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Question - On October 6, 2020, Norwood Co., an office equipment supplier, sold a copier for cash of $12,000 (cost $9,400) with a two-year parts and labour warranty. Based on prior experience, Norwood expects eventually to incur warranty costs equal to 5% of the selling price. The fiscal year coincides with the calendar year. On January 15, 2021, the customer returned the copier for repairs that were completed the same day. The cost of the repairs consisted of $198 for the materials taken from the parts inventory and $360 of labour that was fully paid with cash. These were the only repairs required in 2021 for this copier.
Required -
1. How much warranty expense should the company report in 2020 for this copier?
2. How much is the warranty liability for this copier as of December 31, 2020?
Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest. How much control does the Fed have over this longer real rate?
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