analyzing and computing accrued warranty liability and expense waymire company sells a motor that carries a 60-day unconditional warranty against product failure. from prior years' experience, waymire estimates that 3% of units sold each period will require repair at an average cost of $100 per unit. during the current period, waymire sold 70,000 units and repaired 1,000 units. (a) how much warranty expense must waymire report in its current period income statement? $answer (b) what warranty liability related to current period sales will waymire report on its current period-end balance sheet? assume that actual repair costs are as estimated. (hint: remember that some units were repaired in the current period.) $answer
Answers
a) Waymire must report $100,000 as its warranty expense in the current period income statement. b) Waymire will report $110,000 as its warranty liability related to current period sales on its current period-end balance sheet.
a) To calculate the warranty expense for the current period, we need to first determine the expected number of units that will require repair. From prior years' experience, Waymire estimates that 3% of units sold will require repair. Therefore, the expected number of units that will require repair in the current period is:
Expected number of units requiring repair = 70,000 x 0.03 = 2,100 units
The cost of repair per unit is given as $100, so the total expected warranty expense for the current period is:
Warranty expense = 2,100 units x $100 per unit = $210,000
However, it is also given that 1,000 units were actually repaired in the current period. This means that the actual warranty expense for the current period is:
Actual warranty expense = 1,000 units x $100 per unit = $100,000
Therefore, Waymire must report $100,000 as its warranty expense in the current period income statement.
b) To calculate the warranty liability related to current period sales, we need to first determine the total expected warranty cost for the current period, regardless of whether the repairs have been made or not. This is calculated as:
Total expected warranty cost = Expected number of units requiring repair x Cost of repair per unit
= 2,100 units x $100 per unit = $210,000
Since 1,000 units were actually repaired in the current period, the remaining expected warranty liability related to current period sales is:
Remaining expected warranty liability = Total expected warranty cost - Actual warranty expense
= $210,000 - $100,000 = $110,000
Therefore, Waymire will report $110,000 as its warranty liability related to current period sales on its current period-end balance sheet.
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Related Questions
IS 100 POINTS will mark brainliest
Keep track of your income and expenses for one month. List all your assets and liabilities (debts owed) in a spreadsheet. Based on these documents, develop a monthly budget and a net worth statement.
Answers
Explanation:
What is most likely to cause a rise in expenditure in an economy?
a. A rise in consumer confidence
b. A rise in income tax
c. A reduction in wealth
d. A more uneven distribution of income.
Answers
Answer:
B
Explanation:
because b i think gimme vbucks
If you have 900 dollars and you save it for ten years woth eight percent interest, what will be it’s future value?
Answers
900 times 8%, or 0.08 is 72. So 72 is the interest for 1 year. You multiply that times 10 for ten years of interest and get 720. You add 900 and 720 and you get 1620. Therefore, 1620 is how much you have after 10 years with eight percent interest. Hopefully this helps!
If Jack Fa expects foreign currency will rise in a month,
calculate Jack’s profit or loss. (2 marks)
b) Jack Fa is a foreign currency trader at Mebeng, Kuala Lumpur. Recently, he speculates to gain profit from his expectation of future foreign currency. Below is the information on the options market
Answers
a) If Jack Fa expects foreign currency will rise in a month, then he can profit from it if he buys the foreign currency now at a lower rate and sells it after a month at a higher rate.
His profit would be calculated as the difference between the buying rate and the selling rate. If the foreign currency does not rise in value as he expects, then he would incur a loss.
b) There is no information provided on the options market, therefore, the question cannot be answered without that information. Please provide the information on the options market.
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true or false liberal democrats advocate for a free market economy.
Answers
False. Liberal democrats advocate for a free market economy.
Liberals considered free market economy to be a chance for industrialist business visionaries to succeed.
The free market economy is a monetary framework in light of organic market with practically no administration control. It is an outline depiction of all willful trades that occur in a given financial climate. Unregulated economies are described by an unconstrained and decentralized request of plans through which people pursue financial choices.
