Akine Co. sold $600,000 of equipment during April under a one-year warranty. The cost to repair defects
Question:
Akine Co. sold $600,000 of equipment during April under a one-year warranty. The cost to repair defects under the warranty is estimated at 6% of the sales price. On August 4, a customer required a $140 part replacement, plus $80 of labor under the warranty. Provide the journal entry for
(a) The estimated warranty expense on April 30 and
(b) The August 4 warranty work.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 50% (12 reviews)
a Apr 30 Product Warranty Expense 36000 Product Warranty Pay...View the full answer
Answered By
Ankit Mahajan
I am an electrical engineering graduate from Thapar institute of engineering and technology.
Qualified exams - GATE 2019,2020.
CAT EXAM 2021- 91.4 percentile
SSC EXAMS- 2019,2020,2021
AFCAT EXAM- 2019,2020,2021
I want to share my knowledge with other people so that they can achieve the same.
I have strong hold Mathematics, Electrical engineering and all the subjects related.
Just give me a problem and I will give you the solution of it.
5.00+
1+ Reviews
10+ Question Solved
Related Book For
Accounting
ISBN: 978-0324662962
23rd Edition
Authors: Jonathan E. Duchac, James M. Reeve, Carl S. Warren
Question Posted:
Students also viewed these Accounting questions
-
Landfall Navigation began operations in 2014 and provides a one-year warranty on the products it sells. They estimate that 20,000 of the 400,000 units sold in 2014 will be returned for repairs and...
-
See Brief Exercise 24.6. Provide the journal entry for direct labor usage for the month of September for Loring Glassworks. Brief Exercise 24.6. A popular product of Loring Glassworks is a...
-
See Brief Exercise 24.8. Provide the journal entry for direct materials usage for the month of November for Hearts & Flowers. Brief Exercise 24.8. One of the products of Hearts & Flowers is a...
-
Your friend Jin is working at Company AUS Toys, an Australian manufacturing company, selling toys to Company Toy Shop. Company Toy Shop also buys toys from Company CNY Toys in China which has fixed...
-
Explain how to interpret the test statistic H.
-
Set up a notional model of a research issue you choose and draw a chart similar to Figure 4.7a, that has: Data in Figure 4.7a (a) At least one mediating factor that should not be controlled for...
-
In a study of the Marisa Waite diet, four subjects lost an average of 45 pounds. It is found that there is about a 30% chance of getting such results with a diet that has no effect. Determine whether...
-
Your audit of the Watt Corporation discovers the following information: 1. Reconciled balance in First National Bank checking account .... $ 2,360.75 2. Reconciled balance in City National Bank...
-
(1 point) If then where a= b: = A - A-1 C= d = Use A to solve the system below. x= y = 2 = a b d X + y = 1 -x + 2y = = 2
-
You saw an advertisement on the website of ABC Bank about a new product called "Best Protection Deposits". The information about the product is listed below: Deposits Required Guaranteed Interest...
-
Hobson Equipment Company provides its employees vacation benefits and a defined benefit pension plan. Employees earned vacation pay of $20,000 for the period. The pension formula calculated a pension...
-
Robin Industries sold $350,000 of consumer electronics during May under a nine-month warranty. The cost to repair defects under the warranty is estimated at 3% of the sales price. On July 16, a...
-
The following table summarizes the rules of debit and credit. For each of the items A through L, indicate whether the proper answer is a debit or a credit.
-
A SWOT analysis is an information-gathering tool that helps increase the range of identified risks by examining strengths, weaknesses, _______________, and threats to a project. a. opportunities b....
-
The Project Procurement Knowledge Area includes all of the following processes except: a. plan procurement management b. conduct procurements c. close procurements d. control procurements
-
Should every risk, no matter how major or minor, have a contingency plan created to address it? Why or why not?
-
Discuss the four areas of fact-based decision making. In your opinion, what is the greatest obstacle to using fact-based decision making?
-
How would you determine if a potential partnership aligns with your project vision?
-
The company in question 76 further claims that only 2 % of the cups contain more than half the fat of regular yogurt. What is the probability of our seeing more than 12 cups out of 400 (which is what...
-
Suppose Green Network Energy needs to raise money to finance its new manufacturing facility, but their CFO does not think the company is financially capable of making the periodic interest payments...
-
What is the longest-wavelength EM radiation that can eject a photoelectron from silver, given that the binding energy is 4.73 eV? Is this in the visible range?
-
Perez Company reported an increase in inventories in the past year. Discuss the effect of this change on the current ratio (current assets current liabilities). What does this tell a statement user...
-
Perez Company reported an increase in inventories in the past year. Discuss the effect of this change on the current ratio (current assets current liabilities). What does this tell a statement user...
-
Perez Company reported an increase in inventories in the past year. Discuss the effect of this change on the current ratio (current assets current liabilities). What does this tell a statement user...
-
8 (a) Find a function that represents the power series 3 (k + 1) x *. As always, show all work. [Hint: Split it.] k=0 (b) Use your answer from (a) to find the sum of the series answer as a reduced...
-
The function f(x)=2x^(4)+x^(3)-7x^(2)+4 has at least two rational roots. Use the rational root theorem to find those roots, then proceed to find all complex roots. (Note: roots may be integer,...
-
Wildcat Company is considering a 5-for-3 stock split. The current price is $57.00 per share, and Wildcat believes that its total market value would increase by 7.5% as a result of the improved...
Study smarter with the SolutionInn App