Reference no: EM132652469
Carlyle Ltd. reports under IFRS and has a December 31, 20X2 year-end. The company provides warranty coverage on all products that it sells. Customers do not purchase this coverage separately. Instead, the coverage is embedded in the price of the products sold. At the beginning of 20X2 (January 1), the warranty payable account had a balance of $30,000. During 20X2, the company paid $24,000 to settle warranty claims from customers. Sales during 20X2 amounted to $800,000 and the company estimates that warranty expenses are 7% of these sales. Prior to 20X2, the company never offered refunds to customers but commencing in 20X2, any products sold in 20X2 could be returned. Management felt that the company could accurately estimate these returns at 3% of sales. Actual refunds during 20X2 were $16,000. In the blank boxes below, please provide the amounts asked for in each of the following questions in this order (when entering amounts please do not use commas, negative signs, dollar signs or cents - please round your answer to the nearest dollar).
Question 1: What is the amount of warranty expense that the company should report for the year ended December 31, 20X2?
Question 2: What will the company report in its warranty payable account on December 31, 20X2?
Question 3: What will the company report in its refund liability account on December 31, 20X2?
|
Find the amount that the company will report on december
: Find the amount that the company will report on its December 31, 20X1 statement of financial position for the loan guarantee liability.
|
|
Discuss normal body changes that occur through puberty
: Discuss normal body changes that occur through puberty into young adulthood. Discuss specific STDs, causes, symptoms, complications, and treatment.
|
|
What is the balance in the discount account
: What is the balance in the discount account that will be reported on the company's statement of financial position on December 31, 20X1?
|
|
Why is accuracy in coding so important
: Discuss the various ways that ICD-10-CM coding is used throughout the United States. Why is accuracy in coding so important? Explain the difference between.
|
|
What is amount of warranty expense that company report
: Carlyle Ltd. reports under IFRS, What is the amount of warranty expense that the company should report for the year ended December 31, 20X2?
|
|
Explain two current national patient safety goals
: Choose and explain two current National Patient Safety Goals and reflect on how they are impacting or affecting your current practice.
|
|
What is the fair market value of the machine received
: On March 1, 2016, the GABRIEL Company sold machine for P 155,000. What is the fair market value of the machine received.?
|
|
What are the four functions of deviance
: What are the four functions of deviance? Explain four different times in your life when each of these functions was present. Imagine you are a principal at an.
|
|
What is the amount of interest expense on the loan
: What is the amount of interest expense on this loan that the company will report in its income statement for the year ending December 31, 20X1?
|