Answer:
$30,000
Explanation:
Warranty liability is a liability account used to report the expected amount of repairing or replacing products already shipped. It's a contingency liability and it should be recorded independently from the actual warranty costs. Therefore, warranty liability, in this case, is:
$600,000 * 0.05 = $30,000
The estimated warranty liability reported in the balance sheet this year is $30,000
Answer:
Material cost per unit = $3.64
Conversion cost per unit = $4.59
Manufacturing cost per unit = $8.23
Explanation:
1. Calculate the unit cost for materials:
Material cost per unit = 
Material cost per unit = $3.64
2. Calculate the unit cost for conversion costs:
Conversion cost per unit = 
Conversion cost per unit = 4.59
3. Calculate the total manufacturing costs:
Manufacturing cost per unit = Material cost per unit + Conversion cost per unit
Manufacturing cost per unit = $3.64 + $4.59
Manufacturing cost per unit = $8.23
In the Cleveland custom cabinets case, the owner of the company thought it was all right to manipulate the financial statement numbers primarily because he was the sole owner of the company and controlled the board of directors.
But, the sole owner is for my part answerable for all debts incurred by using the enterprise." Examples of sole owners encompass small corporations which include, a local grocery keep, local garments save, an artist, a freelance author, an IT representative, a freelance photo designer, etc.
A sole owner—additionally called a sole trader or a proprietorship—is an unincorporated business that has simply one proprietor who will pay private earnings tax on profits earned from the commercial enterprise.
Sole ownership manner distinct possession. it is a possession so entire that no other man or woman has any interest in the assets. someone's ownership is "sole" while no person apart from the character has any interest inside the belongings as owner.
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Answer: The correct answer is "recorded in equity recorded in equity, as part of other comprehensive income.".
Explanation: Gains or losses on cash flow hedges are <u>recorded in equity, as part of other comprehensive income.</u>
<u>The gains or losses of a cash flow hedge must be recorded, as part of other comprehensive income, in equity.</u>
D. making profits on sales
