Apple sells a phone for $2,000, they also offer a four year warranty for $100 that...
Apple sells a phone for $2,000, they also offer a four year warranty for $100 that ensures the phone would function correctly. in 2018, Apple sold 1700 phones and 875 warranties for cash. Apple estimates that the labor cost would be $60 over the four year warranty.
assume the 2018 sales happened at the end of december
record all entries for december 2018.
what liability would appear on the balance sheet for december 31st 2018 and what would it be classified.
in 2019, apple incurred actual costs of 18,000 related to the warranty contracts that were sold in 2018.
record the correct 2019 entries relating to the 2018 warranty contracts.
what liability would appear on the balance sheet for december 31st 2019 and what would it be classified.
Homework Answers
Add Answer to:
Apple sells a phone for $2,000, they also offer a four year
warranty for $100 that...
Nash Company sells televisions at an average price of $855 and also offers to each customer...
Nash Company sells televisions at an average price of $855 and also offers to each customer a separate 3 year warranty contract for $84 that requires the company to perform periodic services and to replace defective parts. During 2017, the company sold 327 televisions and 297warranty contracts for cash. It estimates the 3 year warranty costs as $21 for parts and $31 for labor, and accounts for warranties separately. Assume sales occurred on December 32, 2016 and straight line recognition...
Problem 3 (Extended Warranties) assos Company sells televisions at an average price of $900 and also...
Problem 3 (Extended Warranties) assos Company sells televisions at an average price of $900 and also offers to each customer a separate 3. anty contract for S90 that requires the company to perform periodic services and to replace defective parts. During 2017, the company sold 300 televisions and 270 warranty contracts for cash. It estimates the 3- year warranty costs as $20 for parts and $40 for labor and accounts for warranties separately. Assume sales occurred on December 31, 2017,...
Jabba Company sells televisions at an average price of $855 and also offers to each customer...
Jabba Company sells televisions at an average price of $855 and also offers to each customer a separate 3-year warranty contract for $84 that requires the company to perform periodic services and to replace defective parts. During 2017, the company sold 327 televisions and 297 warranty contracts for cash. It estimates the 3-year warranty costs as $21 for parts and $31 for labor, and accounts for warranties separately. Assume sales occurred on December 31, 2017, and straight-line recognition of warranty...
Dos Passos Company sells televisions at an average price of $900 and also offers to each...
Dos Passos Company sells televisions at an average price of $900 and also offers to each customer a separate 3-year warranty contract for $90 that requires the company to perform periodic services and to replace defective parts. During 2014, the company sold 300 televisions and 270 warranty contracts for cash. It estimates the 3-year warranty costs as $20 for parts and $40 for labor, and accounts for warranties separately. Assuming sales occurred on December 31, 2014, and straight-line recognition of...
Marin Company sells televisions at an average price of $887 and also offers to each customer...
Marin Company sells televisions at an average price of $887 and also offers to each customer a separate 3-year warranty contract for $93 that requires the company to perform periodic services and to replace defective parts. During 2020, the company sold 318 televisions and 238 warranty contracts for cash. It estimates the 3-year warranty costs as $22 for parts and $42 for labor, and accounts for warranties separately. Assume sales occurred on December 31, 2020, and straight-line recognition of warranty...
Pearl Company sells televisions at an average price of $887 and also offers to each customer...
Pearl Company sells televisions at an average price of $887 and also offers to each customer a separate 3-year warranty contract for $93 that requires the company to perform periodic services and to replace defective parts. During 2020, the company sold 318 televisions and 238 warranty contracts for cash. It estimates the 3-year warranty costs as $22 for parts and $42 for labor, and accounts for warranties separately. Assume sales occurred on December 31, 2020, and straight-line recognition of warranty...
Pharoah Company sells televisions at an average price of $925 and also offers to each customer...
Pharoah Company sells televisions at an average price of $925 and also offers to each customer a separate 3-year warranty contract for $93 that requires the company to perform periodic services and to replace defective parts. During 2020, the company sold 288 televisions and 248 warranty contracts for cash. It estimates the 3-year warranty costs as $21 for parts and $41 for labor, and accounts for warranties separately. Assume sales occurred on December 31, 2020, and straight-line recognition of warranty...
Apple, Inc. offers a 1 year warranty on its Apple products. In 2018 Apple estimated $3.8b...
