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oksian1 [2.3K]
3 years ago
6

Nelson Industries warrants its products for one year. The estimated product warranty is 4.3% of sales. Sales were $475,000 for S

eptember. In October, a customer received warranty repairs requiring $215 of parts and $65 of labor. Required: 1. Journalize the adjusting entry required at September 30, the end of the first month of the current year, to record the estimated product warranty expense. 2. Journalize the entry to record the warranty work provided in October. If an amount box does not require an entry, leave it blank.
Business
1 answer:
pochemuha3 years ago
6 0

Answer:

Explanation:

The required journal is given below

1 Product Warranty Expense 20425 =475000*4.3%

Product Warranty Payable 20425

2 Product Warranty Payable 280

Supplies/Inventory 215

Wages Payable 65

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Suppose that market demand is Q = 660 – 12P and marginal cost is MC = 5. The consumer surplus in a perfectly competitive market
Ad libitum [116K]

Answer: 15000; 3750

Explanation:

From the question,

Q = 660 – 12P

MC = 5

The consumer surplus in a perfectly competitive market will be:

P = MC

Therefore, P = 5

Q = 660 - 12P = 660 - 12(5) = 660 - 60 = 600

Consumer surplus = 1/2 × (55 - 5) (600)

= 1/2 × 50 × 600

= 15,000

For monopoly, MR = MC

Total Revenue = P × Q

Since Q= 660 - 12P

P = (660 - Q)/12

TR = P × Q

= (660 - Q)/12 × Q

= (660Q- Q²)/12 × Q

MR = (660 - 2Q)/12

MR = MC

(660 - 2Q)/12 = 5

(660 - 2Q) = 5 × 12

660 - 2Q = 60

2Q = 660 - 60

2Q = 600

Q = 600/2

Q= 300

Since P =(660 - Q)/12

= (660 - 300)/12

= 360/12

= 30

Consumer surplus = 1/2 × (55 - 30) (30)

= 1/2 × 25 × 300

= 3750

Therefore, the answer is 15000; 3750

7 0
2 years ago
Stores are overflowing with the latest vampire novel at $10. Store managers are frustrated with the lack of sales. The equilibri
Ket [755]
Though I have no experience in business, I would say it is True.
3 0
3 years ago
You have a workbook that contains sales data for different regional sales reps of a company. which task is the least likely to b
arsen [322]

The least likely task to be done while the worksheets are grouped when you have a workbook that contains sales data for different regional sales representatives of a company, is to make sure that you ungrouped sheets if ever you want to perform a task on only one worksheet because if you forget to ungroup sheets you could potentially ruin several worksheets by overwriting data on all worksheets instead of just the active worksheet.

6 0
3 years ago
TopChop sells hairstyling franchises. TopChop receives $62,000 from a new franchisee for providing initial training, equipment,
Molodets [167]

Answer:

$65,332

Explanation:

The computation of revenue in 2021 is shown below:-

Revenue for the year 2021 = New franchisee received + Received by Top chop × (From July 1 to Aug 1 ÷ 2)

= $62,000 + $40,000 × 1 ÷ 2

= $62,000 + $40,000 × 0.5

= $62,000 + $20,000

= $82,000

Therefore, the revenue recognized for its arrangement is $82,000 and the new franchisee fee instantly recorded as an income

4 0
3 years ago
Allegheny Company ended Year 1 with balances in Accounts Receivable and Allowance for Doubtful Accounts of $70,000 and $3,600, r
tatyana61 [14]

Answer:

Uncollectible account expense  $8,600

Explanation:

The computation of the amount as the Uncollectible Accounts Expense on its Year 2 income statement is given below:

Allowance account - Beg year 2    $3,600 Credit

Written off account   $6,600    Debited by

 Unadjusted balance in Allowance account  $3000  Debit

Adjusted balance required in Allowance account  $5,600  Credit

Uncollectible account expense  $8,600

6 0
2 years ago
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