Solution-What is the balance in estimated warranty payable

What is the balance in estimated warranty payable

Assignment Help Cost Accounting

Reference no: EM13554904

The following transactions of Dunn Miles occurred during 2012:

Apr 30 Miles is party to a patent infringement lawsuit of $230,000. Miles's attorney is certain it is remote that Miles will lose this lawsuit.
Jun 30 Estimated warranty expense at 3% of sales of $430,000.

Jul 28 Warranty claims paid in the amount of $6,400.

Sep 30 Miles is party to a lawsuit for copyright violation of $130,000. Miles's attorney advises that it is probable Miles will lose this lawsuit.
Dec 31 Miles estimates warranty expense on sales for the second half of the year of $510,000 at 3%.

Requirements

1. Journalize required transactions, if any, in Miles's general journal. Explanations are not required.

2. What is the balance in Estimated warranty payable?

Reference no: EM13554904

Questions Cloud

Prepare the journal entry for transaction : During July 2012, Krogue, Inc., completed the following transactions. Prepare the journal entry for each transaction.

Explain base added and make a graph of the ph versus : A weak acid HA (pKa=5.00) was titrated with 1.00M KOH. The acid solution has a volume of 100.00mL and a molarity of 0.100M. Find the pH at the following volumes of base added and make a graph of the pH versus Vb:Vb= 0, 1, 5, 9, 9.9, 10, 10.1, and ..

At what distance along the central axis : At what distance along the central axis of a uniformly chargedplastic disk of radius R = 1.40 m is themagnitude of the electric field equal to 1/9 times the magnitude of the field at the center of the surface of the disk?

What is its final temperature after the expansion : Suppose 23.8 L of an ideal monatomic gas at a pressure of 2.60 105 kPa is expanded adiabatically (no heat transfer) until the volume is tripled. what is its final temperature after the expansion

What is the balance in estimated warranty payable : Journalize required transactions, if any, in Miles's general journal. Explanations are not required and what is the balance in Estimated warranty payable?

Explain how many grams of each element : A compound is 80.0% carbon and 20.0% hydrogen by mass. Assume a 100.- sample of this compound. How many grams of each element are in this sample

Magnitude ofthe field at the center of the surface of disk : At what distance along the central axis of a uniformly chargedplastic disk of radius R = 1.40 m is themagnitude of the electric field equal to 1/9 times the magnitude ofthe field at the center of the surface of the disk?

What are the positions of the nodes and the anti-nodes : A rope of length 8 meters and mass 0.04 kg is fixed at both ends. The tension of the rope is 49 N. What are the positions of the nodes and the anti-nodes

Multiple-step income statement and compute the gross profit : Prepare a multiple-step income statement and compute the gross profit rate.

User Account

All Pages

What is the balance in estimated warranty payable

Reference no: EM13554904

Reference no: EM13554904

Questions Cloud

Reviews

Write a Review

Cost Accounting Questions & Answers

Cost accounting assignment

Prepare the journal entries

Advise as to the liability of all the parties

Prepare revenues budget

Effect of exchange rate changes on cash and cash

Corporate governance

Cost-benefit analysis

Non-annual interest rates and annuities

Job costing in service organizations

Accounting for bad debt expense

Accounting and partnership problems

Development of relevant cash flows

Assured A++ Grade

Academics

Major Subjects

Majors

Get In Touch

TERMS & POLICIES

HELP & SUPPORT