Answer:
warranty expense = $240
estimated warranty liability = $240
Explanation:
There is no option on the customer to take the warranty or not. Therefore this type of warranty is known as an Assurance type warranty.
Assurance type warranties are accounted for terms of IAS 37 - Provisions as follows ;
Year 1
Warranty expense $240 (debit)
Warranty Provision $240 (credit)
<em>Warranty Amount = $6,000 × 4% = $240</em>
Year 2
<em>When warranty claim is subsequently received</em>
Warranty Provision $209 (debit)
Materials $209 (credit)
The answer should be A. Denotation is the definition of a word, and connotation is weather the word is positive or Negative, like how slim is positive and scrawny is negative.
Answer:
E, Access to each other's organizational resources
Explanation:
When there's a project that involves partnership between organizations, it is good to have access to each other's resources as it helps to improve production and timely delivery of products.
Organizational resources range from human resources to capital resources to monetary resources to raw materials.
Cheers.
