User Account

All Pages

What the warranty expense was

Assignment Help Financial Accounting
Reference no: EM132539870

Question 1: The term breakage refers to

A. unearned gift card revenues.

B. the portion of a gift card that will never be used by its owners.

C. the amount of gift card revenue that cannot be recognized.

D. expenses related to damaged credit cards.

Question 2: Non-current liabilities are recorded in the books at their

A. present value.

B. net amount.

C. net realizable value.

D. gross amount.

Question 3: Radio Hut Inc. offers a two-year assurance warranty against failure of its products. The estimated liability is 1.5% in the year of sale and 3% in the second year. Sales and actual warranty expense for 2020 and 2021 were:

Sales       Actual Warranty          Costs Incurred

During Year

2020               $3,500,000            $110,000

2021               $3,900,000               $195,000

The warranty expense for 2021 was

A. $157,500.

B. $175,500.

C. $195,000.

D. $305,000.

Reference no: EM132539870

Questions Cloud

Prepare the bank reconciliation for Chen and Chan Ltd : On 30 April 2020 Chen & Chan Ltd had a cash balance as per company records of $5,644.50 debit. Prepare the bank reconciliation for Chen and Chan Ltd
What controls should be in place to maintain accurate record : Find What controls should be in place to maintain accurate records for recording source documents into the subsidiary ledgers?
Find what is the number of weighted average shares : Find What is the number of weighted average shares? Sharon company provided the information in relation to ordinary shares.
How much will you have when the CD matures : JG Asset Services is recommending that you invest $1,075 in a 5-year certificate of deposit (CD) that pays 3.5% interest, How much will you have
What the warranty expense was : Non-current liabilities are recorded in the books at their? The estimated liability is 1.5% in the year of sale and 3% in the second year.
Regiocentric marketing orientation based on the product : Classify this company as having an ethnocentric, polycentric, or regiocentric marketing orientation based on the product(s) or service(s) it sells.
What in canada capital assets are normally valued at : What In Canada capital assets are normally valued at? are non-current assets that are associated with certain rights or privileges of the company.
Bureau of economic analysis and global business today : Describe the arguments for and against international market integration such as the European Union (EU) and the North American Free Trade Agreement (NAFTA).
Specific cases where corporate compliance : Identify specific cases where corporate compliance was not at the top of a management's priority list.

Reviews

Write a Review

Financial Accounting Questions & Answers

  Explain the effect on share capital and revaluation surplus

The company declares and pay 1:5 bonus issue out of the company’s revaluation surplus. The company’s share capital is $500,000 and the value of the revaluation surplus is $200,000. Indicate whether this action lead to an increase, decreases or have n..

  Prepare a record the revenue and reduction from inventory

Write the two journal entries needed to record the revenue and reduction from inventory for the sale of all 13 million units. Determine the missing amounts.

  When the level of activity decreases-variable costs

When the level of activity decreases, variable costs will:

  Series of alternate cash transactions

Given the following series of alternate b cash transactions. Draw the cash flow diagram

  Prepare a loan amortization schedule for the repayment

Clearwater Company borrowed $164,440 with interest at 12% to be repaid in equal annual amounts at the end of each of the next 6 years.

  How does this change affect the incentives for working

How does this change affect the incentives for working? b. How might this change represent a trade-off between equality and efficiency?

  Calculate the bond issue price by using financial calculator

Calculate the bonds' issue price by using (1) factor , a financial calculator, or xcel function PV. (For calculation purposes, use 5 decimal places)

  Hernandez company rents out a portion of its building

Hernandez Company rents out a portion of its building to Crider Company for $1,000 per month.

  How you will visually represent the data for the total sales

Explain how you will visually represent the data for the total sales of the individual inventory categories for each location for the time periods shown.

  Compute the predetermined overhead rate used

Tinkle-Tinkle Glass Company makes glass globe paper weights for desks. The company uses a job-order cost system and predetermined overhead rates apply manufacturing overhead cost to jobs.  Compute the predetermined overhead rate used during the year ..

  Find what percentage underwriting spread for each size offer

Find What is the percentage underwriting spread for each size offer? (Do not round intermediate calculations. Enter your answers as a percent rounded)

  The profitability index of the project is closest

Deibel Corporation is considering a project that would require an investment of $74,000. No other cash outflows would be involved. The present value of the cash inflows would be $101,380. The profitability index of the project is closest to:

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!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

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