Most consumers have only one choice in financing current purchases. ( a. true ( b. false

Quantas Industries sold $300,000 of consumer electronics during January under a one-year warranty. The cost to repair defects un

finlep [7]

Answer:

January 31.

Warranty Expense $18,000 (debit)

Warranty Provision $18,000 (credit)

June 20.

Warranty Provision $183 (debit)

Cash $183 (credit)

Explanation:

There is no option on the customer to take the warranty or not. There this type of Warranty is known as an Assurance Type Warranty.

Assurance type warranties are accounted in terms of the Provision Standards as follows ;

Entry when the warranty is granted

Warranty Expense $18,000 (debit)

Warranty Provision $18,000 (credit)

Being recognition of warranty cost and provision.

Warranty Expense $300,000 × 6% = $18,000

When the Warranty Claim is subsequently received.

Warranty Provision $183 (debit)

Cash $183 (credit)

Being utilization of Provision when the warranty claim is received.

3 0

3 years ago

Use the following selected 2016 balance sheet and income statement information for Home Garden Supply Co. (in millions) to compu

zepelin [54]

Answer:

3.76 times

Explanation:

The computation of the asset turnover is shown below:

Asset turnover = Net sales ÷ Average total assets

= $1,356,504 ÷ $360,600

= 3.76 times

By dividing the net sales from the average total assets, the asset turnover could arrive i.e 3.76 times

This is the answer but the same is not provided in the given options

8 0

3 years ago

Dr. Tanaka was served with a malpractice lawsuit based on allegedly removing the wrong organ. Following discovery, it becomes cl

lord [1]

The lawyer should make a motion for summary judgment.

<h3>Explanation:</h3>

A motion for summary judgement can be considered as a request that is made to the court for ruling other party that it has no case since there were no facts on the case. When the party makes the motion, it claims that the jury must rule in the moving party's side or the case should not move before a jury.

A party can involve in filing a motion for summary judgment when the party feels that there are no facts in the case or problem. In the example given, there exists no evidence against the doctor and hence no jury can rule in favor of the plaintiff. Thus, the Doctor's lawyer should make a motion for summary judgment.

3 0

3 years ago

Read 2 more answers

Any part of an organization whose manager has control over and is accountable for cost, profit, or investments is a(n)

AleksandrR [38]

A responsibility center is any part of the firm whose manager has control over and is accountable for cost, profit or investment decisions of the part of the firm under his control.

What are the different types of responsibility center?

There are three types of responsibility center as listed below:

-Profit center

-Cost center

-Investment center

A cost center's manager is accountable for the profits of the division without been held responsible for its revenue and profits.

A profit center's manager would be accountable for revenue or sales and profit of the center as well as costs, in other words, the manager is expected to make decisions that minimize costs while also maximizing revenues and profits thereon.

Lastly, an investment center's manager would be able to take decisions bordering on costs reduction, revenue and profit maximization including whether or not to invest in new equipment or assets.

Overall, all of the aforementioned are known as responsibility centers, hence, the correct option is responsibility centers.

Read more about responsibility center on:brainly.com/question/24553900

#SPJ1

8 0

2 years ago

Kyle and Alyssa paid $1,000 and $4,000 in qualifying expenses for their two daughters Jane and Jill, respectively, to attend the

denis-greek [22]

Answer: $3,500

Explanation:

The American Opportunity Tax Credit is a credit offered by the IRS for educational expenses paid on qualified students in their first 4 years of tertiary education.

The credit offered stands at a 100% of the first $2,000 paid per student. Afterwards this drops to 25% for the next $2,000.

To be able to claim the full credit however, some income conditions must be met. The most relevant to this question is that your Modified Adjusted Gross Income (MAGI) should be $80,000 or less if filing singularly or $160,000 or less if jointly signing as a married couple.

That means that Kyle and Alyssa qualified for 100% of this credit.

They get to claim $1,000 on Jane.

For Jill they get to claim the first $2,000 and then 25% of the next $2,000,

= 25% * 2,000

= $500

= 500 + 2,000

= $2,500

They get to claim $2,500 on Jill.

Total of $3,500 for both Jane and Jill.

3 0

3 years ago