Answer: See explanation
Explanation:
a. This is not a loss contingency. A loss contingency occurs when the value of an asset is reduced because of an occurence on the future. This isn't the case here as a separate sales transaction occured.
b. To account for it, we have to defer the revenue as a liability and then we will use the straight line basis to calculate the warranty expense.
2. Dr Cash $412,000
Cr Unearned revenue - extended warranties $ 412,000
(To record the sale of extended warranty)
Dr Unearned revenue - extended warranties. $57937.50
Cr. Revenue - Extended Warranties $57937.50
(To record revenue earned on extended warranty)
Answer:
see below
Explanation:
Social security and medicare taxes form the Federal Insurance Contributions Act (FICA) tax. These taxes are deducted from both the employer and employee per paycheck.
Social security tax forms the bulk of the FICA tax. The tax revenue collected as social security tax funds the United States government Social Security Trusts. The trusts are programs managed by the Social Security administration and include
- Retirement benefits
- Survivor benefits
- Disability benefits
Medicare tax revenue funds Federal government medicare programs. This program caters to older American health care costs. The government's general revenue also finances health care. Medicare or health services in the USA are not solely dependent on medicare tax.
High Sierra, LLC, which is incorporated in Nevada but headquartered in Northern California, could be sued in Nevada for its alleged defective product if <u>D. Sells its products</u> to Nevada residents using the USPS for delivery.
<h3>What is a defective product?</h3>
A defective product is one that causes injury to the consumer thereby incurring product liability. Product defects can arise from:
- Design
- Manufacturing
- Marketing.
<h3>Answer Options:</h3>
A. It maintains a sales agent with a small satellite office in Carson City, Nevada.
B. It runs radio ads advertising its product on a Las Vegas radio station.
C. Its sales representatives regularly fly out of Reno, Nevada when heading out on business trips.
D. Sells its products to Nevada residents using the USPS for delivery.
Thus, High Sierra could be sued in Nevada for <u>Option D</u>.
Learn more about defective products at brainly.com/question/26421253
Answer:
Buying stocks is the correct answer
Answer:
3.52 times
Explanation:
Given that,
Sales = $348,000
Beginning net Accounts Receivable = $89,000
Ending net Accounts Receivable = $109,000
Average accounts receivable:
= (Beginning net Accounts Receivable + Ending net Accounts Receivable) ÷ 2
= ($89,000 + $109,000) ÷ 2
= $198,000 ÷ 2
= $99,000
Accounts Receivable turnover:
= Sales ÷ Average accounts receivable
= $348,000 ÷ $99,000
= 3.52 times
