Homework Answers
Ans:
(A) Demands on ; Demands
( B) Journal Entry: Entry 2
| Product. Warranty Expense | $ 3,509,000,000 | |
| To Product Warranty Liability | $ 3,509,000,000 |
Explanation:
Warranty Expense:
= $ 7006 + X - $3100 = $ 7,415
= X = $7415 + 3100 - 7006
= X = $3509 million
(C) Option : (D)
It is probable that liability will occur and the amount of liability is reasonably estimable.
Add Answer to:
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PLEASE HELP. Read information very carefully!!!!! Yes it's sufficient information...I need help on it. General Motors...
PLEASE HELP. Read information very carefully!!!!!
Yes
it's sufficient information...I need help on it.
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match the following:
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A company regularly purchases materials from a manufacturer on credit. Payments for these purchases occur within...
A company regularly purchases materials from a manufacturer on credit. Payments for these purchases occur within the company’s operating cycle. They do not include interest and are established with an invoice outlining purchase details, credit terms, and shipping charges. Which current liability situation does this best describe? sales tax payable accounts payable unearned revenue income taxes payable A ski company takes out a $400,000 loan from a bank. The bank requires eight equal repayments of the loan principal, paid annually....
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Accrued Product Warranty Harbour Company disclosed estimated product warranty payable for comparative years as follows: (in millions) Current Year Prior Year Current estimated product warranty payable $13,769 $13,201 Noncurrent estimated product warranty payable 8,375 7,381 $22,144 $20,582 Total Assume that Harbour's sales were $162,391 million in current Year and that the total paid on warranty claims during the current year was $14,195 million a. The distinction between short- and long-term liabilities is important to creditors in order to accurately evaluate...
PLEASE HELP. Read information very carefully!!!!!
Yes
it's sufficient information...I need help on it.
General Motors Company (GM) disclosed estimated product warranty payable for comparan years as follows: (in millions) Current Year Prior Year Current estimated product warranty payable $3,068 $2,886 Noncurrent estimated product warranty payable 4,350 4,145 Total $7,418 $7,031 Assume that GM's sales were $135,506 million in the current year and that the total paid on warranty claims during the current year was $3,200 million. Required: a. Why...
eBook Calcul Chapter 11 Accred Product Warranty 1 EX 11 11 BLANKSHEET ALGO General Motors Corporation (GM) disclosed estimated product warranty payable for comparative years as follows: 2. EX 1101 ALGO (in millions) 3. PR. 11.05. ALGO Year 2 Year 1 4. PE 11.04.BLANKSHEETALGO. 52,78 $2,994 Current estimated product warranty payable Noncurrent estimated product warranty payable 5. PR. 11.04 ALGO 4,002 5.138 Tot 6. EX 11 21 57,500 $8,332 7. EX 11 23 EXCEL ALGO Presume that's sales were $147,049...
pters 7-9 Match the following Current portion of long-term debt Notes payable Recording a contingent liability Disclosure of a contingent liability Deferred revenues Match each of the options above to the Items below. A written promise to repay the amount borrowed plus interest Loss is probable and amount is reasonably estimable Debt that will be paid within one year of the balance sheet date. Loss is reasonably possible and amount is reasonably estimable. A liability that requires the sacrifice of...
match the following:
Deferred revenues Disclosure of a contingent liability Notes payable Recording a contingent liability Current portion of long-term debt Match each of the options above to the items below. A written promise to repay the amount borrowed plus interest. Loss is probable and amount is reasonably estimable. Debt that will be paid within one year of the balance sheet date. Loss is reasonably possible and amount is reasonably estimable. A liability that requires the sacrifice of something other...
Accrued Product Warranty Parker Manufacturing Co. warrants its products for one year. The estimated product warranty is 4% of sales. Assume that sales were $315,000 for January In February, a customer received warranty repairs requiring $275 of parts and $80 of labor. For a compound transaction, if an amount box does not require an entry, leave it blank. . a. Journalize the adjusting entry required at January 31, the end of the first month of the current fiscal year, to...
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