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Park Green corporation started its business in 2020. It sold computers and electronics items for $186,600 in 2020. The company has provided a 2- year limited warranty for all sales. The company's estimate is that warranty costs for the first year will be 1% and will be 2.5% in the second year. Park Green Corporation spent $1,930 on warranty repairs during 2020.
Problem a. all journal entries related to the warranty for 2020.
Problem b. How will the warranty liability be reported on the balance sheet on Dec 31, 2020?
Team Spirit Calendars imprints calendars with college names. The company has fixed expenses of $1,095,000 each month plus variable expenses of $6.50 per carton of calendars. Compute the number of cartons of calendars that Team Spirit Calendars must s..
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