User Account

All Pages

Prepare journal entries to record Cost of servicing warranty

Assignment Help Cost Accounting
Reference no: EM132876579

Question - WIA is a kitchen appliance tailer, WIA provides no extra charge a 2 year warranty with it is appliance the warranty is sold separately and is estimated stand alone value of 225,000 in 2020. WIA sold appliance for 950,000 and spent 60,000 servicing warranty. It is estimated that and additional 100,000 will be spent in the future service the warranties. WIA accounts for the warranty using service type approach and recognize warranty revenue based on proportion of cost incurred out of the total estimated cost.

Required - Prepare 2020 journal entries to record

The sale of appliance with warranty?

Cost of servicing warranty?

Recognition of warranty revenue?

Reference no: EM132876579

Questions Cloud

Business judgment rule : Why is the business judgment rule so important to both directors and shareholders?
Explain four disadvantages of a planned economy : 1. A government might intervene in a free market economic system" discuss five reasons that might drive a government to intervene
Explain five characteristics of a free market system : 1. Summarize four roles of economy agents in a mixed economy 2. Briefly explain five characteristics of a free market system
Calculate Freco total gain or loss : Calculate Freco total gain or loss acquiring 8% bond assume the company uses straight line amortization. Show full calculation
Prepare journal entries to record Cost of servicing warranty : WIA sold appliance for 950,000 and spent 60,000 servicing warranty. Prepare journal entries to record Cost of servicing warranty
Examine the key variables encountered by a manager : A manager's success is measured by their team's ability to manage a project or a task, so that the expected results are produced while managing time and cost.
Evaluating Corporate-Societal Relationship : Describe two critical factors in the organization's external environment that can affect its success. Support your assertions.
What are some the implications for compensation : For the special employee groups discussed in the textbook (contingent employees, executives, and international employees), what are some the implications for co
Do you agree with the controller computation of earnings : On the basis of the information above, do you agree with the controller's computation of earnings per share

Reviews

Write a Review

Cost Accounting Questions & Answers

  Cost accounting assignment

Evaluate Method of measuring costs associated with production, budgeting process, normal job-order costing system , master budget, cycle time.

  Prepare the journal entries

Prepare the journal entries to record the bond issue and interest expense.

  Advise as to the liability of all the parties

Write a report on given case study and Advise as to the liability of ALL the parties both under common law and the Corporations Law.

  Prepare revenues budget

Prepare Revenues budget and Production budget in units

  Effect of exchange rate changes on cash and cash

Effect of exchange rate changes on cash and cash

  Corporate governance

You are to reflect on how this case of China Sky relates to what the arguments for and against allowing audit firm partners and/or employees to join audit committees.

  Cost-benefit analysis

A cost-benefit analysis of electronic medical records in primary care

  Non-annual interest rates and annuities

Theory of Interest- Non-annual interest rates and annuities

  Job costing in service organizations

How is job costing in service organizations different from job costing in manufacturing environments?

  Accounting for bad debt expense

Accounting for bad debt expense

  Accounting and partnership problems

Accounting and Partnership problems

  Development of relevant cash flows

Development of relevant cash flows - Cost estimating and financial analysis

Free Assignment Quote

Assured A++ Grade

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!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +91-977-207-8620

Phone: +91-977-207-8620

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd