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Leto [7]
3 years ago
13

Wally's Party Warehouse provides wholesale party equipment and materials to Party Shops. In 2019, Wally's Party sold 30 bounce h

ouses at $30,000 each. The bounce houses carry a 3-year warranty for defects. Wally estimates that repair costs will average 2% of the total selling price. The estimated warranty liability at the beginning of the year was $26,000. Claims of $19,000 were actually incurred during the year to honor warranties.
What was the balance in the Warranty Liability account at the end of the year?
Business
1 answer:
Akimi4 [234]3 years ago
7 0

Answer:

he is probably a b!tsh for wasting money and I hope he is poor now

Explanation:

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Lundholm, Inc., reports financial statements each December 31 and issues $600,000, 7%, 15-year bonds dated May 1, 2012, with int
Lina20 [59]

Answer:

bond issuance:

Dr cash  $600,000

Cr bonds payable        $600,000

first semiannual interest payment:

Dr interest expense    $21000

Cr cash                                     $21000

Retirement of $200,00:

Dr bonds payable($200,000/$600,000*$200,000)$200,000

Dr loss on bond retirement                                                $2000

cr      cash($200,000*101%)                                                                $202,000

Explanation:

The issuance of the bond at par means that the cash realized is exactly the face value of $600,000,hence cash is debited with $600,000 while bonds payable is credited with $600,000.

Bal b/f             interest expense     coupon interest    bal c/f

$600,000          $21000                   $21000               $600,000

A bond issued at par implies that coupon rate equals yield to maturity,hence interest expense is the same as the coupon payment as shown below:

interest expense=coupon interest=$600,000*7%*6/12=$21000

Bal c/f=bal b/f+interest-coupon interest

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3 years ago
What educational background or training did rose lamont need?
rewona [7]
Rose Lamont needed an educational background involving arts and design. She also needs to attend training courses in design, marketing and advertising arts. Without the educational background and the additional training courses, and of course the talent should also be there. 
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3 years ago
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What is your favorite food?<br><br>do you love pets?<br><br>do you make good grades?
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Answer:

Shimp, ehh, yeah

Explanation:

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3 years ago
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On January 2, Boulder Co. assigned its patent to Castle Co. for royalties of 10% of patent-related sales. The assignment is for
Tema [17]

Answer:

$30,000

Explanation:

The computation of the royalty revenue reported is shown below:

= Patent-related sales for the year ×  given percentage

= $300,000 × 10%

= $30,000

The revenue is recognized when it is earned or realized so only $30,000 is to be reported as the royalty revenue

The remaining amount i.e $20,000 would be treated as an unearned royalty revenue

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