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A company sells personal computers for $2,300 each. The price includes a two-year warranty. During the current year, the company sells 400 computers. On the basis of the past experiences, the warranty costs are estimated to $230 per computer. The actual warranty costs by the company during the current year were $65,000. a.) Prepare journal entries to record the estimated warranty expense. b.) Prepare journal entries to record the warranty repair costs during the current year.
The extent of the company legal and financial responsibility for this accident, if any, can't be determined at this time.
Tom Hughes died in 2009 with a gross estate of $3.9 million and debt of $30,000. He made post-1976 taxable gifts of $100,000, valued at $80,000 when he died. His estate paid state death taxes of $110,200. What is his estate tax base?
Wishbone Company maintains two separate accounts payable computer systems. One is known to all the users, and is used to process payments to vendors.
Discuss accounting techniques in general as they relate to the profession. Some things to discuss are the different accounting roles and positions that are out there and how you see yourself fitting into those roles based on what you have learned ..
What are the average total cost, average variable cost, and marginal cost for these output levels?
Johnson's borrowed $150,000 at a 12 percent annual interest rate on April 1, 2010, to expand its boat storage facility. The loan requires Johnson's to pay the interest quarterly until the note is repaid in three years. Johnson's paid quarterly int..
An example of an expense in respect of a decedent is the state income taxes attributable to the taxpayer's last paycheck, uncollected at death.
The financial leverage characteristic of long-term debt results in:
These are the only repairs required in 2010 for this copier. Based on experience, Lee expects to incur warranty costs equal to 3% of dollar sales. It records warranty expense with an adjusting entry at the end of each year
The ledger of JFK, Inc. shows common stock, common treasury stock, and no preferred stock. For this company, the formula for computing book value per share is?
the caltor company gathered the following condensed data for the year ended december 31 2010cost of goods sold
you are engaged in your first audit of pesky pest control pty ltd for the year ended 30 june 2012. the company began
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