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timofeeve [1]
3 years ago
13

Finisher Inc. sells merchandise of $250,000 in 2020 that includes a three-year limited warranty. Warranty costs are estimated to

be 1% of sales. The company incurred actual costs of $800 in 2020 related to the warranties. a. Record the warranty accrual at the time of sale in 2020. b. Record the adjustment to the warranty accrual for actual warranty costs in 2020.
Business
1 answer:
N76 [4]3 years ago
8 0

Answer: See explanation

Explanation:

a. Record the warranty accrual at the time of sale in 2020.

Debit Warranty expense = $250,000 × 1% = $2,500

Credit Warranty Liability $2,500

(To record the warranty accrual)

b. Record the adjustment to the warranty accrual for actual warranty costs in 2020.

Debit Warranty Liability $800

Credit Cash and Payables $800

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The Accounts Receivable account has a beginning balance of $10,000 and the company provides services of $50,000 on account durin
Marizza181 [45]

Answer:

C) $48,000

Explanation:

The account receivables is the account used to house revenue that has been earned but yet to be received in the balance sheet. It is the holding account pending the settlement of cash for services rendered or goods sold.

As such, where the Accounts Receivable account has a beginning balance of $10,000 and the company provides services of $50,000 on account during the month. The ending balance was $12,000

Let the amount received from customers be K

$10,000 + $50,000 - K = $12,000

K = $10,000 + $50,000 - $12,000

K = $48,000

8 0
3 years ago
LBC Corporation makes and sells a product called Product WZ. Each unit of Product WZ requires 4.2 hours of direct labor at the r
irina1246 [14]

Answer:

$2,344,356

Explanation:

Given the above information,

June production :

Planned sales + ending inventory - beginning inventory

= (27,000 + 70 - 490) units

= 26,580 units

Total direct labor hour required for production

= 26,580 units × 4.2

= 111,636 labor hour

Cost of production

= Total direct labor hour × rate per hour

= 111,636 × $21

= $2,344,356

3 0
3 years ago
After reviewing the resources and taking notes, decide where you stand. Should the government—and schools—be able to access your
larisa [96]

Answer:

Yes, I think that even social media and cell phone information is personal it should be reviewed if there are enough reasons to think that you are a threat to others.  

Explanation:

Currently there are constants news of shootings in social spaces like malls, schools, bars, metro stations and so on. The persons that commit those crimes might leave leads in their social media that can become important to prevent these crimes.  

The most recent case of shooting in the Santa Clarita school in California depict how social media is always investigated to determine the motives of these crimes. Therefore, would not be better to look social media before these events occur? From this perspective I agree with the access to social media and cell phone content .

6 0
3 years ago
Read 2 more answers
An airline company is interested in the opinions of their frequent flyer customers about their proposed new routes.​ Specificall
prohojiy [21]

Answer: Stratified Sampling

Explanation: Stratified sampling is a type of sampling method where the population is divided into groups called strata.

Participants will now be selected from each group at random to participate in the survey.

4 0
3 years ago
Which of the following explanations resolve the Leontief paradox?a. Leontief assumed that U.S. and foreign technologies were the
mafiozo [28]

Answer:A. Leontief assumed that U.S. and foreign technologies were the same, while the Heckscher-Ohlin model assumes they are different

B. Leontief ignored land abundance in the United States

D. Leontief’s test distinguished between skilled and unskilled labor, but ignored capital.

Explanation:Leontief paradox is a Russian-American economist, his work was based on the work of Wassily W. Leontief he attempted to test the Heckscher–Ohlin theory ("H–O theory") empirically.

in economics tries to explain that a country with a higher capital per worker has a lower Capital per labor ratio in export than when compared to Import.

LEONTIEF IGNORED THE ABUNDANCE OF LAND IN MAKING HIS ASSUMPTIONS

HE ALSO CLASSIFIED THE U.S TECHNOLOGY AND OTHERS AS THE SAME WHICH IS NOT IN LINE WITH THE H-O MODEL ASSUMPTION.

LEONTIEF THEORY IGNORED CAPITAL DURING HIS TEST.

8 0
3 years ago
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