In light of its political and legitimate standards, a nation's unrestricted economy might go between extremely huge or completely unlawful. The expression "unregulated economy" is once in a while utilized as an equivalent for free enterprise. At the point when a great many people examine the "unrestricted economy," they mean an economy with unhampered contest and just confidential exchanges among purchasers and dealers. Nonetheless, a more comprehensive definition ought to incorporate any intentional financial action inasmuch as it isn't constrained by coercive focal specialists
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If you decide to hunt for your next job while you are still employed, you should be careful to a. Only search for jobs in other industries b. Tell your boss you are looking right away Tell your coworkers where you are looking d. Keep the information to yourself
Answers
Answer:
D. Keep the information to yourself.
Assuming you decide to hunt for your next job while you are still employed, you should be careful to: D. Keep the information to yourself.
An employee refers to an individual who is employed by an employer of labor, so that he or she can perform specific tasks, duties or functions within the business firm, for a certain amount of money paid as wages or salary.
Job hunting is a process through which individuals who are seeking employment go around in search of available job opportunities while submitting an application.
Ideally, job hunting is usually carried out by unemployed people. However, some employed persons go on job hunts when they seek more experience or a higher pay.
On this note, an employed person that decides to hunt for a new job should endeavor to keep such an information to himself or herself because it could lead a termination of contract at his or her current establishment.
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Matt is the curator at a large national museum. He researches and catalogs new art pieces that are submitted to the museum. What education might have been necessary for Matt to attain this position? O A. O B. O C. O D. high school diploma associate degree in performing arts bachelor's degree in art history doctorate in computer sciences
Answers
The best education for Matt to attain the position of curator at a large national museum is an Option C. bachelor's degree in art history.
A curator is a person who is in charge of the collection and display of artifacts in a museum. Curators are responsible for organizing exhibits, acquiring new collections, and keeping the existing ones in good shape, among other duties. The work of a curator demands a high degree of knowledge of the materials they handle, in addition to organizational skills and the ability to engage with the public.
Curators must typically hold a bachelor's degree in a field related to the collection they oversee. Art history, anthropology, or archaeology are popular majors for curators. Additionally, they should have experience in their particular field of expertise. Furthermore, many museums will require their curators to have a Master's degree or Ph.D. in their field or a related one. These degrees are obtained in specialized postgraduate degree programs, and they demonstrate a deeper understanding of the subject matter and a commitment to the field.
The education for Matt to attain this position would be a bachelor's degree in art history. Art history is the study of visual art throughout history. It is an academic discipline that combines cultural and historical perspectives to examine and understand visual art. In this field, you will learn about artists and their works, styles and movements, and the cultural contexts that surrounded them. This knowledge is critical to the work of curating art collections, and it will enable Matt to be efficient in his job. Therefore, the correct option is C.
The question was incomplete, Find the full content below:
Matt is the curator at a large national museum. He researches and catalogs new art pieces that are submitted to the museum. What education might have been necessary for Matt to attain this position?
A. high school diploma
B. associate degree in performing arts
C. bachelor's degree in art history
D. doctorate in computer sciences
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Among the hurdles small businesses must overcome in starting to operate globally are: Multiple select question. many shippers available to start shipping more quickly difficulty finding financing understanding cultural differences bureaucratic paperwork
Answers
The hurdles that small businesses must overcome in starting to operate globally includes:
difficulty finding financingunderstanding cultural differencesbureaucratic paperworkWhat are hurdles in business?These refers to the barrier or problem faced by business owners/
The problem includes difficulty finding financing, understanding cultural differences and bureaucratic paperwork.
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Colby works as a shipping clerk for a major package delivery service. Some of his daily tasks include tracking shipments and entering orders. Which aspect of the Information Technology cluster would he most likely be trained in?
networking
databases
hardware
software
Answers
Answer:
Databases
Explanation:
Just took the test!
Databases aspect of the Information Technology cluster would he most likely be trained in. Thus option B is correct.
What is a Technology?Technology, or as it is occasionally referred to, the modification and management of the environment, is the application of knowledge of science to the practical goals of human life. Much as diminishing scarcity is understood to be mankind's primary goal.
In keeping this process where the keeping of database of the document and labeling of the shipment is necessary there for the call be tracked in the database a set of the technology.
This would help them to maintain particular software where the shifting of containers or the packages that have been present will be present and will be accounted for. Therefore, option B is the correct option.
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Why is a savings account better than a checking account for saving money?
Read More >>
Answers
Answer:
A checking account is a type of bank deposit account that is designed for everyday money transactions. ... Savings accounts have higher interest rates than checking accounts, meaning it is better to let large sums of money (e.g., an emergency fund) sit in savings instead of checking.
