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Stella [2.4K]
3 years ago
9

Hitzu Co. sold a copier costing $7,500 with a two-year parts warranty to a customer on August 16, 2017, for $15,000 cash. Hitzu

uses the perpetual inventory system. On November 22, 2018, the copier requires on-site repairs that are completed the same day. The repairs cost $107 for materials taken from the repair parts inventory. These are the only repairs required in 2018 for this copier. Based on experience, Hitzu expects to incur warranty costs equal to 4% of dollar sales. It records warranty expense with an adjusting entry at the end of each year. 1. How much warranty expense does the company report in 2017 for this copier
Business
1 answer:
FrozenT [24]3 years ago
8 0

Answer:

$600

Explanation:

The computation of the warranty expense for the year 2017 is shown below:

Warranty expense is

= Sales value in dollars × warranty cost percentage

= $15,000 × 4%

= $600

By multiplying the sales value with the warranty cost percentage so that the warranty expense could come and the same is to be considered

Therefore the other items values are not considered as they are not relevant

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A company had a beginning balance in retained earnings of $44,300. It had net income of $7,300 and paid out cash dividends of $5
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Answer:

$45,650

Explanation:

a) Calculations of Retained Earnings:

Beginning balance = $44,300

Net Income =                 7,300

less Dividends             -5,950

Ending balance =     $45,650

b) A statement of changes in Retained Earnings is always prepared to include the net income available for distribution to stockholders and exclude the distributions already made to stockholders in the form of dividends before arriving at the ending balance of Retained Earnings.  This later figure is reported in the Balance Sheet.  This process is also part of the closing entries of temporary accounts to permanent accounts at the end of an accounting period.

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3 years ago
The balanced scorecard does not use financial or nonfinancial measures. incorporates financial and nonfinancial measures in an i
Evgen [1.6K]

Answer:

<em>The correct answer is:</em> incorporates financial and nonfinancial measures in an integrated system.

Explanation:

The balanced scorecard can be defined as an approach to measuring and managing an organization's performance.

Because it is a flexible method, it can be adapted to different companies and situations.

The method uses financial and non-financial measures in an integrated system so that managers can monitor and control by means of indicators whether the planning outlined for the company is actually being effective for the achievement of objectives and goals. In the balanced scorecad, the indicators are analyzed from 4 perspectives: <u>Financial, Customer, Internal Processes and Learning and Growth. </u>

This method assists in a more active management, aimed at a greater vision of business systems and the possibility of managing strategic actions so that the company remains competitive and innovative in the long run.

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3 years ago
SKRAM Corporation is appealing directly to the shareholders of IDNIC Corporation to acquire shares of IDNIC stock. This appeal i
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Answer:

A hostile takeover with IDNIC corporation as the target company.

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Since SKRAM is appealing directly to shareholders of IDNIC to acquire stocks of IDNIC corporation, it means they have a target of getting them to have a certain percentage of ownership in IDNIC because owning a stock in a company means having a percentage of ownership in that company.

This kind of appeal can be likened to trying to an aggressive push to make the shareholders take over the IDNIC corporation.

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3 years ago
What two features of a bond are the principal determinants of its interest rate? A. Investment percentages and maturity delegati
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3 years ago
A company had net income of $40,000, net sales of $300,000, and average total assets of $200,000. Its profit margin and total as
kvasek [131]

A company had net income of $40,000, net sales of $300,000, and average total assets of $200,000. The profit margin and total asset turnover ratio are 13.3% each. 1.5.

There are two methods that can be used to calculate return on assets. The first method is to divide the company's net income by its average total assets. The second method is to multiply the company's net profit margin by sales.

Return on assets is calculated by dividing a company's after-tax earnings by total assets. The balance sheet total corresponds to the company's total equity and liabilities. This value can be found on the company's balance sheet.

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