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liubo4ka [24]
4 years ago
6

True or False. Expense for a quality-assurance warranty is recorded along with the related liability in the reporting period in

which the product under warranty is sold.
Business
1 answer:
Novosadov [1.4K]4 years ago
5 0

Answer:

True

Explanation:

Whenever a company sells products that may generate warranty expenses, it must estimate the warranty expenses associated with the products sold.

It must credit a warrant liability account, and as the warrant claims are made, the company must debit a warranty expense account.

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4. How is a contact list different from an address book?
podryga [215]
A contact list has number not addresses and an address book has addresses not numbers
7 0
3 years ago
In its first month of operations, Multiplex Corporation purchased 40,000 pounds of material for $3.40 per pound. The company use
Vilka [71]

Answer:

$7,000 Unfavorable

Explanation:

data provided

Material in units = 18,000

Price per unit = 2

Actual hours = 38,000

Selling price = $3.50

The computation of material efficiency variance is shown below:-

Materials efficiency variance = (Standard hours - Actual hours) × Selling price

= (18,000 × 2 - 38,000) × $3.50

= $7,000 Unfavorable

Therefore for computing the material efficiency variance we simply applied the above formula.

3 0
3 years ago
During 2016, Frank Company incurred $200,000 in legal fees in defending a patent with a carrying value of $3,500,000 against an
MatroZZZ [7]

Answer: $320,000

Explanation:

6 0
3 years ago
Which of the following is NOT included in the calculation of GDP?
viktelen [127]

Answer:

The correct answer is option C.your granny's monthly social security payment

Explanation:

Judging from the formula used in  computing the GDP,option A relates to household consumption as the new textbook is not for resale.

Option B also points to household consumption expenditure,as the cup of coffee is for household usage.

Option C does not have a place in the formula as it is not a payment for a good or service.It is a  payment that cannot be tied to any transaction.Hence,option C is your best bet.

Paying wages means parting with money in return for value-adding services,so it features in the GDP computation.

7 0
3 years ago
Suppose a commercial banking system has $240,000 of outstanding checkable deposits and actual reserves of $85,000. If the reserv
AleksAgata [21]

Answer:

$60,000

Explanation:

The computation of Money supply expand is shown below:-

Excess reserves = Actual - required

=$85,000 - (0.25 × $240,000)

=$85,000 - $60,000

= $15,000

Money supply expand = Excess reserves ÷ Reserve ratio percentage

= $15,000 ÷ 25%

= $60,000

Therefore for computing the money supply expand we simply deduct the reserve ratio percentage from excess reserves.

6 0
3 years ago
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