The New York Knicks, Inc. sold 10,000 season tickets at $2,000 each. By December 31, 2020, 16 of the 40 home games had been played. What amount should be reported as a current liability at December 31, 2020?
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The New York Knicks, Inc. sold 10,000 season tickets at $2,000 each. By December 31, 2020, 16 of the 40 home games had been played. What amount should be reported as a current liability at December 31, 2020?
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- The New York Knicks, Inc. sold 10,000 season tickets at$2,000 each. By December 31, 2017, 16 of the 40 homegames had been played. What amount should be reportedas a current liability at December 31, 2017?At December 31, 2020, Feel Company had 20,000 gift certificates outstanding, which had been sold to customers during 2020 for P500 each. Feel operates on a gross margin of 60% of its sales. What amount of revenue pertaining to the 20,000 gift certificates should be deferred at December 31, 2020? *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.
- EFG Corporation sold 10,500 dishwashers for P1,100 each during 2020. The dishwashers are under warranty for one year following the sale. Maintenance on the dishwashers during the warranty period averages P90 each. Actual warranty costs incurred during 2020 for units sold that year were P296,000. The statement of financial position at year end will report a related liability of: Group of answer choices 945,000 649,000 1,030,900 296,000Lynford Company sold 10,500 dishwashers for $1,100 each during 2021. The dishwashers are under warranty for one year following the sale. Maintenance on the dishwashers during the warranty period averages $90 each. Actual warranty costs incurred during 2021 for units sold that year were $296,000. The statement of financial position at year end will report a related liability of: Select one: $649,000. $1,030,900. $945,000. $296,000.United Supply has a $45 million liability at December 31, 2021, of which $9 million is payable in each of the next five years. United Supply reports the liability in the balance sheet as a:
- 43. Chicken Wings Corporation paid P120,000 for annual property taxes on January 15, 2021, and P20,000 for building repair costs on March 10, 2021. Total repair expenses for the year were estimated to be P200,000. What total amount of expense for these items was reported in Chicken Wings’s first quarter 2021 interim income statement?On August 1, 2021, Stucko Company borrowed $21,000 on an 8-month, 3%, short-term note payable. Which account will be credited on April 1, 2022, and for what amount? Stucko Company has a calendar year-end.On January 2, 2020, a public company sells machinery for $620,000. The in-store list price on the date of sale is $595,000. The condition for the sale is the customer will pay $104,000 in cash on the date of the sale with the remaining balance on a note face value due in four years. Required Record all 2020 and 2021 journal entries assuming the company follows a calendar year.
- Carpet Company had a balance of P800,000 in the warranty liability account on December 31, 2020. The warranty expenditures totaled P2,500,000 for 2021. The warranty expense is calculated at 6% of sales. Sales amounted to P40,000,000 for 2021. What was the balance in the warranty liability account on December 31, 2021?Morlan Corporation is preparing its December 31, 2020, financial statements. Two events that occurred between December 31, 2020, and March 10, 2021, when the statements were issued, are described below. A liability, estimated at $160,000 at December 31, 2020, was settled on February 26, 2021, at $170,000. A flood loss of $80,000 occurred on March 1, 2021. What effect do these subsequent events have on 2020 net income?Thomas Company had the following information related to September 2020: 1) Depreciation on the store equipment was $60,000 for the month. 2) Sales of merchandise inventory for the month of September were $1,800,000, of which $1,200,000 was paid in cash and the remaining amount sold on credit. The cost of the merchandise sold was $1,080,000. 3) The next payroll will be $144,000 and will be paid on October 12. This payroll will cover wages earned during the last week of September and the first week of October. 4) The utility bill of $72,000 for the month of September was both received and paid in early October. 5) Thomas sold a company car for a gain of $12,000 on September 22. 6) On September 3, Thomas paid $6,000 for August’s telephone bill. 7) On October 1, Thomas received the September telephone bill, which totaled $12,000. The bill will be paid in mid-October. 8) Wages paid in cash to employees during the month totaled $288,000. This amount included $60,000 paid for work done in…