transacción 1 de enero Invirtió $10,000 en efectivo para iniciar...
On October 1, A and B pooled their assets to form a Partnership, with the firm to take over the business assets and assume liabilities. Partners capitals are to be based on net assets transferred afte...
Happy Days Restaurant has determined the following amounts related to costs of menu items.   Per Meal Total Direct Materials $4.60   Direct Labour $3.40   Variable Overhead $2.10   Fixed Overhead ...
If a 15,000 square foot hotel requires $30,000 in room revenue for the night to meet its budget, how much should it charge for a 400 square foot room? Select one: a. $200 b. $600 c. $800 d. $400    ...
ssume the cost plus pricing strategy is used. If a restaurant's markup is 70% and the total product cost is $5, how much should it charge for this particular product? Select one: a. $5.70 b. $7.00 c. ...
)   You want to purchase a house that costs $150,000. You have $30,000 to put down on it. Because you have good credit score you have been offered a loan of 15 years at 3% or 30 years at 3.75%.   A)...
Food cost percentage is: Select one: a. The portion of the selling price that is the profit b. The portion of the selling price that represents fixed costs c. None of the available choices is correct....
Menu engineering is a method of analysis that focuses on each menu item's: Select one: a. Contribution margin and popularity. b. Contribution margin and fixed costs. c. Fixed costs and variable costs....
Based on the most recent market research, a restaurant is recommended to price its deluxe cheeseburger platter at $20 per unit. If the company requires a profit of $9 per platter, the target cost shou...
You have been given financial information relating to the December 31, 20X2, financial statements of Misky Inc., a publicly traded Canadian corporation.   Misky Inc. Excerpt from the statement of com...
Your audit client presented the following information on December 31, 2018: Net purchases (all on account) - P2,400,000; Inventory, December 31, 2018 - P350,000. The audited balance of inventory on De...
c. On November 1, 2021, Sadie's borrows $230,000 from a local bank and signs a note. The note requires interest to be paid annually beginning on August 1, 2022 at 12%. Principal and interest are due i...
1. In April 2021, the University Sub Shop had an average check of $7.25 while the average check for April 2020 was $6.50. What was the absolute difference per unit for this time period? A $0.75 B(0.75...
1. The future value of an annuity due is on the same date as the last payment T/F 2. What is the future value of $1,500 invested at a 5% rate for 7 years? A $2,103.83 B $1,066.02 C $2,213.01 D $2,110....
QUESTION 3  (Note: This question relates to Topic 6)   Alex Ltd finalised its financial statements for the year ended 31 March 2021 and authorised them for issue on 6 June 2021. The new managing dir...
  Miller the Killer Pest Control Adjusted trial balance (select accounts) for the year ended December 31, 2021 Debit Credit   Retained earnings 1,200,950 Dividends 57,000 Sales 1,465,900 Interest in...
Ivanhoe Resort Corp. issued a 20-year, 5%, $ 254,000 mortgage note payable to finance the construction of a new building on December 31, 2021. The terms provide for semi-annual instalment payments on ...
On January 1, 2021, Carla Vista Ltd. issued $ 600,000 of 5%, 5-year bonds. The bonds were issued to yield a market interest rate of 6%. Carla Vista's year end is December 31. On January 1, 2023 immedi...
What are the differences in calculating equity income and equity pick-up when using an equity method? For example, Company A has a significant influence on Company B, and A needs to adjust its investm...
Use this information to determine the dollar amount of Annapolis Clothing's Finished Goods Inventory for January 1, 2020. Round to a whole number (no cents).. Annapolis Clothing Company manufactures q...
Jean and Bean have been married for four years now. They are expecting a baby soon and have plans to have another when the first child reaches 4 years of age. They currently operate a small online bus...
Given below is a quote from the Business Council of Australia (2005): "Given the difficulty defining corporate social responsibility (CSR), as well as the fact that CSR activities are already broadly ...
Jean and Bean have been married for four years now. They are expecting a baby soon and have plans to have another when the first child reaches 4 years of age. They currently operate a small online bus...
