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Find what is the balance for customer advances on december

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Reference no: EM132513890

Question 1: The Crazy Busy Medical Labs Corporation provides a three-year warranty on the infusion pump it sells. When will the cost of a warranty appear on the cash flow statement?

A. Are you crazy? It is none of these.

B. When there is a settlement of a warranty claim made by a customer.

C. When the warranty obligation is recognized.

D. When merchandise is sold.

Question 2: The Solar Flares Company requires advance payments for custom orders made to customer's specifications. Information concerning 2020 transactions include:

Customer advances, balance, Jan. 1, 2020 $395,000
Advances received with orders during 2020 360,000
Advances applied to orders shipped during 2020 410,000
Nonrefundable advances forfeited by customers who cancelled during 2020 125,000

What is the balance for Customer Advances on December 31, 2020?

A. $345,000

B. $175,000

C. $170,000

D. $360,000

Question 3: Mature firms in capital intensive industries are most likely to report:

A. Negative cash flows from financing activities and positive cash flows from operating activities

B. Negative cash flows from both financing activities and operating activities

C. Positive cash flows from financing activities and negative cash flows from investing activities

D. Positive cash flows from both operating activities and investing activities

E. Negative cash flows from operating activities and positive cash flows from investing activities

Question 4: Rick Overton sued Anheuser-Busch for false advertising when drinking a six-pack of Bud Light failed to produce visions of beautiful women on a balmy beach. He sought damages for $10,000, claiming that this deceptive marketing caused him emotional and psychological distress. A lawyer at Anheauser-Busch believe the changes of losing this suit are remote. Per GAAP, Anheuser-Busch should

A. Record a liability on the balance sheet

B. Record an expense on the income statement

C. Do nothing in the financial statements related to this lawsuit

D. Only drink Coors Light because the it is too cold for beautiful women.

E. Disclose the lawsuit in the footnotes

Reference no: EM132513890

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