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wlad13 [49]
3 years ago
14

Dynamo Corporation manufactures toasters. Each toaster comes with a 5-year assurance-type warranty. The toasters sell for $60 ea

ch. During Year 1, Dynamo sells 600 toasters, for cash. Past experience shows that the average warranty costs are $4 each or $2,400 for these toasters. In Year 1, Dynamo pays $500 cash for warranty costs on the toasters sold that year. Required: Prepare Dynamo’s journal entries related to the sales and warranty in Year 1.
Business
1 answer:
nordsb [41]3 years ago
7 0

Answer:

Journal entry to record sale of toasters and warranty

Dr Cash 36,000

    Cr Sales revenue 36,000

Dr Warranty expense 2,400

    Cr Warranty liability 2,400

Adjusting entry for actual warranty expense

Dr Warranty liability 500

    Cr Cash 500

Since the warranty covers a 5 year period, the remaining warranty expense cannot be recognized as warranty revenue yet. Only after the warranty period is over, will any money left over will be recognized as revenue.

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Current ratio of 3.4 and an acid-test ratio of 2.8. The corporation's current assets consist of cash, marketable securities, acc
Sav [38]

Answer:

$30,000

Explanation:

The computation is shown below:

As we know that

Current ratio = Current assets ÷ Current liabilities

Current assets = 3.4 × Current liabilities

Now the

Acid-test ratio = Quick assets ÷ Current liabilities

2.8 = Currents assets - inventory  ÷ Current liabilities

2.8 = 3.4 × Current liabilities - $18,000 ÷ Current liabilities

2.8 × Current liabilities = 3.4 × Current liabilities - $18,000

After solving this, the current liabilities is $30,000

7 0
3 years ago
An electronic card that serves as an interface to an ATM is known as a ____.
Leviafan [203]

Answer:

D. debit card​

Explanation:

A debit card is an electronic card that enables customers to access their bank accounts via an ATM.  An ATM ( Automated Teller Machine) is a banking outlet that allows customers to perform basic banking services such as deposits, withdrawals, transfers, and balance inquiries without stepping into the banking hall.

A customer needs to have their debit card and the PIN to access their bank account via the ATM.

6 0
3 years ago
How has MTV Networks International overcome cultural differences to create a world brand?
umka21 [38]

This is at a time when several other leading American media and entertainment firms are movements abroad, especially in Europe, which, coupled with new technology like satellite television, promise to legitimate existing previously dominant television news and to privatize them into a single media market by 1992.

  • The rise of MTV Networks is by far the biggest single investment since its foundation in 1981.
  • MTV's inventory of commerce, rock-n-roll, is indeed the nation's biggest common factor for young people.
  • "Audio is easy to cross borders and English is the rock'n'roll lingua franca.
  • Rock is indeed an English-American type, Anglo as its source.
  • Song in English by German rock bands; English by Swedish rock bands
  • On Friday and Saturday evenings, MTV Australia, a joint enterprise between Viacom and Nine Broadcasting International, Australia's N°1 network.
  • MTV International is a one-hour weekly show with Spanish-speaking advertisers, developed at New York's MTV studio and distributed throughout 11 Latin American nations.
  • The show is shown on Telemundo's television network in the United States.
  • MTV is one way worldwide to persuade rock stars such as Sting to show MTV for half an hour instead of a warm-up activity on giant screens.
  • The organization will also promote the international tournament of the Bon Jovi Group and be ready for the debut of a TV logo MTV clothing line.
  • MTV International has often learned from its blunders. Each market is distinct and requires another strategy.
  • Each foreign market replicates the problems faced by MTV throughout its ascent to the top of American popular culture on a certain stage.
  • MTV International will in certain cases be partnering with other current television networks to promote the growth into new markets.
  • In 2000, MTV formed a strategic alliance alongside NBC networks to develop a 24-hour satellite Philippines network.
  • On the question of Americanization: US values derive from liberal thinking. Globalization is promoting freedom of thought.
  • States have chosen to adopt a liberal sort of content as part of their evolution.
  • Since the world is free of concepts about tradition and culture, the world will rely on ideas generated by America since it is lacking culture and tradition.

Consequently, MTV also isn't charged with sustaining American tradition but now with promoting globalization.

Learn more:

brainly.com/question/17486418

7 0
3 years ago
Questions from the topic of forms of business organisation​
qaws [65]
<h2>☃️ <u>Imp</u><u>.</u><u> </u><u>Questions</u><u>:</u></h2>

1) By whom are the Board of Directors elected in the Joint Stock Company?

Answer: The Board of Directors in the Joint Stock Company are elected by the shareholders.

2) What is a Joint Stock Company?

Answer: A joint-stock company is a business controlled by its investors, with each investor enjoying a share based on the amount of stock acquired.

Joint-stock companies are formed in order to finance efforts that are too valuable for an individual or even a government to support. The owners of a joint-stock company demand to share in its profits.

3) Which is the business organisation that is found only in India?

Answer: Joint Hindu Family is the business organisation that is found only in India.

4) Who is a secret partner?

Answer: Secret partner is a partner whose membership in a partnership is maintained secret from the public.

5) What is a partner by estoppel?

Answer: A legally obligatory partnership that might result where, in fact, no formal partnership agreement is in force. A person who by rule or words serves or permits him/herself to be represented, as a partner in an enterprise is responsible for the credit or loans acquired by the enterprise on the basis of such representation. Which is also known as the presumption of partnership.

<u>━━━━━━━━━━━━━━━━━━━━</u>

8 0
3 years ago
You have just won the lottery and will receive a lump sum payment of $22.57 million after taxes. Instead of immediately spending
Grace [21]

Answer:

I will withdraw $1,441,542.

Explanation:

Wquivalent annual annuity is the amount equally received or paid with investment on a specified rate including interest and its compouding effect as well.

PV of Annuity (NPV) = Payment (EAA) × [ (1 − (1 + r)-n / r ]

22,570,000 = EAA × [ ( 1 − ( 1 + 4.84% )^-30 / 4.84% ]

22,570,000 = EAA × [ ( 1 − ( 1 + 0.0484 )^-30 / 0.0484 ]

22,570,000 = EAA × [ ( 1 − ( 1.0484 )^-30 / 0.0484 ]

22,570,000 = EAA × 15.65685

EAA = 22,570,000 / 15.65685

EAA = $1,441,541.56

EAA = $1,441,542

5 0
3 years ago
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