Create entries to record the sale of the copiers

Assignment Help Financial Accounting
Reference no: EM133188580

Question - Justice Company sold 150 color laser copiers in Year 5 for $4,000 each, together with a one-year warranty. Maintenance on each copier during the warranty period is estimated to average $300 ($100 for parts and $200 for labor).

Required -

1. Create entries to record the sale of the copiers and the related warranty costs, assuming that the accrual method is used. Actual warranty costs incurred in Year 5 were $17,000 ($5,667 for parts and $11,333 for labor).

2. On the basis of the above data, prepare the appropriate entries for Year 5 assuming the cash-basis method is used.

Reference no: EM133188580

Questions Cloud

Conduct analysis using smart pls : Reflective measurement model, Evaluation of the structural model
What is the additional bad debtand impairment loss : Based on the above information and on your audit, what is the additional bad debt/impairment loss on the receivables to be recognized in 2022
Prepare two-page resume to support above job application : Prepare a two-page resume to support the above job application - Second Column should include the qualities and skills you currently
What was basis for depreciation of the computer system : The computer system is used for business 100% of the time. What was the basis for depreciation (in $) of the computer system
Create entries to record the sale of the copiers : Create entries to record the sale of the copiers and the related warranty costs, assuming that the accrual method is used
What should be reported as total contributed capital : Net income for 2003 was P5,000,000. What should be reported as total contributed capital on its December 31, 2003 balance sheet
What csr issues exist for nfps : What CSR issues exist for NFPs? What measures of performance are typically used by these organisations? What types of NFP exist
Discussion of key points and the readings highlights : summary or a general discussion of key points - Discussion - A summary or a general discussion of key points and the reading's highlights
How to recruit medical staff in rural areas : what are your top 3 concerns about providing access, quality, and cost effective care given staffing issues

Reviews

Write a Review

Financial Accounting Questions & Answers

  Financial statement analysis and preparation

Financial Statement Analysis and Preparation

  Shareholder of a company

Describe the ways that a person can become a shareholder of a company. Why Wal-Mart would split its stock?

  Financial and accounting principles

An understanding of financial and accounting principles can be a valuable tool for managers. While not all managers will find themselves calculating financial ratios or preparing annual financial data.

  Prepare a statement of cash flow using the direct method

Prepare a Statement of Cash Flow using the Direct Method and Prepare the Operations section of the Statement of Cash Flow using the Indirect Method.

  Financial accounting assignment

This assignment has one case study and two question apart from case study. Questions related to document Liquidation question and Company financial statements question - Torquay Limited

  Prepare general journal entries for goela

Prepare general journal entries for Goela Ltd

  Principles of financial accounting

Prepare the journal entry to record the acquisition of the assets.

  Prepare general journal entries to record the transactions

Prepare general journal entries to record the transactions, assuming use of the periodic inventory system

  Global reporting initiative

Compare the view espoused by the economist Milton Friedman about the social responsibilities of business with the views express by Stigler.

  Explain the iasb conceptual frameworks

Explain the IASB Conceptual Framework's perspective of users and their decisions.

  Determine the company''s financial statements

T he focus of the report is to determine the extent to which you are comfortable relying on the financial statements as presented by management .

  Computation of free cash flow

Computation of Free Cash Flow

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!

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