Siomai Company estimates its annual warranty expense as 2% of annual net sales. The following data relate to calendar year 2020:• Net sales- P3,200,000• Warranty liability (debit balance before adjustment) - P10,000• Warranty liability (credit balance after adjustment)- P54,000. Which of the following entries was made to record the 2020 estimated warranty expense? A. DR: Warranty Expense- P54,000 and Retained Earnings- P10,000; CR: Estimated Warranty Liabilities- P64,000 B. DR: Warranty Expense- P64,000; CR: Retained Earnings- P10,000 and Estimated Warranty Liabilities- P54,000 C. DR: Warranty Expense- P44,000; CR: Estimated Warranty Liabilities- P44,000 D. DR: Warranty Expense 64,000; CR: Estimated Warranty Liabilities- P64,000

Accounting for warranty expense and warranty payable The accounting records of Sculpted Ceramics included the following at January 1,2018: In the past, Sculpted’s warranty expense has been 9% of sales. During 2018, Sculpted made sales of $113,000 and paid $7,000 to satisfy warranty Claims. Requirements Journalize Sculpted’s warranty expense and warranty payments during 2018. Explanations are not required. What balance of Estimated Warranty Payable will Sculpted report on its balance sheet at December 31, 2018?

11. Record journal entries for the following transactions of Telesco Enterprises. Jan 1, 2018 Issued a $330,700 note to customer Abe Willis as tems of a merchandise sale. The merchandise's cost to Telesco is $120,900. Note contract terms included a 36-month maturity date, and a 4% annual interest rate. Dec. 31, 2018 Telesco records interest accumulated for 2018. Dec. 31, 2019 Dec. 31, 2020 Telesco records interest accumulated for 2019. Abe Willis honors the note and pays in full with cash.

ces The following selected transactions relate to contingencies of Classical Tool Makers, Incorporated, which began operations in July 2024. Classical's fiscal year ends on December 31. Financial statements are issued in April 2025. 1. Classical's products carry a one-year warranty against manufacturer's defects. Based on previous experience, warranty costs are expected to approximate 4% of sales. Sales were $2 million (all credit) for 2024. Actual warranty expenditures were $30,800 and were recorded as warranty expense when incurred. 2. Although no customer accounts have been shown to be uncollectible, Classical estimates that 2% of credit sales will eventually prove uncollectible. 3. In December 2024, the state of Tennessee filed suit against Classical, seeking penalties for violations of clean air laws. On January 23, 2025, Classical reached a settlement with state authorities to pay $1.5 million in penalties. 4. Classical is the plaintiff in a $4 million lawsuit filed against a…

HANDOUT PROBLEM for CURRENT LIABILITIES I. Prepare journal entries for the following chronological transactions and a. You sold merchandise on account for $250,000 on account. The products cost $110,000. Your company uses a perpetual inventory system. Your sales included a two-year warranty on the product. spent $1,400 to repair products in part "a." which were under warranty. b. You с. On December 31, 2021, you estimated that there would be an additional $8,000 of repairs on products in part "a." You estimated that $5.000 of the repairs would occur in 2022. In 2022, you performed $4,800 of repairs on products from part "a." and $1,920 of repairs on products sold in 2022. On December 31, 2022, you estimated that repairs on products sold in 2021 d. e. would be an additional $3,500 and for products sold in 2022 would be an additional $9,000. You believe that $5,400 of the $9,000 of repairs would occur in 2023. II. Based upon the transaction above, determine the amount of current…

5-a. Compute the extended warranty revenue recognized during 2017 and 2018. (Enter your answers in millions of dollars.) Extended Warranty revenue View transaction list 5-b. Prepare the journal entry to record the revenue recognized in 2018. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions of dollars.) No 1 2018 2017 Transaction A View journal entry worksheet General Journal Extended warranty deferred revenue Extended warranty revenue Debit Credit Ⓒ

Nance Company estimates its annual warranty expense as 2% of annual net sales.  The following data relate to the calendar year 2012: Net sales                                        $1,500,000 Warranty liability account          Balance, Dec. 31, 2012             $10,000      debit before adjustment          Balance, Dec. 31, 2012               50,000      credit after adjustment               Which one of the following entries was made to record the 2012 estimated warranty expense? Group of answer choices DR. Warranty Expense 30,000 CR. Retained Earnings (prior-period adjustment) 5,000 CR. Warranty Liability 25,000 DR. Warranty Expense 25,000 DR. Retained Earnings (prior-period adjustment) 5,000 CR. Warranty Liability 30,000 DR. Warranty Expense 20,000 CR. Warranty Liability 20,000 DR. Warranty Expense 30,000 CR. Warranty Liability 30,000

1) Remaining VAT accounts of our company as of the end of January 2021 are as follows. 191 Deductible VAT = 10.000 TL Debt Remaining 391 Calculated VAT = 8.000 TL Credit Remainder Record the journal (daily book) regarding VAT offset.

Accrued Product Warranty Lachgar Industries disclosed estimated product warranty payable for comparative years as follows: (in millions) Current estimated product warranty payable Noncurrent estimated product warranty payable Total Year 2 Feedback $14,903 9,065 $23,968 X Presume that Lachgar's sales were $194,201 million in Year 2 and that the total paid on warranty claims during Year 2 was $15,364 million. ▼ Check My Work Review the need for a classified balance sheet. Year 1 a. The distinction between short- and long-term liabilities is important to creditors in order to accurately evaluate the near-term cash demands business relative to the quick current assets and other longer-term demands $14,289 7,989 $22,278 b. Provide the journal entry for the Year 2 product warranty expense. If an amount box does not require an entry, leave it blank. Product Warranty Expense Product Warranty Payable X on the