Answer: $651,000
Explanation:
From the above question, Apple's iPod carries a two-year warranty against manufacturer's defects.
warranty costs are expected to be approximately 3% of sales.
Total sales are $30.7 million, and actual warranty expenditures are $270,000.
Total warranty cost = $30.7 million x 3% = $921,000
During the 1st year only $270,000 of warranty expenses was made.
Therefore the company will carry as liability at the end of the year a total of $921,000 - $270,000 = $651,000
Answer:
Entries are given below
Explanation:
Calculations
Cash = ($68,000 x 90%) - ($68,000 x 2%)
Cash = $61,200 - $1,360
Cash = $59,840
Loss on sale = ($68,000 + $3,800) - ($59,840 +$5,800)
Loss on sale = $71,800 - $65,640
Loss on sale = $6,160
Entries
DEBIT CREDIT
Cash $59,840
Loss on sale $6,160
Receivable from factor $5,800
Recourse liability $3,800
Receivables $68,000
Answer: B. Public Service
Explanation:
There are 4 alternative forms of institutional advertisements being;
- Competitive - These types of adverts aim to show that the product presented is better than that of the competitor by showcasing its benefits and features.
- Reminder - As the term implies, this advertisement is meant to remind you. Remind you of the product being offered and how it has been beneficial to you.
- Pioneering - This is for products that are just starting out and need to be introduced to inform the market of its existence.
- Advocacy - These focus on telling the audience the position a company has on an issue.
These are the four alternative forms of institutional advertisements and Public Service is not one of them.
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