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Questions -
Q1. In 2021, Sheridan Company introduces a new product that includes a two-year warranty on parts. During 2021, 5,000 units are sold for $465 each. The cost of each unit was $210. The company estimates that 9% of the units will be defective and that the average warranty cost will be $90 per unit. The company has a December 31 fiscal year end and prepares adjusting entries on an annual basis. Prepare an adjusting entry at December 31, 2021, to accrue the estimated warranty cost.
Q2. On January 1, 2021, $900000, 5-year, 5% bonds, were issued for $861611. The interest rate in effect when the bonds were issued was 6%. Interest is paid semi-annually on January 1 and July 1. What would be the amortized cost of the bonds on January 1, 2022?
Q3. A coal company invests $11900000 in a mine estimated to have 19600000 tonnes of coal and no residual value. It is expected that the mine will be in operation for 5 years. In the first year, 1070000 tonnes of coal are extracted and sold. What is the depreciation included in cost of goods sold for the first year?
Financial Statement Analysis and Preparation
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Computation of Free Cash Flow
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