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Homework Answers
| Warranty expense are accrued in the year of sales irrespective of when actual expenditures are made. |
| Sales in Year 1 | 5882707 | |
| X Warranty cost percentage | 8% | =2%+3%+3% |
| Warranty expense for Year 1 | 470617 | |
| Warranty expense for Year 1 | 470617 | |
| Less: Actual Warranty costs incurred | 126269 | |
| Balance in the Warranty Liability account | 344348 | |
| Option A $344348 is correct |
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Wiley Corp....
Please show all steps so I can fully understand how to solve. Thank you An entity offers a 2 year warranty program o...
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An entity offers a 2 year warranty program on all the products is sells. They estimate that warranty costs will equal 3% of sales in the first year of the warranty and 1% of sales in the second year of the warranty. In the first year, total sales amounted to 52909041. Warranty costs incurred to service products under warranty was 534227. What is the warranty expense...
please show all steps so I can fully understand how to solve. thank you You enter...
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You enter into a three year service contract. The total contract price is $23023. Costs incurred in the first year are $5247 and the expected costs to complete the contract are $6683. How much profit will be recognized on this contract in the first year? Select one: o a. 57818 ob. $11093 o c. 54879 d. 50
please show all steps so I can fully understand how to solve. thank you On December 31, 20x5, you enter into a three...
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On December 31, 20x5, you enter into a three year contract to build an office building for $24492415. At the end of 20x6, you incurred $6841214 of costs and expect to incur an additional $8892327 to complete the contract. How much revenue will you realize on this contract in 20x6? Select one: a. $10649723 O b. $3808509 0 c. $18842970 d. $8758874
Please show all steps so I can fully understand how to solve. thank you On September...
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On September 30, the fixed manufacturing overhead account of Gordon Ltd. showed a debit balance of $5893 after fixed manufacturing overhead had been applied for the month. If the actual total manufacturing overhead cost incurred in September was $109762 and the production was 8087 units, then what was the rate for applying fixed manufacturing overhead cost? Select one: a. $ 0.73 per unit b. $ 12.84...
please show all steps so I can fully understand how to solve. thank you Bella Construction...
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Bella Construction Co. uses the percentage-of-completion method. In 20x1, Bella began work on a contract for $2276800; it was completed in 20x2. The following cost data pertain to this contract: Year ended December 31 20x120x2 $767287 $595787 Costs incurred during the year Estimated costs to complete at the of year 478591 The amount of gross profit to be recognized on the income statement for the year...
Please show all steps so I can fully understand how to solve. Thank you Wake Ltd.'s...
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Wake Ltd.'s records were destroyed by a flood on July 31. 20x9. The following information is available: Beginning Inventory $208592 Gross Profits 40% Account balance to July 31, 20x9 Purchases Sales $856053 995636 Using the information available, what is the company's estimated ending inventory? Select one: a. $467263 b. $666391 oc. $69009 d. $124842 Check
Please show all steps so I can fully understand how to solve. thank you The following...
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The following costs were incurred to complete 3 jobs during the year Direct materials Direct labour Job Al $2384 $4278 Job G1 $1272 $3351 Job A2 $3032 $2996 In addition, the supervisor's salary (who is responsible for monitoring the whole 3rd and 4th floors of the factory) is $82961. The journal entries for the year will include which of the following: Select one: a. A debit...
Please show all steps so I can fully understand how to solve. thank you Reese Ltd.'s...
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Reese Ltd.'s records shows the following balances for the year 20x2: Direct materials, beginning inventory Direct materials, ending inventory Direct material purchases Advertising expense Indirect labour Selling costs Direct labour Property taxes on factory building $56004 81555 118979 274430 98173 47419 218714 15614 What were Reese's product costs for the year? Select one: a. $425929 b. $451480 $321849 d. 5312142
Please show all steps so I can fully understand how to solve. Thank you The beginning...
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The beginning balances of the shareholders equity of Hanssen Incorporated for the year 20x7 are as follows: $10188418 Common shares, 1,000,000 shares issued Retained earnings $1218423 During 20x7, David repurchased 63245 shares at $271550 The net income for the year was $947228. What is the balance in retained earnings at December 31, 20x7? Select one: a $ 1098033 b. $120390 c. $2165651 d. $1067618
Please show all steps so I can fully understand how to solve. thank you Fred Co.,...
