Homework Answers
| Net sales | $ 3,000,000 |
| Warrenty % | 4% |
| Warrenty expenses ($3,000,000*4%) | $ 120,000 |
Answer B. $120,000
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Exhibit 9-5 Backhoe Company estimates its annual warranty costs to be 4% of annual net sales. Backhoe uses the GAAP...
D. Holland Company estimates its annual warranty expense as 3% of annual net sales. The...
D. Holland Company estimates its annual warranty expense as 3% of annual net sales. The following data relate to the calendar year 2018:
Prepare the journal entry to record the 2018 estimated warranty expense? answer to receive credit.
1. Marigold Corp. estimates its annual warranty expense as 3% of annual net sales. The following...
1. Marigold Corp. estimates its annual warranty expense as 3% of
annual net sales. The following data relate to the calendar year
2021:
Net sales
$1506000
Warranty liability account
Balance, Dec. 31, 2020
$13000
debit before adjustment
Balance, Dec. 31, 2021
32180
credit after adjustment
Which one of the following entries was made to record the 2021
estimated warranty expense?
a
Warranty Expense
32180
Warranty Liability
32180
b
Warranty Expense
37635
Retained Earnings (prior-period adjustment)
7545
Warranty Liability
45180
c...
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Required: 1. What is the amount of Apple’s accounts receivable as of September 30, 2017? 2....
Required:
1. What is the amount of Apple’s accounts
receivable as of September 30, 2017?
2. Compute Apple’s accounts receivable turnover as
of September 30, 2017.
3. How long does it take, on average, for
the company to collect receivables for fiscal year ended September
30, 2017?
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cash and cash equivalents, (b) short-term marketable
securities, (c) accounts receivable, and (d)
inventory. Compute the percentage that these liquid assets (in
total) make up of...
Questions: For Kroger deposits in transit: What is the account titled Store deposits in-transit (refer to footnote...
Questions: For Kroger deposits in transit: What is
the account titled Store deposits in-transit (refer to footnote 1)?
This is not an account you will find on the majority of company
financial statements. Why does Kroger include this account? Is it
odd that this account is larger than the cash balance? How do you
explain this?
Information Needed to Answer Questions:
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JOHNSON & JOHNSON AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF EARNINGS (Dollars and Shares in Millions Except Per...
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D. Holland Company estimates its annual warranty expense as 3% of annual net sales. The following data relate to the calendar year 2018:
Prepare the journal entry to record the 2018 estimated warranty expense? answer to receive credit.
1. Marigold Corp. estimates its annual warranty expense as 3% of
annual net sales. The following data relate to the calendar year
2021:
Net sales
$1506000
Warranty liability account
Balance, Dec. 31, 2020
$13000
debit before adjustment
Balance, Dec. 31, 2021
32180
credit after adjustment
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estimated warranty expense?
a
Warranty Expense
32180
Warranty Liability
32180
b
Warranty Expense
37635
Retained Earnings (prior-period adjustment)
7545
Warranty Liability
45180
c...
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Golden Wedding Dress Company designs custom wedding dresses for brides to be. The person preparing the adjusting entries at year-end was unable to complete the adjustments due to illness. You have been given the following unadjusted trial balance along with some additional information for the December 31, 2017, year-end Unadjusted Account Balance $82,400 132,000 348,000 232,000 700 447,000 88,700 651,000 4,800 33,950 137,000 73,000 231,000 223,750 166,000 1,177,000 1,361,000 9,200 Accounts receivable Accum. deprec., building Accum. deprec., equipment Advance sales...
Required:
1. What is the amount of Apple’s accounts
receivable as of September 30, 2017?
2. Compute Apple’s accounts receivable turnover as
of September 30, 2017.
3. How long does it take, on average, for
the company to collect receivables for fiscal year ended September
30, 2017?
4. Apple’s most liquid assets include (a)
cash and cash equivalents, (b) short-term marketable
securities, (c) accounts receivable, and (d)
inventory. Compute the percentage that these liquid assets (in
total) make up of...
Questions: For Kroger deposits in transit: What is
the account titled Store deposits in-transit (refer to footnote 1)?
This is not an account you will find on the majority of company
financial statements. Why does Kroger include this account? Is it
odd that this account is larger than the cash balance? How do you
explain this?
Information Needed to Answer Questions:
Jan. 28, 2017 Jan. 30, 2016 $322 910 1,649 7,852 (1,291) 898 $ 277 923 1,734 7,440 (1,272) 790 9,892...
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