Answer:
A) $6,745.20
Explanation:
The total warrant liability should equal to the number of units sold times the estimated warranty repairs per unit = 2,044 units sold x $11 per unit = $22,484
Current year's warranty expenses = total warranty liability x 30% = $6,745.20
Research company must debit $6,745.20 to the warranty expense account (which is included in the income statement).
Answer:
a. $265,000
Explanation:
Process costing is one of method to assign cost to manufactured unit. This method is most commonly used for identical units produced.
Terada Corporation also uses process costing system. In April $241,000 units were transferred out of the department. To identify the total cost under weighted average method we can add up beginning work in process and units transferred out. We get $265,000 if we add up beginning work in process inventory and cost of units transferred out from the department.
= $24,000 + $241,000
= $265,000.
Answer:
1-Liquids have fixed volume but they have no fixed shape
2-Liquids flow from higher to lower level
Answer:
The correct answer is C
Explanation:
Liabilities is the legal financial debts or the obligation of the company which arise during the course of the operations of the business.
The debit increases the following accounts which are expense or the assets accounts. And decreases the equity, liability and revenue accounts.
In other words, the accounts which are decreased through debits are the liabilities which involve Interest Payable, Notes Payable and Accounts Payable. And Stockholders' Equity which involve retained earnings and common stock.
