Answer:
Boyd will record Warranty Expense in the amount of $400 for the month.
Explanation:
Warraty expense is an obligation on the business because business idmliable to accept the claims of warranty. A estimated percentage of warranty expense is charges as an expense in each period.
Sales = $20,000
Warranty repair = 2% of Sales
Warranty Expnese = Sales x Warranty repairs percentage
Warranty Expnese = $20,000 x 2%
Warranty Expnese = $400
A liability (such as salaries payable) will be increased. Expenses are increased. Net income is reduced.
<h3>What is liability?</h3>
What a person or business owes is known as a liability, and the amount owed is typically monetary. The transmission of economic rewards, such as money, products, or services, settles liabilities over time. Having to pay anything to someone else under the law is known as having a liability. To pay for a business's continuous operations, liabilities are incurred. Accounts payable, accumulated costs, owed wages, and owed taxes are a few examples of liabilities.
What your business has that has the potential to generate future financial benefits are its assets.
What you owe other people is your liability. To put it simply, assets increase your financial security while liabilities decrease it.
Obligations aren't always a terrible thing. Some loans are taken out to buy new equipment, such as machinery or automobiles, which aids small businesses in running and expanding.
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If the people conducting said experiment specifically wanted to select a random group of typical people it could be considered stratified. if they specified that they wanted any group of typical people then it would be simple random. Just looking at the supplied info, i'm pretty sure it's simple random.
A Chart is a visual depiction of numeric data. It is a way of displaying data, and math. A very popular, way used by teachers and math maticians, and lots more. They use charts to display data and show mathematical problems.
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My response would be Tiffany is incorrect; a manager's actions can be legal but ethically questionable.
Ethics is a set of morals expected to be imbibed an followed by members of a particular profession. An action is considered legal if the action is in line with what is set forth is the laws set forth.
An action can be legal but not ethical but all ethical actions are legal. Consider a trader in a developing economy. In that country, there is no law prohibiting insider trading so it is legal to carry out insider trading. Even though it is legal, it is ethically wrong to conduct insider trading because a party would be advantaged to the detriment of other people.
Here are the options:
- Tiffany is correct; law and ethics are synonymous and should be used interchangeably in business.
- Tiffany is correct; whatever is legal is always ethical in business.
- Tiffany is incorrect; a manager's actions can be legal but ethically questionable.
- Tiffany is incorrect; there is no relationship between laws and ethics except when the board of directors approve an action.
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