1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
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

You might be interested in
Which of the following statements is​ correct? A. GDP includes nonmarket production but is not a measure of a​ nation's overall
sergejj [24]

Answer:

B. GDP includes non market production and is therefore a good measure of a​ nation's overall welfare

Explanation:

  • A GDP is a total values of the goods and the services that are produced within a given country border and thus is the most common measure of measuring the country in terms of the size of the economy.
  • Thus can tell the health of the country and is the monetary value of all the goods and services. The non market activities include the production of the food at homes these services don't account for the in-country GDP.
4 0
3 years ago
The five new production assistants at Hollywood Studios will attend an orientation meeting on their first day. During orientatio
Lera25 [3.4K]

Answer: Corporate

Explanation:

Corporate culture simply refers to the standards, shared values, attitudes, and beliefs by which the members of an organization are characterized.

The corporate culture is important in guiding how the employees of an organization think and act as it symbolizes the personality of the company shows its core beliefs. New employees are expected to know the corporate culture of an organization.

4 0
3 years ago
According to COSO, a system of internal controls is designed to provide reasonable assurance about the achievement of entity obj
kondor19780726 [428]

Answer:

The correct answer is: b, c and d.

Explanation:

Internal controls are are policies or processes put in place by the management arm of a company to ensure that the goals set by the firm are achieved both in the long term and short-term. These processes ensure safe custody of assets, reliability in financial information provided or used by the firm, compliance with regulations as well as  effectiveness and efficiency in the day to day operations. With this in mind, maximisation of management compensation is not a goal of internal controls. According to COSO, there are 3 main goals of internal controls: to ensure effectiveness and efficiency of operations, reliability of financial reporting and compliance with laws and regulations.

4 0
3 years ago
Which of the following forms of communication has the most impact during your interview? a. Nonverbal b. Verbal c. Voice quality
Alex
Being verbal during an interview is a important thing <span />
8 0
3 years ago
Read 2 more answers
Select all that apply
ANTONII [103]

Answer:

Go to your financial institution

Endorse the check and return it to whoever gave it to you

4 0
2 years ago
Other questions:
  • An inexperienced accountant for Ayayai Corp. showed the following in the income statement: income before income taxes $250,000 a
    7·1 answer
  • Large vertical drum struck from either side with a covered mallet
    5·1 answer
  • A common stock pays an annual dividend per share of $1.80. The risk-free rate is 5 percentand the risk premium for this stock is
    10·1 answer
  • CircuitTown commenced a gift card program in January 2018 and sold $12,900 of gift cards in January, $19,950 in February, and $1
    9·1 answer
  • Which of the following are NOT included in the formal financial analysis of a capital budgeting program?
    12·1 answer
  • The term ______ is the act of greatly increasing something.
    6·2 answers
  • Preble Company manufactures one product. Its variable manufacturing overhead is applied to production based on direct labor-hour
    14·1 answer
  • An old computer having book value RS.10000 was sold for RS. 15009.<br>journal entries?​
    6·2 answers
  • As the interest rate __________, the opportunity cost of holding money __________ and individuals choose to hold __________ mone
    11·1 answer
  • What are ways that a country could shift its production possibilities curve to the right through improved technology?
    7·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!