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aksik [14]
3 years ago
14

During June, Vixen Fur Company sells $850,000 in merchandise that has a one year warranty. Experience shows that warranty expens

es average about 3% of the selling price. Customers returned $14,000 of merchandise for warranty replacement during the month. The entry to settle the customer warranties is:
Debit Warranty Expense $11,500; credit Estimated Warranty Liability $11,500.

Debit Estimated Warranty Liability $25,500; credit Warranty Expense $25,500.

Debit Warranty Expense $14,000; credit Estimated Warranty Liability $14,000.

Debit Estimated Warranty Liability $11,500; credit Merchandise Inventory $11,500.

Debit Estimated Warranty Liability $14,000; credit Merchandise Inventory $14,000.
Business
1 answer:
stepan [7]3 years ago
3 0

Answer:

Debit Estimated Warranty Liability $14,000; credit Merchandise Inventory $14,000.

Explanation:

The journal entry is shown below:

Estimated Warranty Liability A/c Dr $14,000

         To Merchandise Inventory  $14,000

(Being the customer warranties is settled)

Since we have to settle the customer warranties, so we debited the estimated warranty liability account and credited the merchandise inventory account

Hence, all other options are wrong except last one

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Tony and Suzie are ready to expand Great Adventures even further in 2022. Tony believes that many groups in the community (for e
eduard

Answer:

Great Adventures

a) Adjusting Entry for Uncollectible Accounts:

Date       General Journal              Debit        Credit

Jun. 30  Uncollectible Expense $2,320

              Allowance for Uncollectibles         $2,320

To provide 8% allowance for uncollectibles.

b) To accrue one month of interest on the note receivable:

Date        General Journal       Debit             Credit

Jun. 30   Interest Receivable  $40.83

              Interest on Notes                          $40.83

To accrue one month of interest.

c) GREAT ADVENTURES, INC.

Partial Balance Sheet  as at June 30, 2022

Assets

Current Assets:

Accounts Receivable                   $29,000

less allowance for uncollectibles    2,320

Net Accounts Receivable                             $26,680

Explanation:

a) Accounts Receivable

Date        Description                        Debit         Credit      Balance

Feb. 25   Kr. Kendall's Boys Scout   $4,000                       $4,000

Feb. 28   Cash                                                    $3,840            160

Feb. 28   Cash Discount                                          160               0

Mar. 19    Reynold                              5,000                          5,000

Mar. 27   Cash                                                     4,800            160

Mar. 27   Cash Discount                                       200                0

Apr. 7      Cash                                                     8,500      (8,500)

Apr. 14    Elks Lodge                         8,500                                 0

Apr. 30   Myers Manufacturing        7,000                          7,000

May 31    7% Note Receivable                            7,000               0

Jun. 15   MBA Groups                    29,000                       29,000

b) Allowance for uncollectibles = $29,000 x 8% = $2,320

c) Interest on Notes = ($7,000 x 7%)/12 = $40.83

3 0
3 years ago
Lobbyists are hired by companies to influence legislation to meet a company's goals. They ask for things needed to program plans
masha68 [24]

Answer:

It is A hope this helps

8 0
3 years ago
Shares of Notung Cutlery Corp. closed 2010 at $75 per share. Notunghad 14.5 million shares outstanding. The assets are valued at
Kay [80]

Answer:

If you considered that outstanding shares are equal that total shares, then: market capitalization is $1.085 billions; market value added is $477.5 millions and the market-ti-book ratio is 1.78.

Explanation:

To get these numbers we calculate as follow: market capitalization = number of shares multiply by the price per share (75$ x 14.5 million); marked value added = market capitalization - (total assets - liabilities) [1.085 Bn - (1 Bn - 390 m)] ; and market-to-book ratio = market capitalization / book value (1.085bn/610m)

6 0
3 years ago
The following data are for Lily Kay Company. Total sales revenue $250,000 Number of units sold 50,000 units Contribution margin
eduard

Answer:

b. 51,429 units

Explanation:

If x = Number of units

Net Income = Sales Revenue - Variable Cost - Fixed Cost

or

Net Income = Contribution Margin - Fixed Cost

where,

Net Income = $80,000

Contribution Margin per unit = $3.50

Fixed Cost = $100,000

Contribution Margin = Net Income + Fixed Cost

$3.50x = $80,000 + $100,000

$3.50x = $180,000

Dividing the above equation by $3.50 we get

x = $180,000 / $3.50

x = 51,429 units

Hence 51,429 number of units must be sold to generate the net income of $80,000.

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3 years ago
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Leya [2.2K]

Answer:

In the event that I go to a social equality promotion gathering, I will be an expert in my view to characterize the lawful foundation of the constitution and the nineteenth amendment. I'll give the standard to add alteration to stating "as you most likely are aware" to abstain from misunderstanding with them.I additionally utilize propelled phrasing to present to legal counselors. Let me quickly outline the ladies rights development for secondary school understudies and afterward disclose how to fix it. I additionally utilize less modern words to assist understudies with dodging disarray. In the two gatherings I might want to incorporate the fix procedure in light of the fact that the introduction is proposed and regardless of whether a few gatherings definitely know data, it is a significant piece of the introducing time.

5 0
3 years ago
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