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!
Company sells a machine for $6,500 under a 12-month warranty agreement that requires the company to replace all defective parts and to provide the repair labor at no cost to the customers. With sales being made evenly throughout the year, the company sells 600 machines in 2010 (warranty expense is incurred 30% in 2010, 20% in 2011 and 50% in 2012). As a result of product testing, the company estimates that the warranty cost is $400 per machine ($250 parts and $150 labor).
Required:
Assuming that actual warranty costs are incurred exactly as estimated, prepare the journal entries that would be made under application of the expense warranty accrual method for the following:
i. Warranty costs incurred in 2010.
ii. Warranty costs incurred in 2011.
Yellow Cab Co. began operations on January 2, 2010. It employs 15 drivers who work 8-hour days. Each employee earns 10 paid vacation days annually. Vacation days may be taken after January 10 of the year following the year in which they are earned. The average hourly wage rate was $24.00 in 2010 and $25.50 in 2011. The average vacation day used by each driver in 2011 was 9. Yellow Cab Co. accrues the cost of compensated absences at rates of pay in effect when earned.
Prepare journal entries to record the transactions related to paid vacation days during 2010 and 2011.
Prepare a budgeted income statement- Describe why there is a need for a bank loan and what operating sources supply cash
What is the suitable amount that Bluey Ltd should identify for the leased aircraft on its statement of financial position as on 1st July 2010. State the reasons for your conclusion.
Complete the entries to adjust the trial balance for the closing entries, prepare an statement of income and statement of financial position
The core values for this course are integrity and excellence. Applying the values of integrity and excellence, discuss ethical considerations of accounting for business combinations in a manner that prevents misunderstanding in the questions below. B..
Determine and report to the class on the latest issues being discussed by the IASB and the FASB in their joint project of revising the conceptual framework.
Were there changes in accounting policies reported by M&S during the two years covered by its income statements (2009-2010)? If so, describe the nature of the change and the year of change.
inventory amp cost of salesduring 2003 cramer sales sold 180 units 320 each. cash selling and administrative expenses
calculating divisions margin turnover return on investment roi residual income.ebel wares is a division of a major
Determine the amount of National's total liabilities
Create a PowerPoint presentation for a seminar aimed at future business owners who will be dealing with large amounts of cash. Explain the importance of the three areas of cash control and make recommendations for procedures that could be implemen..
Research Problem 2. Stuart is a columnist for a metropolitan newspaper. He holds a degree in journalism from a major midwestern university. For the past 10 years, Stuart has prepared his own income tax returns. He finds doing so to be challenging and..
According to the IPPF, an internal auditor assigned to an audit engagement:
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