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Digital Audio Works, Inc. warrants its product for 1 year. The estimated product warranty is 1.5% of sales. Assume tha sales were $975,000 for January. In February, a customer received warranty repairs requiring $5,280. of parts.
a. Determine the warranty liability at January 31, the end of the first month of the current year.
b. What accounts are decreased for the warranty work provided in February?
Comment on the appropriateness of this viewpoint. Prepare a report outlining the need for regulation in accounting and why a free market for accounting information is not ideal.
Equestrain Roads sold $50,000 of goods and accepted the customer's $50,000 10% 1-year note receivable in exchange. Assuming 10% approximates the market rate of return, what would be the debit in this journal entry to record the sale?
Calculate the firm's 2003 earnings per share (EPS). How large a per share cash dividend did the firm pay on common stock during 2003?
Barrett Corporation had 6,500 units of work in process on April 1. During April, 19,100 units were completed and as of April 30, 5,100 units remained in production. How many units were started during April?
Assuming Marten Co. has a portfolio of Available-for-Sale Debt Securities, what should Marten Co. report as a gain or loss on the bonds?
Prepare the journal entry to record the sale of the bonds on January 1, 2008, and the proper balance sheet presentation on this date. Prepare the journal entry to record interest expense on December 31, 2008, and the proper balance sheet presentat..
Why is the identification of favorable and unfavorable variances so important to a company? How can the identification of the variances help management control costs?
Prepare a memo to Susan Apple, a tax partner for whom you are working, with the recommended treatment for the disputed income.
He does not elect to expense any of the asset under S 179 or elect straight line cost recovery. He elects not to take additional first year depreciation. He sells the asset on August 25, 2010 . This is the only asset he acquires in 2009. Determine..
Would the answers to Part a change if the accounting firm reimburses Roberta for these expenses?
Orosco Supply Co. has the following transactions related to notes receivable during the last 2 months of 2008.
In 2010, Athena reported $35000 of taxable income. Of this, $30000 came from her work at the local library and the remaining $5000 was from capital gains to be taxed at preferential rates. Compute her tax liability for 2010 as a single taxpayer.
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