On January 1, 2020, Crane Ltd. sold on account 1,200 units of its product for a...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
On January 1, 2020, Crane Ltd. sold on account 1,200 units of its product for a total price of $529,000 and a cost of $455,000. The products have a one-year assurance-type warranty and Crane estimates that the cost will be $24,400. By the company's year-end December 31, 2020, actual warranty costs related to the products sold was $19,200, paid in cash. Prepare all appropriate journal entries including the sale of merchandise. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Debit Credit January 1/20 (To record the sale) (To record the cost of goods sold) (To record warranty costs) On January 1, 2020, Crane Ltd. sold on account 1,200 units of its product for a total price of $529,000 and a cost of $455,000. The products have a one-year assurance-type warranty and Crane estimates that the cost will be $24,400. By the company's year-end December 31, 2020, actual warranty costs related to the products sold was $19,200, paid in cash. Prepare all appropriate journal entries including the sale of merchandise. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Debit Credit January 1/20 (To record the sale) (To record the cost of goods sold) (To record warranty costs)
Expert Answer:
Answer rating: 100% (QA)
A C D Accounts title and explanation 1Jan Accounts receivab... View the full answer
Related Book For
Posted Date:
Students also viewed these accounting questions
-
Using the following information prepare all appropriate journal entries for years 1 and 2. You are only required to create entries within the subaccount of Education and training you do not have to...
-
A company sells 2,75,000 units of its product at Rs. 47.50 per unit. Variable costs are Rs. 27.50 per unit (manufacturing costs of Rs. 10 and selling cost of Rs. 2.50 per unit). Fixed costs are...
-
Dragnet Manufacturing sold 72,000 units of its product for $95 per unit in 2014. Variable cost per unit is $51.30 and total fixed costs are $5,350,000. Compute the company's CM ratio and its...
-
A person who is 6 feet and 3 inches tall and weighs 185 pound force (lbf) is driving a car at a speed of 65 miles per hour over a distance of 25 miles between two cities. The outside air temperature...
-
Indicate if each of the following transactions and economic events would appear in the cash flow statement. If it does appear in the cash flow statement, would it be reported as cash from operations,...
-
The cosmic dawn that preceded the epoch of reionization can be probed by low frequency CMB observations using a special radio hyperfine line emitted and absorbed by hydrogen atoms. This line is...
-
A healthcare company decides to produce a medicated transdermal patch to relieve the pain caused by soft tissue injuries. This product with a brand name of nanoPatch is based on a traditional herbal...
-
Matthew borrows $250,000 to invest in bonds. During 2014, his interest on the loan is $30,000. Matthews interest income from the bonds is $10,000. This is Matthews only investment income. a....
-
Trisha is head of a team of three accountants at a non-profit agency that strives to promote literacy among inner city teenagers who drop out of high school. Trisha has held this position for over...
-
A stock is worth $10 today and will be worth either $14 or $8 two years from today. It pays no dividend. r=6%. Using a one-period binomial model. a. How many shares (and indicate whether you are long...
-
(i)A column of a warehouse shed is to be founded on a rectangular footing which, because of the presence of services and nearby foundations must be 1.5 m x 3m. The foundation is to be built on stiff...
-
1. Working on your own, develop a networking strategy for the following three scenarios. 2. Working with your partner or small group, collaborate on identifying the best strategy for dealing with...
-
In a plant for the recovery of acetone which has been used as a solvent, the acetone is evaporated into a stream of nitrogen gas. A mixture of acetone vapor and nitrogen flows through a duct, 0.3 by...
-
CheggBooks specializes in selling and renting used textbooks. It buys its books with its online sell books feature, which allows college students to enter information about their books condition and...
-
There are four levels of ethical issues, and there are different root causes for these levels. The levels of lapses as well as the prevention tools are depicted in Figure 3.4, followed by discussion...
-
In some of the cases, you will be evaluating the ethics of conduct after the fact. In those situations, your recommendations and resolutions will center on reforms and perhaps recompense for the...
-
TO: FROM: DATE: 30 June 20XX SUBJECT: Riskco June 20XX accrual and other journals MESSAGE Dear John, I hope this email finds you well. At Riskco we use accrual journals to make sure that our revenue...
-
We all experience emotions, but some people disguise their true feelings better than others. Do you think this is a helpful or harmful thing to do? Under what conditions do you think it would be most...
-
Conklin Services prepares financial statements only once per year using an annual accounting period ending on December 31. Each of the following statements describes an entry made by Conklin on...
-
The following amounts were obtained from the accounting records of Rabren Supply Company: Required: Compute the missing amounts? 2018 2019 Net sales Cost of goods sold: Beginning inventory $423,150...
-
Obtain Marriott's 2016 10-K through the ''Investor Relations'' portion of Marriott's website. (do a web search for Marriott investor relations). Once at the Investor Relations part of the website...
-
E = 0.05. Estimate the minimum sample size needed to achieve the given margin of error.
-
Figure 9 shows a histogram for a random sample of n = 264 women (drawn from the same NHANES III study used for the sample of men in Figure 6). The mean of these data is x = 59.6 grams and the...
-
Consider the distribution of sample proportions shown in Figure 5. Suppose you randomly select the following sample of 32 responses: Compute the sample proportion, p, for this sample. How far does it...
Queer Killers Film Philosophy And The Queer Art Of Murder 1st Edition - ISBN: B0CD98H339 - Free Book
Study smarter with the SolutionInn App