Any one know international banking ?

Answers

Answer 1

Answer:

Yes

Explanation:

An international banking is a financial institution that provides different types of financial accounts to client who are not citizens of the nation where the accounts reside


Related Questions

Beaver Company (a multi-product firm) produces 5,000 units of Product X each year. Each unit of Product X sells for $8 and has a contribution margin of $5. If Product X is discontinued, $18,000 of fixed overhead would be eliminated. As a result of discontinuing Product X, the company's overall operating income would:_______.
A. Decreaseby $25,000
B. Increase by $43,000
C. Decrease by $7,000
D. Increase by $7,000

Answers

Answer:

C. Decrease by $7,000

Explanation:

Calculation to determine what company's overall operating income would Decrease by

Using this formula

Overall operating income =(Product X units*Contribution margin )-Fixed overhead eliminated

Let plug in the formula

Overall operating income=(5,000 units*$5)-$18,000

Overall operating income=$25,000-$18,000

Overall operating income=$7,000 Decrease

Therefore As a result of discontinuing Product X, the company's overall operating income would:Decrease by $7,000

A date with Alex costs you $100 and gives you an additional 1000 units of utility. A date with Kelly costs you $200 and an additional 4,000 units of utility. Based only on the information you have, using the theory of rational choice, you most likely would:

Answers

Answer:

Based only on the information you have, using the theory of rational choice, you most likely would:

O date Kelly.

Explanation:

a) Data and Calculations:

Cost of date with Alex = $100

Marginal utility with Alex = 1,000 units

Marginal utility cost with Alex per unit = $0.10 ($100/1,000)

Cost of date with Kelly = $200

Marginal utility with Kelly = 4,000 units

Marginal utility cost with Kelly per unit = $0.05 ($200/4,000)

b) The theory of rational choice states that individuals are more likely to make choices to satisfy their self-interests and provide them with the greatest benefit. This implies that people weigh their options and make decisions that serve them best.

________ refers to a method of matching a single project of a company to another company with a single business focus in an effort to assign an appropriate level of risk to the project. A. Outside assignment B. Ghosting C. Subjective assignment D. Pure play

Answers

The method that should be matched the individual project of a company to the other company having an individual business focus for allocating a risk level is pure-play.

The information related to the pure-play is as follows:

It is to be focused on one business line only.It is distinct from the expanded companies where there are diversify product lines and revenue sources. It determined the beta coefficient because it compared to the other project as an individual business focus.

So it cannot be as the outside assignment, ghosting, and subjective assignment.

Therefore we can conclude that the method that should be matched the individual project of a company to the other company having an individual business focus for allocating a risk level is a pure-play.

Learn more about the level of risk here: brainly.com/question/10820234

Jarrod receives a scholarship of $28,000 from East State University to be used to pursue a bachelor's degree. He spends $16,800 on tuition, $1,400 on books and supplies, $5,600 for room and board, and $4,200 for personal expenses. Jarrod may exclude _______ from his gross income.

Answers

Answer:

$18,200

Explanation:

Calculation to determine what Jarrod may exclude from his gross income.

Using this formula

Gross income=Tuition+Books and supplies

Let plug in the formula

Gross income= $16,800 + $1,400

Gross income=$18,200

Therefore Jarrod may exclude $18,200 from his gross income.

This year, Gogo Inc. granted a nonqualified stock option to Mrs. Mill to buy 10,000 shares of Gogo stock for $8 per share for five years. At date of grant, Gogo stock was selling on a regional securities market for $7.87 per share. Gogo recorded $26,700 compensation expense for the estimated value of the option. Five years after Gogo granted the option to Mrs. Mill, she exercised it on a day when Gogo stock was selling for $10.31 per share. Required: How much income must Mrs. Mill recognize in the year of exercise

Answers

Answer:

Gogo Inc. and Mrs. Mill

The Income that Mrs. Mill must recognize in the year of exercise is:

