O and P75,600, respectively O and P204,000, respectively O and P120,400, respectively unt should the estimated liability from wa 2019 statement of financial position of Jac 00 00 00
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- Jackson Music Emporium carries a wide variety of musical instruments, sound reproduction equipment, recorded music and sheet music. Jackson uses two sales promotion techniques namely (a) warranties and (b) premiums, to attract customers.Musical instruments and sound equipment are sold with a one-year warranty for replacement of parts and labor. The estimated warranty cost, based on past experience, is 2% of sales.The premium is offered on the recorded and sheet music. Customers receive a coupon for each peso spent on recorded music or sheer music. Customers may exchange 200 coupons and P20 for a cassette player. Jackson pays P34 for each cassette player and estimates that 60% of the coupons given to the customer will be redeemed.Jackson's total sales for 2022 were P7,200,000; P5,400,000 from musical instruments and sound reproduction equipment and P1,800,00 from recorded music and sheet music. Replacement parts and labor for warranty work totaled P164,000 during 2022. A total of 6,500…Musify carries a wide variety of music promotion techniques-warranties and premiums- to attract customers. Musical instruments and sound equipment are sold on a one-year warranty for the replacement of parts and labor. The estimated warranty cost, based on past experience, is 2%, of sales The premium is offered on the recorded and sheet music, Customers receive a coupon for each peso spent on recorded music or sheet music Customers may exchange 200 coupons and P20 for an AM/FM radio. Musify pays P34 for each radio and estimates that 60% of the coupons given to customers will be redeemed Musity total sales for 2015 were P7.200,000-P5,400,000 from musical instrument and sound reproduction equipment and P1,800.000 from recorded and sheet music Replacement parts and labor for warranty work totaled P164,000 during 2015 A total of 6,500 AM/FM radio used in the premium program were purchased during the year and there were 1,200,000 coupons redeemed in 2015 The accrual method is used by Musify…Dolores’ Music Emplorium carries a wide variety of music promotion techniques- warranties and premiums- to attract customers.Musical instruments and sound equipment are sold in a one-year warranty for replacement of parts and labor. The estimated warranty cost, based on past experiences, is 2% on sales.The premium is offered on the recorded and sheet music. Customers receive coupon for each peso spent on recorded music or sheet music. Customers may exchange 200 cupons and P20 for an Am/PM radio. Dolores pays P34 for each radio and estimates that 60% of the coupons will be redeemed.Dolores sales for 2010 were P 57,600,000- P 43,200,000 from musical instrument and sound equipment and P 14,400,000 from recorded music and sheet music. Replacement parts and labor for warranty work totaled P 1,312,000. 52,000 AM/FM radio was purchased and 9,600,000 coupons were redeemed in 2020.The accrual method is used by Dolores to account for the warranty and premium costs for financial reporting…
- Dolores’ Music Emplorium carries a wide variety of music promotion techniques- warranties and premiums- to attract customers.Musical instruments and sound equipment are sold in a one-year warranty for replacement of parts and labor. The estimated warranty cost, based on past experiences, is 2% on sales.The premium is offered on the recorded and sheet music. Customers receive coupon for each peso spent on recorded music or sheet music. Customers may exchange 200 cupons and P20 for an Am/PM radio. Dolores pays P34 for each radio and estimates that 60% of the coupons will be redeemed.Dolores sales for 2010 were P 57,600,000- P 43,200,000 from musical instrument and sound equipment and P 14,400,000 from recorded music and sheet music. Replacement parts and labor for warranty work totaled P 1,312,000. 52,000 AM/FM radio was purchased and 9,600,000 coupons were redeemed in 2020.The accrual method is used by Dolores to account for the warranty and premium costs for financial reporting…Hincapie Co. manufactures specialty bike accessories. The company is most well known for its product quality, and it has offered one of the best warranties in the industry on its higher-priced products—a lifetime guarantee. The warranty on these products is included in the sales price. Hincapie has a contract with a service company, which performs all warranty work on Hincapie products. Under the contract, Hincapie guarantees the service company at least $200,000 of warranty work for each year of the 3-year contract. The recent economic recession has been hard on Hincapie’s business, and sales for its higher-end products have been especially adversely impacted. As a result, Hincapie is planning to restructure its high-quality lines by moving manufacturing for those products into one of its other factories, shutting down assembly lines, and terminating workers. In order to keep some workers on-board, Hincapie plans to bring all warranty work in-house. It can terminate the current…Cuyos, Inc., a dealer of household appliances, sells washing machines at an average price of P8,100. Thecompany also offers each customer a separate 3-year warranty contract for P810 that requires the company toprovide periodic maintenance services and replace defective parts.During 20x1, Cuyos sold 300 washing machines and 270 warranty contracts for cash. The company estimatesthat the warranty costs are P180 for parts and P360 for labor.Assume sales occurred on December 31, 20x1. Cuyos’ policy is to recognize income from the warranties on astraight-line basis. In 20x2, Cuyos incurred actual costs relative to 20x1 warranty sales of P18,000 for parts andP36,000 for labor.Required:1. What amount of current liability relative to the transactions above should be reported on the December31, 20x1 statement of financial position? ___________2. What amount of warranty expense would be shown in the income statement for the year endedDecember 31, 20x2? __________3. What amount of current…
- Serpent Home Depot carries wide variety of promotional techniques to attract customers. Kitchen and home appliances are sold in a one-year warranty for replacement of parts and labor. The estimated warranty cost, based on past experience is 5% of sales. The premium is offered on the home furniture. Customer receive a coupon for each peso spent on home furniture. Customers may exchange 2,000 coupons and P50 for a rice cooker which company purchased at P340 for each rice cooker and estimates that 60% of the coupons given to customers will be redeemed. The company’s total sales for 2016 were P115,200,000 – P86,400,000 from kitchen and home appliances and P28,800,000 from home furniture. Replacement parts and labor for warranty work totaled P2,624,000 during 2016. A total of 5,200 rice cookers used in the premium program were purchased during the year and there were 9,600,000 coupons redeemed in 2016. The accrual method is used by the company to account for the warranty and premium…Cential Company sells appliances that includes an optional three-year warranty service for an additional fee. Service calls under the warranty are performed by an independent mechanic under a contract with Cential. Based on experience, warranty costs are estimated at P50 for each machine sold. When should Cential recognize these warranty costs? a. When the mechanic is paid b. Evenly over the life of the warranty c. When the service calls are performed d. When the machines are soldBTS Music Shop carries a wide variety of musical instruments, sound reproduction equipment, recorded music, and sheet music. BTS uses two sales promotions techniques – warranties and premiums – to attract customers.Musical instruments and sound equipment are sold with one year warranty for replacement of parts and labor. The estimated warranty cost, based on past experience is 2% of sales. The premium is offered on the recorded and sheet music. Customers may exchange 2,000 coupons and P200 for a Bluetooth speaker. BTS pays P320 for each speaker and estimates that 60% of the coupons given to customers will be redeemed. BTS’s total sales for 2019 were P72, 000,000 – P57, 000,000 from musical instruments and sound reproduction equipment and P15, 000,000 from recorded music and sheet. Replacement parts and labor for warranty work totalled P1, 640,000 during 2019. A total of 65,000 Bluetooth speakers used in the premium program were purchased during the year and there were P12, 000,000…
- Vera., a dealer of household appliances, sells washing machines at an average price of P8,100. The Company also offers to each customer a separate 3-year warranty contract for P810 that requires the Company to provide periodic maintenance services and to replace defective parts. During 2022, Vera sold 300 washing machines and P270 warranty contracts for cash. The Company estimates that the warranty costs are P180 for parts and P360 for labor. Assume sales occurred on December 2022, Veras policy is to recognize income from the warranties on a straight line basis. In 2023, Vera, incurred actual costs relative to 2022 warranty sales of P18,000 for parts and P36,000 for labor. Q10 – What is the amount of current liability relative to these transactions would appear on the 12/31/2022 SFP? Q11 – What is the amount of non-current liability relative to these transactions would appear on the 12/31/2022 SFP? Q12 – What amount of warranty expense would be shown on the income statement for the…Alvarado Company sells a machine for $7,400 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 600 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 total warranty cost is $390 per machine ($170 parts and $220 labor). Instructions Assuming that actual warranty costs are incurred exactly as estimated, what journal entries would be made relative to the following facts? a. Sale of machinery and warranty expense incurred in 2020. b. Warranty accrual on December 31, 2020. c. Warranty costs incurred in 2021. d. What amount, if any, is disclosed in the balance sheet as a liability for future warranty costs as of December 31, 2020?Everdeen Company sells computers for P20,000 eachand also gives each customer a 3-year warranty that requires the company to perform periodic servicesand to replace defective parts. During 2021, the company sold 5—computers. Based on experience, the company has estimated the total 3-year warranty costs as P120 for parts and P150 for labor. In 2021, Everdeen Company incurred actual warranty costs relative to 2021 computer sales of P5,400 for parts and P12,600 for labor. 1. The amount reported as warranty expense in 2021 is2. The amount reported under Estimated warranty obligation is