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charle [14.2K]
3 years ago
9

During August, Boxer Company sells $348,000 in merchandise that has a one year warranty. Experience shows that warranty expenses

average about 5% of the selling price. The warranty liability account has a credit balance of $11,000 before adjustment. Customers returned merchandise for warranty repairs during the month that used $7,600 in parts for repairs. The entry to record the estimated warranty expense for the month is:
Business
1 answer:
9966 [12]3 years ago
3 0

Answer:

Dr Estimated Warranty Liability $8,600

Cr               Spare Parts Inventory  $8,600

Explanation:

The estimated warranty claim is worth $7,600 which means that the warranty claim must be debited by this amount as it was previously forecasted to be at $11,000 and in this month, the claim was worth $7,600. So decrease in warranty liability is necessary. Furthermore, the Spare Parts Inventory would be credited as the Spare parts would be used to fix the inventory which must be of $7,600 in value.

The double entry to record Warranty Repairs would be as under:

Dr Estimated Warranty Liability $8,600

Cr               Spare Parts Inventory  $8,600

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275

Explanation:

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3 years ago
EB4.
avanturin [10]

Answer:

Fixed and Variable cost:

Fixed cost are the costs which cannot be changed with change in the level of goods and services sold or produced.

Variable cost are the costs which changes with change in the level of output produced and sold.

Product and Period cost:

Product costs are the costs which are incurred for making the product such as direct material, factory overhead and direct labor, etc.

Period costs refers to the cost which are incurred for a certain period of time. It is normally associated with the time period than with any type of transactional event.

Therefore, the classification of items is as follows:

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(c) Fixed cost - Period cost

(d) Fixed cost - Period cost

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(f) Fixed cost - Period cost

(g) Variable cost - Product cost

(h) Fixed cost - Period cost

(i)  Fixed cost - Period cost

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Click to review the online content. Then answer the question(s) below, using complete sentences. Scroll down to view additional
Korolek [52]

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1 year ago
Rachel receives employer-provided health insurance. The employer's cost of the health insurance is $5,600 annually. What is her
kati45 [8]

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$4,424

Explanation:

Calculation for her employer's after-tax cost of providing the health insurance

Using this formula

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Let plug in the formula

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3 years ago
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Answer:

A. $ 3,750,000

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Given that

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3 years ago
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