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!
Woodmier Lawn Products introduced a new line of commercial sprinklers in 2010 that carry a one-year warranty against manufacturer's defects. Because this was the first product for which the company offered a warranty, trade publications were consulted to determine the experience of others in the industry. Based on that experience, warranty costs were expected to approximate 2% of sales. Sales of the sprinklers in 2010 were $2,500,000. Accordingly, the following entries relating to the contingency for warranty costs were recorded during the first year of selling the product:
In late 2011, the company's claims experience was evaluated and it was determined that claims were far more than expected-3% of sales rather than 2%.
Required:
1. Assuming sales of the sprinklers in 2011 were $3,600,000 and warranty expenditures in 2011 totaled $88,000, prepare any journal entries related to the warranty.
2. Assuming sales of the sprinklers were discontinued after 2010, prepare any journal entry(s) in 2011 related to the warranty.
Slaughter earned $220,000 in net income in 2013 (not including any investment income) while Bennett reported $90,000. Slaughter attributed any excess acquisition-date fair value to Bennett's unpatented technology, which was amortized at a rate of ..
Determine the sample process including sample contact, survey distribution, and survey collection.
dellas donuts owner made investments of 53500 and withdrawals of 20700. the company has revenues of 83700 and expenses
whats going on in that lab? asked derek warren chief administrator for cottonwood hospital as he studied the prior
Zeta Co. has outstanding 100,000 shares of $100 par value cumulative preferred stock which has a dividend rate of 6 percent. Calculate the amount of dividends in arrears on Zeta's preferred stock.
This research-based assignment focuses on the latest available information about creating, organizing, and managing a total rewards program. Envision a service-based (insurance, telemarketing, or other) profit organization that employs 20,000 empl..
swanson corporation issued 8 million of 20-year 8 percent bonds on april 1 2011 at 102. interest is due on march 31 and
for supply item hm bertha company has been ordering 130 units based on the recommendation of the sales person. who
Why: a company with mostly large institutional shareholders, or one with many small retail shareholders?
Insurance Company begins processing casualty claims
mike purchased a heavy-duty truck five year class recovery property for his delivery service on april 30 2008. the
Selected financial information of HalfLife Co. for the year ended December 31, 2013, follows
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