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Alba Electronics provides a one-year warranty on products that they sell. On 1 July 2019 the balance in their provision for warranty is $5,000 Cr. During the 2019/2020 financial year the cost of repairing products returned to the store from sales in the prior year is $4,800. They also sold 18,000 products during the 2019/20 financial year and they estimate 2% of these products will be defective and incur an average repair cost of $15.
Problem 1: Provide all necessary journal entries to account for the one-year warranty in the 2019/20 financial year.
Harris Fabrics computes its predetermined overhead rate annually on the basis of direct labor-hours. At the beginning of the year, it estimated that 40,000 direct labor-hours would be required for the period’s estimated level of production.
Bill's sales volume was 300,000 appliances with an average selling price of $500 and expenses totaling $90 million. Determine whether Bill's return-on-sales ratio has met the companywide target. Has Bill done a good or a poor job? Explain.
Abbey is to receive an annual interest allowance of 10% of their beginning-year capital investment, and any REMAINING income or loss is to be shared equally. Determine balances of the partners CAPITAL accounts as of December 31, 2011
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Wissota Co. has a direct labor standard of 4 hours per unit of output. Each employee has a standard wage rate of $11 per hour. During February, Wissota Co. paid $99,500 to employees for 9,150 hours worked. 2,400 units were produced during February. W..
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The land had a basis to Cardinal Company of $1,000,000. Illustrate what amount of loss does Cardinal recognize in the exchange and what is Robin's basis in the land she receives? The distribution was non pro rata to Robin, a related person.
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Which statements concerning the appropriation laws is true? no money can be paid out of the treasury unless it has been appropriated by an act of command
Provide "worst case scenario" analysis if the CLO investment becomes worthless to the bank. Does bank have enough solvent assets to withstand this shock?
Matilda Milk, Inc or buying the assets of Matilda Milk, Inc. Explain the general differences between a stock acquisition or an asset acquisition.
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