User Account

All Pages

Give the entries to reflect the transactions

Assignment Help Accounting Basics
Reference no: EM133074852

Question - Sunland Equipment Company sells computers for $1,790 each and also gives each customer a 2-year warranty that requires the company to perform periodic services and to replace defective parts. During 2020, the company sold 850 computers.

Based on past experience, the company has estimated the total 2-year warranty costs as $40 for parts and $60 for labor. (Assume sales all occur at December 31, 2020.)

In 2021, Sunland incurred actual warranty costs relative to 2020 computer sales of $12,400 for parts and $18,600 for labor.

Part 1 - Under the expense warranty approach, give the entries to reflect the above transactions (accrual method) for 2020 and 2021.

Part 2 - The transactions of part (a) create what balance under current liabilities in the 2020 balance sheet?

Reference no: EM133074852

Questions Cloud

Calculate the required rate of return on a security : a. Calculate the required rate of return on a security with a beta of 1.64. (Do not round intermediate calculations. Enter your answer as a percent rounded to 2
Journalize the entries required to close the accounts : After the accounts have been adjusted at January 31, the end of the year, Harrison Taylor, Capital $349,310. Journalize the entries required to close accounts
Calculate the present value the interest rate : 1. A) The NewLife Insurance Company is offering an insurance policy that will give you and your offspring $18,000 per year forever. If you require 6% return on
Current market share price : 1. ABC Inc. has bonds on the market with 15 years to maturity, a YTM of 7% and a a current price of $950. The bond makes semiannual payments.
Give the entries to reflect the transactions : Under the expense warranty approach, give the entries to reflect the above transactions (accrual method) for 2020 and 2021
Find market price per share of? luther stock : With perfect capital? markets, what is the market price per share of? Luther's stock after the share? repurchase?
Explain why the opportunity is promising : Explain why the opportunity is promising. Describe your past performance (company history, if any, what you have done and are doing).
What adjusting entry will tanning company make : What adjusting entry will Tanning Company make if Allowance for Doubtful Accounts has a credit balance of $2,500 before adjustment
Political economy of central banking : Discuss some arguments of those who oppose Central Bank Regarding Declaration of Independance: The Political Economy of Central Banking

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

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!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

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