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Question - Accrued Product Warranty - Fosters Manufacturing Co. warrants its products for one year. The estimated product warranty is 5% of sales. Assume that sales were $287,000 for January. On February 7, a customer received warranty repairs requiring $330 of parts and $105 of labor.
a. Journalize the adjusting entry required at January 31, the end of the first month of the current fiscal year, to record the accrued product warranty. If an amount box does not require an entry, leave it blank.
b. Journalize the entry to record the warranty work provided in February. If an amount box does not require an entry, leave it blank.
Prepare entries in general journal form to record the events described above. Depreciation entries have not been recorded for any of the company's assets
Loran's GAAP (book) income before taxes during 2010 totaled $380,000. The marginal income tax rate is 40% for all years. What is the taxable income
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A $42,000, three - month, 10% note payable was issued on December 1, 2018. What is the amount of accrued interest on December 31, 2018
an accounting assistant has prepared the detailed manufacturing overhead budget and the selling and administrative
Depreciation-Change in Estimate Machinery purchased for $52,000 by Carver Co. in 2006 was originally estimated to have a life of 8 years with a salvage value of $4,000 at the end of that time.
The salvage value is $0 at all time, and MARR is 10% per year. What is the economic life of this challenger
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On May 10, 2005, What the cost of the merchandise purchased by Ramirez from Valencia to be reflected as cost of goods sold on May 21 is
1. hartman inc. has prepared the following comparative balance sheets for 2012 and 2013 2013 2012 cash 287000 153000
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