Answer:
Answer 1. Warranty expense to be recognized is ($11,000*0.04)=$440
Answer 2. Warranty liability at end of year one is $440
Answer 3. Warranty liability at the end of year two is ($440-$130)=$310
Answer 4.
Cash $11,000
To sales $11,000
(sale of copier recorded)
Warranty expense $440
To Warranty liability $440
(Warranty recorded at the end of year 1)
Warranty liability $130
To inventory $130
(Repairs done to copier)
Answer:
<em>Consider the assets (in millions) of two banks, A and B. Both banks are funded by $120 million in deposits and $20 million in equity. Which bank has the stronger liquidity position? Which bank probably has a higher profit?</em>
<em>Consider the assets (in millions) of two banks, A and B. Both banks are funded by $120 million in deposits and $20 million in equity. Which bank has the stronger liquidity position? Which bank probably has a higher profit?Bank A Asset</em>
<em>Consider the assets (in millions) of two banks, A and B. Both banks are funded by $120 million in deposits and $20 million in equity. Which bank has the stronger liquidity position? Which bank probably has a higher profit?Bank A AssetBank B Assets</em>
Explanation:
<em>Liquid assets are those assets which get converted immediately into cash, when the company need some cash in hand, they can sell the liquid assets in the market and get cash in hand. As they can sell their various securities to fulfill the need of cash.</em>
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Answer: Land Residual Method
Explanation:
Land residual method of site evaluation is the method of estimating land value in which the net operating income attributable to the land is isolated and capitalized to produce an indication of the land's contribution to the total property.
This particular method uses income as being the basis for value and is used in appraising income producing properties.
Answer:
Explanation:
The current liability is that liability in which the obligation is arise for one year or less than one year.
So, the categorization is shown below:
a. A note payable for $100,000 due in 2 years. = It is not a current liability as it is due in 2 years that come under the long term liability
b. A 10-year mortgage payable of $300,000 payable in ten $30,000 annual payments. = Current liability for first annual payment only and rest is consider to be long term liability
c. Interest payable of $15,000 on the mortgage. = Current liability as it is arise within one year
d. Accounts payable of $60,000. = Current liability as it is arise within one year
The current liability is shown on the liabilities side of the balance sheet.
