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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?
As finance manager in public listed firm, discuss three implications of the Pecking-Order Theory in making capital structure decision.
Whispering Winds Corp. issues 7,900 shares of $100 par value preferred stock for cash at $106 per share. Journalize the issuance of the preferred stock.
Erma, a merchant, receives a brochure from Ammco regarding some merchandise that is sold in Erma’s business. Erma then sends in a purchase order ordering 25 units of merchandise (which exceeds $500.00 in value). Under the Uniform Commercial Code are ..
Show the calculation of the amount of the gain or loss to be recognized by rogers. Prepare all entries that are necessary on april 3rd 2013.
What is the highest price you are willing to pay for a share of IBM's common stock? What does the (Constant) Dividend discount model tell you
Maurice Norris, the CEO of Sweet Grapes Corp., List the foundational principle or qualitative characteristic of financial information that has been violated.
A further R800 000 is needed to finance the expansion. Which option should they use (from ordinary shares, preference shares or loan financing)?
It's cash account shows a debit balance of $22,025. Clayborn's May bank statement shows $19,800 on deposit in the bank. Determine the adjusted cash balance
Purpose the adjusting entry to recognise bad debt expens - Assume the same facts as above except that the Allowance for Doubtful Accounts account had a $500 debit balance before the current year's provision for uncollectible accounts.
Account that pays an interest rate of 3% compounded annually. How many years will the company need to keep the investment to accumulate at least $1,500?
Scarlett Painting Company is considering whether to purchase a new spray paint machine that costs $2,600. The machine is expected to save labor, increasing net income by $260 per year. The effective life of the machine is 15 years according to the ma..
Sheridan had actual overhead costs of $532000 for 24000 units produced what is the difference between actual and budgeted costs
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