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
tia_tia [17]
3 years ago
7

Talks-A-Lot, Inc. sells cell phones to customers and expects that 10% of phones sold will be returned for repair under its warra

nty program. The average repair cost is $75 per phone. For 2021, Talks-A-Lot has sold 750 cell phones and has repaired 30 of them as of December 31, 2021. What amount of warranty liability should be reported at December 31, 2021?
Business
1 answer:
poizon [28]3 years ago
6 0

Answer:

amount of warranty liability that should be reported at December 31, 2021 is   $3,375

Explanation:

<em>When the Sale was made, the Warrant Liability is recorded as follows:</em>

Warranty Cost $5,625 (Debit)

Warranty Provision $5,625 (Credit)

Warranty Cost =  750 cell phones × $75 × 10% = $5,625

<em>When Warranty Claims were received during the year the records are as follows :</em>

Warranty Provision $2,250 (Debit)

Cash $2,250 (Debit)

Warranty Cost = 30 × $75 = $2,250

<em>At December 31, 2021 the amount of warranty liability should be</em>

Warranty Provision = $5,625 - $2,250 = $3,375

You might be interested in
Halima wants a Manufacturing career. She wants to be very successful and get paid well. Which career pays the highest salary?
ollegr [7]
Yes, I agree with Medical Engineer
6 0
3 years ago
Read 2 more answers
When lofonift inc. introduced its flagship product, an mp3 player, it captured the market by offering its product at a very low
Luda [366]
PROFIT PERHAPS OR INCREASE IN SALES FOR THERE IS NO RIVALS ANYMORE AND HAVE TAKEN THEM OUT
7 0
3 years ago
Refer to Scenario 1.1. The customers of Green Hills Cemeteries are most likely choosing the Green Hills business because of its
scoray [572]

Answer:Environmental consciousness; market orientation

Explanation:

Market orientation is an approach to business that prioritizes identifying the needs and desires of consumers and creating products that satisfy them.

Environmental consciousness on the other hand is showing conscience for the environment.

3 0
3 years ago
5. All of the following are good ways to assess your interests and skills, except
solmaris [256]
The answer to this is D. Hope this helped :)
5 0
3 years ago
When person a gains power because a has knowledge or expertise relevant to b, _______ power is demonstrated.
larisa [96]

When a person gains power because a has knowledge or expertise relevant to b, expert power is demonstrated.

Expert power is a type of power that comes from having a high level of knowledge in one's field of expertise. Expert power is relative. In other words, if two people have different levels of knowledge about a topic, the one with more knowledge has expert power.

Power refers to the ability to impose one's will against opposition from others. According to Max Weber, there are three types of legitimate authority: traditional, rationally legitimate, and charismatic.

Referee power has the ability to unite the knowledge or expertise of team members and increase their productivity. You can encourage your employees to work towards a common goal.

Learn more about knowledge or expertise at

brainly.com/question/3769428

#SPJ4

8 0
1 year ago
Other questions:
  • The annual report for Sneer Corporation disclosed that the company declared and paid preferred dividends in the amount of $100,0
    6·1 answer
  • The management of Penfold Corporation is considering the purchase of a machine that would cost $310,000, would last for 5 years,
    14·1 answer
  • On january 1, 2013, a company sold a piece of equipment for $30,000 which it had used for several years. the equipment had cost
    8·1 answer
  • Jason Thompson purchase an office building 10 years ago for $780,000. The building was just appraisal $1.25 million. What value
    15·1 answer
  • Which of the following are reasons that the short-run aggregate supply curve slopes upward?
    8·1 answer
  • Discuss whether you agree with the following statement: “The problem with economics is that it assumes that consumers and firms
    7·1 answer
  • Equivalent Units of Conversion Costs The Rolling Department of Oak Ridge Steel Company had 10,712 tons in beginning work in proc
    10·1 answer
  • The setup time for a batch of 250 products is 30 minutes while the production time is 5 minutes for each product. If the batch s
    12·1 answer
  • Marion Industries has an average accounts receivable turnover ratio of 12 times per year whereas most of its competitors have a
    6·1 answer
  • The sum of the explicit and implicit costs incurred in the production process is called
    7·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!