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Question - In connection with the audit of liabilities, you were able to obtain the following information:
Company A is a car manufacturer who gives to its clients at the time of purchase. Under the terms of sale contract, Company A undertakes to repair manufacturing defects or replace defective parts that become apparent within 5 years from the date of sale.
Based on previous experience, it is probable that there will be some claims under warranties. Estimated cash flows related to the cars covered by warranty as of the reporting period are as follows:
Likelihood of occurrence
Estimated cash flows
Major defects
4%
P2,000,000
Minor defects
10%
500,000
No defects
86%
0
Required - How much should Company A recognize as provision?
Prepare a single-step income statement for the year ended December 31, 2017
A. Engages directly in manufacturing or in making sales directly to customers. B. Does not directly manufacture products but contributes to profitability of the entire company. C. Incurs costs and also generates revenues.
Compute the contribution margin ratio for Red Rock, Inc. Ensure that answer is entered in decimals and not in percentages.
All of the machine hours take place in the Fabrication department, which has an estimated overhead of $113,700. What would the single plantwide rate be
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Prepare adjusting journal entries, closing journal entries, an income statement for 2014, and a balance sheet as of December 31, 2014
Cala Manufacturing purchases a large lot on which an old building is located as part of its plans to build a new plant.
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during 2010 bo company produced a toy. the toy was assembled from material expected to cost 20 per ounce and two ounces
Make the journal entries to record the sale and settlement of the account receivable.
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