Maverick, Inc. produces and sells small and large LED monitors. Both models include a lifetime guarantee...

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Maverick, Inc. produces and sells small and large LED monitors. Both models include a lifetime guarantee that covers damage to the monitor. The company will either repair or replace a damaged model with a similar model at no cost for the life of the monitor. The company's accountant has provided information about warranty costs in the below Tableau dashboard, which allows you to mouse- over graphs to reveal specific amounts for use in answering the following questions. Warranty Costs at Maverick Corporation 2016 Costs Based on Product Age Claim Date 2017 2018 Percent of Total Claim Amount 60% 40.79% 40% 20% 2016 Costs Based on Product Type 59.21% 37.06% 2017 62.94% 36.54% 2018 63.46% 0% Large Small Large Small Large Small Required: 1. According to the pie chart, what was the relationship between warranty costs and product age in 2018? 2. According to the bar chart, (a)what was the total dollar amount of warranty claims in 2018 and (b) did Maverick, Inc. pay more for large or small monitor claims in 2018? 3. According to the bar chart, how has the percentage of small monitor claims changed over the past three years? 4. If Maverick, Inc. can reasonably estimate warranty costs as 2% of total monitor sales each year, what will the company need to do to account for the lifetime warranty in its financial statements? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 According to the pie chart, what was the relationship between warranty costs and product age in 2018? Warranty costs generally decreased as the product age increased. Warranty costs generally increased as the product age increased. Warranty costs generally did not change as the product age increased. < Required 1 Required 2 > Required 1 Required 2 Required 3 Required 4 According to the bar chart, (a) what was the total dollar amount of warranty claims in 2018 and (b) did Maverick, Inc. pay more for large or small monitor claims in 2018? a. Total warranty claims b. Maverick, Inc. paid more in 2018. < Required 1 Required 3 > According to the bar chart, how has the percentage of small monitor claims changed over the past three years? The percentage of claims < Required 2 Required 4 > If Maverick, Inc. can reasonably estimate warranty costs as 2% of total monitor sales each year, what will the company need to do to account for the lifetime warranty in its financial statements? The company needs to < Required 3 Required 4 > C&Q Marketing (CQM) recently hired a new marketing director, Jeff Otos, for its main office. As part of the arrangement, CQM agreed on February 28, 2020, to advance Jeff $55,000 on a one-year, 9 percent note, with interest to be paid at maturity on February 28, 2021. CQM prepares financial statements on June 30 and December 31. Required: 1. Prepare the journal entry that CSM will make when the note is established. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 1 Record the issuance of Notes receivable. Note: Enter debits before credits. Transaction Feb 28, 2020 General Journal Debit Credit Record entry Clear entry View general journal 2. Prepare the journal entries that CSM will make to accrue interest on June 30 and December 31. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your answers to nearest whole dollar amount.) View transaction list Journal entry worksheet 1 2 Record the accrual of interest on June 30. Note: Enter debits before credits. Transaction Jun 30, 2020 General Journal Debit Credit Record entry Clear entry View general journal > Record the accrual of interest on December 31. Note: Enter debits before credits. Transaction Dec 31, 2020 General Journal Debit Credit Record entry Clear entry View general journal 3. Prepare the journal entry that CSM will make to record the interest and principal payments on February 28, 2021. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your answers to nearest whole dollar amount.) View transaction list Journal entry worksheet 1 2 Record the receipt of interest on February 28, 2018. Note: Enter debits before credits. Date Feb 28, 2018 General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet < 1 2 Record the principal payments on February 28, 2018. Note: Enter debits before credits. Date Feb 28, 2018 General Journal Debit Credit Record entry Clear entry View general journal Maverick, Inc. produces and sells small and large LED monitors. Both models include a lifetime guarantee that covers damage to the monitor. The company will either repair or replace a damaged model with a similar model at no cost for the life of the monitor. The company's accountant has provided information about warranty costs in the below Tableau dashboard, which allows you to mouse- over graphs to reveal specific amounts for use in answering the following questions. Warranty Costs at Maverick Corporation 2016 Costs Based on Product Age Claim Date 2017 2018 Percent of Total Claim Amount 60% 40.79% 40% 20% 2016 Costs Based on Product Type 59.21% 37.06% 2017 62.94% 36.54% 2018 63.46% 0% Large Small Large Small Large Small Required: 1. According to the pie chart, what was the relationship between warranty costs and product age in 2018? 2. According to the bar chart, (a)what was the total dollar amount of warranty claims in 2018 and (b) did Maverick, Inc. pay more for large or small monitor claims in 2018? 3. According to the bar chart, how has the percentage of small monitor claims changed over the past three years? 4. If Maverick, Inc. can reasonably estimate warranty costs as 2% of total monitor sales each year, what will the company need to do to account for the lifetime warranty in its financial statements? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 According to the pie chart, what was the relationship between warranty costs and product age in 2018? Warranty costs generally decreased as the product age increased. Warranty costs generally increased as the product age increased. Warranty costs generally did not change as the product age increased. < Required 1 Required 2 > Required 1 Required 2 Required 3 Required 4 According to the bar chart, (a) what was the total dollar amount of warranty claims in 2018 and (b) did Maverick, Inc. pay more for large or small monitor claims in 2018? a. Total warranty claims b. Maverick, Inc. paid more in 2018. < Required 1 Required 3 > According to the bar chart, how has the percentage of small monitor claims changed over the past three years? The percentage of claims < Required 2 Required 4 > If Maverick, Inc. can reasonably estimate warranty costs as 2% of total monitor sales each year, what will the company need to do to account for the lifetime warranty in its financial statements? The company needs to < Required 3 Required 4 > C&Q Marketing (CQM) recently hired a new marketing director, Jeff Otos, for its main office. As part of the arrangement, CQM agreed on February 28, 2020, to advance Jeff $55,000 on a one-year, 9 percent note, with interest to be paid at maturity on February 28, 2021. CQM prepares financial statements on June 30 and December 31. Required: 1. Prepare the journal entry that CSM will make when the note is established. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 1 Record the issuance of Notes receivable. Note: Enter debits before credits. Transaction Feb 28, 2020 General Journal Debit Credit Record entry Clear entry View general journal 2. Prepare the journal entries that CSM will make to accrue interest on June 30 and December 31. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your answers to nearest whole dollar amount.) View transaction list Journal entry worksheet 1 2 Record the accrual of interest on June 30. Note: Enter debits before credits. Transaction Jun 30, 2020 General Journal Debit Credit Record entry Clear entry View general journal > Record the accrual of interest on December 31. Note: Enter debits before credits. Transaction Dec 31, 2020 General Journal Debit Credit Record entry Clear entry View general journal 3. Prepare the journal entry that CSM will make to record the interest and principal payments on February 28, 2021. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your answers to nearest whole dollar amount.) View transaction list Journal entry worksheet 1 2 Record the receipt of interest on February 28, 2018. Note: Enter debits before credits. Date Feb 28, 2018 General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet < 1 2 Record the principal payments on February 28, 2018. Note: Enter debits before credits. Date Feb 28, 2018 General Journal Debit Credit Record entry Clear entry View general journal

Answer rating: 100% (QA)

Here are the journal entries with detailed workings 1 Prepare the journal entry that CSM will make w... View the full answer