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!
Lightning Appliances sells dishwashers for $ 1,200 each, which includes a 2-year warranty that requires the company to perform periodic services and to replace defective parts. In 2020, Lightning sold 600 dishwashers on credit. The estimated stand-alone value of a similar two-year warranty is $180. Based on experience, the company has estimated the total 2-year warranty costs at $ 115 per unit. In 2021, Lightning Company incurred actual warranty costs relative to 2020 dishwasher sales of $ 11,500. Instructions
Assume sales all occur on December 31, 2020:
Problem a) Using the assurance-type (expense-based) approach, prepare the entries to reflect the above transactions for 2020 and 2021.
Problem b) Using the cash basis method, what are the Warranty Expense balances for 2020 and 2021?
Using the service-type (revenue-based) approach, prepare the entries to reflect the above transactions for 2020 and 2021. Warranty revenues are recognized based on the proportion of costs incurred out of the total estimated costs.
On May 1, 2019, Luke paid LinkedIn $1,200 for his 2-year, What amount of revenue should LinkedIn record for the years of 2019 and 2020?
Draw the diagram for this claw-back provision and what kind of option is it?
Unit-level activity. Batch-level activity. Product-level activity. The basic idea underlying responsibility accounting is that each manager should be held responsible for the overall profit of the company to ensure that all managers are acting togeth..
Jill Accardo, MD, maintains the accounting records of Accardo, If Jill prepared Net Income on an "accrual basis", how much Net Income would she report for 2020?
The coupon rate is 7% and the interest payments are made semiannually. What is the YTM
USAco, a domestic corporation, sells widgets in the United States. USAco has a French subsidiary, FRANco, which sell widgets only in France. FRANco is paid in euros for 90% of its sales, and is paid in British pounds for the remaining 10% of its sale..
Why might a firm not voluntarily disclose sensitive information regarding the operations of a business? Why is there a need for accrual accounting?
prepare two pages on adverse reactions to drugs taken in combination
Expected rate of return of 22.50% and a beta of 1.95. The risk-free rate is 3.75% and the market risk premium is 6.95%. What is the alpha of security A?
Harrison Forklift's pension expense includes a service cost of $27 million. Harrison began the year with a pension liability of $47 million (underfunded pension plan).
Take the Starbucks balance sheet (2019) and calculate the % of each account to the total of that section of the balance sheet
An electronics manufacturer, What are the total Gross Margin Dollars you would receive from this deal if you sell at the suggested retail price and
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