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Herren Corporation manufactures CB radios. Each radio is sold with a two-year unconditional warranty against defects. During 2008, 280 radios were sold for $150 each. The company estimates that the warranty cost will average $20 per unit. The actual warranty costs incurred in 2008 amounted to $2,350.
Prepare journal entries for the sale of CBs, the estimated warranty cost, and the actual warranty cost incurred.
evaluate the "Off the Balance Sheet Arrangements" reflected in the 10-Qs of Freddie Mae and Freddie Mac. Explain how these red flags were ignored by the SEC and its public accounting firm.
Which of the following statements about current liabilities is true?
Calculate the total dollar amount of discount or premium amortization during the first year (5/1/10 through 4/30/11) these bonds were outstanding. (Show computations and round to the nearest dollar.)
Grunewald Industries sells on terms of 2/10, net 40. Gross sales last year were $4,562,500 and accounts receivable averaged $437,500. Half of Grunewald's customers paid on the 10th day and took discounts.
NewDrugs, Inc., an international corporation, has identified a list of expenditures it believes to be intangible assets. Which items would be recognized as assets under US GAAP? Which items would be capitalized under IFRS?
The FUTA tax rate is 0.8%, and the SUTA tax rate is 5.4%. Both unemployment taxes are applied to the first $7,000 of an employee's pay. The amount of Federal Income tax withheld from his earnings was $1,375.17. What is the amount of the employer's..
At December 31, 2008, McGovern Company overstated ending inventory by $50,000. How does this error affect net income for 2009?
Compute the balance in retained earnings at the end of the year if Frances Corporation pays a dividend of $2 per share on its common stock this year.
Write Company has a maximum capacity of 200,000 units per year. Variable manufacturing costs are $12 per unit. Fixed overhead is $600,000 per year. Variable selling and administrative costs are $5 per unit, and fixed selling and administrative cos..
What is the minimum annual interest rate they must earn to achieve their goal of $20,300 if the interest is compounded semi-annually?
Straight-line depreciation of $162,000 had been taken on the building. What is the amount and initial character of the gain or loss from disposition of the real estate? Is any of the gain unrecaptured § 1250 (25%) gain?
You just heard a news story about a mad cow disease in a neighboring country, and you believe that feeder cattle prices will rise dramatically in the next few months as buyers of cattle shift to US suppliers.
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