= $23,100

Explanation:

a) Data and Calculations:

Options given to Mrs. Mill = 10,000 shares of Gogo stock

Exercise price of the options = $8 per share

Period of option exercise = 5 years

Selling price of shares at grant date = $7.87

Selling price of shares at exercise date = $10.31

Compensation expense recorded by Gogo = $26,700

Cost of options to Mrs. Mill = $80,000 (10,000 * $8)

Income that Mrs. Mill must recognize in the year of exercise = $23,100 ($10.31 - $8) * 10,000

Answer:

marco

Explanation:

The first three cars I bought all fell apart around 50,000 miles. It was called planned obsolescence and no one seemed to care until companies entered the market and promised 70,000, then 80,000, and finally 100,000 warranties. What sets a great car apart from a good one now is not the quality, which is assumed, but performance, safety and fuel economy. A car that can achieve all three is highly sought after. In the automotive market, performance, safety and fuel economy are sterling examples of:

Answers

Answer:

Order Winners

Explanation:

Order winners basically mean the winning attributes that customers will seek in order to successfully buy a product.

This is in fact because a customer's decision in buying a product is based on the value for money, so things such as price, availability, performance, and design are things to be considered by customers before deciding on the product.

As in the case above, the winning attributes in making a car great are performance, safety, and fuel economy. If such is found in a car then it would lead the car to be highly sought by the customers.

A project manager forgets to assess how national holidays and team member vacations will affect the project’s completion date. Now, because of team member time off, the project delivery will be two weeks late. What flexible planning strategy could the project manager have used to avoid the delay?

Answers

The flexible strategy is used to avoid the delay in assessing the external constraints.

The following information regarding accessing external constraints:

It could be thrust upon an organization.It permits for uncovering the things that are beyond the control.The example involved national holidays or sick leaves.

If we accessing the external constraints so the delay could be avoided.

So, The other options seem incorrect

Therefore we can conclude that the flexible strategy is used to avoid the delay in assessing the external constraints.

Learn more about the external constraints here: brainly.com/question/17156848

To reduce delays in considering external restrictions, a flexible technique is employed. The following details about external limitations are available:

It has the potential to be imposed on a company.It enables us to see what we can't see.National holidays and sick leave were used as examples.The delay may be minimized if we used external limitations.It concludes that the flexible technique is employed in order to prevent a delay in considering external limitations.

Therefore, "Assessing external constraints" is correct.

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VICTORIA COMPANY CVP Income Statement For the Month Ended April 30, 2020 Total Per Unit Sales (9,000 units) $450,000 $50 Variable costs 225,000 25.00 Contribution margin 225,000 $25.00 Fixed expenses 184,950 Net income $40,050 Management is considering the following course of action to increase net income: Reduce the selling price by 5%, with no changes to unit variable costs or fixed costs. Management is confident that this change will increase unit sales by 20%. Using the contribution margin technique, compute the break-even

Answers

Answer:

Follows are the solution to the given question:

Explanation:

In this question, we assume that there is no change in selling price.

So,  

[tex]\text{Break-even point}\ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \frac{184950}{25}\ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ 7398\ units\\\\\text{Break-even point} \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ 7398\times 50 \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ 369900\\\\ \text{Margin of safety}\ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ 450000-369900 \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ 80100\\\\[/tex]

Hexon Printing Company projected the following information for next year: Selling price per unit $80 Contribution margin per unit $40 Total fixed costs $120,000 Tax rate 40% How many units must be sold to obtain an after-tax profit of $60,000

Answers

Answer:

Break-even point in units= 5,500

Explanation:

Giving the following information:

Selling price per unit $80

Contribution margin per unit $40

Total fixed costs $120,000

Tax rate 40%

Desired profit= $60,000

First, we need to calculate the earnings before tax:

EBT= desired profit / (1 - t)

EBT= 60,000 / (1 - 0.4)

