User Account

All Pages

What liability relative to these transactions would appear

Assignment Help Financial Accounting
Reference no: EM132981238

Question - Extended Warranties - Dos Passos SA sells televisions at an average price of R$900 and also offers to each customer a separate 3-year warranty contract for R$90 that requires the company to perform periodic services and to replace defective parts. During 2022, the company sold 300 televisions and 270 warranty contracts for cash. It estimates the 3-year warranty costs as R$20 for parts and R$40 for labor, and accounts for warranties separately. Assume sales occurred on December 31, 2022, and straight-line recognition of warranty revenues occurs.

Required -

a. Record any necessary journal entries in 2022.

b. What liability relative to these transactions would appear on the December 31, 2022, statement of financial position, and how would it be classified?

In 2023, Dos Passos incurred actual costs relative to 2022 television warranty sales of R$2,000 for parts and R$4,000 for labor.

c. Record any necessary journal entries in 2023 relative to 2022 television warranties.

d. What amounts relative to the 2022 television warranties would appear on the December 31, 2023, statement of financial position, and how would they be classified?

Reference no: EM132981238

Questions Cloud

What means to be considered a vulnerable population : Explain what it means to be considered a vulnerable population. Explain How do you think low literacy affects health outcomes?
Explain what kant categorical imperative consists of : Explain what Kant's Categorical Imperative consists of? Cite one personal moment where you acted wrong according to Kant--You treated yourself as an exception
Examine the types of communications : Use a change theory that models how you want to implement the proposed change. Examine the types of communications, decision-making processes you use.
What data was used to conduct the policy evaluation : What data was used to conduct the program or policy evaluation? Did the program or policy meet the original intent and objectives? Why or why not?
What liability relative to these transactions would appear : What liability relative to these transactions would appear on the December 31, 2022, statement of financial position, and how would it be classified
Situation for regent airway future business : What will be the impact of the above situation for Regent airway future business?
How many people were reached by program or policy selected : How was the success of the program or policy measured? How many people were reached by the program or policy selected? How much of an impact was realized?
How might resources be used most efficiently : What resources are available in your community? You are the PHN working at your local public health department in the nursing division.
Calculate the figure that will be reported : Calculate the figure that will be reported in the statement of financial position at 30 September 20X7 for receivables

Reviews

Write a Review

Financial Accounting Questions & Answers

  Financial statement analysis and preparation

Financial Statement Analysis and Preparation

  Shareholder of a company

Describe the ways that a person can become a shareholder of a company. Why Wal-Mart would split its stock?

  Financial and accounting principles

An understanding of financial and accounting principles can be a valuable tool for managers. While not all managers will find themselves calculating financial ratios or preparing annual financial data.

  Prepare a statement of cash flow using the direct method

Prepare a Statement of Cash Flow using the Direct Method and Prepare the Operations section of the Statement of Cash Flow using the Indirect Method.

  Financial accounting assignment

This assignment has one case study and two question apart from case study. Questions related to document Liquidation question and Company financial statements question - Torquay Limited

  Prepare general journal entries for goela

Prepare general journal entries for Goela Ltd

  Principles of financial accounting

Prepare the journal entry to record the acquisition of the assets.

  Prepare general journal entries to record the transactions

Prepare general journal entries to record the transactions, assuming use of the periodic inventory system

  Global reporting initiative

Compare the view espoused by the economist Milton Friedman about the social responsibilities of business with the views express by Stigler.

  Explain the iasb conceptual frameworks

Explain the IASB Conceptual Framework's perspective of users and their decisions.

  Determine the company''s financial statements

T he focus of the report is to determine the extent to which you are comfortable relying on the financial statements as presented by management .

  Computation of free cash flow

Computation of Free Cash Flow

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd