Homework Answers
a. demands on
demands
b.
| General Journal | Debit | Credit |
| Product Warranty Expense[$22144 - ($20582 - $14195)] | $15,757 | |
| Product Warranty Payable | $15,757 |
c. It is probable that a liability has been incurred at the warranty of the financial statements.
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Accrued Product Warranty Harbour Company disclosed estimated product warranty payable for comparative years as follows: (in...
Harbour Company disclosed estimated product warranty payable for comparative years as follows: (in millions) Current Year...
Harbour Company disclosed estimated product warranty payable for comparative years as follows: (in millions) Current Year Prior Year Current estimated product warranty payable $3,070 $2,868 Noncurrent estimated product warranty payable 4,345 4,138 Total $7,415 $7,006 Assume that Harbour Company's sales were $135,548 million in the current year and that the total paid on warranty claims during the current year was $3,100 million. Required: a. Why are short, and long-term estimated warranty liabilities separately disclosed? b. Provide the journal entry for...
eBook Calcul Chapter 11 Accred Product Warranty 1 EX 11 11 BLANKSHEET ALGO General Motors Corporation...
eBook Calcul Chapter 11 Accred Product Warranty 1 EX 11 11 BLANKSHEET ALGO General Motors Corporation (GM) disclosed estimated product warranty payable for comparative years as follows: 2. EX 1101 ALGO (in millions) 3. PR. 11.05. ALGO Year 2 Year 1 4. PE 11.04.BLANKSHEETALGO. 52,78 $2,994 Current estimated product warranty payable Noncurrent estimated product warranty payable 5. PR. 11.04 ALGO 4,002 5.138 Tot 6. EX 11 21 57,500 $8,332 7. EX 11 23 EXCEL ALGO Presume that's sales were $147,049...
PLEASE HELP. Read information very carefully!!!!! Yes it's sufficient information...I need help on it. General Motors...
PLEASE HELP. Read information very carefully!!!!!
Yes
it's sufficient information...I need help on it.
General Motors Company (GM) disclosed estimated product warranty payable for comparan years as follows: (in millions) Current Year Prior Year Current estimated product warranty payable $3,068 $2,886 Noncurrent estimated product warranty payable 4,350 4,145 Total $7,418 $7,031 Assume that GM's sales were $135,506 million in the current year and that the total paid on warranty claims during the current year was $3,200 million. Required: a. Why...
Accrued Product Warranty Parker Manufacturing Co. warrants its products for one year. The estimated product warranty...
Accrued Product Warranty Parker Manufacturing Co. warrants its products for one year. The estimated product warranty is 5% of sales. Assume that sales were $346,000 for January. In February, a customer received warranty repairs requiring $305 of parts and $90 of labor. For a compound transaction, if an amount box does not require an entry, leave it blank. a. Journalize the adjusting entry required at January 31, the end of the first month of the current fiscal year, to record...
Accrued Product Warranty Parker Manufacturing Co. warrants its products for one year. The estimated product warranty...
Accrued Product Warranty Parker Manufacturing Co. warrants its products for one year. The estimated product warranty is 4% of sales. Assume that sales were $315,000 for January In February, a customer received warranty repairs requiring $275 of parts and $80 of labor. For a compound transaction, if an amount box does not require an entry, leave it blank. . a. Journalize the adjusting entry required at January 31, the end of the first month of the current fiscal year, to...
Accrued Product Warranty Parker Manufacturing Co. warrants its products for one year. The estimated product warranty...
Accrued Product Warranty Parker Manufacturing Co. warrants its products for one year. The estimated product warranty is 4% of sales. Assume that sales were $200,000 for January. In February, a customer received warranty repairs requiring $280 of parts and $90 of labor. For a compound transaction, if an amount box does not require an entry, leave it blank. a. Journalize the adjusting entry required at January 31, the end of the first month of the current fiscal year, to record...
Recording and Reporting Warranties During 2020, Ward Company introduced a new product carrying a three-year warranty...
