a) prepare summary journal entries to record warranty expense and
warranty claims in 2021 and 2022Homework Answers
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a) prepare summary journal entries to record warranty expense and
warranty claims in 2021 and 2022...
Lindy Appliance begins operations in 2021 and offers a one-year warranty on all products sold. Total...
Lindy Appliance begins operations in 2021 and offers a one-year warranty on all products sold. Total appliance sales in 2021 are $1,600,000, and Lindy estimates future warranty costs in 2022 to be 2% of current sales. Actual warranty costs in 2022 are $25,000. Also in 2022, Lindy has additional sales of $2,400,000 and revises its estimate of warranty costs associated with sales in 2022 to be 1.5%. 1.-3. Record the necessary entries in the Journal Entry Worksheet 1. Record the...
U15 Ulsplayed below) W ence begins operations in 2021 and offers a one year warranty on...
U15 Ulsplayed below) W ence begins operations in 2021 and offers a one year warranty on all products sold. Total appliance sales in 2021 are $1,600,000, and Lindy estimates future warranty costs in 2022 to be 2% of current sales. Actual warranty costs in 2022 are $25,000. Also in 2022, Lindy has additional sales of $2,400,000 and revises its estimate of warranty costs associated with sales in 2022 to be 1.5%. equired: -3. Record the necessary entries in the Journal...
Problem 10-8B Note payable, warranty expense, and liability L03,4 Page 13 CHECK FIGURE: 3. Warranty expense...
Problem 10-8B Note payable, warranty expense, and liability L03,4 Page 13 CHECK FIGURE: 3. Warranty expense $1,200 Sask Tractor borrowed $320,000 to purchase inventory on September 17, 2020 for 60 days at 6% interest by signing a note. On December 6, 2020, Sask Tractor sold a tractor for cash of $24.000 (cost $15,400) with a two year parts and labour warranty. Based on prior experience, Western expects eventually to incur warranty costs equal to 5% of the selling price. The...
Tableau DA 9-2: Exercise, Warranty expense and llability computations and entries LO P4 We are hired...
Tableau DA 9-2: Exercise, Warranty expense and llability computations and entries LO P4 We are hired as consultants to assist Arctica Co. in accounting for its warranty expenses. Arctica offers a one-year warran parts on each snowmobile it sells. The following Tableau Dashboard is provided to assist us Estimated Warranty Expense vs. Actual Warranty Claims $25,000 $20,000 Actual Warranty Claims Estimated Warranty Expense $15,000 $10,000 4 Years Ago Actual Warranty Claims: $12,122 $5,000 4 Years Ago 3 Years Ago 2...
QUESTION ONE PART A New Century Equipment Ltd offers a 12-month warranty for the sale of...
QUESTION ONE PART A New Century Equipment Ltd offers a 12-month warranty for the sale of used equipment. On 1 July 2015, there was a credit balance of $95 000 in its Warranty Provision account. During the year ended 30 June 2016, New Century Equipment Ltd incurred $105 000 in warranty costs, of which $55 000 was in the form of inventory and $50 000 was for labour costs. At 30 June 2016, New Century Equipment Ltd estimated its liability...
Required: 1. Prepare summary journal entries to account for the 2021 write-offs and the collection of...
Required: 1. Prepare summary journal entries to account for the 2021 write-offs and the collection of the receivable previously written off. 2. Prepare the year-end adjusting entry for bad debts according to each of the following situations: a. Bad debt expense is estimated to be 2% of credit sales for the year. b. Bad debt expense is estimated by adjusting the allowance for uncollectible accounts to the balance that reduces the carrying value of accounts receivable to the amount of...
How do you a)prepare journal entries to record the June transactions b)post the transactions to existing...
How do you
a)prepare journal entries to record the June
transactions
b)post the transactions to existing general ledger
accounts
c)prepare unadjusted trial balance
d)prepare adjusting journal entries
e) post adjusting entires to the ledger
Junge Transactions for June 2018 1-Jum-18 After opening the mal, secretary 2-sun-18 The Accounts Payable staff 5-Jun-18 The Payrolil department distributed pay checks to all scaff that had wages due to them as of May 31 6 Jun-18 Junge delivered Morton Software to 2iom for web...
2) prepare the T-accounts. To complete the journal entries, do not forget that you need to...
2) prepare the T-accounts. To complete the journal
entries, do not forget that you need to make the adjusting entries
per the descriptions of transactions in the project
document.
3) The last tab in the Excel template is for you to
prepare the unadjusted trial balance, as well as the adjusted trial
balance. Note that you need to enter all the adjustments in the
worksheet.
4) The last step of the project is to make the closing
entries. You shall...
JOHNSON & JOHNSON AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF EARNINGS (Dollars and Shares in Millions Except Per...
JOHNSON & JOHNSON AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF EARNINGS (Dollars and Shares in Millions Except Per Share Amounts) (Note 1)* 2016 71,890 21,789 50.101 20,067 9.143 29 Sales to customers Cost of products sold Gross profit Selling, marketing and administrative expenses Research and development expense In-process research and development Interest income Interest expense, net of portion capitalized (Note 4) Other (income) expense, net Restructuring (Note 22) Eamings before provision for taxes on income Provision for taxes on income (Note 8)...
