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Connor Bly is a sales manager for an automobile dealership. He earns a bonus each year based on revenue from the number of autos sold in the year less related warranty expenses. Actual warranty expenses have varied over the prior 10 years from a low of 3% of an automobile’s selling price to a high of 10%. In the past, Bly has tended to estimate warranty expenses on the high end to be conservative. He must work with the dealership’s accountant at year-end to arrive at the warranty expense accrual for cars sold each year.
Does the warranty accrual decision create any ethical dilemma for Bly?
Since warranty expenses vary, what percent do you think Bly should choose for the current year? Justify your response.
Security and Exchange Commission, is the U.S government agency that determines the financial statements that public companies must provide to stockholders, and the rules that they must use in producing those statements.
During the third quarter, the company made 1,500 parkas and used 3,150 square yards of fabric costing $39,375. Direct labor totaled 2,100 hours for $45,150.
How to distinguish between static budgets and flexible budgets. When are each an appropriate means of evaluating a manager's performance and why?
Issued 1,000 shares of $15 par common stock at $54 for cash. For a compound transaction, if an amount box does not require an entry, leave it blank or enter "0". Issued 1,400 shares of no-par common stock in exchange for equipment with a fair market ..
The final capital for Paul's business for the year ended 30th June 2005 was $90, 000. During the trading period he made a loss of $5000 and the additional investment of $46, 000 and drawings of $5, 100. Calculate the initial capital.
Inventory on hand at December 31, 2009, consisted of 40,000 units valued at $3.00 each - would have different amounts for 2011 if LIFO rather than FIFO had been used, and state the new amount for each account that is named
Create a spreadsheet to calculate the below financial ratios. Complete a comparison between the two years for this company and remember to use Excel formulas and link cells when possible.
Matthew Huber borrowed $20,000 at an 18% annual rate of interest. He determines that the loan is to be repaid over 3 years. The loan is amortized into three annually equal end-of-the-year payments. Calculate Matthew’s annual end-of-year loan payments
Remaining life Original cost Accumu. Amorti.* Fair value Selling costs Present value of future cash flows Summation of future, undiscounted cash flows Patent 10 years $200,000 $100,000 $80,000 $2,000 $85,000 $95,000 Trademark Indefinite $250,000 - $2..
In comparing the cancelled checks on the bank statement with the entries in the accounting records, it is found that check number 4239 for November's rent was correctly written and drawn for $3,240 but was erroneously entered in the accounting record..
Chapman Company obtains 100 percent of Abernethy Company’s stock on January 1, 2014. Assume that Chapman Company acquired Abernethy’s common stock for $605,600 in cash. Chapman uses the equity method for this investment. Prepare consolidation workshe..
Viejol Corporation has collected the following information after its first year of sales. Sales were $1,600,000 on 100,000 units, selling expenses $220,000 (40% variable and 60% fixed), direct materials $508,000, direct labor $282,200, Compute (1) th..
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