Explanation:
Checking accounts are better for everyday transactions such as purchases, bill payments and ATM withdrawals. ... Savings accounts are better for storing money and earning interest, and because of that, you might have a monthly limit on what you can withdraw without paying a fee.
A savings account is better than a checking account as it offers a potentially higher rate of interest for the customer.
What is a savings account?The most basic type of bank account in which a customer deposits his or her money, with an intention to earn monetary gains and safekeeping of his or her funds, is known as a savings account.
A checking account is ideal for someone who conducts numerous transactions on a daily basis. It also offers a lower rate of interest as compared to a savings account.
Hence, the significance of a savings account is aforementioned.
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pls help
Your lifestyle desires should be a big part of choosing your career.
Is this statement true or false?
true
false
Answers
Answer:
True
Explanation:
You should incorporate your life desires into choosing a career choice because if you are not happy with your job or you don't feel fulfilled with what you are doing then you are only harming yourself mentally and sometimes physically by continuing to do something that doesn't fit with your desires.
in a uniform electric field ,the magnitude of the force on a charge of 0.2 coulomb is 10 Newton. Calculate the field intensity
Answers
Answer:
Field intensity (E) = 50 newton / coulomb
Explanation:
Given:
Force apply (f) = 10 Newton
Electric charge (q) = 0.2 Coulomb
Find:
Field intensity (E)
Computation:
Field intensity (E) = Force apply (f) / Electric charge (q)
Field intensity (E) = 10 / 0.2
Field intensity (E) = 50 newton / coulomb
What is the difference between international and domestic travel?
Answers
Answer:
domestic is within the same country
international is between countries
If you think viewers are skipping over the commercials during TV shows, what strategy could you use to make it more difficult for them to ignore your product?(Select the best answer.)
•Create an infomercial.
•Use product placement.
•Run your commercial more than •once in a row.
•Increase the volume of your commercial.
Answers
The strategy which can be used to prevent ignorance of product is Use Product Placement.
The incorporation of a branded product in media, usually without explicit reference to the product, is known as product placement. Branded products are frequently featured in films, television shows, and video games. The strategy is classified as a sort of pull marketing, with the goal of increasing consumer knowledge of the brand and product while also strengthening demand. There have traditionally been three sorts of product placement: screen placement, script placement, and plot placement.
There's also the reality that product placements are really effective. According to studies, they raise product awareness and positive views among viewers. They can also increase the likelihood of consumers talking about the products and searching for them online. However, not all product placements are equally effective. Those that seem to have the most influence on viewers is those who achieve a fine balance between being noticeable and not being too overt.
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The stage in the product life cycle when competitors enter the market is known as the _____ stage. Select one: a. Maturity b. Growth c. Introduction d. Decline e. Downsizing
Answers
Answer: Growth stage
Explanation:
The growth stage is the period in the product life cycle during which the product has started to eventually and increasingly gains the acceptance among consumers, industry, and also the wider general public.
During this stage, the innovation or the product becomes accepted in the market, and hence, the sales and the revenues start to increase. At this stage, competitors start entering the market.
Answer:
The answer is B.
Explanation:
The life cycle of a product has 5 stages. The first stage, which is introduction, consist of things such as the point of entry to the market, low number of customers. The second stage, growth stage, is where the product sales start to increase and more companies start production and enter the market. In the maturity stage, sales numbers reach their highest point and after that they begin to decrease along with the number of customers, towards decline.
So the answer is option B, growth.
I hope this answer helps.
In the graph, what information is determined by looking at the intersection of the supply and demand curves?
A.) The relative efficiency of production
B.) amount supplied at a specific price
C.) increase in demand
D.) equilibrium price
USA TEST PREP
Answers
Answer: D.) equilibrium price
Explanation:
The Supply curve shows the different combinations of prices and quantities of goods that Suppliers are willing to offer while the Demand curve shows the combination of goods and the prices the consumers can buy at.
When these two curves intersect as is the case in the graph, they give an equilibrium price which is the price that suppliers are willing to sell their goods at and consumers are willing to buy t.
Think about what you learned about the rise of new ways to buy and sell. complete each sentence with the right word. 1. credit is the ability to buy something now, with the promise to pay . 2. installments allow a person to make a purchase, then .
Answers
The capacity to purchase a good or service with the promise to pay for it later is known as credit. With instalment payments, we can buy something and pay for it over time. If one has $100 to pay, for instance, they can do so in instalments by paying perhaps $10 every week.
What is instalments?one of the categories into which a debt is subdivided for installment payments. one of multiple pieces offered in installments.
An equated monthly installment is a regular payment paid by a borrower to a lender on a preset day each month (EMI). EMIs are applied to the principal and interest each month in order to pay off the loan in full within the predetermined time frame.
Thus, The capacity to purchase a good or service.
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Sally owns a $1,000-par zero-coupon bond that has six years of remaining a. What is the expected price of the bond at the time of sale?
Answers
Answer:
$647.96
Explanation:
Sue the following formula to calculate the price of the bond at the time of sale
Price of Bond = Face value of the bond / ( 1 + Market interest rate )^numbers of years
Where
Face value of bond = $1,000
Market interest rate = 7.5%
Numbers of years = 6 years
placing values in the formula
Price of Bond = $1,000 / ( 1 + 7.5% )^6
Price of Bond = $647.96
resentment has arisen among her employees concerning her age and advancement as their boss.
TRUE OR FALSE
Answers
True . The statement "Resentment has arisen among her employees concerning her age and advancement as their boss" can be either true or false depending on the specific circumstances.
Age-related resentment or any form of bias or discrimination can occur in a workplace, including concerns about an older person's advancement as a boss. However, without additional context or specific information about the situation, it is impossible to determine whether this statement is true or false.
Workplace dynamics can be influenced by various factors, including age diversity , perceptions of fairness, qualifications, and organizational culture. Resentment or negative feelings among employees can arise for various reasons, and age and advancement may be one of those factors in certain cases.
It's important to promote an inclusive and respectful work environment, free from discrimination or bias based on age or any other protected characteristic. Addressing concerns and fostering open communication can help mitigate potential conflicts and promote a positive and productive workplace culture.
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According to the environment industry organization for model cell 2 represents which of these environments
Answers
It should be noted that in the environment industry organization model, cell 2 simply means B. Complex stable environment.
The business or industry environment simply means the environment where an organization operates. It includes the customers, partners, suppliers, etc.
In the environment industry organization model, cell 2 simply means the complex stable environment.
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which type of financial ratio is best used for meeting day-to-day cash needs by a business?
Answers
The financial ratio that is best used for meeting day-to-day cash needs by a business is the liquidity ratio, specifically the current ratio or the quick ratio.
The current ratio is calculated by dividing current assets by current liabilities. It provides an indication of a company's ability to cover its short-term obligations using its current assets. A higher current ratio indicates a better ability to meet day-to-day cash needs.
The quick ratio, also known as the acid-test ratio, is similar to the current ratio but excludes inventory from current assets. It focuses on a company's most liquid assets, such as cash, accounts receivable, and short-term investments. The quick ratio provides a more conservative measure of liquidity.
Both ratios assess a company's short-term financial strength and ability to meet immediate cash requirements. By monitoring these ratios, businesses can ensure they have sufficient liquidity to cover their operating expenses, payables, and other short-term obligations.
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ll the different product lines offered by a company are collectively called its O a. product adoption O b. product class O c product mix O d. product category
Answers
The whole of a company's many product lines is referred to as its Product Mix.
By employing an effective product mix strategy, a business can focus its efforts and resources on the products and product lines within its offerings that have the most potential for growth, market share, and revenue. The distinctions between the product line and the product mix must first be understood. A product line is a group of brands or product categories that a company markets. A product line is made up of a series of linked items with comparable features, advantages, target markets, costs, and distribution strategies. Important product line qualities include line stretching, line filling, line updating, and line featuring.
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Which completes the equation?
O + A + Consideration (+______) = K
Legal capability
Legal capacity
Legal corporations
Legal injunction
Answers
"Legal capacity" is the final term that completes the equation.
What is the full legal age?What a person is legally capable of doing depends on the rules and regulations of the legal system. It is a fiction with no underlying reality that every legal system uses to establish a relationship with its constituents.
What does the legal competence to contract mean?A party has the legal authority to enter into a contract if they have the capacity to do so. Capability also implies that a person must be legally competent. A person's ability is determined by two factors: whether they are of legal age to enter into contracts and if they are mentally able to do so.
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Which trait do MOST employers look for when hiring new employees?
