Hardin Widget Manufacturing began operations in January 2021. Hardin sells widgets that carry a two-year manufacturer's warranty against defects in workmanship. Hardin's management projects that 2% of the widgets will require repair during the first year of the warranty while approximately 6% will require repair during the second year of the warranty. The widgets sell for $300 each. The average cost to repair a widget is $40. The company sells 65% of the widgets to retail customers who must pay a 6% sales tax. Sales and warranty information for 2021 and 2022 are as follows: 2021: Sold 300 widgets on account; incurred warranty expenditures of $400 for widget repairs. 2022: Sold 400 widgets on account; actual payments for warranty expenditures were $600. Required: 1. Prepare journal entries that summarize the sales and any aspects of the warranty for 2021. 2. Prepare journal entries that summarize the sales and any aspects of the warranty for 2022.
Answers: 2
Business, 22.06.2019 19:30
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Business, 22.06.2019 20:00
River corp's total assets at the end of last year were $415,000 and its net income was $32,750. what was its return on total assets? a. 7.89%b. 8.29%c. 8.70%d. 9.14%e. 9.59%
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Business, 22.06.2019 22:00
You wish to retire in 13 years, at which time you want to have accumulated enough money to receive an annual annuity of $23,000 for 18 years after retirement. during the period before retirement you can earn 9 percent annually, while after retirement you can earn 11 percent on your money. what annual contributions to the retirement fund will allow you to receive the $23,000 annuity? use appendix c and appendix d for an approximate answer, but calculate your final answer using the formula and financial calculator methods.
Answers: 1
Hardin Widget Manufacturing began operations in January 2021. Hardin sells widgets that carry a two-...
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