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Problem 10-8B Note payable, warranty expense, and liability L03,4 Page 13 CHECK FIGURE: 3. Warranty expense...
Exercise 9-10 Warranty expense and liability computations and entries LO P4 Hitzu Co. sold a copier...
Exercise 9-10 Warranty expense and liability computations and entries LO P4 Hitzu Co. sold a copier costing $5,500 with a two year parts warranty to a customer on August 16, 2018, for $11,000 cash. Hitzu uses the perpetual inventory system. On November 22, 2019, the copler requires on-site repairs that are completed the same day. The repairs cost $124 for materials taken from the repair parts inventory. These are the only repairs required in 2019 for this copier. Based on...
Exercise 9-10 Warranty expense and liability computations and entries LO P4 Hitzu Co. sold a copier...
Exercise 9-10 Warranty expense and liability computations and entries LO P4 Hitzu Co. sold a copier costing $6,500 with a two-year parts warranty to a customer on August 16, 2018, for $13,000 cash. Hitzu uses the perpetual inventory system. On November 22, 2019, the copier requires on-site repairs that are completed the same day. The repairs cost $118 for materials taken from the repair parts inventory. These are the only repairs required in 2019 for this copier. Based on experience,...
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 $19,000 (cost $12,900) 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 $212 for the materials...
Hitzu Co. sold a copier (that costs $5,500) for $11,000 cash with a two-year parts warranty...
Hitzu Co. sold a copier (that costs $5,500) for $11,000 cash with a two-year parts warranty to a customer on August 16 of Year 1. Hitzu expects warranty costs to be 6% of dollar sales. It records warranty expense with an adjusting entry on December 31. On January 5 of Year 2, the copier requires on-site repairs that are completed the same day. The repairs cost $109 for materials taken from the repair parts inventory. These are the only repairs...
Hitzu Co. sold a copier (that costs $5,500) for $11,000 cash with a two-year parts warranty...
Hitzu Co. sold a copier (that costs $5,500) for $11,000 cash with a two-year parts warranty to a customer on August 16 of Year 1. Hitzu expects warranty costs to be 4% of dollar sales. It records warranty expense with an adjusting entry on December 31. On January 5 of Year 2, the copier requires on-site repairs that are completed the same day. The repairs cost $130 for materials taken from the repair parts inventory. These are the only repairs...
Hitzu Co. sold a copier costing $4,500 with a two-year parts warranty to a customer on...
Hitzu Co. sold a copier costing $4,500 with a two-year parts
warranty to a customer on August 16, 2017, for $9,000 cash. Hitzu
uses the perpetual inventory system. On November 22, 2018, the
copier requires on-site repairs that are completed the same day.
The repairs cost $131 for materials taken from the repair parts
inventory. These are the only repairs required in 2018 for this
copier. Based on experience, Hitzu expects to incur warranty costs
equal to 4% of dollar...
Hitzu Co. sold a copier (that costs $5,500) for $11,000 cash with a two-year parts warranty...
Hitzu Co. sold a copier (that costs $5,500) for $11,000 cash
with a two-year parts warranty to a customer on August 16 of Year
1. Hitzu expects warranty costs to be 5% of dollar sales. It
records warranty expense with an adjusting entry on December 31. On
January 5 of Year 2, the copier requires on-site repairs that are
completed the same day. The repairs cost $137 for materials taken
from the repair parts inventory. These are the only repairs...
a) prepare summary journal entries to record warranty expense and warranty claims in 2021 and 2022...
a) prepare summary journal entries to record warranty expense and
warranty claims in 2021 and 2022
b) determine the provision for warranty payable that GGT will
report as a liability on Dec 31 2022
Question 3 Or Jetski Corp. has sold motorized watercraft for a number of years. GOT includes a three-year warranty on each watercraft they sell. Management estimates that the cost of providing the warranty coverage is 2% of sales in the first year and 3% of sales...
Jay Co. sold a copier costing $6,500 with a two-year parts warranty to a customer on...
Jay Co. sold a copier costing $6,500 with a two-year parts warranty to a customer on August 19, 2009, for $9,400 cash. Jay uses the perpetual inventory system. On November 22, 2010, the copier requires on-site repairs that are compl The repairs cost $125 for materials taken from the Repair Parts Inventory. These are the only repairs required in 2010 for this copier. Based on experience, Jay expects to incur warranty costs equal to 3% of dollar sales. entry at...
Hitzu Co. sold a copier costing $4,500 with a two-year parts warranty to a customer on...
Hitzu Co. sold a copier costing $4,500 with a two-year parts warranty to a customer on August 16, 2017, for $9,000 cash. Hitzu uses the perpetual inventory system. On November 22, 2018, the copier requires on-site repairs that are completed the same day. The repairs cost $98 for materials taken from the repair parts inventory. These are the only repairs required in 2018 for this copier. Based on experience, Hitzu expects to incur warranty costs equal to 5% of dollar...
Exercise 9-10 Warranty expense and liability computations and entries LO P4 Hitzu Co. sold a copier costing $5,500 with a two year parts warranty to a customer on August 16, 2018, for $11,000 cash. Hitzu uses the perpetual inventory system. On November 22, 2019, the copler requires on-site repairs that are completed the same day. The repairs cost $124 for materials taken from the repair parts inventory. These are the only repairs required in 2019 for this copier. Based on...
Exercise 9-10 Warranty expense and liability computations and entries LO P4 Hitzu Co. sold a copier costing $6,500 with a two-year parts warranty to a customer on August 16, 2018, for $13,000 cash. Hitzu uses the perpetual inventory system. On November 22, 2019, the copier requires on-site repairs that are completed the same day. The repairs cost $118 for materials taken from the repair parts inventory. These are the only repairs required in 2019 for this copier. Based on experience,...
On December 6, 2017, Norwood Co., an office equipment supplier, sold a copier for cash of $19,000 (cost $12,900) 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 $212 for the materials...
Hitzu Co. sold a copier costing $4,500 with a two-year parts
warranty to a customer on August 16, 2017, for $9,000 cash. Hitzu
uses the perpetual inventory system. On November 22, 2018, the
copier requires on-site repairs that are completed the same day.
The repairs cost $131 for materials taken from the repair parts
inventory. These are the only repairs required in 2018 for this
copier. Based on experience, Hitzu expects to incur warranty costs
equal to 4% of dollar...
Hitzu Co. sold a copier (that costs $5,500) for $11,000 cash
with a two-year parts warranty to a customer on August 16 of Year
1. Hitzu expects warranty costs to be 5% of dollar sales. It
records warranty expense with an adjusting entry on December 31. On
January 5 of Year 2, the copier requires on-site repairs that are
completed the same day. The repairs cost $137 for materials taken
from the repair parts inventory. These are the only repairs...
a) prepare summary journal entries to record warranty expense and
warranty claims in 2021 and 2022
b) determine the provision for warranty payable that GGT will
report as a liability on Dec 31 2022
Question 3 Or Jetski Corp. has sold motorized watercraft for a number of years. GOT includes a three-year warranty on each watercraft they sell. Management estimates that the cost of providing the warranty coverage is 2% of sales in the first year and 3% of sales...
Jay Co. sold a copier costing $6,500 with a two-year parts warranty to a customer on August 19, 2009, for $9,400 cash. Jay uses the perpetual inventory system. On November 22, 2010, the copier requires on-site repairs that are compl The repairs cost $125 for materials taken from the Repair Parts Inventory. These are the only repairs required in 2010 for this copier. Based on experience, Jay expects to incur warranty costs equal to 3% of dollar sales. entry at...
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