Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
Warranty and Coupon Computation Schmitt Company must make computations and adjusting entries for the following independent situations at December 31, 2011.
1. Its line of amplifiers carries a 3-year warranty against defects. On the basis of past experience the estimated warranty costs related to dollar sales are: first year after sale-2% of sales; second year after sale-3% of sales; and third year after sale-5% of sales. Sales and actual warranty expenditures for the first 3 years of business were: Compute the amount that Schmitt Company should report as a liability in its December 31, 2011, balance sheet. Assume that all sales are made evenly throughout each year with warranty expenses also evenly spaced relative to the rates above.
2. With some of its products, Schmitt Company includes coupons that are redeemable in merchandise. The coupons have no expiration date and, in the company's experience, 40% of them are redeemed. The liability for unredeemed coupons at December 31, 2010, was $9,000. During 2011, coupons worth $30,000 were issued, and merchandise worth $8,000 was distributed in exchange for coupons redeemed. Compute the amount of the liability that should appear on the December 31, 2011, balance sheet.(AICPA adapted)
Under the step-method of cost allocation, the amount of costs allocated from S2 to P2 would be:
Better Food Company recently acquired an olive oil processing company that has an annual capacity of 2,000,000 liters and that processed and sold 1,400,000 liters last year at a market price of $4 per liter.
the year-end 2010 balance sheet for brads copy inc. lists common stock 1.25 par value at 7626000 capital surplus at
e-commerce creates its own risks and therefore special internal controls. 1 identify and explain one pitfall and one
alicia summers is a vice president at harbor state bank in boston. during 2007 she worked for the bank all year at a
Refer to the information in Exercise 9 6 to complete the following requirements.
george corporation has an estimated monthly sales of 20000 units for 64 per unit. variable costs include manufacturing
feather friends inc. distributes a high-quality wooden birdhouse that sells for 24 per unit. variable costs are 12.00
maria turner has just graduated from college with a degree in accounting. she had planned to enroll immediately in the
if a corporation wants a guarantee that all of its shares of stock will be sold it should use which of the following
In each scenario, indicate whether Ouachita would classify the lease as an operating lease or capital lease under U.S. GAAP. Assume the lease agreement has not met any of the other criteria of a capital lease. Provide brief explanations.
How might a manufacturing system differ under a quality-based view versus the traditional view of managing quality?
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!
whatsapp: +1-415-670-9521
Phone: +1-415-670-9521
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd