User Account

All Pages

Prepare the necessary journal entry on February

Assignment Help Managerial Accounting
Reference no: EM132922102

Question - Jane Company extends a warranty on children's tablets. They estimate that 3% of tablets will need to be replaced. The sales price of one tablet is $100 and the cost is $50. Total tablet sales were 10,000 tablets for $1,000,000 in 2020. On February 14, 2021, Jane company replaced 30 tablets under warranty.

1. Prepare the necessary adjusting entry on December 31, 2020?

2. Prepare the necessary journal entry on February 14, 2021?

Reference no: EM132922102

Questions Cloud

What the activity variance for this expense : The actual amount of expense is $42,000 and the amount in the company's planning budget is $44,800. What the activity variance for this expense
Explain microsoft power bi : Explain Microsoft Power BI, TIBCO Spotfire, Sisence, MicroStrategy
Importance of international finance : a) Your boss has requested a brief report on why Finance is considered one of the key functions in business. In your submission it is paramount that you underpi
Compute the before-tax expected return on the stock : Compute the before-tax expected return on the stock between time 1+ and time 2 when all shareholders are individuals (rS,i(1+))
Prepare the necessary journal entry on February : Total tablet sales were 10,000 tablets for $1,000,000 in 2020. Prepare the necessary journal entry on February 14, 2021
Determine the cost of the goods sold for each sale : Determine the cost of the goods sold for each sale and the inventory balance after each sale, presenting the data in the form illustrated in Exhibit 3
Discuss strategies that would reduce these conflicts : There is a debate on conflicts of interest that exist between certain bond ratings agencies, Discuss strategies that would reduce these conflicts
Create a head ache for someone trying to re-write a program : Create a head ache for someone trying to re-write a program, but is crucial to maintaining secure data and consistent operation especially if an attacker gets
Experiencing stressful situation in the workplace : Imagine you're mentoring one of the people in the scenario below who is experiencing a stressful situation in the workplace.

Reviews

Write a Review

Managerial Accounting Questions & Answers

  What is coach direct material quantity variance

Coach Industries reported the following results from its most recent quarter: Actual direct material used 16,550 Actual direct material cost per pound

  Solve the consumption ratios for the four drivers

Calculate the unit cost assuming that 500 deluxe models were produced and 700 standard models were produced, rounded to the nearest cent.

  What is a significant benefit of management accounting

What are two stipulations the U.S. Securities and Exchange Commission (SEC) requires to ensure the integrity of financial information?

  Discuss giving specific examples of the key costs

A record company is planning to launch,Discuss giving specific examples, the key costs which are relevant in guiding the pricing decision in such a scenario

  Calculate the breakeven point give the cost structure

Calculate the breakeven point give the following cost structure. Be sure to properly label your answer and watch your decimals

  Which is a plausible measure to assess overall performance

Which is a plausible measure to assess the overall performance of a service provider? Conformance to regulations and standards

  How would figure out the factory overhead

How would figure out the factory overhead? Factory overhead applied to all four jobs (a single overhead rate is used based on direct labor cost).

  What selling price per unit of product must charge next year

Contribution margin ratio after implementing the changes, what selling price per unit of product must it charge next year to cover the increased material costs?

  Find how much of setup costs are allocated to the superior

Hammock Company manufactures two models of its hammock, How much of the setup costs are allocated to the Superior model using ABC costing?

  Give the five types of management accounting information

Give and List 5 types of management accounting information that might assist K-mart management to make business decisions.

  Compute residual income for the division

Assume a target income of 15% of average invested assets. Compute residual income for the division?

  Assume that the price charged for small jobs

Assume that the price charged for small jobs does not change in the current year Are small jobs less profitable than they were in the past?

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