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3. Ralston Manufacturing began operations in January 2018. Ralston sells computers that carry a two-year manufacturer's...
Ralston Manufacturing began operations in January 2018. Ralston sells computers that carry a two-year manufacturer's warranty...
Ralston Manufacturing began operations in January 2018. Ralston sells computers that carry a two-year manufacturer's warranty against defects in workmanship. Ralston's management projects that 3% of the computers will require repair during the first year of the warranty while approximately 6% will require repair during the second year of the warranty. The computers sell for $1,100 each. The average cost to repair a computer is $150. The company sells the computers to retail customers who must pay a 6% sales...
Hardin Widget Manufacturing began operations in January 2021. Hardin sells widgets that carry a two-year manufacturer's...
Hardin Widget Manufacturing began operations in January 2021. Hardin sells widgets that carry a two-year manufacturer's warranty against defects in workmanship. Hardin's management projects that 1% of the widgets will require repair during the first year of the warranty while approximately 5% will require repair during the second year of the warranty. The widgets sell for $500 each. The average cost to repair a widget is $60. The company sells 70% of the widgets to retail customers who must pay...
Hardin Widget Manufacturing began operations in January 2021. Hardin sells widgets that carry a two-year manufacturer's...
Hardin Widget Manufacturing began operations in January 2021. Hardin sells widgets that carry a two-year manufacturer's warranty against defects in workmanship. Hardin's management projects that 2% of the widgets will require repair during the first year of the warranty while approximately 6% will require repair during the second year of the warranty. The widgets sell for $400 each. The average cost to repair a widget is $60. The company sells 60% of the widgets to retail customers who must pay...
In 2018, Cap City Inc. introduced a new line of televisions that carry a two-year warranty...
In 2018, Cap City Inc. introduced a new line of televisions that carry a two-year warranty against manufacturer's defects. Based on past experience with similar products, warranty costs are expected to be approximately 1% of sales during the first year of the warranty and approximately an additional 3% of sales during the second year of the warranty. Sales were $6,900,000 for the first year of the product's life and actual warranty expenditures were $38,000. Assume that all sales are on...
Cupola Awning Corporation introduced a new line of commercial awnings in 2018 that carry a two-year...
Cupola Awning Corporation introduced a new line of commercial awnings in 2018 that carry a two-year warranty against manufacturer’s defects. Based on their experience with previous product introductions, warranty costs are expected to approximate 2% of sales. Sales and actual warranty expenditures for the first year of selling the product were: Sales Actual Warranty Expenditures $5,190,000 $35,500 Required: 1. Does this situation represent a loss contingency? 2. Prepare journal entries that summarize sales of the awnings (assume all credit sales)...
Cames Electronics sells consumer electronics that carry a 90-day manufacturer's warranty. At the time of purchase,...
Cames Electronics sells consumer electronics that carry a 90-day manufacturer's warranty. At the time of purchase, customers are offered the opportunity to also buy a two-year extended warranty for an additional charge. During the year, Carnes received $440,000 for these extended warranties (approximately evenly throughout the year) Required: 1-0. Does this situation represent a loss contingency? 1.b. How should it be accounted for? 2. Prepare journal entries that summarize sales of the extended warranties and any aspects of the warranty...
Cupola Awning Corporation introduced a new line of commercial awnings in 2021 that carry a two-year...
Cupola Awning Corporation introduced a new line of commercial awnings in 2021 that carry a two-year warranty against manufacturer's defects. Based on their experience with previous product introductions, warranty costs are expected to approximate 1% of sales. Sales and actual warranty expenditures for the first year of selling the product were: Sales $5,900,000 Actual Warranty Expenditures $ 37,750 Required: 1. Does this situation represent a loss contingency? 2. Prepare journal entries that summarize sales of the awnings (assume all credit...
Cupola Awning Corporation introduced a new line of commercial awnings in 2021 that carry a two-year...
Cupola Awning Corporation introduced a new line of commercial awnings in 2021 that carry a two-year warranty against manufacturer's defects. Based on their experience with previous product introductions, warranty costs are expected to approximate 3% of sales. Sales and actual warranty expenditures for the first year of selling the product were: Sales Actual Warranty Expenditures $39,750 $5,860,000 Required: 1. Does this situation represent a loss contingency? 2. Prepare journal entries that summarize sales of the awnings (assume all credit sales)...
