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Yuri [45]
3 years ago
5

Florida Keys Construction installs swimming pools. It calculates that warranty obligations are 3% of sales. For the year just en

ding, Florida Keys’ sales were $1,450,000. Previous quarterly entries debiting Warranty Expense totaled $28,700. Determine the estimated warranty expense for the year and make the journal entry necessary to bring the account to the needed balance.
Business
1 answer:
Mademuasel [1]3 years ago
5 0

Answer:

Dec. 31

Debit Warranty Expense 14,800

Credit Warranty Payable 14,800

Explanation:

Calculation to Determine the estimated warranty expense for the year

Based on the information given we were told that Florida Keys sales has the amount of $1,450,000 with 3% sales warranty obligation, and Florida keys as well had debit Warranty Expense of the amount of $28,700 this means that the Estimated warranty expense will be calculated as;

$1,450,000 * 3% =$43,500

$43,500-$28,700=$14,800

Therefore the Journal entry will be:

Dec. 31

Debit Warranty Expense 14,800

Credit Warranty Payable 14,800

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Neptune Inc. uses a standard cost system and has the following information for the most recent month, April: Actual direct labor
Naddik [55]

Answer:

$3,200 overapplied

Explanation:

The computation of the total underapplied or overapplied factory overhead is shown below:

Given that

Actual total factory overhead costs incurred is $45,400

Now Overhead applied to production

= (Total factory overhead application rate per standard DLH × Standard direct labor hours allowed)

= $2.70 × 18,000

= $48,600

As we can see that the overhead applied amount is more than the actual amount so the overhead cost would be overapplied i.e.  

 = $48,600 - $45,400

= $3,200 overapplied

8 0
3 years ago
The order fulfillment process involves which of the following functional areas of a​ business?
elena-14-01-66 [18.8K]

Answer:

E. Sales, accounting, and manufacturing and production.

Explanation:

Order fulfillment first takes place in the Sales department - where the Sales team makes known to the customer the products and services available. then the human resources selects talent to help with the production and manufacturing. Accounting function helps determine the cost.

4 0
3 years ago
Broker John is advertising a desirable property that sold months ago to attract buyers. When the buyers ask to see that property
Katyanochek1 [597]

Answer:

Bait-and-switch advertising.

Explanation:

BAIT AND SWITCH ADVERTISING is a type of advertising where a seller of a products or goods deceive a prospective buyer by advertising a product that is desirable in which when the buyer make an effort to purchase the product or ask to see the advertised product the seller will show the prospective buyer available product instead of the advertised product in which the buyer will then find out that the advertised product is unavailable just as in the case of John who advertised a desirable property that was already sold out a months ago in order to attract prospective buyers in which when the advertised product was ask by the buyers he shows the buyer available properties instead which means that this act by Broker John is an example of BAIT AND SWITCH ADVERTISING.

8 0
3 years ago
Indicate how each of the following transactions affects U.S. exports, imports, and net exports.
Oxana [17]

Answer:

 export               import                net export  

1. increases         unchanged         increases

2. unchanged       increases             decreases

3.  unchanged       increases             decreases

4. unchanged       increases             decreases

5. increases         unchanged         increases

Explanation:

export would comprise of goods and services produced in the US that are been sold to foreign countries

Import would comprise of foreign produced goods and services that are been sold in the US

Net export would increase when export occurs and decrease when import occurs

Net export = exports – imports

When the French historian visits the US museum and the European family visits Disney,  they are enjoying US services, thus export increases and net export increases

The purchase of books from Cambridge in UK, Panasonic camera and the visit to Japan constitutes import. These increases import and reduces net export

7 0
3 years ago
What is a modification problem? What are the three possible types of modification problems?
Oxana [17]

Answers and explanations:

1) A modification problem takes places when creating a database two different type of information is entered in the same chart row generating inaccuracy. The only form to solve this issue is creating a new row so each piece of information will be stored in one row particularly.

2) There are three (3) types of modification problems: the deletion problem (<em>the single row containing information from different themes can be deleted losing data</em>), the update problem (<em>new information entered could lead to more inconsistency</em>), and the insertion problem (<em>similar to deletion, a new row can be inserted instead of the row causing problem but information will be missing</em>).

4 0
3 years ago
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