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Question - In 2020, EDSA Company began selling a new line of television that carry a two year warranty against defects. Based upon past experience with other products , the entity estimated warranty cost as a percentage of peso sales. First year of warranty 2%, Second year warranty 5%. In 2020 Total sales amounted to 5 million and actual warranty cost incurred amounted to 100,000 while in 2021 Total sales amounted to 7,000,000.00 and actual warranty cost amounted to 300,000.00. In addition, the company were able to sell extended warranty for 60,000 in 2020 and 80,000 in 2021. How much is the total liability to be reported for 2021?
given the following data for harder company compute cost of goods manufactured direct materials used 120000 beginning
Business is booming for the Majestic Ocean Kayaking company as more American are deciding to vacation at home instead of abroad
Instructions - For each of the independent situations, prepare the journal entry to record the retirement or conversion of the bonds
BUSI 2001 - Intermediate Accounting Assignment. Prepare the journal entry to record the exchange on the books of Wesley on the assumption
Explain deduction of expenditure, and give example of which can be recognized and not for tax purposes. What is disallowed expenditures and give examples.
Prepare journal entries to record the following transactions and events applicable to the calendar year 2013 operations of Lily City.
Summary operating data for Custom Wire & Tubing Company during the year ended April 30, 2019, Prepare a single-step income statement
Define the value of an accounting information system (AIS) and describe how it can be used to facilitate growth in a company
What effect on total expenses occurred as a result of the general journal entries recorded? Prepare a bank reconciliation statement
Legal fees of $1,000 were paid related to the acquisition. What amount should be debited to the patent account
Allstar Company signed a $300,000 mortgage on July 1, 2018. The interest rate is 7.0% per year. How much interest expense will be paid on August 31, 2018
The accounts payable balance at the beginning of quarter one is $25,400. What is the amount of the expected disbursements for quarter two given the following expected quarterly sales? Quarter 1: $65,000 Quarter 2: $106,000 Quarter 3: $98,000 Quart..
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