Oceanview marine company performance materiality question

Talks-A-Lot, Inc. sells cell phones to customers and expects that 10% of phones sold will be returned for repair under its warra

poizon [28]

Answer:

amount of warranty liability that should be reported at December 31, 2021 is $3,375

Explanation:

<em>When the Sale was made, the Warrant Liability is recorded as follows:</em>

Warranty Cost $5,625 (Debit)

Warranty Provision $5,625 (Credit)

Warranty Cost = 750 cell phones × $75 × 10% = $5,625

<em>When Warranty Claims were received during the year the records are as follows :</em>

Warranty Provision $2,250 (Debit)

Cash $2,250 (Debit)

Warranty Cost = 30 × $75 = $2,250

<em>At December 31, 2021 the amount of warranty liability should be</em>

Warranty Provision = $5,625 - $2,250 = $3,375

6 0

2 years ago

The following totals for the month of June were taken from the payroll register of Ford Company. Salaries and wages $40,000 FICA

disa [49]

Answer:

Debit to Salaries and Wages Expense for $40,000

Explanation:

Based on the information given we were told that Salaries and wages was the amount of $40,000 which means that The Appropriate journal entry to record the monthly payroll on June 30 would include a DEBIT TO SALARIES AND WAGES EXPENSE FOR $40,000

Debit to Salaries and Wages Expense for $40,000

(To record monthly payroll)

7 0

2 years ago

The diagram shows an aspect of fiscal policy.

storchak [24]

Answer

C. The government spending to strengthen the economy

Explanation

The fiscal policy is applied by the government to influence the economy through adjusting revenue and spending levels. The Fiscal policy is applied with the monetary policy to give a direction of the economy and reach the set economic goals. In this case, taxation and money transfers has been applied.

6 0

3 years ago

Read 2 more answers

Which of the following are steps in the planning process of an organization? (Check all that apply.) Multiple select question. F

vovangra [49]

The steps in the planning process of an organization include:

A. Formulating strategies to achieve the goals.
B. Determining the organization's mission and goals.
D. Selecting the most effective way to implement the organizational strategy.

<h3>What is planning?</h3>

Planning is a management function that ensures the achievement of organizational efficiency and effectiveness.

Planning usually takes place at three levels of the organization, including:

Functional
Business
Corporate levels.

Thus, the steps in the planning process of an organization include Options A, B, and D.

Learn more about the planning function at brainly.com/question/3504046

#SPJ12

5 0

1 year ago

Sarah's house caught on fire. Through the prompt assistance of her neighbor Odessa, the fire was quickly extinguished. In gratit

Zepler [3.9K]

Answer:

To enforce this promise we need to analyse whether there has been any agreement or contract between Sarah and Odessa and whether the same can be enforced.

Explanation:

In Sarah's case, her offer to gratuitously pay the neighbor for assisting in the house fire is not an enforceable contract. When the neighbor rushed to help in the fire, the offer to pay $1,000 had not yet been extended. When Sarah did extend the offer to pay $1,000, there was no consideration exchanged between both parties. The consideration, putting out the fire, had already occurred without the offer or acceptance of a contract.

Consider an alternate scenario. Sarah's house was on fire, and she could not wait for the fire department. She ran to her neighbor's house, begged for help, and offered $1,000 in exchange for neighbor's assistance. After hearing Sarah's plea, the neighbor agrees to assist in extinguishing the fire. This constitutes a contract; an offer, consideration, and acceptance.

3 0

2 years ago