EBT= $100,000

Now, the break-even point in units using the following formula:

Break-even point in units= (fixed costs + EBT)/ contribution margin per unit

Break-even point in units= (120,000 + 100,000) / (80 - 40)

Break-even point in units= 5,500

Inventors in developing countries are usually unable to capture the full benefit of their innovations. They therefore tend to devote too few resources to research. Government can address this problem of under-investment in research by (i) increasing restrictions on trade; (ii) establishing a patent system to provide inventors with exclusive control over their inventions for a period of time; (iii) subsidising the purchase of technology from other countries.
a. only (i) is used.
b. only (ii) is used.
c. only (iii) is used.
d. (i), (ii) and (iii) are all used.

Answers

Answer:

establishing a patent system to provide inventors with exclusive control over their inventions for a period of time.this way inventors will devout a lot of resources to research.

I hope this helps and sorry if it's wrong

Antoine transfers property with a tax basis of $535 and a fair market value of $652 to a corporation in exchange for stock with a fair market value of $555 in a transaction that qualifies for deferral under section 351. The corporation assumed a liability of $97 on the property transferred. What is Antoine's tax basis in the stock received in the exchange

Answers

Answer: $438

Explanation:

Antoine's tax basis in the stock received in the exchange will be gotten as the adjusted basis of asset exchanged which will then be decreased by the liability assumed on the property that's transfered. This will be:

= $535 - $97

= $438

Therefore, Antoine's tax basis in the stock received in the exchange is $438.

The finished goods inventory on hand on December 31, 2018 was 21,000 units. It is the company's policy to maintain a finished goods inventory at the end of each quarter equal to 20% of the next quarter's anticipated sales. Prepare a production budget for 2019.

Answers

Question Completion:

Benet Company has budgeted the following unit sales for 2019 and 2020:

                        Quarter 1   Quarter 2   Quarter 3   Quarter 4   Quarter 1

Sales units       105,000       60,000       75,000      120,000      90,000

Answer:

Benet Company

Production Budget for 20198:

                               Quarter 1   Quarter 2  Quarter 3   Quarter 4

Sales units               105,000       60,000      75,000      120,000

Ending inventory       12,000        15,000      24,000        18,000

Units available for

sale                          117,000       75,000      99,000      138,000

Beginning inventory 21,000        12,000       15,000       24,000

Production               96,000       63,000       84,000      114,000

Explanation:

a) Data and Calculations:

Budgeted unit sales for 2019 and 2020:

                               Quarter 1   Quarter 2  Quarter 3   Quarter 4   Quarter 1

Sales units               105,000       60,000      75,000      120,000     90,000

Ending inventory       12,000        15,000      24,000        18,000

Units available for

sale                          117,000       75,000      99,000      138,000

Beginning inventory 21,000        12,000       15,000       24,000      18,000

Production               96,000       63,000       84,000      114,000

Network externalities: Select one: A. exist when the usefulness of a product increases with the number of consumers who use it B. are created when celebrity endorsements of products lead to a surge in the demand for those products C. can only exist when there are economies of scale D. prevent the dominance of a market by one firm.

Answers

Answer:

A. )exist when the usefulness of a product increases with the number of consumers who use it

Explanation:

Network externality can be regarded as a change that occur in benefit as well as in surplus, which is been derived by agent from a good when there is a change in number of other agents that consumes this same type of good. Network externality can as well be regarded as "network effect" this effect is one is that is been had by one user of a good/service on the value of the product with respect to each other people.

