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Extended Warranties Dos Passos Company sells televisions at an average price of $900 and also offers to each customer a separate 3-year warranty contract for $90 that requires the company to perform periodic services and to replace defective parts. During 2010, the company sold 300 televisions and 270 warranty contracts for cash. It estimates the 3-year warranty costs as $20 for parts and $40 for labor and accounts for warranties separately. Assume sales occurred on December 31, 2010, income is recognized on the warranties, and straight-line recognition of warranty revenues occurs. (a) Record any necessary journal entries in 2010. (b) What liability relative to these transactions would appear on the December 31, 2010, balance sheet and how would it be classified? In 2011, Dos Passos Company incurred actual costs relative to 2010 television warranty sales of $2,000 for parts and $4,000 for labor. (c) Record any necessary journal entries in 2011 relative to 2010 television warranties.
During the year, Sereno Co. recorded prepayments of expenses in asset accounts, and cash receipts of unearned revenues in liability accounts. At the end of its annual accounting period, the company must make three adjusting entries.
(a) Journalize the transactions. (b) Indicate the income statement effects of the transacton.
A study of a company's practice regarding payment of invoices revealed that an invoice was paid an average of 20 days after is was received. The standard deviation equaled five days.Assuming that the distribution is normal, what percent of the inv..
complete a separeate depreciation schedule for each of the alternative methods. u can round your answers to nearsdollar.
The bonds were sold for 555,840 to yield 12%. Winston uses a calendar-year reporting period. Using the effective-interest method of amortization, what amount of interest expense should be reported for 2010?
Unassembled units can be sold for $55, while assembled units could be sold for $71 per unit. What decision should Walton make?
Access the financial statements from the most recent annual report of a foreign company and a domestic company with which you are familiar to complete this assignment.
10. Marci has two jobs and both employers withheld FICA tax. From her first job, she earned $98,600 and from her second job she earned $18,700. How much can Marci claim on her Form 1040 as excess social security tax paid in 2013?
The company nought all of its equipment on January 1, 2009. The equipment has an estimated total residual value of 12,000. The company uses the straight line depreciation method.
berger company purchased equipment having an invoice price of 22500. the terms of sale were 310 n60 and berger paid
Bayani Company is planning to sell 100,000 units for $3 a unit and will just breakeven at this level of sales. The contribution margin ratio is 40%. How much are the company's fixed costs?
The company reported estimated Returns and allowances in 2003 of $200,000. Burghoff actually purchased 11,000 units of its product from its manufacturer in 2003 at an average cost of $300 per unit.
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