Recording and Reporting Warranties During 2020, Ward Company introduced a new product carrying a three-year warranty against defects, which has a separate purchase price. The company collected $20,000, and $35,000 for this extended warranty feature in the years 2020 and 2021, respectively. The company uses straight-line recognition of warranty revenue. The estimated warranty costs are 2% of sales within the first 12 months following the sale and 44 in the second 12 months following the sale. For simplification, assume that...
On January 1, 2021, the lediger of Accardo Company contains the following liability accounts Accounts Payable...
On January 1, 2021, the lediger of Accardo Company contains the following liability accounts Accounts Payable HST Payable Unearned Revenue $52,000 7,700 16,000 During January, the following selected transactions occurred Jan 2 Borrowed $27.000 from Canada Bank on a three month, 6%. $27,000 note 5 Sold merchandise for cash totalling $20.500 plus 13% HST. Ignore any cost of goods sold entry 12 Performed services for customers who had made advance payments at $10,000 The payment included HST of $1.151 Credit...
11. A brewing company operating in an Ontario city experiencing water shortages received its water bill...
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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?
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...
Harbour Company disclosed estimated product warranty payable for comparative years as follows: (in millions) Current Year Prior Year Current estimated product warranty payable $3,070 $2,868 Noncurrent estimated product warranty payable 4,345 4,138 Total $7,415 $7,006 Assume that Harbour Company's sales were $135,548 million in the current year and that the total paid on warranty claims during the current year was $3,100 million. Required: a. Why are short, and long-term estimated warranty liabilities separately disclosed? b. Provide the journal entry for...
eBook Calcul Chapter 11 Accred Product Warranty 1 EX 11 11 BLANKSHEET ALGO General Motors Corporation (GM) disclosed estimated product warranty payable for comparative years as follows: 2. EX 1101 ALGO (in millions) 3. PR. 11.05. ALGO Year 2 Year 1 4. PE 11.04.BLANKSHEETALGO. 52,78 $2,994 Current estimated product warranty payable Noncurrent estimated product warranty payable 5. PR. 11.04 ALGO 4,002 5.138 Tot 6. EX 11 21 57,500 $8,332 7. EX 11 23 EXCEL ALGO Presume that's sales were $147,049...
PLEASE HELP. Read information very carefully!!!!!
Yes
it's sufficient information...I need help on it.
General Motors Company (GM) disclosed estimated product warranty payable for comparan years as follows: (in millions) Current Year Prior Year Current estimated product warranty payable $3,068 $2,886 Noncurrent estimated product warranty payable 4,350 4,145 Total $7,418 $7,031 Assume that GM's sales were $135,506 million in the current year and that the total paid on warranty claims during the current year was $3,200 million. Required: a. Why...
Accrued Product Warranty Parker Manufacturing Co. warrants its products for one year. The estimated product warranty is 4% of sales. Assume that sales were $315,000 for January In February, a customer received warranty repairs requiring $275 of parts and $80 of labor. For a compound transaction, if an amount box does not require an entry, leave it blank. . a. Journalize the adjusting entry required at January 31, the end of the first month of the current fiscal year, to...
Recording and Reporting Warranties During 2020, Ward Company introduced a new product carrying a three-year warranty against defects, which has a separate purchase price. The company collected $20,000, and $35,000 for this extended warranty feature in the years 2020 and 2021, respectively. The company uses straight-line recognition of warranty revenue. The estimated warranty costs are 2% of sales within the first 12 months following the sale and 44 in the second 12 months following the sale. For simplification, assume that...
On January 1, 2021, the lediger of Accardo Company contains the following liability accounts Accounts Payable HST Payable Unearned Revenue $52,000 7,700 16,000 During January, the following selected transactions occurred Jan 2 Borrowed $27.000 from Canada Bank on a three month, 6%. $27,000 note 5 Sold merchandise for cash totalling $20.500 plus 13% HST. Ignore any cost of goods sold entry 12 Performed services for customers who had made advance payments at $10,000 The payment included HST of $1.151 Credit...
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...
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