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The Schrock Co. needs help preparing its adjusting entry for warranties. At the end of the year, 1,000 units remain under warranty. Schrock expects 2% will be returned and each return will cost it $30 to repair or replace. Prior to making the adjusting entry, Schrock's warranty liability has a credit balance of $13. What is warranty expense for the period? a. $613 b. $640 c. $587 d. $667 e. None of the above The Mitchell Co. uses accelerated depreciation for its one delivery truck. When the truck was originally acquired, it cost $50,000 and had a useful life of 8 years with no salvage value. Depreciation expense for this year is $3,955. Which statement is most accurate? a. The delivery truck was purchased last year. b. The delivery truck was purchased several years ago. c. We know nothing about the age of the delivery truck Wilson Co. makes sophisticated products that are only possible because of significant investments in research. Wilson's competitors have developed their products by either buying the rights to technology or buying the company that created the technology. In contrast, Wilson has developed all of its technology "in house." If we were to look at the balance sheets of Wilson and one of its competitors who manufactures and sales similar quantities of similar products, what do you expect to see? a. Book value of assets should be similar. b. Wilson's book value of assets exceeds that of its competitor. c. Wilson's book value of assets is less than that of its competitor. d. Wilson's book value of assets will be lower in some years and higher in others During 2014, the Koch Co. reported revenues of $200,000 for GAAP purposes. During the year, accounts receivable increased by $2,500. How much cash did Koch collect from customers in 2014? a. $197,500 b. $200,000 c. $202,500 d. None of the above Sessions Co. builds software to sell to others. IRS rules require expensing software development costs as incurred. Under U.S. GAAP, companies have some leeway between immediately expensing versus capitalizing and amortizing software development costs. During 2013 and all prior years, the Sessions Co. expenses software development costs as incurred for GAAP purposes. Sessions is considering a change to capitalizing and amortizing software development costs incurred in 2014 and thereafter for GAAP reporting purposes. The costs would be amortized over a 3-year useful life. Which statement below is most accurate? a. Sessions will owe the government more taxes in 2014 if it makes this change. b. Sessions will report larger GAAP income tax expense in 2014 if it makes this change. c. Both A & B d. Neither A nor B
You have been hired as a consultant by the Board of Directors of Landry's Restaurants, Inc. to evaluate the financial status of the company.
You are required to write a report to your boss to help her understand these terms trial balance, cash book, general journal, books of prime entry effects of transactions and accounting equation.
you have accumulated 12000 and are looking for the best rate of return that can be earned over the next year. a bank
For the current year ending April 30, Hal Company expects fixed costs of $60,000, a unit variable cost of $70, and a unit selling price of $105.(a) Compute the anticipated break-even sales (units).(b) Compute the sales (units) required to realize ..
Calculate the number of units of product to be produced during October and calculate the number of pounds of raw materials to be purchased during October.
tyrene products manufactures recreational equipment. one of the companys products a skateboards sells for 32. the
What would incomplete units physically look like at the end of any given part of the process? For example, at the end of the distillation process and then at the end of the final bottling process
Determine the value-added, non-value-added, total lead time, and the value-added ratio under the traditional and just-in-time manufacturing methods. Round whole percentages to one decimal place.
canned fruits and vegetables are the main products made by yummy foods inc. all direct materials are added at the
at the beginning of 2009 the healthy life food company purchased equipment for 42 million to be used in the manufacture
the marbury stein shop sells steins from all parts of the world. the owner of the shop clint marbury is thinking of
In addition, your grandfather just gave you a $25,000 graduation gift which you will deposit immediately (t=0). If the account earns 9% compounded annually, how much will you have when you start your business 12 years from now?
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