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
Orlin purchases a refrigerator, on credit, from a door to door salesman. Orlin only has a 5th grade education, and the terms of
mote1985 [20]

Answer: the doctrine of unconscionability

Explanation:

The doctrine of unconscionability is a defense that is against enforcing a contract. From the question, we are informed that Orlin bought a refrigerator, on credit, from a salesman and the salesman want him to pay 10 times the worth of the refrigerator.

In this scenario, the contract is deemed to be unfair and also oppressive to Orlin, thus he a find it unconscionable and therefore he can refuse to enforce it. Therefore, if he wants to challenge the contract’s terms, the doctrine of unconscionability will be used.

6 0
3 years ago
In business strategies, _____________ strategy defines the businesses in which a company will compete, preferably in a manner th
givi [52]

Answer:

The correct answer is: 1. Functional.

Explanation:

A functional strategy is one that requires the HOW? Do, operate, function, that is, after delimiting the corporate strategy that specifies what to do ?, the functional strategy, indicates how to apply and use resources to achieve what you want to achieve.

A functional area of the company adopts this type of strategy to achieve the objectives embodied in the strategy of the corporation, maximizing the resources available and their productivity. In addition, it seeks the care and development of functional and operational capacity in order to achieve a competitive advantage to the company.

These strategies generate a frame of reference used by the administration of operations and functions to support the organizational and business strategy.

7 0
3 years ago
Read 2 more answers
Item weight is the:______________. 1. Measure of how much consumers demand a particular item. 2. Percentage of the typical consu
erica [24]

Answer:

2) Percentage of the typical consumer budget spent on the item.

Explanation:

In microeconomics, item weight refers to the money spent on purchasing a specific product with respect of the total money spent in total purchases. Item weight is usually measured as a percent of a specific purchase over the total purchases made by a consumer or household.

4 0
3 years ago
Steve has been given the charge of managing unskilled labor in the production units of his company. These workers are primarily
AURORKA [14]

Answer:

c. Reward power

Explanation:

  • Reward power is the power to influence employees or to impress employees by giving them some reward for doing certain things. The reward is clear and vague .                                                  
  • so correct option is c. Reward power

4 0
3 years ago
On January 1, 2021, Ackerman sold equipment to Brannigan (a wholly owned subsidiary) for $200,000 in cash. The equipment had ori
just olya [345]

Answer:  $‭322,000‬

Explanation:

Consolidated income = Net income from Ackerman + Net Income from Brannigan + Excess depreciation - Amortization of unpatented tech - Gain from transfer of equipment

Excess depreciation = New depreciation of equipment - Old depreciation

Depreciation is straight line;

= (200,000/5 years) - (110,000/5)

= $18,000

Gain from transfer of equipment

= Sales - Book value

= 200,000 - 110,000

= $90,000

Consolidated income = 300,000 + 98,000 + 18,000 - 4,000 - 90,000

= $‭322,000‬

5 0
3 years ago
Other questions:
  • A new company manufactures tennis rackets. The fixed expenses are $78,490 and the variable expenses are $14 per racket produced.
    8·1 answer
  • Anthony, the plant manager, was talking with another manager about tim, the lead engineer in the corporate r & d department.
    10·2 answers
  • An llc offers personal liability protection while also keeping the advantage of __________.
    14·1 answer
  • After a tax is imposed on the market for bottled water, the price buyers pay is $2.50 per bottle and the price sellers receive i
    8·1 answer
  • When serving apple slices, its important to have which of the following ingredients on hand?
    9·2 answers
  • Brand equity is the added value a brand name gives to a product beyond the functional benefits provided. This value has two dist
    12·1 answer
  • 12. Taxes can have all of the following economic effects EXCEPT
    11·1 answer
  • At the end of a long meeting with many new people, four people are overheard having a heated conversation. Isabel and Linda are
    7·1 answer
  • How can you determine the cost of something without concidering mearly its monitary value
    10·1 answer
  • Which of the following is most likely to improve e-commerce in the world trade arena?
    10·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!