  Q1.Goodwill is a long term asset that: Select one: must be generated internally.     benefits only the current period.     has physical substance.     arises from the purchase of a business. ...
Hot Locks Company developed the following information for its hair dryer sales: Sales price                                  $ 125.00 per unit Variable manufacturing cost        $...
Tony Toy Co. is a toy manufacturer that uses job-order costing. The following transactions were recorded for the month of February: Feb. 2 Factory janitorial costs were paid: $1,000. Feb. 8 Purchased ...
Kennedy Company reported the following amounts for the year 2020. Required:  Prepare the  Cost of Goods Manufactured Schedule  for Kennedy Company. Direct materials used $30,000 Finished goods inve...
  Tara Westmont, the proprietor of Tiptoe Shoes, had annual revenues of $201,000, expenses of $111,700, and withdrew $24,400 from the business during the current year. The owner's capital account bef...
  Tara Westmont, the proprietor of Tiptoe Shoes, had annual revenues of $197,000, expenses of $109,700, and withdrew $22,800 from the business during the current year. The owner's capital account bef...
Comprehensive Problem 1 Part 9: The following is a comprehensive problem which encompasses all of the elements learned in previous chapters. You can refer to the objectives for each chapter covered as...
Using the internet (make sure your sources can be referenced) and find an accounting issue that has been in the news in the past 5 years 2016 - 2021.   Summarize the article or news segment, discuss...
eBook   Show Me How   Dividends Per Share Seacrest Company has 20,000 shares of cumulative preferred 2% stock, $150 par and 50,000 shares of $25 par common stock. The following amounts were distribu...
Analyze all three financial options provided, then select the option or options that add the most value to the business you have selected based on all the information you've gathered. Your recommendat...
In providing accounting services to small businesses, you encounter the following independent situations:   1.     Sainsbury rang up $13,000 of sales, plus HST of 13%, on its cash register on April...
The Sopwith Aviation Company is considering building a new short-range commuter jet, code named 'Sky Streak.' The aircraft's engines will be powered by a new green energy source: high-tension elastome...
1. b} 11an E: Smyth Inc. is considering the purchase of a new batch polymer—bonding machine for producing Crazy Rubber, a children's toy. The machine will increase EBITDJJ. by $215,000 per year fo...
Blue Spruce Corp. has the following account balances at December 31, 2021:   Notes payable ($ 46,000 due after 12/31/22)   $ 76,000 Unearned service revenue   53,000 Mortgage Payable ($ 68,000 due ...
The following are the Assets and Liabilities of Tabua Sports Club at 30th June 2021: Assets $ Cash at bank 3400 Subs due 216 Sports equipment 480 Stock of stationery 80 Furniture 1200 Sports pavilion ...
The table below provides selected financial data for the 1'J'ogon Construction Co. in Yearst and H. Selected Financial Information 1it'ogon Construction Co. Year t-1 Year t Interest Expense 49,732 S...
On July 1, 2014, Niagara Steel Corporation, Inc., issued 2,100, 8%, 10-year convertible bonds maturing on June 30, 2024, with semi-annual coupon payments on July 1 and January 1. Each $1,000 bond can ...
4) Fedor Customs reports the Operating cashflows of $400, ending fixed asset value of $300, change in net working capital of $80, depreciation of $80, cash flow from assets of $190.Based on the given ...
Please help me answer the following questions with an explanation. Thanks!   1. If a firm's capital structure (the firm's mix of debt and equity) changes, the firm's weighted average cost of capital ...
Appliance for Less is a local appliance store. It costs this store $17.36 per unit annually for storage, insurance, etc., to hold microwave in their inventory. Sales this year are anticipated to be 77...
22)Operating Expenses was P45,000, Sales Returns and Allowances was P13,000,Sales Discounts was P6,000,Sales was P150,000, and Cost of Goods Sold was P67,000 The gross profit rate would be A).489.  B...
Seventy-Two Inc., a developer of radiology equipment, has stock outstanding as follows: 60,000 shares of cumulative preferred 3% stock, $20 par and 405,000 shares of $25 par common. During its first f...
The unadjusted trial balance for Peanut Butter & Jam Inc. appears below as of December 31, 2020.                                   Peanut Butter & Jam Inc.  ?...
