Answer:
$13,000
Explanation:
The computation of the december 31 liability for the warranty is shown below:
Given that
Warranty expense = 5% of sales
Warranty payable = $13,000
Paid amount = $5,000
Sales = $120,000
based on the above information
The warranty liability as on Dec 31 would be equivalent to the warranty payable i.e. $13,000
The same is to be considered
Answer:
A. Wilma must include the $1,000 of interest in her income this year.
Explanation:
the interest is taxed when is being credited to the account and this is why Wilma must include it in her income for this year.
To answer the question above if a personal balance sheet is a report to your income and expenses. the answer is letter A, True. Balance sheet as a whole is a statement of the assets and liabilities, it details the income and expenditure over a preceding period of time.
I think the answer to the question is C.
