User Account

All Pages

Prepare journal entries required to create warranty period

Assignment Help Accounting Basics
Reference no: EM131883273

Question - Spoiled Baby Corp (SPC) sells baby buggies. Recent changes in the law required SPC to warranty its products for 90 days and you must set up the required accounts. Historical Data indicates that 6% of monthly sales result in warranty claims. The June 20x1 monthly sales are $481,000.

The following warranty claims were made against June sales.

July 8 210 July 14 450

July 16 900 July 21 385

July 26 421 July 28 772

Aug 4 1,795 Aug 8 921

Aug 14 267 Aug 17 1,022

Aug 25 186 Aug 27 755

Aug 29 548 Aug 30 899

Sept 2 111 Sept 3 219

Sept 5 1,135 Sept 14 816

Sept 18 242 Sept 24 987

Sept 27 147 Sept 28 1,587

Sept 29 788 Sept 30 489

Oct 1 1188 Oct 8 1387

Oct 14 489 Oct 17 577

Oct 21 1,967 Oct 27 927

Oct 28 683 Oct 29 492

Oct 30 897 Oct 31 1572

Prepare the Journal entries required to create and close the warranty period.

Reference no: EM131883273

Questions Cloud

What forms of advertisement does your company utilize : 1) What forms of advertisement does your company utilize (newspaper, internet, radio, etc.) and how effective is it?
What are the legal issues involved in this situation : What are the legal issues involved in this situation? What should the auditor use as a defense in the event that he is sued
Explain john chambers views about acquisitions : Explain John Chambers' views about acquisitions. How have his views affected the nature of Cisco's acquisition strategy?
Struggles with regard to a healthy body weight : What are the struggles with regard to a healthy body weight? Presenting explanations of concepts or methods to help fellow students
Prepare journal entries required to create warranty period : Spoiled Baby Corp (SPC) sells baby buggies. Prepare the Journal entries required to create and close the warranty period
Create the class appleproduct : you will create the class AppleProduct. This class represents a generic product sold by Apple Inc. Please review the class diagram shown here.
Assessment of the city : In a community health paper that is referring to a simulated city online, can I writer in a manner such as " Upon assessment of the city" or " I assessed"?
Determine which codes are ICD - CPT or HCPCS : HIM 215 Discuss how you will determine which codes are ICD, CPT, or HCPCS Identify some of the main terms you see in the patient record Identify any terms you
What incentives influence firms for international strategies : What incentives influence firms to use international strategies? What are the three basic benefits firms can achieve by successfully using an international.

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd