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Q: Define carried interest
A: Carried interest: It could be a portion of any profit that private equity and hedge reserves common…
Q: is expec actuary
A: ABO stands for Accumulated benefit obligation which is defined as the amount of the pension plan…
Q: Define corporation
A: Corporation is a legal entity separate from its shareholders. Just like an individual, a corporation…
Q: Please answer brackets only
A: Given information: Line of credit = $550,000,000 Interest rate = 2% per quarter Commitment fee =…
Q: Define Assigning.
A: Assigning is a process of assignment. Assignment means a transfer of a right to receive a…
Q: organization and names ti zation the people
A: An organizational chart shows the inside structure of an organization or company. the workers and…
Q: Explain Accrual concept and provide example.
A: “Since you have asked multiple question, we will solve the first question for you. If you want any…
Q: Define subordinated debenture
A: Companies issue the debentures against the assets to raise the funds easily from the public and pays…
Q: Define Miscellaneous expense.
A: Step 1 Expense is the amount incurred by the organization to generate revenue. It is shown in the…
Q: Explain proprietorship
A: Sole proprietorship is a term commonly used in business to define the organizational structure.
Q: Match the de
A: Financial informations are the informations which is measured in monetary term and these are the…
Q: What is an abstract of title?
A: Abstract of title refers to a document that summarizes different activities affecting the ownership…
Q: What are the equivalent units?
A: Equivalent units: Completed units 150 Ending Inventory 20 Total…
Q: Assets Б each
A: The right answer is option c Assets must equal Liabilities plus Shareholders' Equity.
Q: Provide some examples of attestation engagements
A:
Q: Define bill-and-hold arrangement with example.
A: Bill on hold: Bill on hold transaction specifies that shipping of the product is not done by the…
Q: Define the term revenue recognition.
A: Accounting principle: These are the guidelines which are to be applied while preparing the…
Q: Which sentence in the passage contains a word of phrase that signals a cause and effect relationship
A: 1. Cause and Effect relationship - It is the relation between two phenomena in which one phenomena…
Q: How is a change in entity recorded?
A: Change in reporting entity: A change in reporting entity occurs when two or more previously…
Q: Match the terms with the definitions.
A: Introduction: Accounting: Accounting is an art of recording , classifying , summarising and…
Q: Explain the terms to account for and accounted for.
A: Account Account is refer as the record in the general ledger which is used to sort and store the…
Q: Define Debit
A: Accounting depends on double entry system. As per dual aspect principle of accounting, each and…
Q: What is incorporation by reference?
A: Securities and Exchange Commission (SEC): The board which set rules for the companies for…
Q: What is understood by Incorporation by reference?
A: Securities and Exchange Commission (SEC): The board which set rules for the companies for…
Q: Explain what accruals and deferrals do and give examples of each.
A:
Q: What is the name of this form
A: This is the form used to report interest income .......
Q: Define debenture
A: Debentures will be issued by corporations and governments to raise the funds easily from the public…
Q: Explain Bill-and-hold concept.
A:
Q: Define S corporation
A: The S corporation is a tax election that legal business entities can choose to elect for taxes…
Q: Define Executor.
A: Will: A will is a statement made in the lifetime of the person. In his or her will, a person…
Q: Define the term " name capitalized " .
A: When the cost or the expenses is recorded in the financial statement such as the balance sheet in…
Q: Income Stater ICO the & Sedgwick
A: Sales Revenue $5,500,000 Less: Sales discount $10,000 Net sales revenue…
Q: how much is recorded as outright se?
A: in case of bussiness combination if additional information recevied within a Measurment period…
Q: count Title-
A: Trial Balance -: It is simply the list of thee general ledgers that are made in an accounting period…
Q: Define Proprietorship
A: A form of an organization where a single person is the owner and controller of the business is known…
Q: Describe about the assignor.
A: Contract: Contract refers to an agreement between two parties which is legally enforceable by…
Q: What is articles of association
A: Articles of Association is very important documentation for the company which shows all the rules…
Q: Enumerate the Qualifications of Incorporators. Explain each.
A: Incorporators are the person who initiates the incorporation or commencement of the corporation form…
Q: Define Revenue
A: The revenue is reported on the income statement of the company, and it is used to derive the net…
Q: Define the term service revenue.
A: Revenues: Revenues are earnings from operations of a business. The operating activities are sale of…
Q: Define revenues
A:
Q: Define contra account
A: Financial Accounting: Financial Accounting can be defined as an activity of recording financial…
Q: Define principal
A: Principal can refer to an amount of money you invest, the face amount of a bond, or the balance you…
Q: Account
A: The account is a statement that records journal entries. In the double-entry system of accounting,…
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- Blake Department Store sells television sets with one-year warranties that cover repair and replacement of television parts. In the month of June, Blake sells forty television sets with a per unit cost of $500. If Blake estimates warranty fulfillment at 10% of sales, what would be the warranty liability reported in June? A. $1,000 B. $2,000 C. $500 D. $20,000Gear Up Co. pays 65% of its purchases in the month of purchase, 30% in the month after the purchase, and 5% in the second month following the purchase. What are the cash payments if it made the following purchases in 2018?Spath Company borrows 75,000 by issuing a 4-year, noninterest-bearing note to a customer on January 1, 2019. In addition, Spath agrees to sell inventory to the customer at reduced prices over a 5-year period. Spaths incremental borrowing rate is 12%. The customer agrees to purchase an equal amount of inventory each year over the 5-year period so that a straight-line method of revenue recognition is appropriate. Required: Prepare the journal entries on Spaths books for 2019 and 2020. (Round answers to 2 decimal places.)
