Land caster Inc. sells its products with a 2-yrear service-type warranty. In Year 1, Landcaster sells 60 machines for $2,500 each. Landcaster determines that the machines normally' sell for $2,275 each and the service-type warranty' could be purchased for $225 per machine. In Year 1, Landcaster pays $5,000 for warranty' costs. Prepare Landcaster’s journal entries related to the sales and warranty' in Year 1.
Answer to relevant QuestionsUse the same information in RE9-1 except that the note is not interest bearing. Assume that the note is discounted at a 15% rate. In Exercise Rescue Sequences LLC purchased inventory' by issuing a $30,000, 10%, 60-day note ...Ames Company is located in a city and county that issue property tax statements in May of each year. The fiscal year for the two local governmental units is May 1 to April 30. Property taxes of $48,000 are assessed against ...On December 5, 2016, Super Circuit Store sold gift certificates totaling $12,000. By December 31, 2016, all but $2,125 worth of these certificates had been redeemed tor merchandise. Outstanding certificates were then ...Using the information in RE10- 8 and RE10- 9, calculate Dexter’s capitalized interest on the student condominium complex for Year 1. In RE10-8 Dexter Construction Corporation is building a student condominium complex; it ...Harshman Company constructed a building for its own use. The company incurred costs of $ 40,000 for materials and supplies, $ 68,000 for direct labor, and $ 7,000 for a supervisor’s overtime that was caused by the ...
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