Cupola Awning Corporation introduced a new line of commercial awnings in 2021 that carry a two-year...
Cupola Awning Corporation introduced a new line of commercial awnings in 2021 that carry a two-year warranty against manufacturer's defects. Based on their experience with previous product Introductions, warranty costs are expected to approximate 4% of sales. Sales and actual warranty expenditures for the first year of selling the product were: Sales $5,000,000 Actual Warranty Expenditures $48,250 ed Required: 1. Does this situation represent a loss contingency? 2. Prepare journal entries that summarize sales of the awnings (assume all credit...
Cupola Awning Corporation introduced a new line of commercial awnings in 2016 they carry a two...
Cupola Awning Corporation introduced a new line of commercial awnings in 2016 they carry a two year warranty against manufacturer's defects. based on their experience with previous product introductions, warranty costs are expected to approximate 3% of sales. sales and actual warranty expenditures for this first year of selling the product were: Sales = $5,000,000 Actual Warranty Expenditures = $37,500 1. does this situation represent a loss contingency? why or why not? How should cupola account for it? 2. prepare...
Ralston Manufacturing began operations in January 2018. Ralston sells computers that carry a two-year manufacturer's warranty against defects in workmanship. Ralston's management projects that 3% of the computers will require repair during the first year of the warranty while approximately 6% will require repair during the second year of the warranty. The computers sell for $1,100 each. The average cost to repair a computer is $150. The company sells the computers to retail customers who must pay a 6% sales...
Hardin Widget Manufacturing began operations in January 2021. Hardin sells widgets that carry a two-year manufacturer's warranty against defects in workmanship. Hardin's management projects that 1% of the widgets will require repair during the first year of the warranty while approximately 5% will require repair during the second year of the warranty. The widgets sell for $500 each. The average cost to repair a widget is $60. The company sells 70% of the widgets to retail customers who must pay...
Hardin Widget Manufacturing began operations in January 2021. Hardin sells widgets that carry a two-year manufacturer's warranty against defects in workmanship. Hardin's management projects that 2% of the widgets will require repair during the first year of the warranty while approximately 6% will require repair during the second year of the warranty. The widgets sell for $400 each. The average cost to repair a widget is $60. The company sells 60% of the widgets to retail customers who must pay...
Cames Electronics sells consumer electronics that carry a 90-day manufacturer's warranty. At the time of purchase, customers are offered the opportunity to also buy a two-year extended warranty for an additional charge. During the year, Carnes received $440,000 for these extended warranties (approximately evenly throughout the year) Required: 1-0. Does this situation represent a loss contingency? 1.b. How should it be accounted for? 2. Prepare journal entries that summarize sales of the extended warranties and any aspects of the warranty...
Cupola Awning Corporation introduced a new line of commercial awnings in 2021 that carry a two-year warranty against manufacturer's defects. Based on their experience with previous product introductions, warranty costs are expected to approximate 1% of sales. Sales and actual warranty expenditures for the first year of selling the product were: Sales $5,900,000 Actual Warranty Expenditures $ 37,750 Required: 1. Does this situation represent a loss contingency? 2. Prepare journal entries that summarize sales of the awnings (assume all credit...
Cupola Awning Corporation introduced a new line of commercial awnings in 2021 that carry a two-year warranty against manufacturer's defects. Based on their experience with previous product introductions, warranty costs are expected to approximate 3% of sales. Sales and actual warranty expenditures for the first year of selling the product were: Sales Actual Warranty Expenditures $39,750 $5,860,000 Required: 1. Does this situation represent a loss contingency? 2. Prepare journal entries that summarize sales of the awnings (assume all credit sales)...
Cupola Awning Corporation introduced a new line of commercial awnings in 2021 that carry a two-year warranty against manufacturer's defects. Based on their experience with previous product Introductions, warranty costs are expected to approximate 4% of sales. Sales and actual warranty expenditures for the first year of selling the product were: Sales $5,000,000 Actual Warranty Expenditures $48,250 ed Required: 1. Does this situation represent a loss contingency? 2. Prepare journal entries that summarize sales of the awnings (assume all credit...
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