Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
Warranty and Coupon Computation Schmitt Company must make computations and adjusting entries for the following independent situations at December 31, 2011.
1. Its line of amplifiers carries a 3-year warranty against defects. On the basis of past experience the estimated warranty costs related to dollar sales are: first year after sale-2% of sales; second year after sale-3% of sales; and third year after sale-5% of sales. Sales and actual warranty expenditures for the first 3 years of business were: Compute the amount that Schmitt Company should report as a liability in its December 31, 2011, balance sheet. Assume that all sales are made evenly throughout each year with warranty expenses also evenly spaced relative to the rates above.
2. With some of its products, Schmitt Company includes coupons that are redeemable in merchandise. The coupons have no expiration date and, in the company's experience, 40% of them are redeemed. The liability for unredeemed coupons at December 31, 2010, was $9,000. During 2011, coupons worth $30,000 were issued, and merchandise worth $8,000 was distributed in exchange for coupons redeemed. Compute the amount of the liability that should appear on the December 31, 2011, balance sheet.(AICPA adapted)
a banner company budgets sales of 480000 fixed costs of90000 and variable costs of 360000. what is the contribution
Journalize the withdrawal of Posada under each of the following assumptions. Each of the continuing partners agrees to pay $18,000 in cash from personal funds to purchase Posada"s ownership equity. Each receives 50% of Posada"s equity.
A company declared a cash dividend on its common stock in December 2010, payable in January 2011.
the job cost sheet for 1000 units of toy trucks is job number 555 date started 413 date completed 618 raw materials
What are the differences among valuation, depreciation, amortization, and depletion? Is it appropriate to calculate depreciation using two different methods? Why? What does the Annual Report you are using for class say about depreciation?
The company plans on producing 40,000 units and actually did, Sales totaled 37,000 at $42 each. Costs: The companies variable-costing net income would be:
The payment of liability A
jake marley owner of marley wholesale is negotiating with the bank for a 200000 90 -day 12 percent loan effective july
Expensing the costs of sample display houses in the periods in which the expenditure is made and spreading the costs over more than one period. Discuss the advantages of each method.
harrison township is studying a 700-acre site for a new landfill. the new site will save 70000 in annual operating
rob carpenter is a senior manager at a prestigious accounting firm and was recently transferred to the international
global motors is a u.s. corporation that purchases automobiles from european manufactureres for distribution in the
Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!
whatsapp: +1-415-670-9521
Phone: +1-415-670-9521
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd