Homework Answers
| Transaction | General Journal | Debit | Credit |
| 2 |
Warranty expense (12000 units * 10% * $15) |
$18,000 | |
| Estimated warranty liability | $18,000 | ||
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Journal entry worksheet During December, Maxum Company sold 12,000 units of a product that carries a...
Journal entry worksheet < 1 2 During December, Maxum Company sold 4,600 units of a product...
Journal entry worksheet < 1 2 During December, Maxum Company sold 4,600 units of a product that carries a 60-day warranty. December sales for this product total $122,000. The company expects 5% of the units to need warranty repairs, and it estimates the average repair cost per unit will be $19. Record the related Note: Enter debits before credits. Transaction General Journal Debit Credit 2 Estimated warranty liability 4,370
Listed below are a few transactions and events of Maxum Company. 1. Employees earn vacation pay...
Listed below are a few transactions and events of Maxum Company. 1. Employees earn vacation pay at a rate of one day per month. During December, 37 employees qualify for one vacation day each. Their average daily wage is $130 per employee. 2. During December, Maxum Company sold 3,000 units of a product that carries a 60-day warranty. December sales for this product total $123,000. The company expects 9% of the units to need warranty repairs, and it estimates the...
Exercise 11-12 Accounting for estimated liabilities LO P4 Listed below are a few transactions and events...
Exercise 11-12 Accounting for estimated liabilities LO
P4
Listed below are a few transactions and events of Maxum
Company.
Employees earn vacation pay at a rate of one day per month.
During December, 39 employees qualify for one vacation day each.
Their average daily wage is $280 per employee.
During December, Maxum Company sold 4,900 units of a product
that carries a 60-day warranty. December sales for this product
total $121,000. The company expects 5% of the units to need...
Listed below are a few transactions and events of Maxum Company. Employees earn vacation pay at...
Listed below are a few transactions and events of Maxum
Company.
Employees earn vacation pay at a rate of one day per month.
During December, 26 employees qualify for one vacation day each.
Their average daily wage is $150 per employee.
During December, Maxum Company sold 3,300 units of a product
that carries a 60-day warranty. December sales for this product
total $135,000. The company expects 5% of the units to need
warranty repairs, and it estimates the average repair...
Listed below are a few transactions and events of Maxum Company. Employees earn vacation pay at...
Listed below are a few transactions and events of Maxum Company. Employees earn vacation pay at a rate of one day per month. Maxum estimated and must expense $10,730 of accrued vacation benefits for the year. During December, Maxum Company sold 4,000 units of a product that carries a 60-day warranty. December sales for this product total $124,000. The company expects 6% of the units to need warranty repairs, and it estimates the average repair cost per unit will be...
Listed below are a few transactions and events of Maxum Company. 1. Employees earn vacation pay...
Listed below are a few transactions and events of Maxum Company. 1. Employees earn vacation pay at a rate of one day per month. During December, 20 employees qualify for one vacation day each. Their average daily wage is $150 per employee. 2. During December, Maxum Company sold 3,700 units of a product that carries a 60-day warranty. December sales for this product total l $127,000. The company expects 10% of the units to need warranty repairs, and it estimates...
Listed below are a few transactions and events of Maxum Company. 1. Employees earn vacation pay...
Listed below are a few transactions and events of Maxum Company. 1. Employees earn vacation pay at a rate of one day per month. During December, 20 employees qualify for one vacation day each. Their average daily wage is $150 per employee. 2. During December, Maxum Company sold 3,700 units of a product that carries a 60-day warranty. December sales for this product total l $127,000. The company expects 10% of the units to need warranty repairs, and it estimates...
Listed below are a few transactions and events of Maxum Company. Employees earn vacation pay at...
Listed below are a few transactions and events of Maxum Company. Employees earn vacation pay at a rate of one day per month. During December, 24 employees qualify for one vacation day each. Their average daily wage is $190 per employee. During December, Maxum Company sold 3,300 units of a product that carries a 60-day warranty. December sales for this product total $133,000. The company expects 8% of the units to need warranty repairs, and it estimates the average repair...
please answer 8&9 00 Exercise 9-12 Accounting for estimated liabilities LO P4 Listed below are a...
please answer 8&9
00 Exercise 9-12 Accounting for estimated liabilities LO P4 Listed below are a few transactions and events of Maxum Company - 1. Employees eam vacation pay at a rate of one day per month. During December 24 employees qualify for one vacation day cach. Thelt average daily wage is $10 per employee 2. During December, Maxum Company sold 3700 units of a product that carries a 60-day warranty, December sales for this product total $133,000. The company...
On December 6, 2017, Norwood Co., an office equipment supplier, sold a copier for cash of...
On December 6, 2017, Norwood Co., an office equipment supplier, sold a copier for cash of $14,000 (cost $10,400) with a two-year parts and labour warranty. Based on prior experience, Norwood expects eventually to incur warranty costs equal to 5% of the selling price. The fiscal year coincides with the calendar year. On January 20, 2018, the customer returned the copier for repairs that were completed the same day. The cost of the repairs consisted of $202 for the materials...
Journal entry worksheet < 1 2 During December, Maxum Company sold 4,600 units of a product that carries a 60-day warranty. December sales for this product total $122,000. The company expects 5% of the units to need warranty repairs, and it estimates the average repair cost per unit will be $19. Record the related Note: Enter debits before credits. Transaction General Journal Debit Credit 2 Estimated warranty liability 4,370
Listed below are a few transactions and events of Maxum Company. 1. Employees earn vacation pay at a rate of one day per month. During December, 37 employees qualify for one vacation day each. Their average daily wage is $130 per employee. 2. During December, Maxum Company sold 3,000 units of a product that carries a 60-day warranty. December sales for this product total $123,000. The company expects 9% of the units to need warranty repairs, and it estimates the...
Exercise 11-12 Accounting for estimated liabilities LO
P4
Listed below are a few transactions and events of Maxum
Company.
Employees earn vacation pay at a rate of one day per month.
During December, 39 employees qualify for one vacation day each.
Their average daily wage is $280 per employee.
During December, Maxum Company sold 4,900 units of a product
that carries a 60-day warranty. December sales for this product
total $121,000. The company expects 5% of the units to need...
Listed below are a few transactions and events of Maxum
Company.
Employees earn vacation pay at a rate of one day per month.
During December, 26 employees qualify for one vacation day each.
Their average daily wage is $150 per employee.
During December, Maxum Company sold 3,300 units of a product
that carries a 60-day warranty. December sales for this product
total $135,000. The company expects 5% of the units to need
warranty repairs, and it estimates the average repair...
Listed below are a few transactions and events of Maxum Company. 1. Employees earn vacation pay at a rate of one day per month. During December, 20 employees qualify for one vacation day each. Their average daily wage is $150 per employee. 2. During December, Maxum Company sold 3,700 units of a product that carries a 60-day warranty. December sales for this product total l $127,000. The company expects 10% of the units to need warranty repairs, and it estimates...
Listed below are a few transactions and events of Maxum Company. 1. Employees earn vacation pay at a rate of one day per month. During December, 20 employees qualify for one vacation day each. Their average daily wage is $150 per employee. 2. During December, Maxum Company sold 3,700 units of a product that carries a 60-day warranty. December sales for this product total l $127,000. The company expects 10% of the units to need warranty repairs, and it estimates...
please answer 8&9
00 Exercise 9-12 Accounting for estimated liabilities LO P4 Listed below are a few transactions and events of Maxum Company - 1. Employees eam vacation pay at a rate of one day per month. During December 24 employees qualify for one vacation day cach. Thelt average daily wage is $10 per employee 2. During December, Maxum Company sold 3700 units of a product that carries a 60-day warranty, December sales for this product total $133,000. The company...
On December 6, 2017, Norwood Co., an office equipment supplier, sold a copier for cash of $14,000 (cost $10,400) with a two-year parts and labour warranty. Based on prior experience, Norwood expects eventually to incur warranty costs equal to 5% of the selling price. The fiscal year coincides with the calendar year. On January 20, 2018, the customer returned the copier for repairs that were completed the same day. The cost of the repairs consisted of $202 for the materials...
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