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Savory Co. sold $340,000 of equipment during May under a two-year warranty. The cost to repair defects under the warranty is estimated at 7.0% of the sales price. On October 10, a customer required a $283 part replacement, plus $200 of labor under the warranty. Provide the journal entry for the estimated warranty expense on May 31 for May sales. Provide the journal entry for the October 10 warranty work. If an amount box does not require an entry, leave it blank.
Discuss the importance of the statement of cash flow. Discuss the decisions that are made based upon this information. Recommend an innovative way that the statement of cash flow may be useful when making business decisions
Prepare a classified statement of financial performance for 2012 and 2013 - prepare a classified statement of financial position for 2012 and 2013.
Accounts receivable from sales transactions were $46,439 at the beginning of the year and $61,231 at the end of the year. Net income reported on the income statement for the year was $122,433. Exclusive of the effect of other adjustments, the cash fl..
Discuss the advantages and disadvantages of accounting for inventory under the perpetual inventory system.
Prepare journal entries to record each of these events. Use the straight-line method of amortization where applicable.
The following cost data relate to the manufacturing activities of Newberry Company during the just completed year: Total actual manufacturing overhead costs incurred: Compute the amount of under applied or over applied manufacturing overhead cost for..
part a-a. what is the interest expense for 2013 b. how much equipment was purchased during the year? c. what was the
XYZ Company had 200,000 shares of common stock outstanding on December 31, 2008. On July 1, 2009, XYZ issued an additional 50,000 shares for cash. On January 1, 2009, XYZ issued 20,000 shares of convertible preferred stock.
Prepare the journal entry to record the acquisition of the assets.
The stockholders' equity section of the balance sheet for Pental, Inc., follows before the stock dividend. Common stock, $1 par, 100,000 shares issued and outstanding $100,000 Additional paid-in capital 50,000 Retained earnings 450,000 Total stockhol..
Berkshire Inc. uses a periodic inventory system. At the end of 2012, it missed counting some inventory items, resulting in an inventory understatement by $600,000. Assume that Berkshire has a 30% income tax rate and that this was the only erro..
Mary Cooper just purchased 200 shares in the All-American Fidelity Fund. The purchase cost for each share was $40. If this fund charges a 5% load, what is the total amount of commission she will pay the investment company?
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