Group of answer choices
punctuality
an outgoing personality
financial independence
a fashionable wardrobe
Answers
Answer: Punctuality
Explanation:
customers interacting with omnichannel retailers most desire a(n) ________ experience.
Answers
Customers interacting with omnichannel retailers most desire a(n) seamless experience.
A seamless experience refers to a cohesive and integrated customer journey across various channels and touchpoints. Customers expect a consistent and uninterrupted experience as they switch between online and offline channels, such as websites, mobile apps, physical stores, social media platforms, or customer service interactions.
In an omnichannel retail environment, customers desire a seamless experience where they can effortlessly navigate between channels, access consistent product information, make purchases, and receive support or assistance. They expect their preferences, purchase history, and interactions to be seamlessly synchronized across channels, allowing for personalized and convenient interactions.
Retailers that prioritize delivering a seamless experience invest in technologies and strategies to integrate their channels, unify customer data, and provide a consistent brand experience. This includes features like click-and-collect, cross-channel inventory visibility, personalized recommendations, and smooth transitions between digital and physical touchpoints.
By offering a seamless experience, omnichannel retailers can enhance customer satisfaction, build loyalty, and differentiate themselves in a competitive market.
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In trading account freight belongs to which side debit or credit?
Answers
Answer:
Explanation:
In trading account, freight belongs to the debit side. It is a direct expenses on purchases and manufacturing operation
Freight is the cost incurred in transporting an item to its final destination when the terms are FOB shipping point. It is treated as part of the cost of merchandise and recorded in the inventory if the merchandise has not been sold.
Increase in the cost of freight are recorded on the debit side while decrease are recorded on the credit side.
A ledger account is divided into. *
2 points
2 parts
3 parts
4 parts
5 parts
14 parts
Which of the following transactions involves contra entry? *
2 points
Bank charges
Cash sales paid into the bank
Paid cash into the bank
Withdrew cash from the bank for private use
Putting it in one's pocket
The main book of account is the *
2 points
petty cash book
journal
purchases book
ledger
none of the options
The following keys are found in both the computer and typewriter except *
2 points
back space
delete key
home row keys
space bar
number lock key
Which of the following analyses cash expenses into various sub-heads? *
2 points
Double column cash book
Multiple cash book
Petty cash book
Single column cash book
Quadruple column cash book
“Continue with the preceding one” is represented with which of these symbol signs in manuscript? *
2 points
L. c
B. U. c
insert
Run on
go away
How many columns has the simplest form of a ledger? *
2 points
2
4
6
8
12
When typing a document in a hanging paragraph, the second and subsequent lines are type in how many space/s to the right of the first line? *
2 points
One
Two
Three
Five
Four
A memorandum should not contain *
2 points
date and reference
date and subject
salutation and address
name and date
subject, date and reference
The source document that is used to prepare the petty cash book is called *
2 points
invoice
debit note
receipt
petty cash voucher
cash booklet
Answers
Answer:
1) 2 parts
2) withdrew cash from Bank for personal reasons
3) ledger
4) delete key
5) petty cash book
6) run on
7) 4
8)three
9) date and subject
10) receipt
Meeting others through volunteer work is the most common way people expand their network. true false
Answers
Answer:
false
Explanation:
Answer:
F
Explanation:
Just took the quiz on Edge
HELPPPP!!!! WILLL GIVE BRAINLEST!!!
It allows you to rent a car while yours is being repaired. a. auto replacement c. personal damage liability b. comprehensive physical damage d. rental reimbursement
Answers
Answer:
I'm pretty sure the answer is d
Explanation:
Alternatively, you may pay out-of-pocket for your rental then seek reimbursement from the other insurance company once it completes its investigation.
Answer:
D
Explanation:
The United States Geological Survey (USGS) identifies largest continuous oil and gas resource potential in Texas. what does this mean for short-run effects on output and the price level
Answers
The identification of the largest continuous oil and gas resource potential in Texas by the United States Geological Survey (USGS) could have short-run effects on output and the price level.
With the identification of such a large potential resource, it is possible that there could be an increase in oil and gas production in the short-run as companies work to extract these resources. This increase in output could potentially lead to a decrease in the price level of oil and gas as supply increases.
However, it is important to note that other factors such as demand and global oil prices can also impact the price level. Additionally, the development of these resources may require significant investments and time, which could limit the short-run effects on output and price.
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