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
Langer Company produces plastic items, including plastic housings for humidifiers. Each housing requires about 15 ounces of plas
Alex

Answer:

Langer Company

Direct Materials Purchases Budget

For July, August and September

                                                             July August September Total

Units to be produced                        3500 4400 4900 12800

Direct materials per unit (ounces)             15 15 15 15

Production needs                                52500 66000 73500 192000

Desired ending inventory (ounces) 19800 22050 28350 28350

Total needs                                        72300 88050 101850 220350

Less: Beginning inventory                15750 19800 22050 15750

Direct materials to be purchased (ounces) 56550 68250 79800 204600

Cost per ounce                               $0.08 $0.08 $0.08 $0.08

Total purchase cost                     $4,524 $5,460 $6,384 $16,368

3 0
3 years ago
A door hardware company’s marketing and supply chain teams have developed a good rapport between them. As information flows easi
Anton [14]

Answer:

2. A supply chain is broader than marketing channel

Explanation:

A supply chain involves the process from getting raw materials, to producing the finished goods, to delivering the goods to the final customer.

A marketing channel deals specifically with the distribution of finished goods and services to specific times of customer, through particular means.

As can be seen from the definitions, a supply chain is broader than a makerting channel, because it involves other actions besides the distribution to the final customer (more specifically the previous ones: getting the raw materials, and transforming those raw materials into finished goods).

6 0
3 years ago
How does the tax rate of woolworths compare to other forms of property
nekit [7.7K]

For the quarter ending December 2021, Woolworths Group's tax rate was 27.15%. See other financial metrics below.

<h3>What is the significance of tax rate?</h3>

Taxation not only pays for public goods and services; it also plays an important role in the social compact that exists between citizens (corporate and individual) and the economy.

The manner in which taxes are collected and spent may define a government's very legitimacy.

When very big corporations such as Woolworth are involved, they are also evaluated on their commitment to tax payment.

<h3>What is the Asset Value of Woolworth Holdings  as at December 2021?</h3>

The Asset Value of Woolworth Holdings  as at December 2021 was valued at about 59 Billion Dollars. In the same year, it's net income was valued at about 4.2 Billion Dollars.

Her EBDITDA - Earnings before interest, taxes, depreciation, and amortization was computed to have grown by 11.59 Billion dollars.

Hence, this tells us that after satisfying it's corporate fiscal responsibility (tax payment), Woolworth remained profitable. To the tune of 4.2 billion dollars.

Learn more about Financial metrics:
brainly.com/question/9091091
#SPJ1

3 0
1 year ago
Rudd Clothiers is a small company that manufactures tall-men's suits. The company has used a standard cost accounting system. In
yawa3891 [41]

Answer: See explanation

Explanation:

1. The total, price, and quantity variances for materials will be:

Actual Production = 11250

Standard Quantity of Direct Material Required per unit = 8

Standard Quantity of Direct Material required (SQ) = 11250*l × 8 = 90000

Standard Price per Yard (SP) = 4.4

Actual Direct Material (AQ) = 90500

Actual Price per Pound (AP) = 4.15

Total Material Variance:

= (SP × SQ) - (AP × AQ)

= (4.40 × 90000) - (4.15 × 90500)

= 396000 - 375575

= 20425

Direct Material Price Variance:

= AQ × (SP - AP)

= 90500 × (4.40 - 4.15)

= 90500 × 0.25

= 22625 Favourable

Direct materials quantity variance:

= SP × (SQ - AQ)

= 4.40 × (90000 - 90500)

= 4.40 × -500

= -2200 Unfavourable

2. The total, price, and quantity variances for labor will be:

Actual Production = 11250

Standard Hours Required per unit = 1.2

Standard Hours required (SH) = 11250 × 1.20 = 13500

Standard Rate per Hour (SR) = 13.4

Actual Hours required (AH) = 14250

Actual Rate per Hour (AR) = 14.1

Total Labour Variance:

= (SR × SH) - (AR × AH)

= (13.40 × 13500) - (14.10 × 14250)

= 180900 - 200925

= -20025 Unfavourable

Dircet Labour RateVariance:

= AH × (SR - AR)

= 14250 × (13.40 - 14.10)

= 14250 × -0.7

= -9975 Unfavourable

Direct Labour efficiency variance:

= SR × (SH - AH)

= 13.40 × (13500 - 14250)

= 13.40 × -750

= -10050 Unfavourable

6 0
3 years ago
Kyle is trying to decide which brand of diapers he should buy for his newborn daughter. each of the brands has its own unique fe
erastovalidia [21]
He chose the one that he was familiar with.  Please mark Brainliest!!!
6 0
3 years ago
Read 2 more answers
Other questions:
  • Taggart Transcontinental currently has a bank loan outstanding that requires it to make three annual payments at the end of the
    12·1 answer
  • Authority to conduct open market operations, which consists of buying and selling of , rests with the Committee. Reserves equal
    13·1 answer
  • Yvonne knows her firm must look at everything it does from a consumer's point of view. One major difficulty is that consumers' _
    15·1 answer
  • The manager of East India Ice Cream Shop keeps track of the number of customers served at different periods of the day in an att
    13·1 answer
  • Bird Brain Co. reported net income of $45,000 for the year ended December 31, 2016. January 1 balances in accounts receivable an
    7·1 answer
  • In your opinion ,what is the correct priority in making a business decision?
    11·2 answers
  • The supply of aged cheddar cheese is inelastic, and the supply of bread is elastic. Both goods are considered to be normal goods
    12·1 answer
  • McCoy’s Fish House purchases a tract of land and an existing building for $900,000. The company plans to remove the old building
    13·1 answer
  • After the first two entries in the closing process have been recorded and posted, the debits and credits to Income Summary are $
    15·1 answer
  • Bp's expansion plans were reduced, and its ability to compete with other large multinational oil companies like____ became limit
    10·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!