Year | No of employees | Vacation b/f in days | Vacation entitled in days | Vacation availed in days | Vacation c/f in days | Hourly Rate | Clsoing liability |
2019 | 50 | 0 | 500 | 0 | 500 | 14.5 | 58000 |
(50 emp x 10 days) | (500 days x 8 hr/day x 14.5 | ||||||
2020 | 50 | 500 | 500 | 400 | 600 | 15 | 72000 |
(50 emp x 10 days) | (50 emp x 8 days) | (600 days x 8 hr/day x 15) | |||||
Ans | 2019 | 58000 | |||||
2020 | 72000 |
1 | Packages Sold | 3700000 | |
2 | Estmated Rebate package | 370000 | = (1) x 10% |
3 | Rebate per package | $1 | |
4 | Rebate Expense | $370000 | = (2) x (3) |
5 | Rebate already redeemed in current year | $135000 | |
6 | Rebate Liability | $235000 | = (4) - (5) |
Ans | Rebate Expense | $370000 | |
Rebate Liability | $235000 |
Year | Sales | Warranty Costs 5% of sales |
Actual Warranty Expenditure | Warranty Liability for the year | Warranty Liability Cumulative balance |
2018 | 500000 | 25000 | 4000 | 21000 | 21000 |
2019 | 1500000 | 75000 | 39000 | 36000 | 57000 |
2020 | 2100000 | 105000 | 96000 | 9000 | 66000 |
4100000 | 205000 | 139000 | 66000 | ||
Ans | Warranty Liability at Dec 31, 2020 | $66000 |
SU SUw supporting computations. Points will be deducted if you do not show your WUERE 1....
Please show all supporting computations. Points will be deducted if you do not show your work. 1. The December 31, 2018 balance sheet for Campbell, Inc. included the following: Debit Credit Accounts receivable $ 145,000 Allowance for doubtful accounts 12,500 1 12.50 During 2019, the following transactions occurred: 1. Sales on account $760,000. Campbell uses the gross method for sales recording. 2. Sales returns and allowances, S37,000 3. Collections from customers, S695,000 of which S65,000 qualified for a 1% discount....
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