Could you solve clearly? Thanks a lot!!
Homework Answers
Correct answer---------(C ) Should recognize $30,000 of warrenty expense in 2010.
Working
| Briefcase sold in 2010 | 50,000 |
| Liability to be recorded for | 1% of briefcase sold |
| Liability to be recorded (50000 x 1% x $60) | $ 30,000.00 |
The expense paid in actual will be debited to warrenty liability payable account.
Add Answer to:
Could you solve clearly? Thanks a lot!!
Glenrose Co. introduced a high-quality leather briefcase in 2010....
Could you solve clearly? Thanks a lot!! 1 July 1, 2010, Studemont purchased a delivery truck...
Could you solve clearly? Thanks a lot!!
1 July 1, 2010, Studemont purchased a delivery truck for $50,000. The truck has a $10,000 salvage value and a 160,000-mile estimated useful life. Studemont uses the units-of-production depreciation method. Studemont drove the truck 20.000 and 50,000 miles during 2010 and 2011, respectively. What is the balance in Studemont's Accumulated Depreciation account relative to delivery truck at December 31, 2011? a. $ 5,000 b. $12,500 $15,000 $17,500 e. $21,875
Could you solve clearly? Thanks a lot!! G Corp. began 2010 with $2,000,000 in its equipment...
Could you solve clearly? Thanks a lot!!
G Corp. began 2010 with $2,000,000 in its equipment account. During 2010, G sold equipment with a historical cost of $300,000 at a $20,000 gain. At the end of 2010, G Corp. had a $3,300,000 balance in the equipment account. G bought new equipment during the year by signing a $200,000 note payable; the note and interest are due in 2011. In 2010, how much cash did G Corp. pay for equipment purchases?...
Could you solve clearly? Thanks a lot!! 15. Joliet's 2009 and 2010 financial statements included the...
Could you solve clearly?
Thanks a lot!!
15. Joliet's 2009 and 2010 financial statements included the following data: 2009 2010 Accounts Receivable $ 150,000 $ 250,000 Inventory 150,000 195,000 Total Assets 946,000 878,000 Net Sales (all on credit) 2,000,000 2,200,000 Cost of Goods Sold 1,300,000 1,500,000 Assume a 360-day year for all calculations. a. b. What is Joliet's accounts receivable turnover ratio for 2010? 8.8 10.5 11.0 13.3 14.0 d. e.
Could you solve clearly? Thanks a lot!! 2. In 2010, Printext estimates that for every two...
Could you solve clearly? Thanks a lot!!
2. In 2010, Printext estimates that for every two printers sold, the company will sell six ink cartridges. The products have a 2:6 ratio. Fixed production costs are $150,000 and fixed selling costs are $50,000. Printext's selling prices and variable expenses information are as follows: Printers Ink Cartridges Per Unit Per Unit Selling price $80 $20 Variable expenses 27 11 How many printers must be sold to break even? a. 1,250 b. 1,875...
Could you solve clearly? Thanks a lot!! er 31, 2010, balance 16. The following asset and...
Could you solve clearly?
Thanks a lot!!
er 31, 2010, balance 16. The following asset and liability accounts are shown on Mason Store's December 31, 2010 sheet: $ 80,000 Accounts Receivable 30,000 Current Portion of Long-Term Debt Cash 35,000 6,000 Accounts Payable Allowance for Uncollectible Accounts 3,000 Equipment 28,000 Accumulated Depreciation - Equipment 6,000 Intangible Assets 20,000 Unearned Rent 10,000 Inventory 19,000 Bonds Payable (Long-Term) 20,000 و نه What is Mason's quick ratio at December 31, 2010? 1.70 2.00 2.43...
Could you solve clearly? Thanks a lot!! 10. Sami Co. had the following account balances at...
Could you solve clearly?
Thanks a lot!!
10. Sami Co. had the following account balances at the beginning and end of 2010: Jan. 1. 2010 Dec. 31. 2010 Buildings $1,300,000 $1,860,000 Accumulated Depreciation - Buildings 741,000 703,000 During 2010, Sami Co. sold a building that originally cost $200,000 for $22,000. The building had value of $25,000. What was the cost of the buildings purchased during 2010? a. $560,000 b. $585,000 c. $598,000 d. $760,000 e. none of the above 11....
