Homework Answers
| Adjusting entry would be to record revenue from flights sold in 2017 | ||||||
| Adjusting entry is shown below | ||||||
| Date | General Journal | Debit | Credit | |||
| 31-Dec | Unearned revenue (1,960,000*2/8) | $490,000 | ||||
| Sales revenue | $490,000 | |||||
| (To record revenue earned from 2 flights departed in 2017) | ||||||
| The balance cash collected for 6 flights would be reported as current liability since flights depart in next month that is January 2018 | ||||||
| Current liabilities | ||||||
| Unearned revenue (1,960,000-490,000) | $1,470,000 | |||||
Add Answer to:
10) 10) During November 2017, Sunset Airlines sold out all of its eight flights going from...
8) 8) A company sells its product subject to a warranty that covers the cost of...
8) 8) A company sells its product subject to a warranty that covers the cost of parts and labour for repairs during the six months after sale, Warranty costs are estimated to be 4.5% of sales for parts, and 1.5% of sales for labour. During the month of June, the company performed warranty work and used $8,000 worth of parts and paid $4,000 in wages for labour to do the warranty work. Sales for June amounted to $450,000. (1) What...
8) 8) A company sells its product subject to a warranty that covers the cost of...
8) 8) A company sells its product subject to a warranty that covers the cost of parts and labour for repairs during the six months after sale. Warranty costs are estimated to be 4.5% of sales for parts, and 1.5% of sales for labour. During the month of June, the company performed warranty work and used $8,000 worth of parts and paid $4,000 in wages for labour to do the warranty work. Sales for June amounted to $450,000. (1) What...
8) 8) A company sells its product subject to a warranty that covers the cost of...
8) 8) A company sells its product subject to a warranty that covers the cost of parts and labour for repairs during the six months after sale. Warranty costs are estimated to be 4.5% of sales for parts, and 1.5% of sales for labour. During the month of June, the company performed warranty work and used $8,000 worth of parts and paid $4,000 in wages for labour to do the warranty work. Sales for June amounted to $450,000. (1) What...
Name SHORT ANSWER. Write the word or phrase that best completes each statement or answers the...
Name SHORT ANSWER. Write the word or phrase that best completes each statement or answers the question. 1) Explain the difference between current and long-term liabilities. 2) Explain known current liabilities. 3) Discuss the types of estimated liabilities. 4) Discuss how to account for contingent liabilities. 5) Breathe Therapeutic Company is located in Medicine Hat, Alberta and is a retailer of massage supplies. Beginning inventory is $70,000, and Breathe uses the perpetual inventory system. Complete the journal entries on the...
Chapter 9: Accounting for Current Liabilities Notes Payable Assume Tribbiani Airlines borrows $1,000,000 from Buffay Bank...
Chapter 9: Accounting for Current Liabilities Notes Payable Assume Tribbiani Airlines borrows $1,000,000 from Buffay Bank on November 1, 2018 signing an 10%, six-month note payable. For Tribbiani: 15. Record the issuance of the note. 16. Record the appropriate adjusting entry for the note on December 31, 2018. 17. Record the payment of the note at maturity. Classified Balance Sheet On December 1, 2017, JHF Corporation borrows $400,000, of which 895,000 is due in 2018. 18. Show how JHF should...
Please explain detail Problem 13-10 On November 24, 2017, 26 passengers on Bonita Airlines Flight No....
Please explain detail
Problem 13-10 On November 24, 2017, 26 passengers on Bonita Airlines Flight No. 901 were injured upon landing when the plane skidded off the runway. Personal injury suits for damages totaling $8,644,000 were filed on January 11, 2018, against the airline by 18 injured passengers. The airline carries no insurance. Legal counsel has studied each suit and advised Bonita that it can reasonably expect to pay 50% of the damages darned. The financial statements for the year...
Problem 13-10 On November 24, 2017, 26 passengers on Windsor Airlines Flight No. 901 were injured...
Problem 13-10 On November 24, 2017, 26 passengers on Windsor Airlines Flight No. 901 were injured upon landing when the plane skidded off the runway. Personal injury suits for damages totaling $9,681,000 were filed on January 11, 2018, against the airline by 18 injured passengers. The airline carries no insurance. Legal counsel has studied each suit and advised Windsor hat it can reasonably expect pay 60% of the damages claimed The financial statements or the year ended December 3 201,...
On November 10, 2017, Singh Electronics began to buy and resell scanners for $52 each. Singh...
On November 10, 2017, Singh Electronics began to buy and resell scanners for $52 each. Singh uses the perpetual system to account for inventories. The scanners are covered under a warranty that requires the company to replace any non-working scanner within 90 days. When a scanner is returned, the company simply throws it away and mails a new one from inventory to the customer. The company's cost for a new scanner is only $32. Singh estimates warranty costs based on...
P3–6B The following independent items for Théâtre Dupuis during the year ended November 30, 2017, may...
P3–6B The following independent items for Théâtre Dupuis during the year ended November 30, 2017, may require a transaction journal entry, an adjusting entry, or both. The company records all prepaid costs as assets and all unearned revenues as liabilities and it adjusts accounts annually. 1. Supplies on hand amounted to $950 on November 30, 2017. On January 31, 2017, additional supplies were purchased for $2,880 cash. On November 30, 2017, a physical count showed that supplies on hand amounted...
Thank you!!! CHAPTER 10 Current Liabilities Problem 10-3A Estimated product warranty llabilities LO4 CHECK FIGURES: 2....
Thank you!!!