It should be noted that Network externalities exist when the usefulness of a product increases with the number of consumers who use it

Vera PLC uses exponential smoothing with trend to forecast monthly sales. At the end of September, Small Industries PLC hopes to forecast sales for October. The trend through August has been 500 additional unit sales per month (Tt-1). Average sales have been 1800 units per month (St-1). The demand for September was 1780 units (AL). Vera PLC uses alpha (a) - 0.2 and Beta (B)-0.3. Note: This Forecasting Question relates to Questions 65-67. Following the first stage of the trend-adjusted exponential smoothing method, smooth the level of the series and calculate St for Vera PLC. (retain your answer and calculation for:________
a) 1985
b) 2563
c) 2196
d) 2144
e) 2373

Answers

Answer:

Option c (2196) is the right solution.

Explanation:

Given:

[tex]\alpha = 0.2[/tex]

[tex]\beta=0.3[/tex]

[tex]A_t=1780[/tex]

By using the formula, we get

⇒ [tex]S_t=\alpha\times A_t+(1-\alpha)\times (S_{t-1}+T_{t-1})[/tex]

By substituting the values, we get

        [tex]=0.2\times 1780 + (1 - 0.2)\times (1800+500)[/tex]

        [tex]=356+0.8\times 2300[/tex]

        [tex]=356+1840[/tex]

        [tex]=2196[/tex]

ABC Company uses the allowance method for estimating bad debts. Record the following journal entries:
12/31 ABC Company estimates that $5,000 of accounts receivable will be uncollectible.
3/5 ABC Company wrote off a $1,200 account of a customer, B. Brown.

Answers

Answer:

Date       Account titles and Explanations          Debit     Credit

31 Dec    Bad debts expense                              $5,000

                    Allowance for uncollectible accounts           $5,000

              (To record bad debts expense recorded)

5 Mar      Allowance for uncollectible accounts  $1,200

                    Accounts receivable                                       $1,200

              (To record account written off)

Avia Company sells a product for $150 per unit. Variable costs are $110 per unit, and fixed costs are $1500 per month. The company expects to sell 660 units in September. The unit contribution margin is ________.

Answers

Answer:

"$40 per unit" is the right solution.

Explanation:

Given:

Selling price per unit,

= $150

Variable cost per unit,

= $110

Fixed costs per month,

= $1500

The unit contribution margin will be:

= [tex]Selling \ price - Variable \ cost[/tex]

= [tex]150-110[/tex]

= [tex]40[/tex] ($) per unit

Swifty Corporation manufactures a product with a unit variable cost of $100 and a unit sales price of $176. Fixed manufacturing costs were $480000 when 10000 units were produced and sold. The company has a one-time opportunity to sell an additional 1000 units at $145 each in a foreign market which would not affect its present sales. If the company has sufficient capacity to produce the additional units, acceptance of the special order would affect net income as follows:
Income would increase by $45000.
Income would increase by $3000.
Income would increase by $145000.
Income would decrease by $3000.
Coronado Industries is using the target cost approach on a new product. Information gathered so far reveals:
Expected annual sales 350000 units
Desired profit per unit $0.35
Target cost $168000
What is the target selling price per unit?
a. $0.48
b. $0.35
c. $0.70
d. $0.83

Answers

Answer:

1. Swifty Corporation

If the company has sufficient capacity to produce the additional units, acceptance of the special order would affect net income as follows:

Income would increase by $45000.

2. Coronado Industries:

The target selling price per unit is:

d. $0.83

Explanation:

a) Data and Calculations:

Swifty Corporation:

Variable cost per unit = $100

Sales price per unit = $176

Contribution margin per unit = $76 ($176 - $100)

Fixed manufacturing costs = $480,000

Production and sales units = 10,000 units

Revenue from special order = $145,000 ($145 * 1,000)

Variable costs for 1,000 units    100,000 ($100 * 1,000)

Contribution margin                  $45,000 ($145,000 - $100,000)

Fixed costs for special order         $0

Net income =                             $45,000

Coronado Industries:

Expected annual sales 350,000 units

Desired profit per unit $0.35

Target cost $168,000

Desired profit = $122,500 (350,000 * $0.35)

Total sales revenue = $290,500 ($168,000 + $122,500)

