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Accrued Product Warranty
Lowe Manufacturing Co. warrants its products for one year. The estimated product warranty is 4% of sales. Assume that sales were $560,000 for June. In July, a customer received warranty repairs requiring $140 of parts and $95 of labor.
For a compound transaction, if an amount box does not require an entry, leave it blank.
a. Journalize the adjusting entry required at June 30, the end of the first month of the current fiscal year, to record the accrued product warranty.
b. Journalize the entry to record the warranty work provided in July.
Declared a $0.80 per share dividend on the common stock (100,000 shares issued, 92,000 shares outstanding). The date of record is January 31, and the payment due date is February 15.
The current asset section of the Excalibur Tire Company's balance sheet consists of cash, marketable securities, accounts receivable and inventories.
Margaret sells ahnd- knit scarves at a flea market. Each scarf sells for $25. Margaret pays $30 to rent a vending space for one day. The variable costs are $15 per scarf. How many scarves should she sloe each day in order to break even?
Determine the number of units of product K to be manufactured in May and compute the May cash outlay for purchases of raw material A.
smart toys manufacturing projected 2009 sales of 10000 units at 12.00 per unit. actual sales for the year were 14000
Appleton Inc. adopted dollar-value LIFO on January 1, 2011, when the inventory value was $1,200,000. The December 31, 2011, ending inventory at year-end costs was $1,430,000 and the cost index for the year is 1.1.
Form W-4 is a form authorizing employers to withhold a portion of employee earnings for payment of an employee's federal income taxes. True or False
James owns a sole proprietorship. James pays his son Albert, age 17, $8,000 and his daughter Chloe, age 19, $11,000 for their work in the business. Both wages are reasonable for the work they perform. How much FICA tax must the sole proprietorship..
What amount could Ray include in his gross income from receiving the life insurance proceeds? The insurance company paid Ray $16,000 interest on the life insurance proceeds through the period Carin's estate was in administration.
The agreement made no explicit allocation of any of the $600,000to Clyde's agreement not to compete against Red. How should Clyde treat the $600,000 payment on his 2010 tax return?
Break morning Corporation produces a product that requires 1 hour of direct labor per unit. The allowance for rest periods is .2 hours; the allowance for machine setup is .1 hours. The hourly wage rate is $9 per hour, but a raise of $.25 per hour wil..
What amount should Cornwell show in the investment account at December 31,2010 if the beginning of the year balance in the account was $40,000?
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