Caterpillar Inc. 2017 2016 5 S 51,822 2,900 54,722 42,676 2,786 45,462 35,773 2,764 38,537 STATEMENT...
Caterpillar Inc. 2017 2016 5 S 51,822 2,900 54,722 42,676 2,786 45,462 35,773 2,764 38,537 STATEMENT 1 Consolidated Results of Operations for the Years Ended December 31 Dollar is willions cat pershare dal Sales and revenues Sales of Machinery, Energy & Transportation Revenues of Financial Products Total sales and revenues Operating costs Cost of goods sold Selling, general and administrative expenses Research and development expenses Interest expense of Financial Products Goodwill impairment charge Other operating incomel expenses Total operating costs...
U15 Ulsplayed below) W ence begins operations in 2021 and offers a one year warranty on all products sold. Total appliance sales in 2021 are $1,600,000, and Lindy estimates future warranty costs in 2022 to be 2% of current sales. Actual warranty costs in 2022 are $25,000. Also in 2022, Lindy has additional sales of $2,400,000 and revises its estimate of warranty costs associated with sales in 2022 to be 1.5%. equired: -3. Record the necessary entries in the Journal...
Problem 10-8B Note payable, warranty expense, and liability L03,4 Page 13 CHECK FIGURE: 3. Warranty expense $1,200 Sask Tractor borrowed $320,000 to purchase inventory on September 17, 2020 for 60 days at 6% interest by signing a note. On December 6, 2020, Sask Tractor sold a tractor for cash of $24.000 (cost $15,400) with a two year parts and labour warranty. Based on prior experience, Western expects eventually to incur warranty costs equal to 5% of the selling price. The...
Tableau DA 9-2: Exercise, Warranty expense and llability computations and entries LO P4 We are hired as consultants to assist Arctica Co. in accounting for its warranty expenses. Arctica offers a one-year warran parts on each snowmobile it sells. The following Tableau Dashboard is provided to assist us Estimated Warranty Expense vs. Actual Warranty Claims $25,000 $20,000 Actual Warranty Claims Estimated Warranty Expense $15,000 $10,000 4 Years Ago Actual Warranty Claims: $12,122 $5,000 4 Years Ago 3 Years Ago 2...
QUESTION ONE PART A New Century Equipment Ltd offers a 12-month warranty for the sale of used equipment. On 1 July 2015, there was a credit balance of $95 000 in its Warranty Provision account. During the year ended 30 June 2016, New Century Equipment Ltd incurred $105 000 in warranty costs, of which $55 000 was in the form of inventory and $50 000 was for labour costs. At 30 June 2016, New Century Equipment Ltd estimated its liability...
Required: 1. Prepare summary journal entries to account for the 2021 write-offs and the collection of the receivable previously written off. 2. Prepare the year-end adjusting entry for bad debts according to each of the following situations: a. Bad debt expense is estimated to be 2% of credit sales for the year. b. Bad debt expense is estimated by adjusting the allowance for uncollectible accounts to the balance that reduces the carrying value of accounts receivable to the amount of...
How do you
a)prepare journal entries to record the June
transactions
b)post the transactions to existing general ledger
accounts
c)prepare unadjusted trial balance
d)prepare adjusting journal entries
e) post adjusting entires to the ledger
Junge Transactions for June 2018 1-Jum-18 After opening the mal, secretary 2-sun-18 The Accounts Payable staff 5-Jun-18 The Payrolil department distributed pay checks to all scaff that had wages due to them as of May 31 6 Jun-18 Junge delivered Morton Software to 2iom for web...
2) prepare the T-accounts. To complete the journal
entries, do not forget that you need to make the adjusting entries
per the descriptions of transactions in the project
document.
3) The last tab in the Excel template is for you to
prepare the unadjusted trial balance, as well as the adjusted trial
balance. Note that you need to enter all the adjustments in the
worksheet.
4) The last step of the project is to make the closing
entries. You shall...
JOHNSON & JOHNSON AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF EARNINGS (Dollars and Shares in Millions Except Per Share Amounts) (Note 1)* 2016 71,890 21,789 50.101 20,067 9.143 29 Sales to customers Cost of products sold Gross profit Selling, marketing and administrative expenses Research and development expense In-process research and development Interest income Interest expense, net of portion capitalized (Note 4) Other (income) expense, net Restructuring (Note 22) Eamings before provision for taxes on income Provision for taxes on income (Note 8)...
Caterpillar Inc. 2017 2016 5 S 51,822 2,900 54,722 42,676 2,786 45,462 35,773 2,764 38,537 STATEMENT 1 Consolidated Results of Operations for the Years Ended December 31 Dollar is willions cat pershare dal Sales and revenues Sales of Machinery, Energy & Transportation Revenues of Financial Products Total sales and revenues Operating costs Cost of goods sold Selling, general and administrative expenses Research and development expenses Interest expense of Financial Products Goodwill impairment charge Other operating incomel expenses Total operating costs...
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