- Record the journal entry for each of the following transactions. Glow Industries purchases 750 strobe lights at $23 per light from a manufacturer on April 20. The terms of purchase are 10/15, n/40, invoice dated April 20. On April 22, Glow discovers 100 of the lights are the wrong model and is granted an allowance of $8 per light for the error. On April 30, Glow pays for the lights, less the allowance.Resin Milling issued a $390,500 note on January 1, 2018 to a customer in exchange for merchandise. The merchandise had a cost to Resin Milling of $170,000. The terms of the note are 24-month maturity date on December 31, 2019 at a 5% annual interest rate. The customer does not pay on its account and dishonors the note. Record the journal entries for Resin Milling for the following transactions. A. Initial sale on January 1, 2018 B. Dishonored note entry on January 1, 2020, assuming interest has not been recognized before note maturityDream Big Pillow Co. pays 65% of its purchases in the month of purchase, 30% the month after the purchase, and 5% in the second month following the purchase. It made the following purchases at the end of 2017 and the beginning of 2018:
- Wally Co. began selling merchandise on November 1, 2022. The company offers a 50-day warranty for defective merchandise. Based on prior experience with similar merchandise, Wally Co. predicts that 2.80% of the units sold will encounter a fault within the warranty period, with a replacement or repair of a damaged unit costing an average of $30. In November, Wally Co. sold 25,000 units and 400 defective units were returned. In December, Wally Co. sold 32,000 units and 544 defective units were returned. The actual cost of replacing the defective units was $38,500. Prepare a journal entry to accrue for the estimated warranty costs for the November and December sales at December 31, 2022. Prepare one summary journal entry at December 31, 2022, to record the cost of replacing the defective merchandise returned during November and December. What amounts will be included in Wally Co.’s 2022 income statement and balance sheet at December 31, 2022, with regard to the warranty? Show steps…Carla Vista Company began selling game consoles on November 1, 2021. The company offers a 75-day warranty for defective merchandise. Based on past experience with other similar products, Carla Vista estimates that 2.30% of the units sold will become defective in the warranty period, and that the average cost of replacing or repairing a defective unit is $18. In November, Carla Vista sold 32,000 units and 460 defective units were returned. In December, Carla Vista sold 60,000 units and 630 defective units were returned. The actual cost of replacing the defective units was $19,620. Prepare a journal entry to accrue for the estimated warranty costs for the November and December sales at December 31, 2021. Prepare one summary journal entry at December 31, 2021, to record the cost of replacing the defective game consoles returned during November and December.What amounts will be included in Carla Vista's 2021 income statement and balance sheet at December 31, 2021, with…Sea Port Company sells a product that carries a 60-day unconditional warranty against product failure. Based on statistical analysis, Sea Port knows that between the time of sale and the lapse of the warranty, 4% of the units sold will fail and require repair at an avenge cost of $40 per unit. The following data reflect the first three months during which the product was sold. October November December Units sold 30,000 36,000 60,000 Known units of product failure From sales of October 480 600 120 November 300 960 December 900 Prepare the general journal entry to record Sea Port’s estimated liability for product warranties at December 31. Assume that warranty costs of known failures have already been reflected in the records.
- A company sold 8,000 units of its signature product for the calendar year ended December 31, 2020. Each unit is sold at P 45,000 including a one- year warranty on its parts. The company expects 3.50% of the products would be defective and that repair costs would costs them P 2,750.00 per unit. For 2020, 235 units were repaired for a total cost of P 640,375.00. Assuming that the Provision for Warranty account had a beginning balance at January 1, 2020 of P 297,730.00, determine the Provision for Warranty balance as of December 31, 2020.LM ltd sells a line of goods under a six-month warranty. Any defect arising during that period is repaired free of charge. Hopewell has calculated that if all the goods sold in the last six months of the year required repairs the cost would be GHS2m. If all of these goods had more serious faults and had to be replaced the cost would be GHS6m. The normal pattern is that 80% of goods sold will be fault-free, 15% will require repairs and 5% will have to be replaced. What is the amount of the provision required? A. GHS2mB. GHS1.6mC. GHS6mD. GHS0.6mTamarisk Company sells a machine for $6,720 with a 12-month warranty agreement that requires the company to replace all defective parts and to provide the repair labor at no cost to the customers. With sales being made evenly throughout the year, the company sells 440 machines in 2020 (warranty expense is incurred half in 2020 and half in 2021). As a result of product testing, the company estimates that the warranty cost is $355 per machine ($160 parts and $195 labor). Use "Inventory" account to record the warranty expense.Assuming that actual warranty costs are incurred exactly as estimated, what journal entries would be made relative to the following facts? Part 1 Sale of machinery and warranty expense incurred in 2020. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Warranty accrual on December 31, 2020. (If no entry is…