Since there is an assumption that all systems will be refreshed in 3 years | ||||
Total Systems available | 31,244.00 | |||
Particulars | FY 2018-19 | FY 2019-20 | FY 2020-21 | FY 2021-22 |
As given- No system in previous year | 0.00 | |||
Systems Accrued | 0.00 | 10,415.00 | 10,415.00 | 10,414.00 |
Remaining variance (A) | 31,244.00 | 20,829.00 | 10,414.00 | 0.00 |
Warranty Price (B) | 379.99 | 379.99 | 379.99 | 379.99 |
Warranty Provision (A) x (B) | 1,18,72,407.56 | 79,14,811.71 | 39,57,215.86 | 0.00 |
End of Warranty - End of each fiscal year FY20 ,FY21 and FY22 .. Starting with...
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 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...
The School District’s fiscal year ends June 30. At the end of the fiscal year, campus bookstores frequently return to the publishers as many unsold textbooks as they can, provided they know they are not going to be able to sell them in future semesters. Textbook publishers provide the bookstores with credit towards future purchases in the form of credit memos. Bookstores frequently do this at the last minute, in June. On June 30, 2018, the CAMPUS bookstore informed me...
Locate the financial statement that reveals to the reader Target's debt balances at fiscal year-end February 1, 2020. Questions: What is the name of that statement? What dollar amount does Target specifically report (i.e. label) as “long-term debt and other borrowings" for February 1, 2020? What total dollar amount does Target report as long-term debt for the fiscal year ending February 1, 2020? What percent of Target's total assets are financed with debt and what percent of Target's total assets...
Journalize the adjusting entry needed at October 31, the fiscal year-end, for each of the following independent situations. No other adjusting entries have been made for the year. (Record debits first, then credits. Exclude explanations from any journal entries.) (Click the icon to view the transactions.) a. On August 1, $3,600 rent was collected in advance. Cash was debited and Uneamed rent revenue was credited. The tenant was paying six months' rent in advance. Journal Entry Date Accounts Debit Credit...
At the end of its fiscal year, December 31, 2020, Cullumber Limited issued 159,000 share appreciation rights to its officers that entitled them to receive cash for the difference between the fair value of its shares and a pre–established price of $10. The fair value fluctuated as follows: December 31, 2021, $13; December 31, 2022, $9; December 31, 2023, $19; and December 31, 2024, $17. An options pricing model determined that the fair value of all 159,000 SARs fluctuated as...
A corporation has the following stockholders' equity accounts at the end of the current fiscal year, after all closing entries have been posted: Common Stock, $10 par, $2,000,000; Paid-In Capital in 8. cess of Par Common Stock, $375,000; Paid-In Capital from Treasury Stock, $18,000; Retained Earnings, $1.285,000. The earnings for the current year, during which there were no un were $350,000. (a) (b) Compute the earnings per share of common stock. Assuming that the market price of the common stock...
Lamorte Towing Company is at the end of its fiscal year, December 31, 2017. The following data that must be considered were developed from the company’s records and related documents: a. On January 1, 2017, the company purchased a new hauling van at a cash cost of $24,600. Depreciation estimated at $4,000 for the year has not been recorded for 2017. b. During 2017, office supplies amounting to $1,000 were purchased for cash and debited to supplies inventory. At the...
Chapter 3, P 2. P2. On November 30, the end of the current fiscal year, the following information is available to assist Allerton Corporation's accountants in making adjusting entries: a. Allerton's SUpplies account shows a beginning balance of $2,350. Purchases during the year were $4,218. The end-of-year inventory reveals suppleis on hand of $1,397. b. The Prepaid Insurance account shows the following on November 30: Beginning balance $4,270 July 1 4,200 October 1 7,272 The beginning balance represents the unexpired...
After all revenue and expense accounts have been closed at the end of the fiscal year, Income Summary has a debit of $796,400 and a credit of $939,300. At the same date, Retained Earnings has a credit balance of $1,433,000, and Dividends has a balance of $29,000. Required: A. Journalize the entries required to complete the closing of the accounts on December 31. Refer to the Chart of Accounts for exact wording of account titles. B. Determine the amount of...