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Alona [7]
3 years ago
15

Cupola Awning Corporation introduced a new line of commercial awnings in 2018 that carry a two-year warranty against manufacture

r’s defects. Based on their experience with previous product introductions, warranty costs are expected to approximate 3% of sales. Sales and actual warranty expenditures for the first year of selling the product were: Sales Actual Warranty Expenditures $5,000,000 $37,500 Required: 1. Does this situation represent a loss contingency? 2. Prepare journal entries that summarize sales of the awnings (assume all credit sales) and any aspects of the warranty that should be recorded during 2018. 3. What amount should Cupola report as a liability at December 31, 2018?
Business
1 answer:
pishuonlain [190]3 years ago
8 0

Answer:

lol nobody can help

Explanation:

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Patrick Rach International issued 5% bonds convertible into shares of the company's common stock. Rach applies U.S. GAAP. Upon i
Ludmilka [50]

Answer:

The correct answer is letter "B": The proceeds of the bond issue entirely as debt.

Explanation:

Under the U.S. General Accepted Accounting Principles (<em>GAAP</em>) the issuance costs of bonds are ignored for reporting purposes but the amount of sales revenues is recorded as debt. The amortization of the bond can be calculated using the <em>effective interest method</em> or the <em>straight-line method</em>.

6 0
3 years ago
Nicole owns and operates two restaurants. The revenue of the first restaurant at time t is f(t) dollars, and the revenue of the
kati45 [8]

Answer:

F(t)=f(t)+g(t) represents the TOTAL revenue at time t.

Explanation:

f(t) is the revenue at the time t at the first restaurant.

g(t) is the revenue at the time t at the second restaurant.

If we want to know the TOTAL revenue at the time t, we would sum these quantities:

TOTAL revenue = f(t)+g(t)

So F(t)=f(t)+g(t) represents the TOTAL revenue at time t.

7 0
3 years ago
Which of the following is the Federal Reserve unable to directly do
Alja [10]

Answer:

Increase and decrease the interest rate in the economy by a certain percentage

Explanation:

The Federal Reserve can influence the prevailing interest rates. However, it cannot increase or decrease the interest rate in the economy by a certain percentage. The Federal Reserve influences interests rate by adjusting the fed funds rate.  The feds fund rate is the interest rate that banks charge each other when they borrow from each other.

The Federal Reserve can lend to commercial banks, Adjust reserve requirements, and buy and sell U.S. securities.

3 0
3 years ago
Mark currently has a balance of $973.70 in an account he has held for 17 years. He opened the account with an initial deposit of
IrinaK [193]

Answer:

Simple interest= $273.7

Explanation:

<em>Simple interest is the interest on earned on the principal amount invested only. Kindly note that under this system, only the principal amount invested would earn interest over the course of the investment period</em>

<em> Simple interest is calculated as follows:</em>

Simple interest = Principal × Rate × Time

or

Simple interest = Future sum - Principal amount invested

DATA

Future sum- $973.70

Principal amount invested-700

Simple interest = 973.70 - 700=273.7

Simple interest= $273.7

5 0
3 years ago
The United States Department of Education supports and funds CTSOs.<br> True or False?
bixtya [17]

the answer is True

hope it helps!

5 0
3 years ago
Read 2 more answers
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