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General Motors Corporation disclosed estimated product warranty payable for comparative years as follows: (in millions) Current estimated product warranty payable in 2008: $ 3,792; 2007: $ 4,655 Noncurrent estimated product warranty payable in 2008: $ 4,699; 2007: $ 4,960 Total: 2008: $ 8,491; 2007: $ 9,615 GM's sales were $ 177,594 million in 2007 and decreased to $ 147,732 million in 2008. Assume that the total paid on warranty claims during 2008 was $ 5,000 million. a. Why are short and long-term estimated liabilities seperately disclosed? b. Provide the journal entry for the 2008 product warranty expense. c. What two conditions must be met in order for a product warranty liability to be reported in the financial statements?
What amount should Gunkel report as retained earnings as of March 1, 2011?
Should any overhead costs be added to Job Q at the end of the year?
Varmit-B-Gone is a pest control service that operates in a suburban neighborhood.
The new machine will cut operating costs by $10,000 each year for the next five years. Taylor's cost of capital is 8 percent. Should the firm replace the asset? (Use NPV methodology to solve this problem)
Determine the effective annualized cost of forgoing the trade credit discount on the following terms:
Tarrah Company's variable expenses are 72% of sales. The company's break-even point in sales is $2,450,000. If sales are $60,000 below the break-even point, the company would report a:
the chart of accounts is many times described in financial accounting as the central element of a general ledger
For years the FASB had little interest in pursuing international harmonization projects. What prompted its seemingly new interest in 2002 to work with the IASB in such a cooperative manner?
wanda owns a company selling inflatable unicorn horns for cats. wanda is expanding by buying an additional machine to
at the beginning of 2011 clay ventures has accounts receivable of 100000. by the end of 2011 clay reports net credit
Prepare one journal entry to record Brown's income tax expense for the current year. Show well-labeled computations for the income tax payable and the change in the deferred tax account.
When purchasing merchandise on account for say $88,000, but you pay $67,000 cash on the $88,000 due. Your sales are $145,000, and the ending inventory is $24,000 what would the gross profit be?
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