Ford Motor Company disclosed estimated product warranty payable for comparative years as follows. Ford's sales were $147,128
Question:
Ford's sales were $147,128 million in 2004 and increased to $153,503 million in 2005. Assume that the total paid on warranty claims during 2005 was $12,000 million.
a. Why are short- and long-term estimated warranty liabilities separately disclosed?
b. Provide the journal entry for the 2005 product warrantyexpense.
Transcribed Image Text:
(in millions) 12/31/05 12/31/04 $12,953 $20,312 $14,082 7,728 21,810 Current estimated product warranty payable Noncurrent estimated product warranty payable7359 Total
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 76% (21 reviews)
a The warranty liability represents estimated outstanding a...View the full answer
Answered By
Mustafa olang
Please accept my enthusiastic application to solutionInn. I would love the opportunity to be a hardworking, passionate member of your tutoring program. As soon as I read the description of the program, I knew I was a well-qualified candidate for the position.
I have extensive tutoring experience in a variety of fields. I have tutored in English as well as Calculus. I have helped students learn to analyze literature, write essays, understand historical events, and graph parabolas. Your program requires that tutors be able to assist students in multiple subjects, and my experience would allow me to do just that.
You also state in your job posting that you require tutors that can work with students of all ages. As a summer camp counselor, I have experience working with preschool and kindergarten-age students. I have also tutored middle school students in reading, as well as college and high school students. Through these tutoring and counseling positions, I have learned how to best teach each age group. For example, I created songs to teach my three-year-old campers the camp rules, but I gave my college student daily quizzes to help her prepare for exams.
I am passionate about helping students improve in all academic subjects. I still remember my excitement when my calculus student received her first “A” on a quiz! I am confident that my passion and experience are the qualities you are looking for at solutionInn. Thank you so much for your time and consideration.
4.80+
2+ Reviews
10+ Question Solved
Related Book For
Accounting
ISBN: 978-0324401844
22nd Edition
Authors: Carl S. Warren, James M. Reeve, Jonathan E. Duchac
Question Posted:
Students also viewed these Accounting questions
-
Ford Motor Company disclosed estimated product warranty payable for 2008 and 2007 as follows: Ford's sales were $154,379 million in 2007 and decreased to $129,166 million in 2008. Assume that the...
-
General Motors Company disclosed estimated product warranty payable for comparative years as follows: GM's sales were $135,311 million in 2010 and increased to $148,866 million in 2011. Assume that...
-
General Motors Corporation (GM) disclosed estimated product warranty payable for comparative years as follows: Presume that GMs sales were $147,049 million in Year 2 and that the total paid on...
-
In buck-boost converter, the duty ratio is adjusted to regulate the output voltage Vo at 30 V. The input voltage varies in a wide range from 30 to 50 V. The output power is 100 W. The inductor L =...
-
The Flint Company's sales are forecasted to increase from $1,000 in 2001 to $2,000 in 2002. Here is the December 31, 2001, balance sheet: Flint's fixed assets were used to only 50 percent of capacity...
-
Let A and B be two stations attempting to transmit on an Ethernet. Each has a steady queue of frames ready to send; As frames will be numbered A1, A2, and so on, and Bs similarly. Let T = 51.2 s be...
-
A flow can be visualized by plotting the velocity field as velocity vectors at representative locations in the flow as shown in Fig. E4.1. Consider the velocity field given in polar coordinates by...
-
Presented below are selected transactions of Santos Company. Santos sells in large quantities to other companies and also sells its product in a small retail outlet. March 1 Sold merchandise on...
-
Describe the process, advantages and applications of Resin Transfer Molding. What are the special features of Autoclave molding?
-
Some students investigated what size of quadrat they should use to assess the abundance of plant species in an old field ecosystem. They used quadrats of side 10, 25, 50, 75 and 100 cm and recorded...
-
Audio-Wave Company warrants its products for one year. The estimated product warranty is 2% of sales. Assume that sales were $85,000 for January. In February, a customer received warranty repairs...
-
Ted Gardiner has just turned 30 years old. He has currently accumulated $35,000 toward his planned retirement at age 60. He wants to accumulate enough money over the next 30 years to provide for a...
-
Josie is a sales representative for Talk2Me, a communications retailer based in Fort Smith, Arkansas. Josie's sales territory is Oklahoma, and she regularly takes day trips to Tulsa to meet with...
-
A(n) ______________ is an inventory or evaluation of the communication practices of an organization (also known as a communication audit).
-
______________ are descriptions of new policies/procedures and changes to those that are already in place.
-
___________ involves directing the formation of an impression, a perception, or a view that others share of you.
-
______________ serve as a form of written communication used in business and professional settings to provide feedback to employees about how they are performing on the job.
-
Discuss the experiences youve had interviewing. How did the interviews go? Were you nervous? What will you strive to do differently in preparation for future interviews?
-
On the first day of the year, Firefall Company purchased equipment at a cost of $340,000. The equipment was expected to have a useful life of four years, a residual value of $20,000, and is...
-
Solve each equation or inequality. |6x8-4 = 0
-
Balance the following oxidation-reduction reactions, which occur in basic solution, using the half-reaction method. a. \(\mathrm{Al}(s)+\mathrm{MnO}_{4}{ }^{-}(a q) \longrightarrow...
-
(FASB Role in Rule-Making) A press release announcing the appointment of the trustees of the new Financial Accounting Foundation stated that the Financial Accounting Standards Board (to be appointed...
-
(FASB Role in Rule-Making) A press release announcing the appointment of the trustees of the new Financial Accounting Foundation stated that the Financial Accounting Standards Board (to be appointed...
-
(Politicization of GAAP ) Some accountants have said that politicization in the development and acceptance of generally accepted accounting principles (i.e., rule-making) is taking place. Some use...
-
An investor put 60 percent of his money into a risky asset offering a 10 percent return with a standard deviation of return of 8 percent, and he put the balance of his risk-free asset offering 5...
-
There is a bonus with the following characteristics: nominal value $98.650.000 annual coupon rate 4.5% term 5 years, tir 6.5% A) Calculate the price of the bond assuming it is zero coupon B)...
-
Ida Company produces a handcrafted musical Instrument called a gamelan that Is similar to a xylophone. The gamelans are sold for $949. Selected data for the company's operations last year follow:...
Study smarter with the SolutionInn App