The warranty reserve directly to retained earnings

Assignment Help Accounting Basics
Reference no: EM13306929

What basic accounting principle is violated by the recording of the warranty reserve directly to retained earnings?

Reference no: EM13306929

Questions Cloud

Evaluation of inventory : Evaluation of Inventory
Explain difference between windowlistener and windowadapter : Explain the difference between the WindowListener interface and the WindowAdapter.
Determine what is the work function for the metal : 582 nm photons are used in a photoelectric experiment. An electron is just released from metal with little or no kinetic energy at this frequency. What is the work function for this metal
Evaluate the coefficient of static friction : A block just begins to slide down a ramp after being elevated to an angle of 40 degrees. What is the coefficient of static friction
The warranty reserve directly to retained earnings : What basic accounting principle is violated by the recording of the warranty reserve directly to retained earnings?
Compute the flexural strength of the load at fracture : A three-point bending test is performed on a glass specimen having a rectangular cross section of height d=5mm and width b=10mm; the distance between support points is 45mm.
What is the period of the second satellite : A planet has two small satellites in circular orbits around the planet. the first satellite has a period 18.0 hours, what is the period of the second satellite
Determine the flow rate per unit width of aquifer : The aquifer is inhomogeneous with K = 12+0.006x, where x =0 at point 1, and the piezometric heads at point 1 and 2 are 14.2 m and 18.8 m, respectively measured above the upper confining layer.
Non-recognition treatment under irc : Research and analyze whether transactions are eligible for non-recognition treatment under IRC §351. Using your tax research memo template developed in Module One, prepare a tax research memorandum to problem C:2-62 in your textbook.

Reviews

Write a Review

Accounting Basics Questions & Answers

  Find value of inventories using dollar-value lifo method

Arna, Inc. uses the dollar-value LIFO method of computing its inventory. Data for the past 3 years follow. Compute the value of the 2010 and 2011 inventories using the dollar-value LIFO method.

  Spine line is a manufacturer of high-quality products

Spine Line is a manufacturer of high-quality products designed to help support healthy spines. Their newest product offering is a massage chart. Below is the standard cost structure for the chair:

  What are some of the limitations of the equity method

Compare and contrast the Fair-Value Method (FAS 115) covered in your Intermediate Accounting courses (touched on in our textbook) and Equity Method. When should you use each method and why? What are some of the limitations of the Equity Method? (T..

  Value of money table factors

Use the time value of money factors posted on carmen to answer this question. To access these factors, click on content and then scroll to the bottom and click on the link labeled time value of money table factors.

  Entry to eliminate subsidiary income and dividends

Under the partial equity method, the entry to eliminate subsidiary income and dividends includes a debit to

  Developing a new product for market

During 2007, a company began researching and developing a new product for market. By June 30, 2008, the company had determined the new product was technologically feasible and developed a business plan including identification of a ready market fo..

  Basic function of an accounting system

The left-hand side of an account is used in recording debits, and the right hand side is used for recording credits in, Which of the following is NOT a basic function of an accounting system:

  Analysis of the general ledger accounts

An analysis of the general ledger accounts indicates that office equipment which cost $68,000 and on which accumulated depreciation totaled $22,500 on the date of sale was sold for $39,600 during the year.

  Balance sheet total for retained earnings

A for-profit nursing home has beginning-of-period retained earnings of $40,000. Net income for the period totals $75,000 and dividends declared during the period total $15,000. The balance sheet total for retained earnings will be what amount?

  Case study of belegorsk corporation

Belegorsk Corporation uses a weighted-average process costing system to collect costs related to production in its Milling Department. The following information relates to Milling Department production for August:

  Compensate for a weakness in internal control

An auditor may compensate for a weakness in internal control by increasing the:

  What is his realized gain or loss

Three years later, the shareholder ssells the land for $220,000. What is his realized gain or loss?

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!

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