Inventory data for Hot Buys Company for January 2020 are as follows:   January 1 balance        80 units at $25 January 10 purchase    100 units at $28 January 15 sale           ...
Vista Inc. had the following balances in selected accounts at the end of 2019 and 2020.                                                         ?...
Carleton Corporation purchased machinery on October 1, 2019, at a total cost of $98,000. Estimated residual value is $8,000, estimated life of the machinery is 6 years or 50,000 hours. During 2019 and...
5 - Last year the Vogon Construction Co. had selling, general, and administrative (SG&A) expenses of $2.4 million on sales of $6 million. Next year the company expects sales to increase by 15%. Wh...
(a)  Identify what type of account it is (Asset, Liability, Shareholders' Equity, Revenue, or Expense); and (b)  its normal balance (debit or credit). Supplies  Mortgage Payable  Service Revenue...
The table below provides selected financial data for the Vogon Construction Co. in Years t and t-1. Selected Financial Information Vogon Construction Co. Year t-1 Year t Interest Expense 32.4 67.1 Sho...
  1. Please consider the excerpts from Walgreens Boots Alliance (i.e., Walgreens) annual report (PDF) for fiscal year 2020 and answer the following 10 questions. Note that fiscal year 2020 ends on ...
The following totals are used to create a CVP Income Statement for Frederick Company for FY2020: Frederick Company Selected Financial Figures For the Year Ended 12/31/20 Sales (100 units)   $10,000 V...
Question 9 (9 marks) (a) Identify what type of account it is (Asset, Liability, Shareholders' Equity, Revenue, or Expense); and (b) its normal balance (debit or credit). 1 A B I Go Account Type of Acc...
Fred is thinking of entering the soft drinks market in the area surrounding his cottage. He is going to call his company "Pop's Pop." He realizes that the soft drink industry is dominated by only thre...
Fred is thinking of entering the soft drinks market in the area surrounding his cottage. He is going to call his company "Pop's Pop." He realizes that the soft drink industry is dominated by only thre...
In September, Smith Company had the following financial statement amounts related to producing 500 units: Direct materials $27,000 Depreciation expense 11,000 Sales revenue 95,000 Direct labour 23,000...
Speedy Access Services Inc. leases access to high-speed computers to small businesses. It provides the following information for the year:   Budgeted Actual Overhead cost $2,200,000 $2,100,000 Comput...
Anne's Cupcakes incurred the following costs in 2020 at two different levels of production:   50,000 Units 75,000 units Direct Materials $50,000 $75,000 Selling Costs $5,000 $7,500 Depreciation $7,00...
(M8-9)  1)A credit memorandum is used as documentation for a journal entry that requires a debit to A)Cash and a credit to Sales Returns and Allowances.  B)Sales Returns and Allowances and a credit ...
Jakobi Jewelers estimates bad debt expense as 5% of sales. During 2020, Jakobi reported sales of $1,000,000 and recorded accounts receivables write-offs of $10,000. What is the bad debt expense for th...
QUESTION 8 Jakobi Jewelers estimates bad debt expense as 5% of sales. During 2020, Jakobi reported sales of $1,000,000 and recorded accounts receivables write-offs of $10,000. What is the bad debt exp...
QUESTION 1 A retractable roof was purchased for Emirates Stadium at a cost of $350,000 on January 1, 2020, with a useful life of 10 years. The company uses straight-line depreciation and depreciat...
Finest Ingredients Corporation has current assets of $180,000, total assests of $21,000, current liabilities of $110,000 and total liabilities of 115,000. The company is trying to obtain a bank loan f...
Lacazette Inc. paid Nutrition Consultants Inc. for services performed during the current year immediately after the service was completed. What effect would this transaction have on Nutrition Consulta...
Cole Electronikz, Inc., also distributes computers produced by a national manufacturer. Cole guarantees its products for the period from the date of purchase to the end of the year of purchase with an...
The following relates to depreciable assets of BBB Co.,    A. Machine A cost P105,000 and was purchased January 1, 2019. The straight line depreciation was used. At the time of purchase, the expecte...