Pip Lax Ltd manufactures high-quality sports equipment and sells it under a two-year warranty. The company...
Pip Lax Ltd manufactures high-quality sports equipment and sells it under a two-year warranty. The company gurantees to replace any defective parts and repair equipment at no cost to its customers. Record the following events of 2009. The company has a calendar reporting year 1. During 2009, Pip Lax Ltd spent $800 000 repairing a certain brand of elite-level lacrosse equipment under warranty. Of this, $360 000 related to equipment sold during 2007; the rest related to equipment sold during...
1) Reeves Co. filed suit against Higgins, Inc., seeking damages for copyright violations. Higgins' legal counsel...
1) Reeves Co. filed suit against Higgins, Inc., seeking damages for copyright violations. Higgins' legal counsel believes it is probable that Higgins will settle the lawsuit for an estimated amount in the range of $160,000 to $260,000, with all amounts in the range considered equally likely. How should Higgins report this litigation? 2)At the beginning of 2021, Angel Corporation began offering a 1-year warranty on its products. The warranty program was expected to cost Angel 4% of net sales. Net...
Could you solve clearly? Thanks a lot!! Cantona Manufacturing Co. purchased a machine on July 1,...
Could you solve clearly? Thanks a lot!!
Cantona Manufacturing Co. purchased a machine on July 1, 2010, for $45,0 estimated five year life with a salvage value of $5,000. me on July 1, 2010, for $45,000. The machine has an Assuming Cantona uses double-declining balance method, Accui ses double-declining balance method. Accumulated Depreciation at the a. $ 8,000 b. $9,000 $20,800 d. $22,800 e. $23,400
Could you solve clearly? Thanks a lot!! 17. Z Co. has total assets of $150,000, total...
Could you solve clearly? Thanks a lot!!
17. Z Co. has total assets of $150,000, total stockholders' equity of $80,000, total annual revenues of $460,000, cost of goods sold of $290,000, and inventory of $30,000. In preparing common-sized statements for the year, which of the following percentages would represent total liabilities? a. 15% b. 30% C. 47% d. 889 Ć cannot be computed from the information given
Could you solve clearly? Thanks a lot!!
1 July 1, 2010, Studemont purchased a delivery truck for $50,000. The truck has a $10,000 salvage value and a 160,000-mile estimated useful life. Studemont uses the units-of-production depreciation method. Studemont drove the truck 20.000 and 50,000 miles during 2010 and 2011, respectively. What is the balance in Studemont's Accumulated Depreciation account relative to delivery truck at December 31, 2011? a. $ 5,000 b. $12,500 $15,000 $17,500 e. $21,875
Could you solve clearly? Thanks a lot!!
G Corp. began 2010 with $2,000,000 in its equipment account. During 2010, G sold equipment with a historical cost of $300,000 at a $20,000 gain. At the end of 2010, G Corp. had a $3,300,000 balance in the equipment account. G bought new equipment during the year by signing a $200,000 note payable; the note and interest are due in 2011. In 2010, how much cash did G Corp. pay for equipment purchases?...
Could you solve clearly?
Thanks a lot!!
15. Joliet's 2009 and 2010 financial statements included the following data: 2009 2010 Accounts Receivable $ 150,000 $ 250,000 Inventory 150,000 195,000 Total Assets 946,000 878,000 Net Sales (all on credit) 2,000,000 2,200,000 Cost of Goods Sold 1,300,000 1,500,000 Assume a 360-day year for all calculations. a. b. What is Joliet's accounts receivable turnover ratio for 2010? 8.8 10.5 11.0 13.3 14.0 d. e.
Could you solve clearly? Thanks a lot!!