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Fred Co., a publicly accountable company, applies manufacturing overhead to jobs using a predetermined overhead rate that is based on direct labour costs. Data for the most recent year is as follows: Actual direct labour hours 8687 Direct labour rate $10/hour Actual manufacturing overhead costs $95770 At the end of the year, Fred Co, disposed of over under-applied overhead by crediting COGS for $8874. What was...
Please show all steps so I can fully understand how to
solve. Thank you
An entity offers a 2 year warranty program on all the products is sells. They estimate that warranty costs will equal 3% of sales in the first year of the warranty and 1% of sales in the second year of the warranty. In the first year, total sales amounted to 52909041. Warranty costs incurred to service products under warranty was 534227. What is the warranty expense...
please show all steps so I can fully understand how to
solve. thank you
You enter into a three year service contract. The total contract price is $23023. Costs incurred in the first year are $5247 and the expected costs to complete the contract are $6683. How much profit will be recognized on this contract in the first year? Select one: o a. 57818 ob. $11093 o c. 54879 d. 50
please show all steps so I can fully understand how to
solve. thank you
On December 31, 20x5, you enter into a three year contract to build an office building for $24492415. At the end of 20x6, you incurred $6841214 of costs and expect to incur an additional $8892327 to complete the contract. How much revenue will you realize on this contract in 20x6? Select one: a. $10649723 O b. $3808509 0 c. $18842970 d. $8758874
Please show all steps so I can fully understand how to
solve. thank you
On September 30, the fixed manufacturing overhead account of Gordon Ltd. showed a debit balance of $5893 after fixed manufacturing overhead had been applied for the month. If the actual total manufacturing overhead cost incurred in September was $109762 and the production was 8087 units, then what was the rate for applying fixed manufacturing overhead cost? Select one: a. $ 0.73 per unit b. $ 12.84...
please show all steps so I can fully understand how to
solve. thank you
Bella Construction Co. uses the percentage-of-completion method. In 20x1, Bella began work on a contract for $2276800; it was completed in 20x2. The following cost data pertain to this contract: Year ended December 31 20x120x2 $767287 $595787 Costs incurred during the year Estimated costs to complete at the of year 478591 The amount of gross profit to be recognized on the income statement for the year...
Please show all steps so I can fully understand how to
solve. Thank you
Wake Ltd.'s records were destroyed by a flood on July 31. 20x9. The following information is available: Beginning Inventory $208592 Gross Profits 40% Account balance to July 31, 20x9 Purchases Sales $856053 995636 Using the information available, what is the company's estimated ending inventory? Select one: a. $467263 b. $666391 oc. $69009 d. $124842 Check
Please show all steps so I can fully understand how to
solve. thank you
The following costs were incurred to complete 3 jobs during the year Direct materials Direct labour Job Al $2384 $4278 Job G1 $1272 $3351 Job A2 $3032 $2996 In addition, the supervisor's salary (who is responsible for monitoring the whole 3rd and 4th floors of the factory) is $82961. The journal entries for the year will include which of the following: Select one: a. A debit...
Please show all steps so I can fully understand how to
solve. thank you
Reese Ltd.'s records shows the following balances for the year 20x2: Direct materials, beginning inventory Direct materials, ending inventory Direct material purchases Advertising expense Indirect labour Selling costs Direct labour Property taxes on factory building $56004 81555 118979 274430 98173 47419 218714 15614 What were Reese's product costs for the year? Select one: a. $425929 b. $451480 $321849 d. 5312142
Please show all steps so I can fully understand how to
solve. Thank you
The beginning balances of the shareholders equity of Hanssen Incorporated for the year 20x7 are as follows: $10188418 Common shares, 1,000,000 shares issued Retained earnings $1218423 During 20x7, David repurchased 63245 shares at $271550 The net income for the year was $947228. What is the balance in retained earnings at December 31, 20x7? Select one: a $ 1098033 b. $120390 c. $2165651 d. $1067618
Please show all steps so I can fully understand how to
solve. thank you
Fred Co., a publicly accountable company, applies manufacturing overhead to jobs using a predetermined overhead rate that is based on direct labour costs. Data for the most recent year is as follows: Actual direct labour hours 8687 Direct labour rate $10/hour Actual manufacturing overhead costs $95770 At the end of the year, Fred Co, disposed of over under-applied overhead by crediting COGS for $8874. What was...
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