Normally, a person with a high level of education makes more money than a person without an education.

QS 11-9 Recording warranty repairs LO P4 On September 11, 2016, Home Store sells a mower for $490 cash with a one-year warranty

prisoha [69]

Answer:

On September 11, 2016, Home Store sells a mower for $490 cash with a one-year warranty that covers parts

Recording of revenue:

Cash $490 (debit)

Revenue $490 (credit)

Recording of Warranty granted :

Assurance Warranty expense $49.00 (debit)

Warranty Provision $49.00 (credit)

$490 × 10% = $49.00

On July 24, 2017, the mower is brought in for repairs covered under the warranty requiring $34 in materials taken from the Repair Parts Inventory

When warranty is subsequently received:

Warranty Provision $ 34 (debit)

Repair Parts Inventory $ 34 (credit)

Explanation:

On September 11, 2016, Home Store sells a mower for $490 cash with a one-year warranty that covers parts

Recording of revenue:

Cash $490 (debit)

Revenue $490 (credit)

We Recognise Revenue to depict transfer of control of mower

Recording of Warranty granted :

Assurance Warranty expense $49.00 (debit)

Warranty Provision $49.00 (credit)

$490 × 10% = $49.00

There is no option for customer to take the warranty or not, so this is a service warranty.The warranty is measured at the best estimate of expenditure required to settle the obligation that is at 10% of sales.

On July 24, 2017, the mower is brought in for repairs covered under the warranty requiring $34 in materials taken from the Repair Parts Inventory

When warranty is subsequently received:

Warranty Provision $ 34 (debit)

Repair Parts Inventory $ 34 (credit)

Utilise the Warranty Provision when the warranty claim is subsequently received

7 0

4 years ago

In the country of Wiknam, the velocity of money is constant. Real GDP grows by 3 percent per year, the money stock grows by 8 pe

vaieri [72.5K]

Answer:

(a) 8%

(b) 5%

(c) 4%

Explanation:

According to the classical quantity theory of money,

Money supply × Velocity = Price Level × Real GDP

Money supply denoted by M

Velocity is denoted by V

Price level is denoted by P

Real GDP is denoted by Y

Therefore,

Change in M + Change in V = Change in P + Change in Y

Since, we know that V is constant, so V = 0

∴ Change in M = Change in P + Change in Y

(a) Nominal GDP = Price × Real GDP

Change in P + Change in Y = Change in Nominal GDP = Change in M

Change in M = 8%, it is given in the question.

Therefore, Change in Nominal GDP = 8%

(b) Change in M = Change in P + Change in Y

8% = Change in P + 3%

Change in P = 8% - 3%

= 5%

We know that change in price level is the inflation rate. Hence, the inflation rate is equal to the 5%.

(c) Real interest rate is the difference between the nominal interest rate and the inflation rate.

Real interest rate = Nominal interest rate - Inflation rate

= 9% - 5%

= 4%

6 0

3 years ago

Paul Springer plans to save for a down payment for a house in 10 years. He will be able to invest $12,000 today in a money marke

Bad White [126]

Answer:

The correct answer is $20,772.92.

Explanation:

According to the scenario, the given data are as follows:

Payment (pmt) = $12,000

Rate of interest = 5.50%

Rate of interest per month (r) = 5.50 / 12 months = 0.46%

Time = 10 years (n) = 120 months

So, the future value can be calculated by using following formula:

Future value = PMT ×(1+r)^n

= $12,000 × ( 1 + 0.46% )^120

= $20,772.92

Hence, the future value at the end of 10 years will be $20,772.92.

8 0

3 years ago

The board of directors is the highest ranking body in a corporation, and the chairman of the board is the highest ranking indivi

mario62 [17]

Answer:

True

Explanation:

The board as described, refers to the group formed of all the directors, in a company.

Out of all the directors, one individual is selected to lead the group called Chairman.

Further, a designation called Chief Executive Officer is provided to an individual, who is held as one among the key members of the company.

But that person is below the directors, and is appointed through directors.

6 0

3 years ago

2. [4 marks] Question 15.40. It is said that the New York City mobster Casper Holstein

jonny [76]

Answer:

Explanation:

mark me brainliest!

6 0

3 years ago