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Florida Keys Construction installs swimming pools. They calculate that warranty obligations are 3% of gross sales. For the year just ending Florida Keys' gross sales were $1,450,000. Due to previous quarter recognitions, the Warranty Liability account has a credit balance of $28,700.
Determine the year's total warranty liability and journalize any necessary value to establish the year's liability at December 31st.
What is the advantage of overestimating? What are the pitfalls of under-estimating?
Second Baptist would start a church school. And Baker would open a car dealership. If you are the financial adviser for the school district, which offer would you prefer? Why?
Sale of Property Acquired by Gift. In 2008 F gave his son S, 100 shares of IBM stock which at that time were worth $30,000. F paid a gift tax on the transfer of $5,000. Assuming F had purchased stock in 2004 for $40,000 what are the tax consequenc..
On the first day of the current fiscal year, $1,500,000 of 10-year, 8% bonds, with interest payable semiannually, were sold for $1,225,000. Present entries to record the following transactions for the current fiscal year:
On January 1, Year 3, Starlight Construction Co. began a construction project qualifying for capitalization of interest. The total amount spent on this project during Year 3 was $250,000,
Quick Finance assessed a finance charge of 6% of the total accounts receivable factored and retained an amount equal to 2% of the total receivables to cover sales discounts.
Two parties seek to perform a like-kind exchange. The first party has real property with a FMV of $350,000 and a loan of $50,000. She purchased the property for $150,000 in 1996 and has since depreciated the property by $50,000.
The Mars Corporation issued 2,000 shares of its $10 par value common stock for $70,000. The Mars Corporation also incurred $1,500 of costs associated with issuing the stock.
Compute the value added, nonvalue added, and the total lead time of the wreath process for both the old and the new manufacturing process.
What are the total Period Costs incurred this period?
Because of the uncertainty for the future cash flows and the discount rate, we cannot complete the balance sheet if we do have the income statement first. (a) Please discuss for how the uncertainty is related to earnings quality. (b) Can the uncer..
The company is subject to state unemployment taxes at the rate of 2% and federal unemployment taxes at the rate of 0.8%. By May 15, some employees had earned over $7,000, so only $9,000 of the $20,000 weekly gross pay was subject to unemployment t..
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