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
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

You might be interested in
Frank Gentry works as a sales representative for Tech-Med, a firm that manufactures hospital supplies. Recently, a prospective b
Margaret [11]

Answer:

a. presentation and demonstration

Explanation:

It is correct to say that Frank is in the presentation and demonstration stage in the sales process, as the question says that he showed the customer the variety of available beds designed for children, that is, he presented the product to the customer and demonstrated that it would satisfy your needs, in this case the seller reiterates the value and benefits of the product so that there is interest on the part of the consumer in making the sale.

3 0
3 years ago
Josh is journalizing an adjustment for a bank service fee. What type of
Monica [59]

Answer:

Expense

Explanation:

8 0
2 years ago
A high-ranking manager who advocates the project and uses her or his influence to gain approval of the project is a project
kolbaska11 [484]
Such a person is the PROJECT SPONSOR. A project sponsor is the person with the overall accountability for a project, he has the responsibility to ensure that the project delivers the agreed business benefits. He is usually the one who is responsible for securing the financing and total resources project approval.
4 0
3 years ago
Jackson Company manufactures three products from a joint process. Joint costs for the year amounted to​ $300,000. The following
son4ous [18]

Answer:

Joint costs allocated to Product Y = $60,000

Explanation:

Given:

Particular     Product Units     Produced Sales

X ​                       5,000               ​$70,000

Y                        ​3,000 ​              $30,000

<u>Z ​                       2,000 ​              $100,000</u>

<u>Total                   10,000         </u>

Joint costs allocated to Product Y = (Total Joint costs × Y's total unit) / Total units produced

Joint costs allocated to Product Y = ($300,000 × 3,000) / 10,000

Joint costs allocated to Product Y = $90,000

4 0
3 years ago
Suppose that people in your community voted to eliminate all local taxes
Amanda [17]

Neighborhood trash pickups would most likely disappear.

8 0
3 years ago
Other questions:
  • Suppose your company sells services of $170 in exchange for $130 cash and $40 on account. Depreciation of $60 relating to equipm
    6·1 answer
  • The demand for a necessity whose cost is a small portion of one's total income is
    15·1 answer
  • Question 18 5 out of 5 points china australia steel (tons) cars steel (tons) cars 630 0 1120 0 600 700 900 300 400 1200 600 500
    13·1 answer
  • In an Oligopoly industry a change in price by one firm will _____ impact the other firms in the industry.
    13·1 answer
  • What role does savings play in the process of economic growth
    7·1 answer
  • _________________ are the processes and procedures that a company uses to provide reasonable assurance that its financial report
    8·1 answer
  • what do people mean when they say that it is better to balance the economy than to balance the budget?
    10·1 answer
  • What has happened with the GDP of Indonesia over the past 2 to 3 years?
    5·1 answer
  • What is a role expectation?
    6·1 answer
  • If the market interest rate drops to 5% on December 31, 2022, it will cost $458,290 to retire the bonds. Record the retirement o
    9·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!