Homework Answers
Journal Entry ($ in millions)
Warranty Expense A/c Dr. $1.725
To Provision For Warranty Expense A/c $1.725
(Being Provision made for estimated warranty expense)
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C. Surfcom makes powered surf boats. At the end of the reporting period data provided suggests:...
Topic: Provisions and events after the reporting period. Westham plc sells televisions, and provides a one-year...
Topic: Provisions and events after the reporting period. Westham plc sells televisions, and provides a one-year warranty against faults occurring after sale. Westham estimates that if all goods with an outstanding warranty at its statement of financial position date of 31 March 2017 need minor repairs the total cost would be £1 million. If all the products under warranty needed major repairs the total cost would be £3 million. At 31 March 2018 these amounts have risen to £8 million...
Vaughn Corp. manufactures a wide range of equipment. The company’s biggest seller is the Whatchamacallit, which...
Vaughn Corp. manufactures a wide range of equipment. The company’s biggest seller is the Whatchamacallit, which sells for $4,610 each. Starting in 2020 Whatchamacallit now carries with it a 2-year warranty against manufacturing defects. In addition to this warranty, customers can purchase an optional extended warranty for $1,640 extra that extends the Whatchamacallit’s warranty an additional 2 years. From experience with similar products, Vaughn Corp. has determined that each Whatchamacallit sold will average $900 in replacement parts (ignore labour costs...
Question 6 Pharoah Corp. manufactures a wide range of equipment. The company’s biggest seller is the...
Question 6
Pharoah Corp. manufactures a wide range of equipment. The
company’s biggest seller is the Whatchamacallit, which sells for
$4,700 each. Starting in 2020 Whatchamacallit now carries with it a
2-year warranty against manufacturing defects. In addition to this
warranty, customers can purchase an optional extended warranty for
$1,510 extra that extends the Whatchamacallit’s warranty an
additional 2 years. From experience with similar products, Pharoah
Corp. has determined that each Whatchamacallit sold will average
$1,010 in replacement parts (ignore...
The following selected transactions relate to contingencies of Classical Tool Makers, Inc., which began operations in...
The following selected transactions relate to contingencies of Classical Tool Makers, Inc., which began operations in July 2021. Classical's fiscal year ends on December 31. Financial statements are issued in April 2022. 1. Classical's products carry a one-year warranty against manufacturer's defects. Based on previous experience, warranty costs are expected to approximate 3% of sales. Sales were $2.3 million (all credit) for 2021. Actual warranty expenditures were $20,100 and were recorded as warranty expense when incurred. 2. Although no customer...
The following selected transactions relate to contingencies of Classical Tool Makers, Inc., which began operations in...
The following selected transactions relate to contingencies of Classical Tool Makers, Inc., which began operations in July 2021. Classical's fiscal year ends on December 31. Financial statements are issued in April 2022. 1. Classical's products carry a one-year warranty against manufacturer's defects. Based on previous experience, warranty costs are expected to approximate 3% of sales. Sales were $3.7 million (all credit) for 2021. Actual warranty expenditures were $49,400 and were recorded as warranty expense when incurred. 2. Although no customer...
The following selected transactions relate to contingencies of Classical Tool Makers, Inc., which began operations in...
The following selected transactions relate to contingencies of Classical Tool Makers, Inc., which began operations in July 2021. Classical's fiscal year ends on December 31. Financial statements are issued in April 2022. 1. Classical's products carry a one-year warranty against manufacturer's defects. Based on previous experience, warranty costs are expected to approximate 3% of sales. Sales were $2.8 million (all credit) for 2021. Actual warranty expenditures were $31,600 and were recorded as warranty expense when incurred. 2. Although no customer...
The following selected transactions relate to contingencies of Classical Tool Makers, Inc., which began operations in...
The following selected transactions relate to contingencies of Classical Tool Makers, Inc., which began operations in July 2016. Classical's fiscal year ends on December 31. Financial statements are issued in April 2017. 1. Classical's products carry a one-year warranty against manufacturer's defects. Based on previous experience, warranty costs are expected to approximate 4% of sales. Sales were $2 million (all credit) for 2016. Actual warranty expenditures were $30,800 and were recorded as warranty expense when incurred. 2. Although no customer...
The following selected transactions relate to contingencies of Classical Tool Makers, Inc., which began operations in...
The following selected transactions relate to contingencies of Classical Tool Makers, Inc., which began operations in July 2021. Classical’s fiscal year ends on December 31. Financial statements are issued in April 2022. Classical’s products carry a one-year warranty against manufacturer’s defects. Based on previous experience, warranty costs are expected to approximate 2% of sales. Sales were $3.3 million (all credit) for 2021. Actual warranty expenditures were $22,800 and were recorded as warranty expense when incurred. Although no customer accounts have...
The following selected transactions relate to contingencies of Classical Tool Makers, Inc.
The following selected transactions relate to contingencies of Classical Tool Makers, Inc., which began operations in July 2018. Classical's fiscal year ends on December 31. Financial statements are issued in April 2019. 1. Classical's products carry a one-year warranty against manufacturer's defects. Based on previous experience, warranty costs are expected to approximate 4 % of sales. Sales were $2.7 million (all credit) for 2018. Actual warranty expenditures were $43,500 and were recorded as warranty expense when incurred. 2. Although no customer accounts...
The following selected transactions relate to contingencies of Classical Tool Makers, Inc., which began operations in...
The following selected transactions relate to contingencies of Classical Tool Makers, Inc., which began operations in July 2016. Classical's fiscal year ends on December 31. Financial statements are issued in April 2017. 1. Classical's products carry a one-year warranty against manufacturer's defects. Based on previous experience, warranty costs are expected to approximate 4% of sales. Sales were $2 million (all credit) for 2016. Actual warranty expenditures were $30,800 and were recorded as warranty expense when incurred. 2. Although no customer...
Question 6
Pharoah Corp. manufactures a wide range of equipment. The
company’s biggest seller is the Whatchamacallit, which sells for
$4,700 each. Starting in 2020 Whatchamacallit now carries with it a
2-year warranty against manufacturing defects. In addition to this
warranty, customers can purchase an optional extended warranty for
$1,510 extra that extends the Whatchamacallit’s warranty an
additional 2 years. From experience with similar products, Pharoah
Corp. has determined that each Whatchamacallit sold will average
$1,010 in replacement parts (ignore...
The following selected transactions relate to contingencies of Classical Tool Makers, Inc., which began operations in July 2021. Classical's fiscal year ends on December 31. Financial statements are issued in April 2022. 1. Classical's products carry a one-year warranty against manufacturer's defects. Based on previous experience, warranty costs are expected to approximate 3% of sales. Sales were $2.3 million (all credit) for 2021. Actual warranty expenditures were $20,100 and were recorded as warranty expense when incurred. 2. Although no customer...
The following selected transactions relate to contingencies of Classical Tool Makers, Inc., which began operations in July 2021. Classical's fiscal year ends on December 31. Financial statements are issued in April 2022. 1. Classical's products carry a one-year warranty against manufacturer's defects. Based on previous experience, warranty costs are expected to approximate 3% of sales. Sales were $3.7 million (all credit) for 2021. Actual warranty expenditures were $49,400 and were recorded as warranty expense when incurred. 2. Although no customer...
The following selected transactions relate to contingencies of Classical Tool Makers, Inc., which began operations in July 2021. Classical's fiscal year ends on December 31. Financial statements are issued in April 2022. 1. Classical's products carry a one-year warranty against manufacturer's defects. Based on previous experience, warranty costs are expected to approximate 3% of sales. Sales were $2.8 million (all credit) for 2021. Actual warranty expenditures were $31,600 and were recorded as warranty expense when incurred. 2. Although no customer...
The following selected transactions relate to contingencies of Classical Tool Makers, Inc., which began operations in July 2016. Classical's fiscal year ends on December 31. Financial statements are issued in April 2017. 1. Classical's products carry a one-year warranty against manufacturer's defects. Based on previous experience, warranty costs are expected to approximate 4% of sales. Sales were $2 million (all credit) for 2016. Actual warranty expenditures were $30,800 and were recorded as warranty expense when incurred. 2. Although no customer...
The following selected transactions relate to contingencies of Classical Tool Makers, Inc., which began operations in July 2018. Classical's fiscal year ends on December 31. Financial statements are issued in April 2019. 1. Classical's products carry a one-year warranty against manufacturer's defects. Based on previous experience, warranty costs are expected to approximate 4 % of sales. Sales were $2.7 million (all credit) for 2018. Actual warranty expenditures were $43,500 and were recorded as warranty expense when incurred. 2. Although no customer accounts...
The following selected transactions relate to contingencies of Classical Tool Makers, Inc., which began operations in July 2016. Classical's fiscal year ends on December 31. Financial statements are issued in April 2017. 1. Classical's products carry a one-year warranty against manufacturer's defects. Based on previous experience, warranty costs are expected to approximate 4% of sales. Sales were $2 million (all credit) for 2016. Actual warranty expenditures were $30,800 and were recorded as warranty expense when incurred. 2. Although no customer...
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