subject
Business, 24.11.2021 14:00 mrme41

Lindy Appliance begins operations in 2021 and offers a one-year warranty on all products sold. Total appliance sales in 2021 are $1,600,000, and Lindy estimates future warranty costs in 2022 to be 2% of current sales. Actual warranty costs in 2022 are $25,000. Also in 2022, Lindy has additional sales of $2,400,000 and revises its estimate of warranty costs associated with sales in 2022 to be 1.5%. Required:
1. Record the adjusting entry for estimated warranty costs at the end of 2021.
2. Record the summary entry for actual warranty expenditures in 2022, assuming all costs were paid in cash.
3. Record the adjusting entry for estimated warranty costs at the end of 2022.
4. What is the balance in Warranty Liability at the end of 2021 and 2022?

ansver
Answers: 1

Other questions on the subject: Business

image
Business, 21.06.2019 22:10, maddy6882
You have just received notification that you have won the $2.0 million first prize in the centennial lottery. however, the prize will be awarded on your 100th birthday (assuming you're around to collect), 66 years from now. what is the present value of your windfall if the appropriate discount rate is 8 percent?
Answers: 1
image
Business, 22.06.2019 05:50, tinydesb
Emily spent her summer vacation in buenos aires, argentina, where she got plastic surgery for a fraction of what it would cost in the united states. this is an example of:
Answers: 2
image
Business, 22.06.2019 12:20, mxrvin4977
In terms of precent, beer has more alcohol than whiskey true or false
Answers: 1
image
Business, 22.06.2019 13:40, madisonrparks
Horace society is planning its annual western fair raceway gala. the gala committee has assembled the following expected costs for the event: dinner (per person) $10 gaming token and program (per person) $2 prize payouts $4,300 tickets and advertising $800 private box suite rental $1,700 lottery licenses $200 the committee members would like to charge $40 per person for the evening’s activities. required: 1. what is the break-even point for the dinner-dance (in terms of the number of persons who must attend)? 2. assume that last year only 200 persons attended the dinner-dance. if the same number attend this year, what price per ticket must be charged in order to break even? 3. refer to the original data ($40 ticket price per person). prepare a cvp graph for the dinner- dance from zero tickets up to 600 tickets sold.
Answers: 2
You know the right answer?
Lindy Appliance begins operations in 2021 and offers a one-year warranty on all products sold. Total...

Questions in other subjects:

Konu
Mathematics, 16.10.2020 15:01
Konu
History, 16.10.2020 15:01
Konu
Social Studies, 16.10.2020 15:01