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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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Assume there are currently five firms producing and selling computer chips in the European market. Also assume that the product
irina1246 [14]

Answer: C. Increase

Explanation:

An oligopoly is a market structure in which a few firms dominate. When a market is shared between a few firms, it is said to be highly concentrated. Although only a few firms dominate, it is possible that many small firms may also operate in the market.

Where few firms dominate the equilibrium price will increase because the demand will be high, and this will make the equilibrium price increase.

3 0
3 years ago
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Why does electronic commerce benefit small firms? Without e-commerce, small firms often lack the resources to expand beyond loca
Juli2301 [7.4K]

Answer:

Without e-commerce, small firms often lack the resources to expand beyond local markets.

Explanation:

In Business, e-commerce can be defined as a business model which involves the buying and selling of goods or products over the internet.

Generally, e-commerce comprises of four (4) business models and these are;

1. Business to Business (B2B).

2. Business to Consumer (B2C).

3. Business to Government (B2G).

4. Consumer to Consumer (C2C).

Without e-commerce, small firms who predominantly lack the resources to expand beyond local markets unlike larger business firm wouldn't be able to grow and develop into penetrating global markets.

6 0
2 years ago
Belinda keeps a record of her expenses for the week as shown:
Mademuasel [1]

Answer:

d. $38.00

Explanation:

The computation of the overall Belinda expense for the week is shown  below:

= Bus fare expense + lunch out expense + hair cut expense + movie rental expense

= $8.70 + $7.35 + $16 + $5.95

= $38

We have added all the types of expenses that are provided in the case i.e. bus fare, lunch out, hair cut and movie rental expenses.

6 0
3 years ago
Patsy possesses twenty-four acres of remote, rugged land. Patsy has the right to use the property, in¬cluding extracting silver
GenaCL600 [577]

Answer:

C. life estate

Explanation:

A life estate is an estate interest in land that lasts for the life time of the life tenant. The holder of a life estate has a full right to possess the property during their life. A life estate is restrictive in that it prevents the beneficiary from selling the property that produces the income before the beneficiary's death. But the estate cannot continue beyond the life of the beneficiary.  A major benefit of a life estate deed is that it can be used to pass property upon the life tenant's death without it being part of the life tenant’s estate.  

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3 years ago
There are several methods used to classify restaurants, experts agree that the two main categories of restaurants would be:
ludmilkaskok [199]

Answer:

independent, chain are the answer

Explanation:

3 0
2 years ago
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