Answer and Explanation:
The journal entries are shown below:
On Sep 1
Cash $500
To Sales revenue $500
(Being the sale is recorded))
On Sep 1
Cost of goods sold $200
To Finished goods inventory $200
(Being the the cost of mower sales is recorded)
On Sep 1
Warranty expense (8% × $500) $40
To Warranty liability $40
(Being the estimated warranty expense is recorded)
On Jan 24
Warranty liability $35
To Repair parts inventory $35
(being the cost of warranty repairs is recorded)
Its C. All choices involve cost
Answer:
b. Financial statements are frequently the basis used for performance evaluations.
Explanation:
The financial statements are the accounting reports of an organization, through these documents it is possible to analyze what is the financial situation of a company in the internal and external environment, what are its greatest strengths and weaknesses.
They are instruments for evaluating organizational performance because they provide essential information about the general accounting situation of a company, which ensures greater reliability for a manager to make a decision directed to correct a problem or strategic implementation to achieve a certain result. It also allows stakeholders to analyze essential data and information when deciding to invest or do business with a particular company.
Answer:
Adjusted balance: 1,801 dollars
Explanation:
Bank statement balance: 1,921
outstanding checks (300)
bank mistake <u> 180 </u>
adjusted bank balance 1,801
Cash account balance: 1,900
service charge (25)
Interest earned 1
car insurance expense <u> (75)</u>
Adjusted Balance: 1,801
We adjust each party for mistake and unknow information.
The bank made a mistake and is unaware of the outstanding checks
Joe didn't know about the insurance amount, the service charge nor the interest thus, it need to record and adjust for this value.
Balance sheet.
The balance sheet shows assets, liabilities, and stockholder's equity. Buying the van on credit would be a liability.