Target selling price per unit = $0.83 ($290,500/350,000)

Marble Books, Inc., is expected to pay an annual dividend of $1.80 per share next year. The required return is 16 percent and the growth rate is 4 percent. What is the expected value of this stock five years from now

Answers

Answer:

$18.25

Explanation:

Calculation to determine the expected value of this stock five years from now

Expected value= 2.19/(0.16-0.04)

Expected value= 2.19/0.12

Expected value =$18.25

Therefore the expected value of this stock five years from now is $18.25

Pop owns 87% of the common stock of Sugar. On December 31, 2017, Pop's Receivables include $296,880 that Pop advanced to Sugar. What portion (stated in dollars) of the intercompany receivable should be eliminated in preparing Pop's consolidated financial statements

Answers

Answer: $296,880

Explanation:

Pop owns more than 50% of Sugar which means that Sugar is a subsidiary of Pop's. When this happens, trade between the two are not shown in the consolidated financial statement unless the goods traded have been sold off to a third party.

As these goods have not, and are still considered accounts receivable to Sugar, the entire amount will be removed from the consolidated financial statements.

A dependency requiring a design be completed before manufacturing can start is an example of a(n):_________
A. Discretionary Dependency.
B. External dependency.
C. Mandatory dependency.
D. Scope dependency.

Answers

Answer:

C. Mandatory dependency.

Explanation:

A dependency that requires a design to be completed before manufacturing can begin is an example of a mandatory dependency, which contractually mandates that certain tasks be completed on the design as a requirement.

Mandatory dependency is more used when a project has certain limitations that require the fulfillment of other activities.

Simone uses a predetermined overhead application rate of $8 per direct labor hour. A review of the company's accounting records for the year just ended discovered the following: Underapplied manufacturing overhead: $7,200 Actual manufacturing overhead: $392,000 Budgeted labor hours: 50,000 Simone's actual labor hours worked totaled:

Answers

Answer:

399,200

Explanation:

state and explain five (5) challenges you will encounter as a service marketer.

Answers

Explanation:

1.Not finding your market segment

2.Not knowing how to explain the product or dervice you want to sell

Some of the challenges a service marketer faces are:

It being harder to sell a service than a product. The fact that services are perishable. Services being variable which means that others can offer it. Customers being rude. Finding it difficult to find a niche.

A service marketer will find it harder to sell a service than a good because services are perishable which means that they cannot be stored like goods. People might therefore not want to buy because they can only use the service once.

Services are also variable which means that several people can offer it at reduced prices which makes it difficult to make a profit. Customers can also be rude.

Some services are also applicable to certain people and finding those people can be difficult to a service marketer.

Find out more on service marketing at https://brainly.com/question/6474788.

A group of workers normally consists of 60 men, 30 women and 20 boys. They are paid at standard hourly rates as under:

Men Rs. 280.00

Women Rs. 160.00

Boys Rs. 140.00

In a normal working week of 40 hours, the group is expected to produce 5,000 units of output.

During the week ending on March 21, 2021 the group consisted of 70 men, 25 women, and 25 boys. The actual wages paid were Rs. 270, Rs. 165 and Rs. 130 respectively. 4,500 units were produced.

The Company is using Flexible Budgeting.

Calculate:

2(a) Labour cost variance

2(b)Labour rate variance

2(c) Labour efficiency variance

Answers

Labour cost variance =  R.s 33,000 (F)Labour rate variance = R.s 33000 (F)Labour efficiency variance = 0

Given:

Standard Number of men = 60

Standard Number of women = 30

Standard Number of boys = 20

Standard hour rate for men = R.s 280

Standard hour rate for women = R.s 160

Standard hour rate for boys = R.s 140

Weekly working hour = 40 hours

Expected unit = 5,000 units

Number of men in march week = 70

Number of women in march week = 25

Number of boy in march week = 25

Actual wage for men = R.s 270

Actual wage for women = R.s 165

Actual wage for boys = R.s 130

Actual units = 4,500 units

Find:

