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5 points Save Answer Aquarian Aquatics offers a 2-year warranty on its scuba gear. Aquarian estimates...
Exhibit 9-5 Backhoe Company estimates its annual warranty costs to be 4% of annual net sales. Backhoe uses the GAAP...
Exhibit 9-5 Backhoe Company estimates its annual warranty costs to be 4% of annual net sales. Backhoe uses the GAAP approach of accruing warranty expense (and the related liability) in the year of the sale. The following information relates to the calendar year 2015: Net sales $3,000,000 Estimated liability under warranties: January 1, 2015 100,000 December 31, 2015, after year-end adjustment 80,000 Refer to Exhibit 9.5. The amount of warranty expense for 2015 is Select one: a $140,000 b. $120,000...
1. Marigold Corp. estimates its annual warranty expense as 3% of annual net sales. The following...
1. Marigold Corp. estimates its annual warranty expense as 3% of
annual net sales. The following data relate to the calendar year
2021:
Net sales
$1506000
Warranty liability account
Balance, Dec. 31, 2020
$13000
debit before adjustment
Balance, Dec. 31, 2021
32180
credit after adjustment
Which one of the following entries was made to record the 2021
estimated warranty expense?
a
Warranty Expense
32180
Warranty Liability
32180
b
Warranty Expense
37635
Retained Earnings (prior-period adjustment)
7545
Warranty Liability
45180
c...
2- Required Saved Help Save & Exit 5 A company uses the percent of sales method...
2- Required Saved Help Save & Exit 5 A company uses the percent of sales method to determine its bad debts expense. At the end of the current year, the company's unadjusted trial balance reported the following selected amounts: Accounts receivable $391,000 debit Allowance for uncollectible accounts 660 credit Net Sales 960,000 credit All sales are made on credit. Based on past experience, the company estimates that 0.5% of net credit sales are uncollectible. What amount should be debited to...
Just want to double check my answers. and it its wrong, which one is the corrwcr...
Just want to double check my answers. and it its wrong, which
one is the corrwcr answer.
A) $147,368 B) 552.632 $200,000 D) $140,000 6) Which of the following items should be depreciated? Tangible property, plast, and equipment other than and B) Intangible property C) Land D) Natural resources 7) Which of the following accounting principles requires depreciation? A) The revenue recognition principle B. The matching principle C) The reliability principle D) The entity concept 8) Which of the following...
Hope to have a detailed explanation, thank you QUESTION 1 2 points Save Answer On June...
Hope to have a detailed explanation, thank you
QUESTION 1 2 points Save Answer On June 1, 2020. Palomo Corp paid $7,200 for a two-year insurance policy and correctly recorded the amount as Insurance Expense. The adjusting entry on December 31, 2020 is: debit Insurance Expense and credit Prepaid Insurance. $2.100. debit Prepaid Insurance and credit Insurance Expense. $2.100 debit Insurance Expense and credit Prepaid Insurance. $5.100. debit Prepaid Insurance and credit Insurance Expense. $5.100. QUESTION 2 2 points Save...
The accounting records of Stellar Inc. show the following data for 2017 (its first year of operations). 1. Life insurance expense on officers was $8,800. 2. Equipment was acquired in ear...
The accounting records of Stellar Inc. show the following data for 2017 (its first year of operations). 1. Life insurance expense on officers was $8,800. 2. Equipment was acquired in early January for $319,000. Straight-line depreciation over a 5-year life is used, with no salvage value. For tax purposes, Stellar used a 30% rate to calculate depreciation. 3. Interest revenue on State of New York bonds totaled $3,600. 4. Product warranties were estimated to be $54,500 in 2017. Actual repair...
The following information applies to the questions displayed below.] XYZ is a calendar-year corporation that began...
The following information applies to the questions displayed below.] XYZ is a calendar-year corporation that began business on January 1, 2017. For 2018, it reported the following information in its current-year audited income statement. Notes with important tax information are provided below. Exhibit 16-6. XYZ corp. Book Income Income statement For current year Revenue from sales $ 40,000,000 Cost of Goods Sold (27,000,000 ) Gross profit $ 13,000,000 Other income: Income from investment in corporate stock 300,000 1 Interest income...
XYZ is a calendar-year corporation that began business on January 1, 2020.
