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Leppard Corporation sells DVD players. The corporation also offers its customers a 2-year warranty contract. During 2012, Leppard sold 20,000 warranty contracts at $103.80 each. The corporation spent $190,000 servicing warranties during 2012, and it estimates that an additional $950,000 will be spent in the future to service the warranties.
Prepare Leppard's journal entries for (a) the sale of contracts, (b) the cost of servicing the warranties, and (c) the recognition of warranty revenue. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Do not round intermediate calculations. Round final answers to 0 decimal places, e.g. 2,520.)
Why are budgets useful in the planning process? a) They provide management with information about the company's past performance. b) They help communicate goals and provide a basis for evaluation.
In this discussion post you are to discuss either the pro or con of full financial disclosure. You must take a position advocating full disclosure and why this is beneficial for the marketplace and the economy or a position arguing that the associ..
Prepare an amortization schedule(s) describing the pattern of interest over the lease term for the Lessee and the Lessor.
Under what conditions is an accrual-basis-tax-payer allowed to defer reporting amounts received in the advance payments received for services?
As a potential investor in the shares of multi-national enterprises, which inflation method, restate-translate or translate-restate, would give you decision needs? Which information set is best from the viewpoint of foreign subsidiary's shareholde..
Analyze the need for changing to a new system and the potential benefits and risks associated with this change. Identify three (3) advantages and three (3) disadvantages for each of the following choices:
Write an article
William received his bank statement from Trader's Bank indicating an ending balance of $6,206.55. William's checkbook showed a balance of $5,549.30. William noticed that $759.00 in checks were outstanding.
Magenta Corporation also distributed $60,000 to its sole shareholder, Chuck, on November 30 of the current year. As a result of the distribution, which of the following is the correct regarding how Chuck should treat the distribution for the curre..
On September 1, 2008, Melissa paid $50,000 for 500 shares of WH Inc. common stock. On October 15, 2010, Melissa received a taxable 10% convertible preferred stock dividend (i.e., 50 shares).
The production budget shows planned sales of 32,000. Beginning inventory is 5,600. Units to be produced are 33,600. What is the desired ending inventory?
A company grosses $100 million per year and shows a 12 percent profit. It hires a security director, a security staff, and security equipment, which costs the company $2 million per year but reduces its losses, or "shrinkage," from 9 percent to 5 ..
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