Apple, Inc. offers a 1 year warranty on its Apple products. In 2018 Apple estimated $3.8b in warranty claims for phones they sold in 2018. During 2019 Apple incurred $3.7b expenses to satisfy warranty claims. What journal entry does Apple record at the end of 2018? [ Select] DR Warranty Payable $3.8b CR Cash $3.8b DR Warranty Payable $3.8 CR Warranty Expense $3.8b DR Warranty Expense $3.8b CR Warranty Payable $3.8b DR Cash $3.8b Warranty Payable $3.8b Apple, Inc. offers...
Whispering Corporation sells computers under a 2 year warranty contract that requires the corporation to replace...
Whispering Corporation sells computers under a 2 year warranty contract that requires the corporation to replace defective parts and to provide the necessary repair labor. During 2017, the corporation solls for cash 372 computers at a unit price of $2,300. On the basis of past experience, the 2 year warranty costs are estimated to be $102 for parts and $192 for labor per unit. (For simplicity, assume that all sales occurred on December 31, 2017.) The warranty is not sold...
Pearl Company sells televisions at an average price of $887 and also offers to each customer...
Pearl Company sells televisions at an average price of $887 and also offers to each customer a separate 3-year warranty contract for $93 that requires the company to perform periodic services and to replace defective parts. During 2020, the company sold 318 televisions and 238 warranty contracts for cash. It estimates the 3-year warranty costs as $22 for parts and $42 for labor, and accounts for warranties separately. Assume sales occurred on December 31, 2020, and straight-line recognition of warranty...
Problem 3 (Extended Warranties) assos Company sells televisions at an average price of $900 and also offers to each customer a separate 3. anty contract for S90 that requires the company to perform periodic services and to replace defective parts. During 2017, the company sold 300 televisions and 270 warranty contracts for cash. It estimates the 3- year warranty costs as $20 for parts and $40 for labor and accounts for warranties separately. Assume sales occurred on December 31, 2017,...
Pharoah Company sells televisions at an average price of $925 and also offers to each customer a separate 3-year warranty contract for $93 that requires the company to perform periodic services and to replace defective parts. During 2020, the company sold 288 televisions and 248 warranty contracts for cash. It estimates the 3-year warranty costs as $21 for parts and $41 for labor, and accounts for warranties separately. Assume sales occurred on December 31, 2020, and straight-line recognition of warranty...
Apple, Inc. offers a 1 year warranty on its Apple products. In 2018 Apple estimated $3.8b in warranty claims for phones they sold in 2018. During 2019 Apple incurred $3.7b expenses to satisfy warranty claims. What journal entry does Apple record at the end of 2018? [ Select] DR Warranty Payable $3.8b CR Cash $3.8b DR Warranty Payable $3.8 CR Warranty Expense $3.8b DR Warranty Expense $3.8b CR Warranty Payable $3.8b DR Cash $3.8b Warranty Payable $3.8b Apple, Inc. offers...
Whispering Corporation sells computers under a 2 year warranty contract that requires the corporation to replace defective parts and to provide the necessary repair labor. During 2017, the corporation solls for cash 372 computers at a unit price of $2,300. On the basis of past experience, the 2 year warranty costs are estimated to be $102 for parts and $192 for labor per unit. (For simplicity, assume that all sales occurred on December 31, 2017.) The warranty is not sold...
Most questions answered within 3 hours.
-
What are five tips in conducting knowledge assessment/literature
review research? Each of these tips needs to...
asked 25 minutes ago -
Antigen presenting cells link innate and adaptive immune
responses. In the theoretical scenario where phagosomes cannot...
asked 31 minutes ago -
Dealing with conflict, in my opinion, is a skill and an art. I
believe that those...
asked 1 hour ago -
6. A long straight wire with circular cross section and radius
1.5 cm carries a 1.2...
asked 1 hour ago -
Deacon Corporation has provided the following financial data
from its balance sheet and income statement:
Year...
asked 2 hours ago -
List and discuss at least three variables from everyday life for
which you expect the variable ...
asked 2 hours ago -
A high-pass filter consists of a 1.60 μF capacitor in series
with a 125 Ω resistor....
asked 2 hours ago -
A newly developed artificial intelligence has trouble
distinguishing hand-written numbers from hand-written alphabets.
There are pictures...
asked 2 hours ago -
The carbonate ion CO3 2- has multiple resonance structures.
a. Draw them and assign the hybridization...
asked 2 hours ago -
In doing an allocation for a basket purchase
Use the individual costs and the total market...
asked 2 hours ago -
what were the social political and economic causes and impacts of
the late 19th century urban...
asked 2 hours ago -
if the magnitude of a velocity vector is 10m/s and it
makes an angle of 45...
asked 2 hours ago