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masha68 [24]
3 years ago
15

Sony introduces a new compact music player to compete with Apple's iPod that carries a two-year warranty against manufacturer's

defects. Based on industry experience with similar product introductions, warranty costs are expected to be approximately 3% of sales. By the end of the first year of selling the product, total sales are $30.7 million, and actual warranty expenditures are $270,000. What amount (if any) should Sony report as a liability at the end of the year
Business
1 answer:
iris [78.8K]3 years ago
3 0

Answer: $651,000

Explanation:

From the above question, Apple's iPod carries a two-year warranty against manufacturer's defects.

warranty costs are expected to be approximately 3% of sales.

Total sales are $30.7 million, and actual warranty expenditures are $270,000.

Total warranty cost = $30.7 million x 3% = $921,000

During the 1st year only $270,000 of warranty expenses was made.

Therefore the company will carry as liability at the end of the year a total of $921,000 - $270,000 = $651,000

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7 0
3 years ago
Angel Corporation reported pretax book income of $1,000,000. During the current year, the net reserve for warranties increased b
Licemer1 [7]

Answer:

The hypothetical tax expense =$340,000 with assumption that tax rate is 34%.

Explanation:

The above figure is worked out like this=$1,000,000*34%=$340,000

The hypothetical tax expense is pretax income multiplied with statutory income tax rate.

In our scenario pretax book income is $1,000,000 and tax rate is 34%

Please note that 34% tax rate is assumed as the said rate is not given in question.

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3 years ago
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Answer:

4.53

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4 0
3 years ago
Rubbermaid allows employees to spend a percentage of their working time on special projects. Imagine that, as a manager for Rubb
notsponge [240]

Answer:

Hire an external consultant to pick new team members for you

Explanation:

On the given scenario there are limited project spaces and plenty of volunteers for those positions.

An equitable and impartial method of choosing team members needs to be used to avoid conflict.

The best solution is to hire an external consultant who can be seen as impartial to do the selection.

This way employees will accept the objectivity of the selection since the external consultant does not have any underlying.interest in who occupies the project positions

3 0
2 years ago
Cash dividends of $45,000 were declared during the year. Cash dividends payable were $10,000 at the beginning of the year and $1
Maksim231197 [3]

Answer:

$40,000

Explanation:

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Opening Dividend                        $10,000

Add: Dividend Liability made      $45,000

after Dividend declared  

Less: Closing Dividend                <u>$15,000</u>

Dividend to pay in Current year <u>$40,000</u>

4 0
3 years ago
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