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On January 2, 2020, Sunland Company sells production equipment to Fargo Inc. for $48,000. Sunland includes a 2-year assurance warranty service with the sale of all its equipment. The customer receives and pays for the equipment on January 2, 2020. During 2020, Sunland incurs costs related to warranties of $930. At December 31, 2020, Sunland estimates that $610 of warranty costs will be incurred in the second year of the warranty.
Problem 1: Prepare the journal entry to record this transaction on January 2, 2020, and on December 31, 2020 (assuming financial statements are prepared on December 31, 2020)
Blondie Fixtures was considering alternatives to bolster its cash position.
HI5002 Finance for Business - You used Harvey Norman as a pure play company to estimate the cost of capital for HCL. Are there any potential problems with this approach in this situation?
Lourdes Meléndez wants to save $500,000 in 25 years. Its mutual fund yields 11% per annum. How much should you deposit at the beginning of each year?
Mike Corporation exchanged land and cash of $6,500 for equipment. The land had a book value of $45,000 and a fair value of $34,000. Assume the exchange has commercial substance. Prepare the journal entry to record the exchange.
Read each transaction and identify the appropriate journal that it should be recorded in ;1. Owner withdrew supplies 2. Sale made on account 3. Payment to vendor on account 4. Payment received from customer on account 5. Purchases on account 6. Adjus..
Compare and contrast at least two types of evidence, and make a recommendation as to which you believe is the most reliable in reducing risk
The coupons expire in one year. The store normally recognizes a gross profit margin of 40% of the selling price on video games. How would the store account for a purchase using the discount coupon?
LMN reported sales of $200,000 and an increase in accounts receivable of $30,000 during 2014. Under the direct method, what would be LMN's cash collected from customers during 2014?
On August? 14, First Avenue Bank lent? $250,000 to City Cafe on a 75? day, 4% note. What is the maturity value of the? note? ?(Use a? 360-day year )
The following condensed information was reported by Peabody Toys, Inc., for 2016 and 2015: ($ in 000s) 2016 2015 Income statement information Net sales $ 5,200 $ 4,200 Net income 180 124 Balance sheet information Current assets $ 800 $ 750 Property, ..
Provide examples of activities for the research and development phases that AMN Ltd could have conduct in fiscal year 2018. Be specific and explain each examp;e
What is the journal entry? The valuation report has revalued the warehouse to $800,000 as at 1 December 2019. There was a previous revaluation on 31 December.
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