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Ainge Auto sells used cars and trucks. During 2012, it sold 53 cars and trucks for a total of $1,400,000. Ainge provides a 24-month, 30,000-mile warranty on the used cars and trucks sold. Ainge estimates that it will cost $25,000 in labor and $20,000 in parts to service (during the following year) the cars and trucks sold in 2012.
In January 2013, Joleen Glassett brought her truck in for warranty repairs. Ainge Auto fixed the truck under its warranty agreement. It cost Ainge $450 in labor and $310 in parts to fix Joleen Glassett's truck. Prepare the journal entries to record
(1) Ainge Auto's estimated customer service liability as of December 31, 2012, and
(2) The costs incurred in repairing the truck in January 2013.
sophisticates inc. a distributor of jewelry throughout california is in the process of assembling a cash budget for the
Discuss the extent to which Bedell's idea will, in fact, achieve a cost savings. Consider the effects on both net income and cash flows. Who is responsible for estimating the useful lives of plant assets? Discuss any ethical issues that Gillespie s..
Brazilia Bus Tours has incurred the following bus maintenance costs during the recent tourist season. (The realis Brazil's national monetary unit. On the day of this exercise was written, the realwas equivalent in value to .5092 U.S. dollar.)
Prepare a July income statement, statement of owner's equity, and balance sheet and from the worksheet, journalize and post adjusting and closing entries.
DNA Corporation issued $4,000,000 in 8 percent, 10-year bonds on February 1, 2010, at 115. Semiannual interest payment dates are January 31 and July 31. Use the straight-line method and ignore year-end accruals.
Jim received an insurance recovery of 80% of the value of the car at the time of the accident. If Jim's AGI for the year is $50,000, determine his deductible loss on the car.
shurshot sports inc. manufactures basketballs for the national basketball association nba. for the first 6 months of
How should Victoria account for the sale of securities from each portfolio? And Why? (What is the justification for the recommended accounting treatment).
Alico Corporation bonds have a face interest rate of 8%, a face value of $100,000 and will mature in 20 years. Interest is paid semi-annually. If you require an annual yield of 7.4%, what price would you be willing to pay for the bond?
please show computation and give reasioning behind answerson january 1 2012 phil sonics corporation issued 2000000 of
What is the single equivalent discount and what is the net cost to the company
Explain the difference between the two transactions from the standpoint ofthe seller. Use the component elements of income to support theanswer.
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