Labour cost varianceLabour rate varianceLabour efficiency variance

Computation:

Labour cost variance = [SC for AO] - AC

Labour cost variance =  [( 70 × 280) + (25 × 160) + (25 × 140)] - [(70 × 270) + (25 × 165) + (25 × 130)] × 40  

Labour cost variance = (27,100 - 26,275 ) × 40

Labour cost variance =  R.s 33,000 (F)  

Labour rate variance = (SR - AR) × AH worked

Labour rate variance = [(280 - 270)70 + (160 - 165)25 + (140 - 130)25]40

Labour rate variance = [700 - 125 + 250]40

Labour rate variance = [825]40

Labour rate variance = R.s 33000 (F)

Labour efficiency variance = (SH allowed - AH worked)SR

Labour efficiency variance = (0 - 0)SR

Labour efficiency variance = 0

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On January 1, 2021, Badger Inc. adopted the dollar-value LIFO method. The inventory cost on this date was $101,600. The ending inventory, valued at year-end costs, and the relative cost index for each of the next three years is below:

Year-end Ending inventory at year-end costs Cost Index
2021 $131,040 1.05
2022 150,040 1.10
2023 160,320 1.20

In determining the inventory balance for Badger to report in its 12/31/2022 balance sheet: _____________-

a. An additional layer of $12,760 is added to the 12/31/2021 balance.
b. An additional layer of $24,760 is added to the 12/31/2021 balance.
c. An additional layer of $23,760 is added to the 12/31/2021 balance.
d. None of these answer choices are correct.

Answers

Answer:

a. An additional layer of $12,760 is added to the 12/31/2021 balance.

Explanation:

The computation of the inventory balance is given below:

2021 Base year cost is

=  $131,040 ÷ 1.05

= $124,800

Additional layer is

= $124,800 - $101,600

= $23,200

2022 Base year cost is

= $150,040 ÷ 1.10

= $136,400

Additional layer is

= ($136,400 - $124,800 ) × 1.10

= $11,600  1.10

= $12,760

Therefore the first option is correct

You have been tasked with advising the dictator of a nation over what he should do to increase the countries GDP. He suggests printing money and increasing the growth rate of the money supply. He wants to give this newly printed currency to his soldiers and best political supporters. You know this will not increase GDP in the long run because:

I. Money is neutral
II. Increasing the growth of the money supply only causes inflation in the long run
III. He would only increase GDP in the long run if he distributed the money equally to all citizens
IV. He would only increase GDP in the long run only if he printed a large enough sum of money

a. I and II only I
b. II, and III only
c. I, II, III, and IV
d. III only

Answers

Answer: a. I and II only

Explanation:

Money is neutral which means that even if you change to supply of money in an economy, it will not translate to an increase in GDP because only the nominal values of things will change (as a result of inflation) while the real values of things like GDP will remain the same.

Increasing the growth of money supply by printing money would also cause inflation in the long run because the money will lose its value like goods do when their supply is increased even though demand does not. A weaker currency needs more units to buy a good which is where the inflation will come from.  

Aureolin Company manufactures toothpaste and packs them in tubes of 250 grams. Standard variable overhead rate (SVOR) $3.90 per direct labor hour Actual variable overhead $79,721 Actual hours worked (AH) 22,290 hours Hours allowed for production (SH) 18,000 hours Determine the variable overhead spending variance.

