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General Motors Corporation disclosed estimated product warranty payable for comparative years as follows: (in millions) Current estimated product warranty payable in 2008: $ 3,792; 2007: $ 4,655 Noncurrent estimated product warranty payable in 2008: $ 4,699; 2007: $ 4,960 Total: 2008: $ 8,491; 2007: $ 9,615 GM's sales were $ 177,594 million in 2007 and decreased to $ 147,732 million in 2008. Assume that the total paid on warranty claims during 2008 was $ 5,000 million. a. Why are short and long-term estimated liabilities seperately disclosed? b. Provide the journal entry for the 2008 product warranty expense. c. What two conditions must be met in order for a product warranty liability to be reported in the financial statements?
twizzlers candy company is considering a new manufacturing process to produce new strawberry twists. two processes have
Phipps Company borrowed $25,000 cash on October 1, 2009, and signed a six-month, 8% interest-bearing note payable with interest payable at maturity. Assuming that no adjusting entries have been made during the year, the amount of accrued interest ..
Orange has a $20,000 charitable contribution carryover to 2010 from a prior year. Identify the tax issues the board should consider regarding the proposed contribution.
the franc zeppo venture manufactures a product that goes through two processing departments. information relating to
A company requires $1,020,000 in sales to meet its net income target. Its contribution margin is 30%, and fixed costs are $180,000. What is the target net income?
sola systemssola systems a company focussed on clean energy products assembles and sells two types of solar panels
No additional fixed manufacturing overhead will be incurred because of this order. The only additional selling expense on this order will be a $0.50 per unit shipping cost. There will be no additional administrative expenses because of this order...
A fire completely destroyed the entire inventory of Printing Delight Company on April 10, 2014. Fortunately, the books were not destroyed in the fire. The following information is taken from the books of Printing Delight Company for January 1 to A..
A company buys a building with an appraised value of $100,000 for $30,000 cash and the assumption of a 25 year, 10% mortgage with a balance of $60,000
Abner, age 80 and in poor health, owns investment land with an adjusted basis of $50,000. He is considering transferring it to Stella, his niece. Regarding Stella's income tax position, should the transfer to her be by gift or by inheritance? (Ass..
Sam, a calendar year taxpayer, purchased an annuity contract for $3,600 that would pay him $120 a month beginning on January 1, 2011. His expected return under the contract based on his life expectancy is $10,800.
compare and contrast primary and secondary deviance. what are the characteristics of each type of deviance? what is the
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