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Question - Wally's Party Warehouse provides wholesale party equipment and materials to Party Shops. In 2013, Wally's Party sold 30 bounce houses at $30,000 each. The bounce houses carry a three-year warranty for defects. Wally estimates that repair costs will average 2% of the total selling price. The estimated warranty liability at the beginning of the year was $26,000. Claims of $19,000 were actually incurred during the year to honour warranties.
Required: What was the balance in the Warranty Liability account at the end of the year?
the following questions are based on waist restraint corporation which produces belts that sell for 15 per unit. of the
The machine will have a 5-year life, at which time the terminal disposal value is expected to be $20,000. Upper Darby Park Department is assuming no tax consequences. If Upper Darby Park Department has a required rate of return of 10%, which of th..
Bedard Corporation reported net income of $300,000 in 2010 and had 200,000 shares of common stock outstanding throughout the year.
Simon Company determines that its goodwill is impaired. It finds that its implied goodwill is $360,000 and its recorded goodwill is $400,000. The fair value of its identifiable assets is $1,450,000. What is the amount of goodwill impaired?
dynamic leaders inc. reported the following results for the yearending july 31 2008. retained earnings august
Candies Inc. manufactures and sells two products, marshmallowbunnies and jelly beans. The fixed costs are $350,000, and thesales mix is 70% marshmallow bunnies and 30% jelly beans. Theunit selling price and the unit variable cost for each product ..
Compute taxable income and income taxes payable for 2013. Prepare the journal entries for income tax expense, income taxes payable, and deferred taxes for 2013.
the e.n.d. partnership has the following capital balances as of the end of the current
Valstar has received a request for a special order of 5,000 five gallon buckets of paint for $125,000 from A1 Construction. A1 Construction is the largest construction company in the metropolitan area and surrounding region.
Ted bought a copyright in the current year for his business. Purchased the copyright on July 15th for $78,000. The remaining life on the patent is 75 months, what would is the total amortization expense he could deduct during the current year..
Susan Spiffy, owner of Spiffy Cleaners, a drive-through dry cleaners, would like to expand her business from its current location to a chain of cleaners.
The following information was available for Whispering Winds Corp. at December 31, 2017: Whispering inventory turnover ratio (rounded) in 2017 was
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