XYZ is a calendar-year corporation that began business on January 1, 2020. For the year, it reported the following information in its current-year audited income statement. Notes with important tax information are provided below. Use Exhibit 16-6. XYZ corp.BookIncomeIncome statementFor current yearRevenue from sales$40,000,000Cost of Goods Sold(27,000,000)Gross profit$13,000,000Other income:Income from investment in corporate stock300,0001Interest income20,0002Capital gains (losses)(4,000)Gain or loss from disposition of fixed assets3,0003Miscellaneous income50,000Gross Income$13,369,000Expenses:Compensation(7,500,000)4Stock option compensation(200,000)5Advertising(1,350,000)Repairs and Maintenance(75,000)Rent(22,000)Bad Debt expense(41,000)6Depreciation(1,400,000)7Warranty expenses(70,000)8Charitable donations(500,000)9Meals(18,000)Goodwill impairment(30,000)10Organizational expenditures(44,000)11Other expenses(140,000)12Total expenses$(11,390,000)Income before taxes$1,979,000Provision for income...
can you give the answer and its explanation 5. Amortizing the discounts on bond payable: Reduces...
can you give the answer and its explanation
5. Amortizing the discounts on bond payable: Reduces the annual cash payment for interest. Is necessary only if the bonds were issued at more than face value. Reduces the carrying value of the bond liability. Increases the recorded amount of the interest expense. B. C. D. Tanjong Company bought a factory machine at a cost of RM 18,000 on July 1, 2017. During its useful life, the machine is expected to be...
[The following information applies to the questions displayed below.] XYZ is a calendar-year corporation that began...
[The following information applies to the questions displayed below.] XYZ is a calendar-year corporation that began business on January 1, 2018. For the year, it reported the following information in its current-year audited income statement. Notes with important tax information are provided below. Use Exhibit 16-6. XYZ corp. Book Income Income statement For current year Revenue from sales $ 40,000,000 Cost of Goods Sold (27,000,000 ) Gross profit $ 13,000,000 Other income: Income from investment in corporate stock 300,000 1...
Exhibit 9-5 Backhoe Company estimates its annual warranty costs to be 4% of annual net sales. Backhoe uses the GAAP approach of accruing warranty expense (and the related liability) in the year of the sale. The following information relates to the calendar year 2015: Net sales $3,000,000 Estimated liability under warranties: January 1, 2015 100,000 December 31, 2015, after year-end adjustment 80,000 Refer to Exhibit 9.5. The amount of warranty expense for 2015 is Select one: a $140,000 b. $120,000...
1. Marigold Corp. estimates its annual warranty expense as 3% of
annual net sales. The following data relate to the calendar year
2021:
Net sales
$1506000
Warranty liability account
Balance, Dec. 31, 2020
$13000
debit before adjustment
Balance, Dec. 31, 2021
32180
credit after adjustment
Which one of the following entries was made to record the 2021
estimated warranty expense?
a
Warranty Expense
32180
Warranty Liability
32180
b
Warranty Expense
37635
Retained Earnings (prior-period adjustment)
7545
Warranty Liability
45180
c...
2- Required Saved Help Save & Exit 5 A company uses the percent of sales method to determine its bad debts expense. At the end of the current year, the company's unadjusted trial balance reported the following selected amounts: Accounts receivable $391,000 debit Allowance for uncollectible accounts 660 credit Net Sales 960,000 credit All sales are made on credit. Based on past experience, the company estimates that 0.5% of net credit sales are uncollectible. What amount should be debited to...
Just want to double check my answers. and it its wrong, which
one is the corrwcr answer.
A) $147,368 B) 552.632 $200,000 D) $140,000 6) Which of the following items should be depreciated? Tangible property, plast, and equipment other than and B) Intangible property C) Land D) Natural resources 7) Which of the following accounting principles requires depreciation? A) The revenue recognition principle B. The matching principle C) The reliability principle D) The entity concept 8) Which of the following...
Hope to have a detailed explanation, thank you
QUESTION 1 2 points Save Answer On June 1, 2020. Palomo Corp paid $7,200 for a two-year insurance policy and correctly recorded the amount as Insurance Expense. The adjusting entry on December 31, 2020 is: debit Insurance Expense and credit Prepaid Insurance. $2.100. debit Prepaid Insurance and credit Insurance Expense. $2.100 debit Insurance Expense and credit Prepaid Insurance. $5.100. debit Prepaid Insurance and credit Insurance Expense. $5.100. QUESTION 2 2 points Save...
can you give the answer and its explanation
5. Amortizing the discounts on bond payable: Reduces the annual cash payment for interest. Is necessary only if the bonds were issued at more than face value. Reduces the carrying value of the bond liability. Increases the recorded amount of the interest expense. B. C. D. Tanjong Company bought a factory machine at a cost of RM 18,000 on July 1, 2017. During its useful life, the machine is expected to be...
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