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Lee Co. sold a copier costing $6,500 with a two-year parts warranty to a customer on August 16, 2009, for $9,400 cash. Lee uses the perpetual inventory system. On November 22, 2010, the copier requires on-site repairs that are completed the same day. The repairs cost $125 for materials taken from the Repair Parts Inventory. These are the only repairs required in 2010 for this copier. Based on experience, Lee expects to incur warranty costs equal to 3% of dollar sales. It records warranty expense with an adjusting entry at the end of each year
If he sells the pubs abd then leases them back would you expect Lion Nathan to change how it accounts for the depreciation of he building?
Glitter Girl, Inc. recognized net income of $150,000 including $26,000 in depreciation expense.
Under the installment sales method, what would be Rosson's deferred gross profit at December 31, 2008?
Zhang incorporated her sole proprietorship by transferring inventory, a building, and land to the corporation in return for 100 percent of the corporation's stock. The property transferred to the corporation had the following fair market values an..
It is sometimes said that in debt service funds, the accounting for interest revenue is inconsistent with that for interest expenditure. Explain. What is the rationale for this seeming inconsistency?
Journalize the adjusting entry to adjust the unearned fees account.b. Journalize the adjusting entry to record the accrued fees.
Parker industries is analysing a 200000 equipment investment to produce a new product for the next 5 years. a study of expected annual after tax cashflows from the project produced the following data. using a hurdle rate of 14% calculate the proba..
Renee's Rings manufactures college rings. Two models are produced: The Spirit model with a budgeted price of $660 and a standard variable cost of $360.
Jarrett owns a mountain chalet that he purchased in 1999 for $175,000. This year, the home appraised at $300,000. Shortly after the appraisal, a blizzard hit the area in spring of the current year
Albert is in the 35% marginal tax bracket. He sold a building in the current year for $450,000. Albert received $110,000 cash at closing, the buyer assumed Albert's mortgage for 120,000, and the buyer gave Albert a 6% note for $220,000 due in two ..
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.
If the East territory is discontinued, one sales manager (whose salary is $40,000 per year and is part of the fixed costs) will be relocated to the West territory. By how much would Green's income change if the East territory is eliminated? Recast..
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