User Account

All Pages

Prepare the journal entry to record the replacement

Assignment Help Managerial Accounting
Reference no: EM132892444

Question - SIAST Corporation has a December 31 year end. The company sells calculators and provides a lifetime warranty on their product. Using past experience they estimate that 2% of calculators sold will be returned for replacement. The replacement cost of one calculator is $25. During 2020 the total sales for SIAST Corporation was $650,000 or 13,000 calculators sold at $50 per unit. On January 10, 2021 thirty calculators were returned and replaced under the warranty.

REQUIRED -

1. Prepare the journal entry to record the estimated warranty for 2020 on December 31.

2. Prepare the journal entry to record the replacement of the calculators on January 10, 2021.

Reference no: EM132892444

Questions Cloud

How much is the total dividend payable to shareholders : If preference is non-cumulative and participating up to 10%, how much is the total dividend payable to preference shareholders
What elements of the marketplace : What elements of the marketplace in which MegaTech operates led the firm to believe that project management would improve its operations?
Calculate the effective ceiling purchase price in uk pound : If in November the spot rate is $1.30/£, would you exercise the options? What will be the dollar cost for the £500,000 payment?
What would be the price of three-month european put option : Consider a non-dividend-paying stock with current share.What would be the price of the three-month European put option on the stock with a strike price of 160p.
Prepare the journal entry to record the replacement : During 2020 the total sales for SIAST Corporation was $650,000 or 13,000 calculators sold at $50 per unit. Prepare the journal entry to record the replacement
Personal identity verification : The Personal Identity Verification (PIV) card is used in non-military government agencies for authentication and identification to gain access to systems,
Prepare the journal entries on december : The power bill for December in the amount of $125 was received but is unpaid and unrecorded. Prepare the journal entries on December
Distinguish government vs not-for-profit organizations : Distinguish between government and not-for-profit organizations from business entities and describe how the distinction affects their accounting processes.
Business strategy to drive organizational strategy : Why is it important for business strategy to drive organizational strategy and IS strategy? What might happen if the business strategy was not the driver?

Reviews

Write a Review

Managerial Accounting Questions & Answers

  Manage budgets and financial plans

Explain the budgeting process and its importance to a business, identifying the components of different budgets, forecast estimates for inclusion in the budgets.

  Prepare a retained earnings statement

Prepare a retained earnings statement for the year and Prepare a stockholders' equity section of given case.

  Prepare a master budget for the three-month period

Prepare a master budget for the three-month period.

  Construct the companys direct labor budget

Construct the company's direct labor budget for the upcoming fiscal year, assuming that the direct labor workforce is adjusted each quarter to match the number of hours required to produce the forecasted number of units produced.

  Evaluate the predetermined overhead rate

Evaluate the Predetermined Overhead Rate

  Determine the company''s bid

Determine the company's bid if activity-based costing is used and the bid is based upon full manufacturing cost plus 30 percent.

  Compute the pool rates for the different activities

Complete the schedule to compute the pool rates for the different activities.

  Prepare Company financial statements

Prepare Company financial statements

  Prepare an analysis of terracycles

This individual assignment is based on the TerraCycle Inc.

  Discuss the ethical issues

Discuss the ethical issues

  Political resources in emerging markets

Calculate the GDP in Income Approach  and Expenditure Approach

  Management accounting - ehsan electronics company

A new plant accountant suggested that the company may be able to assign support costs to products more accurately by using an activity based costing system that relies on a separate rate for each manufacturing activity that causes support costs.

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