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In 2016, the Lewis Company sold 16,000 refrigerators. Lewis company estimated that 14% of them would require repairs under the 2 year assurance type warranty at an average cost of $60. During 2016, Lewis company had an actual outlay of $62,000 for repairs under warranty. Lewis Company uses the GAAP approach of accruing warranty expense in the year of the sale
At what amount should the company record warrant expense for 2016.
from the balance sheetcash............................................................. 30000
Tom Hughes died in 2009 with a gross estate of $3.9 million and debt of $30,000. He made post-1976 taxable gifts of $100,000, valued at $80,000 when he died. His estate paid state death taxes of $110,200. What is his estate tax base?
Explain the process for creating a balance sheet. Explain the total assets, liabilities, and net worth (loss). Explain the use of profitability, liquidity.
you purchase a bond with a coupon rate of 6.8 and a clean price of 1073. if the next semiannual coupon payment is due
Listed here are several value listings for entry value (EV), exit value (NRV) , and present value in each of four periods for an asset.
if a company issues common stock with no par- or stated-value then the journal entry for an ipo initial public offering
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All adjustments affect one balance sheet account and one income statement account. For each of these situations, show the accounts affected, the amount of the adjustment (using a 1 or 2 to indicate an increase or decrease), and the balance of the acc..
Find a recent journal article (publication date between 2013 - current) about absorption and/or variable costing
identify at least two significant business trends that you think will affect the accounting profession and the work
On January 1, 2013, Mehrzad Co. Issued 10,000 shares of $1 par stock for total proceeds of $60,000. The consequence of this transaction would be: On October 31, 2013 Mehrzad recorded a stock dividend of 10% when the market price of the stock was $7/s..
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