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Question - Unlimited began business on January 1, 2019. The company manufactures and sells commercial cleaning equipment. The company provides a warranty on its units, whereby the company will replace any defective part for three years after the sale, at no additional cost to the customer. During 2019, the Company had sales of $800,000. The company estimates that the cost of the warranties will be 3% of sales. No warranty claims were made in 2019. During 2020, warranty claims of $13,250 are made. All warranty claims are satisfied and paid for in cash. What entry, if any, is necessary for 2020?
Assume ABC Inc. accounts for the bonds using the fair value method. What is the total expense for debt for year 1, year 2 and year 3, respectively?
A dispute has risen among partners. jenson has invested twice as much in assets as the other two partners and he believes net income and net losses should be shared in accordance with the capital ratio . the partnership agreement does not specify the..
Prepare a consolidated statement of comprehensive income for the year ended 31/12/20X2 and a statement of financial position as at that date.
Calculate the depreciation for 2019 and 2020 using The straight-line method. Usage method (kms.). Double-declining balance method.
Compute BEP in sales dollars. Compute Variable Expenses Ratio. Compute Margin of Safety (MoS) as percentage of its sales. Compute Degree of Operating Leverage (DOL).
How to Create the journal entries to account for the events and transactions in relation to the machine between 1 July 2017 and 31 December 2020.
Derive the accumulated depreciation on the equipment and determine the gain or loss on sale - Determine the gain or loss on sale
A project has an initial cost of $40,000, expected net cash inflows of $9,000 per year for 7 year, What is the project's discounted payback period?
The cost of preferred is 7.50%, and the cost of retained earnings is 12.75%. The firm will not be issuing any new stock. What is its WACC
Gerald Englehart Industries changed from the double-declining-balance to the straight-line method in 2015 on all its plant assets. There was no change in the assets’ salvage values or useful lives. Plant assets, acquired on January 2, 2012, had an or..
Formulas for Compute the Ending Inventory Year 1 Year 2 Units in beginning inventory 0 2,000 Units produced during the year 10,000 6,000 Units sold during the year 8,000 8,000 Units in ending inventory 2,000 ?
Tullahoma Company purchased equipment for $27,500. It depreciated the equipment, Calculate the gain or loss on the sale at the end of the second year.
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