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uysha [10]
2 years ago
5

At the beginning of 2021, Angel Corporation began offering a two-year warranty on its products. The warranty program was expecte

d to cost Angel 4% of net sales. Net sales made under warranty in 2021 were $180 million. Fifteen percent of the units sold were returned in 2021 and repaired or replaced at a cost of $5.3 million. The amount of warranty expense on Angel's 2021 income statement is:
Business
1 answer:
WINSTONCH [101]2 years ago
7 0

Answer:

$7.2 million

Explanation:

Given that

Net sales = $180 million

Cost of the warranty program  = 4%

The computation of the amount of warranty expense is given below:-

Amount of warranty expense = Net sales × Cost of the warranty program

= $180 million × 4%

= $7.2 million

Repairs cost less than the expected liability during the year and no extra expenditures are reported.

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horsena [70]

Answer:

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8 0
3 years ago
Suppose you sell a fixed asset for $99,000 when its book value is $75,000. if your company's marginal tax rate is 39 percent, wh
strojnjashka [21]

Determining Depreciation Recapture.

Sale Value = $99,000

Less: Adjusted basis(book value) = ($75,000)

Depreciation recapture = $24,000

So Depreciation recapture = $24,000

The marginal tax rate is the amount of additional tax paid for each additional dollar earned in income. The average tax rate is the total tax paid divided by total income. A marginal tax rate of 10% means that 10 cents from the next dollar you earn will be tax deductible.

In taxation, a tax rate is a rate at which a company or individual is taxed. There are several ways to express tax rates, including statutory, average, marginal, and effective. These tax rates can also be presented using different definitions (inclusive and exclusive) that apply to the tax base.

Learn more about marginal tax here

brainly.com/question/14145043

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3 0
1 year ago
If the purpose of a licensing statute is to raise revenue, a contract with an unlicensed professional may be enforceable.
pishuonlain [190]

If the purpose of a licensing statute is to raise revenue, a contract with an unlicensed professional may be enforceable is TRUE.

Revenue raising statutes. these are licensing statutes enacted to elevate money for the government. unlicensed persons can put in force contracts and recover for rendering services.

Specialists to gain a license, authorities has some say over who can carry out which jobs as well as how many people can perform those jobs. 2. the second main purpose of licensing statutes is extra intently related to the general public interest.

Business licenses preserve corporations accountable for their sports and conduct and guard the general public's fitness and safety. professional licenses imply the quantity of competence and know-how that a specific professional possesses.

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3 0
1 year ago
We know that the longer a person saves, the more time their savings have to compound and grow. Given that fact, why do you think
vivado [14]

Answer:

The illusion of time

Explanation:

This is because younger people think that they have time to save up later; that if they spend now, they can always make up for it later. On the other hand, older people know that they don't have much time (comparatively) to save money as they did before, so saving money becomes a bigger deal for them.

5 0
2 years ago
Same company as in RA 5.3: Stock price of $42, earnings of $2.12 per share during the last twelve months, forecasted earnings of
luda_lava [24]

Answer:

P/E ratio = $14.78

Explanation:

Market value per share = $42

earning per share = $ 2.84

As we know that:

           Price earning ratio = market value per share / earning per share

                                         =  $42 / 2.84

                                          = $14.78

      Price earning ratio is an indicator to investor whether to invest in this company long term or not.

6 0
3 years ago
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