1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Mandarinka [93]
3 years ago
7

Dynamo Corporation manufactures toasters. Each toaster comes with a 5-year assurance-type warranty. The toasters sell for $50 ea

ch. During Year 1, Dynamo sells 500 toasters, for cash. Past experience shows that the average warranty costs are $5 each or $2,500 for these toasters. In Year 1, Dynamo pays $500 cash for warranty costs on the toasters sold that year.
Required:
Prepare Dynamo's journal entries related to the sales and warranty in Year 1.
Business
1 answer:
Leno4ka [110]3 years ago
7 0

Answer:

1.Dr Cash 25,000

Cr Sales revenue 25,000

2. Dr Warranty expense 2,500

Cr Warranty liability 2,500

3.Journal entry for actual warranty expense

Dr Warranty liability 500

Cr Cash 500

Explanation:

Preparation of Dynamo's journal entries related to the sales and warranty in Year 1.

1.Dr Cash 25,000

Cr Sales revenue 25,000

(50*500)

2. Dr Warranty expense 2,500

Cr Warranty liability 2,500

3. Dr Warranty liability 500

Cr Cash 500

You might be interested in
The lower the market price,
zalisa [80]
D the lower the taxes(I searched it up)
8 0
1 year ago
n the money creation process, the simple money multiplier assumes that banks hold no excess reserves. What is the consequence of
lyudmila [28]

Answer: The simple money multiplier becomes smaller as less money is loaned out

Explanation:

In the money creation process, the simple money multiplier assumes that thee are no excess reserves that are held by the banks and that there are no currency being held by the public.

The consequence of a bank holding excess reserves will be that the simple money multiplier will become smaller when less money is being loaned out. There will be less money in circulation when excess reserves are held by the banks. This will result in the money multiplier to be smaller.

3 0
3 years ago
The flying of new employees to a three-day training session at Uberversity in San Francisco to learn about the company is part o
scoray [572]

Answer:

e) onboarding

Explanation:

Onboarding is the process by which new employees are introduced to the companie's culture including operational procedures and training on their job roles.

Onboarding is an important step in making the employee more efficient on the job. It is also called organisational socialising.

In the given scenario where new employees fly to a three-day training session at Uberversity in San Francisco to learn about the company, is an onboarding process.

5 0
3 years ago
Carin, a widow, elected to receive the proceeds of a $150,000 life insurance policy on the life of her deceased husband in 10 in
Viktor [21]

Answer:

The correct answer to the following question is option B) $2500 .

Explanation:

Given information -

Proceeds to be received on life insurance - $150,000

Carin receives 10 installments of $17,500 each , which takes total amount to - $175,000

Premiums paid by Carins husband - $60,000

Carin collected - $17,500 from insurance company

The interest element that would be included in her gross income -

$175,000 - $150,000

= $25,000

She is receiving payments in form of annuity, and the amount that should be included in her gross income in the first year should -

$25,000 / $175,000  x  $17,500

= $2500

8 0
3 years ago
Which one of the following should NOT be included in the project analysis of the manufacturing of a new product? A) Change in ne
trasher [3.6K]

Answer:

Option(c) is the correct answer to the given question

Explanation:

The project analysis means finding the cost of project ,project is working properly as the customer need and other factor are used to check the manufacturing of new product.

Following are features of project analysis in the new product

  • Improve in net working capital of associated with the release of a new program.
  • The capital expenditures of a new project which work in the favour of a company's business working capital.
  • The variations in the working capital of a company with or without a specific project.

All the other option are related to project analysis of the manufacturing of a new product that's why they are incorrect according to the question .

3 0
3 years ago
Read 2 more answers
Other questions:
  • .. Will has a Personal Auto Policy. Which of the following cars would qualify for coverage as a "temporary substitute" under Wil
    15·1 answer
  • Stan read an ad in the newspaper which said that the jackpot for picking the six winners in the dog race on the last night of th
    15·1 answer
  • Jean Piaget's use of the term "operational" is most aligned with the concept of ________.
    7·2 answers
  • Information for firm ABC: Inventory at the end of April, 2008: 200 units Expected demand during April, 2008: 50 units Production
    14·1 answer
  • A Bank loaned out $12,000, part of it at the rate of 8% per year and the rest at the the rate of 18% per year. If the interest r
    8·1 answer
  • Which of the following statements about federal student loans is true
    11·1 answer
  • Collection of projects, reports, exams, awards and other evidence of past experience and accomplishments which may serve as a su
    14·1 answer
  • HURRY IM BEING TESTED!!!!!! Which job in the Finance career cluster is ideal for a person with a master’s degree?
    9·2 answers
  • Tidy Limited purchased a new van on January 1, 2018. The van cost $36,000. It has an estimated life of six years and the estimat
    7·1 answer
  • National income equals:_______.
    11·2 answers
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!