Reference no: EM131415493
1. February 2 Sold five cars.
2. March 23 Sold ten cars.
3. May 30 Incurred warranty costs of $3,000 on four cars sold in 2010.
4. July 5 Sold eight cars.
5. September 2 Incurred warranty costs of $5,000 on five cars sold in 2011.
6. November 15 Incurred warranty costs of $6,000 on one car sold in 2011.
7. December 20 Sold twelve cars.
REQUIRED:
a. Assume that the cars were sold for cash for an average of $9,500. Prepare the entry to record the car sales during 2011 (combine all the sales and make one entry).
b. Prepare the individual entries to record the warranty costs incurred. Assume that the breakdown of warranty costs is 40 percent wages (paid in cash) and 60 percent parts.
c. Arden accrues its warranty liability with a single adjusting entry at year-end. Prepare that entry.
d. Compute the year-end warranty liability. The beginning balance in the warranty liability account was $3,500.
e. Explain why accountants estimate the warranty expense in the year of sale instead of recording the expenses as the costs are incurred.
|
Explores depression among college students
: Purpose: This study explores depression among college students controlling for personal factors and family background in order to ascertain whether college itself poses an increased risk for depression on students not otherwise predisposed to men..
|
|
Which part of investigation made biggest impact on you
: Explain which part of investigation made the biggest impact on you. Describe some of challenges Human Services Professionals may face when working on child abuse cases. What are your suggestions for dealing with those challenges..
|
|
Describe some of the features of the curriculum
: It has become the company's global center of excellence for McDonald's operations training and leadership development.Describe some of the features and characteristics of the curriculum, students, and university facility.
|
|
Constructive or destructive- if build our home in the valley
: Identify the following dilemmas as either constructive or destructive. Then suggest a refutation for each by escaping between the horns, grasping by the horns, or constructing a counterdilemma.
|
|
Compute the year-end warranty liability
: Assume that the cars were sold for cash for an average of $9,500. Prepare the entry to record the car sales during 2011 (combine all the sales and make one entry).
|
|
Examine the challenges for unions and employers
: Discuss some employer tactics used to prevent or minimize union membership growth prior to the passage of the National Labor Relations Act in 1935. Which, if any, of these tactics would be lawful today? Why, or why not? Examine the challenges for ..
|
|
Calculate the optimal risky portfolio
: A) Calculate the optimal risky portfolio and its expected return and standard deviation. B) Find the slope of the CAL supported by T-bills and the optimal portfolio.
|
|
Explain the existence of crime in society
: Explain the existence of crime in society. Once the causes of crime are identified, specific actions (crime control policy) can be taken by social control agents to control and reduce criminal behavior. For example, rational choice theory suggests..
|
|
How insurance mandate in affordable care act affect business
: If you are a business major, how does the insurance mandate in the Affordable Care Act affect local, state, and national businesses and their employees?
|