In 20x1, stevens corp. began a new product line of wearable technology that carries a 24-month warranty against manufacturer defects. based on industry experience, stevens expects warranty costs to be an amount equal to approximately 9% of total sales dollars. during 20x1, new sales of this technology totaled $3,000,000. the costs incurred to satisfy warranty claims in 20x1 was $95,000. required: answer the following two questions.

a. what should stevens report as the"warranty expense' balance on its 20x1 income statement?
b. what should stevens report as the warranty liability. balance on its balance sheet at 12/31/x1?

The development price itself is such a huge barrier, it's just a very different business model than boeing's used to. our huge development programs are typically centered around commercial airplanes, military aircraft, where there is a lot of orders. and right now the foundation of the business is two bites a year.

Bridgeport company began operations at the beginning of 2018. the following information pertains to this company. 1. pretax financial income for 2018 is $115,000. 2. the tax rate enacted for 2018 and future years is 40%. 3. differences between the 2018 income statement and tax return are listed below: (a) warranty expense accrued for financial reporting purposes amounts to $7,500. warranty deductions per the tax return amount to $2,200. (b) gross profit on construction contracts using the percentage-of-completion method per books amounts to $94,700. gross profit on construction contracts for tax purposes amounts to $67,100. (c) depreciation of property, plant, and equipment for financial reporting purposes amounts to $61,800. depreciation of these assets amounts to $75,700 for the tax return. (d) a $3,600 fine paid for violation of pollution laws was deducted in computing pretax financial income. (e) interest revenue recognized on an investment in tax-exempt municipal bonds amounts to $1,500. 4. taxable income is expected for the next few years. (assume (a) is short-term in nature; assume (b) and (c) are long-term in nature.) (a) prepare the reconciliation schedule for 2017 and future years. (b) prepare the journal entry to record income tax expense for 2017. (c) prepare the income tax expense section of the income statement beginning with “income before income taxes.” (d) determine how the deferred taxes will appear on the balance sheet at the end of 2017.

Who is not spending wisely? erika goes shopping and saves her receipts. she totals how much she spent and writes it down. mia needs to buy a new pair of shoes because she joined the soccer team. she looks at newspaper ads to find the best price. lauren has been thinking about getting a puppy for a long time. she walks by the pet store at the mall and decides to get a puppy. erin makes a purchase online using a credit card. she knows that she can pay the entire bill when it arrives.