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loris [4]
3 years ago
11

Felton Co. sells major household appliance service contracts for cash. The service contracts are for a 1-year, 2-year, or 3-year

period. Cash receipts from contracts are credited to unearned service contract revenues. This account had a balance of $480,000 at December 31, 2009 before year-end adjustment. Service contract costs are charged as incurred to the service contract expense account, which had a balance of $120,000 at December 31, 2009. Outstanding service contracts at December 31, 2009 expire as follows:
During 2010 During 2011 During 2012
$100,000 $160,000 $70,000
What amount should be reported as unearned service contract revenues in Felton's December 31, 2009 balance sheet?
Business
1 answer:
tia_tia [17]3 years ago
7 0

Answer:

Unearned Service Contracts Revenue = $330,000

Explanation:

Unearned Service Contracts Revenue refers to the expected revenue from a contracts been carried and has yet been paid.

Unearned Service Contracts Revenue for 2010 = $100,000, for 2011 = $160,000 and for 2012 = $70,000

Unearned Service Contracts Revenue = $100,000 + $160,000 + $70,000

Unearned Service Contracts Revenue = $330,000

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Talarczyk Company sold 10,000 Super-Spreaders on December 31, 2017, at a total price of $1,000,000 cash, with a warranty guarant
Greeley [361]

Answer:

Explanation:

Sales revenue to be reported - $1,000,000

Warranty expense - $40,000

Unearned warranty revenue - $12,000

Cash = 1,000,000+12,000 = $1,012,000

Warranty liability - $40,000

5 0
3 years ago
Nirav just opened a savings account paying 2 percent interest, compounded annually. After four years, the savings account will b
nlexa [21]

Nirav recently opened a savings account offering 2% annual compound interest, this means that Nirav will earn the same amount of interest each year for four years.

<h3>What is a saving account?</h3>

An account at a retail bank is formally called as a savings account. This is a type of account that person granted a person that his money is safe in a particular bank. Refer to the image below for the complete question.

The given case tells about that <u>what would be the impact</u> of savings account offering 2% annual compound interest on Nirav, then he will earn the same amount of interest compounded each year for four years.

Learn more about the interest, refer to:

brainly.com/question/1040694

#SPJ1

3 0
2 years ago
McMahon Inc. reported the following on the company's statement of cash flows in 2016 and 2015:
podryga [215]

Answer:

$137,200; $103,600

Explanation:

In 2015:

Free cash flow:

= Net cash flow from operating activity - Capital expenditure

= $294,000 - (70% × $224,000)

= $294,000 - $156,800

= $137,200

In 2016:

Free cash flow:

= Net cash flow from operating activity - Capital expenditure

= $280,000 - (70% × $252,000)

= $280,000 - $176,400

= $103,600

3 0
3 years ago
The management of Wengel Corporation is considering dropping product B90D. Data from the company's accounting system appear belo
slamgirl [31]

Answer:

Net loss of $24,600

Explanation:

Sales              $773,900

Variable Expenses ($402,100)

Contribution Margin $371,800

Avoidable Expenses of B90D

Fixed Manufacturing Expenses        $186,000

Fixed Selling and Admin Expenses  %161,200

Total Avoidable expenses                 $347,200

If the product B90D is discontinued,the contribution margin of $371,800 will be lost by Wengel corporation and costs of $347,200 will be saved.

Therefore there will be net loss of $(371,800-347,200) $24,600 to the company if the product is discontinued.

3 0
3 years ago
What is a government bond that is repaid within 3 months to a year?
sattari [20]
The right answer for the question that is being asked and shown above is that: "d. Federal Reserve Note." a government bond that is repaid within 3 months to a year is called the d. Federal Reserve Note. 
4 0
3 years ago
Read 2 more answers
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