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Questions -
Q1. If payday occurs on each Wednesday for the weekly pay period ending the previous Friday, and an entry is made each Friday to accrue the payroll for that week, the journal entry to record on payday (Wednesday) would involve a debit to:
-Cash Expense.
-Cash.
-None of these
-Wages Payable.
-Wage Expense.
Q2. Gateway Inc. bought a machine on January 1, 2021 for $40,000. Gateway plans to keep the machine for 8 years. What is the machine's carrying value on June 30, 2023 assuming Gateway uses straight-line depreciation?
-$40,000
-$27,500
-$25,000
-$30,000
-$35,000
What are the fixed efficiency and the fixed production volume variances, respectively, using 4-variance analysis? A. no efficiency variance,
Lost Time Watch (LTW) Company manufactures watches that are sold for $200 each. What is LTW operating breakeven point
What is the impairment loss on inventory? The carrying amount of the assets are building P5,000,000, equipment P3,000,000 and inventory P2,000,000.
apollo company manufactures a single product that sells for 168 per unit and whose total variable costs are 126 per
Determine the total sales, the total cost of goods sold, and the gross profit from sales for the period
You determine that it will produce cash for 10 years with an inflow of $230,000 a year for the first five years. What is the factory worth today
Andrea, who is in the 37% tax bracket, is interested in reducing her taxes. Indicate how much tax, if any, she would save
the diamond freight company has been offered a seven-year contract to haul munitions for the government. because this
Will the interest Magnus earns on any investment in District bonds be exempt from federal income taxation? Hint: Start with IRC §103 and the regulations.
What is the total stockholders' equity based on the following account balances? Paid-In Capital in Excess of Par 58000
A major difference between GAAP and IFRS is that GAAP. If there is a convergence between U.S. GAAP and IFRS, would you choose the U.S. GAAP or IFRS method? Why?
Troyer's long term available for sale portfolio at December 31, 2012, consists of the following.
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