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Problem - Sam Punji sells video cassette recorders (VCRs) with a 2-year warranty. Past experience indicates that 3% of the units sold will be returned during the warranty period for repairs. The average cost of repairs under warranty is estimated to be $50 per unit. During 2002, 7,000 VCRs were sold at an average price of $250. During the year, repairs were made on 35 units at a cost of $3,000. Prepare journal entries to record the repairs made under warranty and estimated warranty expense for the year.
Research the cost of each model (include taxes and title costs). Also, obtain an estimate of the miles-per-gallon fuel efficiency of each model.
You have been asked by your supervisor to prepare a report that evaluates HCL's accounting policy for customer lists
Elliott Corp failed to record accrued salaries for 2009, $2,000; 2010, $2,100; and 2011, $3,900 what is the amount of the overstatement or understatement of Retained Earnings at December 31, 2012?
1. crow manufacturers inc. projected sales of 64363 bicycles for 2012. the estimated january 1 2012 inventory is 5278
Prepare a condensed income statement for the year on both bases for comparative purposes
Are these rules comparable? What are the major differences between the two accounting standards? What was your rationale for choosing a rule?
Wade's outstanding stock consists of 40,000 shares of noncumulative 7.5% preferred stock with a $10 par value and also 100,000 shares of common stock with a $1 par value.
discuss with your learning team an existing organization with which you are familiar that is different than the one you
Joe owns 100% of Green Corporation (E & P) of $500,000 and 100% of Navy Corporation (E & P of $400,000). Joe sells 100 shares in Green (basis of $40,000) to Navy for $70,000, its fair market value. Joe purchased the stock in Green six years ago.
Contributions to the pension fund (end of year): 95,000,000. Determine the balance of pension plan assets at fair value on December 31
Warner Company purchases $51,700 of raw materials on account, Journalize the assignment of overhead to the Assembly and Finishing Departments
make a working paper calculating the expected interest expense. Compare this to the amount recorded by the client in the general ledger
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