2. In 2010, Printext estimates that for every two printers sold, the company will sell six ink cartridges. The products have a 2:6 ratio. Fixed production costs are $150,000 and fixed selling costs are $50,000. Printext's selling prices and variable expenses information are as follows: Printers Ink Cartridges Per Unit Per Unit Selling price $80 $20 Variable expenses 27 11 How many printers must be sold to break even? a. 1,250 b. 1,875...
Could you solve clearly?
Thanks a lot!!
er 31, 2010, balance 16. The following asset and liability accounts are shown on Mason Store's December 31, 2010 sheet: $ 80,000 Accounts Receivable 30,000 Current Portion of Long-Term Debt Cash 35,000 6,000 Accounts Payable Allowance for Uncollectible Accounts 3,000 Equipment 28,000 Accumulated Depreciation - Equipment 6,000 Intangible Assets 20,000 Unearned Rent 10,000 Inventory 19,000 Bonds Payable (Long-Term) 20,000 و نه What is Mason's quick ratio at December 31, 2010? 1.70 2.00 2.43...
Could you solve clearly?
Thanks a lot!!
10. Sami Co. had the following account balances at the beginning and end of 2010: Jan. 1. 2010 Dec. 31. 2010 Buildings $1,300,000 $1,860,000 Accumulated Depreciation - Buildings 741,000 703,000 During 2010, Sami Co. sold a building that originally cost $200,000 for $22,000. The building had value of $25,000. What was the cost of the buildings purchased during 2010? a. $560,000 b. $585,000 c. $598,000 d. $760,000 e. none of the above 11....
Pip Lax Ltd manufactures high-quality sports equipment and sells it under a two-year warranty. The company gurantees to replace any defective parts and repair equipment at no cost to its customers. Record the following events of 2009. The company has a calendar reporting year 1. During 2009, Pip Lax Ltd spent $800 000 repairing a certain brand of elite-level lacrosse equipment under warranty. Of this, $360 000 related to equipment sold during 2007; the rest related to equipment sold during...
Could you solve clearly? Thanks a lot!!
Cantona Manufacturing Co. purchased a machine on July 1, 2010, for $45,0 estimated five year life with a salvage value of $5,000. me on July 1, 2010, for $45,000. The machine has an Assuming Cantona uses double-declining balance method, Accui ses double-declining balance method. Accumulated Depreciation at the a. $ 8,000 b. $9,000 $20,800 d. $22,800 e. $23,400
Could you solve clearly? Thanks a lot!!
17. Z Co. has total assets of $150,000, total stockholders' equity of $80,000, total annual revenues of $460,000, cost of goods sold of $290,000, and inventory of $30,000. In preparing common-sized statements for the year, which of the following percentages would represent total liabilities? a. 15% b. 30% C. 47% d. 889 Ć cannot be computed from the information given
Most questions answered within 3 hours.
-
Sketch the crystal field splitting diagram for the low-spin
[Fe(CN)6 ] 4 - ion.
asked 10 seconds ago -
Sketch the homonuclear diatomic MO diagram for
Mo22+. What kind of magnetism does this dimer
exhibit?
asked 20 minutes ago -
Consider a situation where current output (real GDP) is
currently below potential GDP. What type of...
asked 20 minutes ago -
How are the activators and repressors different in eukaryotes vs
prokaryotes for regulation of gene expression?
asked 36 minutes ago -
Task 2.6 : In this exercise, you will create a script to
echo users, based on...
asked 34 minutes ago -
The diameter of the Sun is 1.4x 106 kilometers. (1 km
= 3280 ft) What is...
asked 39 minutes ago -
Calculate the value of the translational partition function of
O2 at 300 K for a volume...
asked 55 minutes ago -
Consider the following tasks, times, and predecessors for an
assembly of set top cable converter boxes:...
asked 53 minutes ago -
10.________ is the proportion of variance in the dependent
variable that is accounted for by the...
asked 1 hour ago -
Find at least three implicit modelling assumptions or other
qualitative factors which are relevant but not...
asked 1 hour ago -
Write a method that determines the key of the successor of the
root node in a...
asked 1 hour ago -
Determine the lattice energy (in kJ/mol) of NaF(s),
using the data provided.
Energy to sublime Na(s)...
asked 1 hour ago