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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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Answer:

See the explanation for the answer

Explanation:

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Forecast        200         200          300            400           500              200

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Ending           100         200           200           0                  0                 0

Average        50           150           200           100               0                 0

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4 0
3 years ago
Which of the following is not true in regard to selling fixed assets?
svetoff [14.1K]

Answer: Option D

           

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When a fixed asset is sold or discarded the accumulated deprecation of such asset is debited from the value to ascertain actual value of the asset.

If the selling amount received exceeds the actual value then a gain is recorded.

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4 0
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Answer: Proxy

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To learn more about Opportunity cost, refer:brainly.com/question/20380970

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8 0
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