Answers

Answer:

Variable manufacturing overhead spending variance= $7,132.8 favorable

Explanation:

Giving the following information:

Standard variable overhead rate (SVOR) $3.90 per direct labor hour

Actual variable overhead $79,721

Actual hours worked (AH) 22,290 hours

To calculate the variable overhead spending variance, we need to use the following formula:

Variable manufacturing overhead spending variance= (standard rate - actual rate)* actual quantity

Variable manufacturing overhead spending variance= (3.9 - 3.58)*22,290

Variable manufacturing overhead spending variance= $7,132.8 favorable

Actual rate= 79,721/22,290= $3.58

Joe had made an agreement with Auto Insurance Co. not to use his van for commercial business purposes when he purchased auto insurance. Joe had an accident while delivering pizzas for Bigger Pizza, Inc. For which type of violation will Joe not be covered under his insurance?

Answers

Answer:

.Concealment

Explanation:

From the question we are informed about Joe who had made an agreement with Auto Insurance Co. not to use his van for commercial business purposes when he purchased auto insurance. Joe had an accident while delivering pizzas for Bigger Pizza, Inc. the type of violation that Joe will not be covered under his insurance is Concealment.

Concealment can be regarded as omission of information during insurance process, which would definitely has effect on the issuance as well as the rate of an insurance contract. In a case whereby the insurer is unable to get access to the nondisclosed information and the

nondisclosed information is material as regards the decision-making process, nullification of the insurance contract can be carried out by the insurer.

If the importer... the bill

Answers

Answer:

sorry

Explanation:

The biggest advantage of business blogs is that they Group of answer choices are the primary method of internal business communications. provide anytime access to digital audio and video files containing corporate training, marketing, and informational messages. have the potential to reach a vast, far-flung audience. can safeguard against hackers and rival companies.

Answers

Answer:

have the potential to reach a vast, far-flung audience

Explanation:

A business blog (b-blog) is the blog that could be published and it can be either involved the communication of the company done internally or the same should be posted at the internet

So the advantage of writing the business blogs is that it could be reached to the general audience at the fastest way so that everyone could be familiar with the performance and other things about the company

On September 1, Home Store sells a mower (that costs $320) for $620 cash with a one-year warranty that covers parts. Warranty expense is estimated at 8% of sales. On January 24 of the following year, the mower is brought in for repairs covered under the warranty requiring $43 in materials taken from the Repair Parts Inventory. Prepare the September 1 entry to record the mower sale (and cost of sale) and the January 24 entry to record the warranty repairs. (Round your answers to 2 decimal places.) View transaction list Journal entry worksheet 3 4 Record the cost of mower sales. Note: Enter debits before credits. General Journal Debit Credit Date Sep 01 Record entry Clear entry View general journal

Answers

Answer:

Sep 1

Dr Cash $620

Cr Sales revenue $620

Sep 1

Dr Cost of Goods Sold $320

Cr Inventory $320

Sep 1

Dr Warranty expense $47

Cr Estimated warranty liability $47

Jan 24

Dr Estimated warranty liability $43

Cr Repair parts inventory $43

Explanation:

Preparation of the September 1 entry to record the mower sale (and cost of sale) and the January 24 entry to record the warranty repairs

Sep 1

Dr Cash $620

Cr Sales revenue $620

( To record sale )

Sep 1

Dr Cost of Goods Sold $320

Cr Inventory $320

(To record costs)

Sep 1

Dr Warranty expense $47

Cr Estimated warranty liability $47

($620*8%)

(To record Warranty expense )

Jan 24

Dr Estimated warranty liability $43

Cr Repair parts inventory $43

(To record Warranty incurred)

Answer:

Explanation:

1 September:

Dr Cash $620

Cr Sales revenue $620

(To record cash receipt from mower sale)

1 September:

Dr Cost of goods sold $320

Cr Finished goods inventory $320

(Cost of mower sale recorded)

1 September:

Dr Warranty expense $49.60

Cr Warranty liability $49.60

(To record estimated warranty expense)

24 January:

Dr Warranty liability $43.00

Cr Repair Parts Inventory $43.00

(To record cost of warranty repairs)

Calculation:

Warranty Expense = Sales Revenue × Estimated Warranty Expenses

= $620 × 8%

= $49.60

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