Soundgarden Company sold 200 color laser copiers in 2014 for $4,000 apiece, together with a one-year warranty.
Question:
Instructions
(a) Prepare entries to record the sale of the copiers and the related warranty costs, assuming that the accrual method is used. Actual warranty costs incurred in 2014 were $17,000.
(b) On the basis of the data above, prepare the appropriate entries, assuming that the cash-basis method is used.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 70% (10 reviews)
a Cash 200 X 4000 800000 Sales Revenue 800000 ...View the full answer
Answered By
JAPHETH KOGEI
Hi there. I'm here to assist you to score the highest marks on your assignments and homework. My areas of specialisation are:
Auditing, Financial Accounting, Macroeconomics, Monetary-economics, Business-administration, Advanced-accounting, Corporate Finance, Professional-accounting-ethics, Corporate governance, Financial-risk-analysis, Financial-budgeting, Corporate-social-responsibility, Statistics, Business management, logic, Critical thinking,
So, I look forward to helping you solve your academic problem.
I enjoy teaching and tutoring university and high school students. During my free time, I also read books on motivation, leadership, comedy, emotional intelligence, critical thinking, nature, human nature, innovation, persuasion, performance, negotiations, goals, power, time management, wealth, debates, sales, and finance. Additionally, I am a panellist on an FM radio program on Sunday mornings where we discuss current affairs.
I travel three times a year either to the USA, Europe and around Africa.
As a university student in the USA, I enjoyed interacting with people from different cultures and ethnic groups. Together with friends, we travelled widely in the USA and in Europe (UK, France, Denmark, Germany, Turkey, etc).
So, I look forward to tutoring you. I believe that it will be exciting to meet them.
3.00+
2+ Reviews
10+ Question Solved
Related Book For
Intermediate Accounting
ISBN: 978-1118147290
15th edition
Authors: Donald E. Kieso, Jerry J. Weygandt, and Terry D. Warfield
Question Posted:
Students also viewed these Accounting questions
-
Soundgarden Company sold 200 color laser copiers on July 10, 2020, for $4,000 apiece, together with a 1-year warranty. Maintenance on each copier during the warranty period is estimated to be $330....
-
Soundgarden Ltd. sold 200 color laser copiers on July 10, 2019, for 4,000 apiece, together with a 1-year warranty. Maintenance on each copier during the warranty period is estimated to be 330....
-
Soundgarden Ltd. sold 200 color laser copiers on July 10, 2020, for 4,000 apiece, together with a 1-year warranty. Maintenance on each copier during the warranty period is estimated to be 330....
-
What will be the sum of third proportional to 18 and 54 and fourth proportional to 12, 18 and LCM of 12 and 18? 1. 162 2. 216 3. 612 4. 256 526 5.
-
Refer to Fig. 10.69. If vs(t) = Vm = sin t and vo(t) = A (t + ) derive the expressions for A and v,(1)
-
According to Nielsen Media Research, approximately 67% of all U.S. households with television have cable TV. Seventy-four percent of all U.S. households with television have two or more TV sets....
-
It is often argued that if the market fails to develop infant industries, then this is an argument for government intervention, but not necessarily in the form of restricting imports. In what other...
-
Valpaige Company is an industrial machinery and equipment manufacturer with several production departments. The company employs automated and heavy equipment in its production departments....
-
Given the following, prepare the entries that both the purchaser and seller should record for these transactions. Assume both companies use a perpetual inventory system. a. April 2: Benson Inc.'s...
-
Work these problems relating to after-tax cash flow (ATCF) computations: 1. Compute the present value after-tax cost ("PVATC") of a $9,500,000 purchase of equipment on January 1 that your corporate...
-
Green Day Hardware Companys payroll for November 2014 is summarized below. At this point in the year, some employees have already received wages in excess of those to which payroll taxes apply....
-
No Doubt Company includes 1 coupon in each box of soap powder that it packs, and 10 coupons are redeemable for a premium (a kitchen utensil). In 2014, No Doubt Company purchased 8,800 premiums at 80...
-
At the end of the year, Brinkley Incorporateds balance of Allowance for Uncollectible Accounts is $4,000 (credit) before adjustment. The company estimates future uncollectible accounts to be 3% of...
-
4. What code fragment should replace Z for function A to return the quotient of a and b (the integer part of %)? You may assume that the initial arguments to the function A are positive integers. 1...
-
I. Following Javadoc Comments: Part A The "shell" for a Car.java class is available in Desire2Learn. The car.java file is inside a .zip file that is posted there. Download that .zip file and extract...
-
One of the sources of revenue is indirect in that it represents a byproduct of payments services rather than an explicit fee for a payments service. What is it? explain.
-
A scuba diver is underwater at a depth of 29 m. While looking downward, the diver is oblivious while a 17327 metric ton boat passes overhead. The boat has a bottom area of 476 m2. What is the...
-
Jenny Corporation, a C corporation, donated clothing inventory (basis of $85,000 and fair market value of $97,000) to a qualified charitable organization that operates shelters. Compute the...
-
The freezing point of a 0.010 m aqueous solution of a nonvolatile solute is -0.072 C. What would you expect the normal boiling point of this same solution to be?
-
The Taylor's series expansion for cosx about x = 0 is given by: where x is in radians. Write a user-defined function that determines cosx using Taylor's series expansion. For function name and...
-
What is meant by an assessment centre?
-
What effect do stock dividends or stock splits have on the computation of the weighted-average number of shares outstanding?
-
Define the following terms. (a) Basic earnings per share. (b) Potentially dilutive security. (c) Diluted earnings per share. (d) Complex capital structure. (e) Potential common stock.
-
What are the computational guidelines for determining whether a convertible security is to be reported as part of diluted earnings per share?
-
You are performing research on the development of optomechanical systems. In one of your experiments, a uniform circular disk of mass m = 24.8 g and radius r = 39.0 cm hangs vertically from a fixed,...
-
= On 1/1/X4, Phillip invested $1,100,000 in Sleeper's ordinary shares (35% owned). Sleeper reported: Assets $3,500,000 Liabilities 600,000 The book value of Sleeper's net assets approximated market...
-
Jason owns an office complex in Tucson, Arizona. One day, the air conditioning unit is not functioning and he has to hire a maintenance crew to fix it for $2,000. May Jason deduct this as a business...
Study smarter with the SolutionInn App