CHAPTER 10 Current Liabilities Problem 10-3A Estimated product warranty llabilities LO4 CHECK FIGURES: 2. $1,750; 3.$40,600; 4. $40,145 On November 10, 2017, Singh Electronics began to buy and resell scanners for $55 each. Singh uses the perpetual system to account for inventories. The scanners are covered under a warranty that requires the company to replace any non-working scanner within 90 days. When a scanner is returned, the company simply throws it away and mails a new one from...
8) 8) A company sells its product subject to a warranty that covers the cost of parts and labour for repairs during the six months after sale, Warranty costs are estimated to be 4.5% of sales for parts, and 1.5% of sales for labour. During the month of June, the company performed warranty work and used $8,000 worth of parts and paid $4,000 in wages for labour to do the warranty work. Sales for June amounted to $450,000. (1) What...
8) 8) A company sells its product subject to a warranty that covers the cost of parts and labour for repairs during the six months after sale. Warranty costs are estimated to be 4.5% of sales for parts, and 1.5% of sales for labour. During the month of June, the company performed warranty work and used $8,000 worth of parts and paid $4,000 in wages for labour to do the warranty work. Sales for June amounted to $450,000. (1) What...
8) 8) A company sells its product subject to a warranty that covers the cost of parts and labour for repairs during the six months after sale. Warranty costs are estimated to be 4.5% of sales for parts, and 1.5% of sales for labour. During the month of June, the company performed warranty work and used $8,000 worth of parts and paid $4,000 in wages for labour to do the warranty work. Sales for June amounted to $450,000. (1) What...
Name SHORT ANSWER. Write the word or phrase that best completes each statement or answers the question. 1) Explain the difference between current and long-term liabilities. 2) Explain known current liabilities. 3) Discuss the types of estimated liabilities. 4) Discuss how to account for contingent liabilities. 5) Breathe Therapeutic Company is located in Medicine Hat, Alberta and is a retailer of massage supplies. Beginning inventory is $70,000, and Breathe uses the perpetual inventory system. Complete the journal entries on the...
Chapter 9: Accounting for Current Liabilities Notes Payable Assume Tribbiani Airlines borrows $1,000,000 from Buffay Bank on November 1, 2018 signing an 10%, six-month note payable. For Tribbiani: 15. Record the issuance of the note. 16. Record the appropriate adjusting entry for the note on December 31, 2018. 17. Record the payment of the note at maturity. Classified Balance Sheet On December 1, 2017, JHF Corporation borrows $400,000, of which 895,000 is due in 2018. 18. Show how JHF should...
Please explain detail
Problem 13-10 On November 24, 2017, 26 passengers on Bonita Airlines Flight No. 901 were injured upon landing when the plane skidded off the runway. Personal injury suits for damages totaling $8,644,000 were filed on January 11, 2018, against the airline by 18 injured passengers. The airline carries no insurance. Legal counsel has studied each suit and advised Bonita that it can reasonably expect to pay 50% of the damages darned. The financial statements for the year...
Problem 13-10 On November 24, 2017, 26 passengers on Windsor Airlines Flight No. 901 were injured upon landing when the plane skidded off the runway. Personal injury suits for damages totaling $9,681,000 were filed on January 11, 2018, against the airline by 18 injured passengers. The airline carries no insurance. Legal counsel has studied each suit and advised Windsor hat it can reasonably expect pay 60% of the damages claimed The financial statements or the year ended December 3 201,...
On November 10, 2017, Singh Electronics began to buy and resell scanners for $52 each. Singh uses the perpetual system to account for inventories. The scanners are covered under a warranty that requires the company to replace any non-working scanner within 90 days. When a scanner is returned, the company simply throws it away and mails a new one from inventory to the customer. The company's cost for a new scanner is only $32. Singh estimates warranty costs based on...
Thank you!!!
CHAPTER 10 Current Liabilities Problem 10-3A Estimated product warranty llabilities LO4 CHECK FIGURES: 2. $1,750; 3.$40,600; 4. $40,145 On November 10, 2017, Singh Electronics began to buy and resell scanners for $55 each. Singh uses the perpetual system to account for inventories. The scanners are covered under a warranty that requires the company to replace any non-working scanner within 90 days. When a scanner is returned, the company simply throws it away and mails a new one from...
Most questions answered within 3 hours.
-
Luther Corporation
Consolidated Balance Sheet
December 31, 2019 and 2018 (in $ millions)
Assets
2019
2018...
asked 1 minute from now -
(Expected rate of return and risk) Carter Inc. is evaluating a
security. Calculate the investment’s expected...
asked 2 hours ago -
What specific indicators can point to lack of progress for
African Americans in American society?
asked 3 hours ago -
1-The Electrons in a beam are moving at 2.7×108 m/s in an
electric field of 15000...
asked 3 hours ago -
A gas tank is a vertical cylinder. It has a radius of 1m, a
height of...
asked 4 hours ago -
Accent Software faces the following conditions. All of these
support Accent’s use of a market-penetration pricing...
asked 5 hours ago -
A mathematically inclined friend emails you the following
instructions: "Meet me in the cafeteria the first...
asked 5 hours ago -
A monopoly sells in two countries . The demand curves in the two
countries are p1...
asked 6 hours ago -
A .15kg rubber ball is bounced off a wall. Before hitting the
wall, the ball moves...
asked 7 hours ago -
A manufacturing company preparing to build a new plant is
considering three potential locations for it....
asked 7 hours ago -
B. If compound Y has approximately the same values of solubility
in toluene as compound X,...
asked 7 hours ago -
Oscar Inc. has inventory in Japan valued at 39,051,000 Yen one
year ago. One year ago...
asked 7 hours ago