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artcher [175]
3 years ago
7

Listed below are a few transactions and events of Maxum Company. 1. Employees earn vacation pay at a rate of one day per month.

During December, 23 employees qualify for one vacation day each. Their average daily wage is $160 per employee. 2. During December, Maxum Company sold 3,900 units of a product that carries a 60-day warranty. December sales for this product total $123,000. The company expects 7% of the units to need warranty repairs, and it estimates the average repair cost per unit will be $19. Prepare any necessary adjusting entries at December 31, 2013, for Maxum Company’s year-end financial statements for each of the above separate transactions and events.
Entry #1:Employees earn vacation pay at a rate of one day per month. During December, 23 employees qualify for one vacation day each. Their average daily wage is $160 per employee. Prepare the related adjusting entry.

Entry #2:During December, Maxum Company sold 3,900 units of a product that carries a 60-day warranty. December sales for this product total $123,000. The company expects 7% of the units to need warranty repairs, and it estimates the average repair cost per unit will be $19. Prepare the related adjusting entry
Business
1 answer:
IgorLugansk [536]3 years ago
5 0

Answer:

Searches related to Listed below are a few transactions and events of Maxum Company. 1. Employees earn vacation pay at a rate of one day per month. During December, 23 employees qualify for one vacation day each. Their average daily wage is $160 per employee. 2. During December, Maxum Company sold 3,900 units of a product that carries a 60-day warranty. December sales for this product total $123,000. The company expects 7% of the units to need warranty repairs, and it estimates the average repair cost per unit will be $19. Prepare any necessary adjusting entries at December 31, 2013, for Maxum Company’s year-end financial statements for each of the above separate transactions and events. Entry #1:Employees earn vacation pay at a rate of one day per month. During December, 23 employees qualify for one vacation day each. Their average daily wage is $160 per employee. Prepare the related adjusting entry. Entry #2:During December, Maxum Company sold 3,900 units of a product that carries a 60-day warranty. December sales for this product total $123,000. The company expects 7% of the units to need warranty repairs, and it estimates the average repair cost per unit will be $19. Prepare the related adjusting entry

Explanation:

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7 0
3 years ago
Bull'sEye sells gift cards redeemable for Bull'sEye products either in-store or online. During 2016, Bull'sEye sold $2,000,000 o
alekssr [168]

Answer:

b) $1,950,000

Explanation:

Value of gift cards redeemed with those whose date of redemption has passed, will both have the amount to revenue out of $2,000,000 of the gift cards sold.

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4 0
2 years ago
Which of the following is least likely to result in product innovations that have near-term commercial application? Multiple Cho
kaheart [24]
<h2>Basic research is the least likely to result in product innovation that have near-term commercial application</h2>

Explanation:

Basic research, is otherwise called pure research. This is the first step in production innovation. This is followed by "applied research", then "innovation development", then to go for "production-sales-market".

The information gathered here will be very light or a starter. It is not possible to foresee all the outcomes or the benefits which is achieved in the basic research.

We cannot even predict the types of research knowledge which might add a value to the future changes

6 0
2 years ago
Which statement reports the changes in shareholders' equity during the period that were not a result of transactions by owners.
guajiro [1.7K]

Answer:

the statement of comprehensive income

Explanation:

The statement of comprehensive income refers to a summary in which the net assets are to be recognized for a particular period of time. It shows the adjustments made to the equity that would be highlighted also. Plus the net income could be determined by preparing an income statement

Therefore in the given case, the changes that are made in the stockholder equity would be come under the comprehensive income statement and the same is to be considered

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3 years ago
Which of the following is not a category of electrical burns?
Musya8 [376]
D, thermal contact would just cause a regular burn, not an electrical one.
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3 years ago
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