subject
Business, 08.10.2019 01:00 annsmith66

On october 29, lobo co. began operations by purchasing razors for resale. the razors have a 90-day warranty. when a razor is returned, the company discards it and mails a new one from merchandise inventory to the customer. the company's cost per new razor is $15 and its retail selling price is $90. the company expects warranty costs to equal 8% of dollar sales. the following transactions occurred. 2014 nov. 11 sold 70 razors for $4,200 cash. 30 recognized warranty expense related to november sales with an adjusting entry. dec. 9 replaced 14 razors that were returned under the warranty. 16 sold 210 razors for $12,600 cash. 29 replaced 28 razors that were returned under the warranty. 31 recognized warranty expense related to december sales with an adjusting entry. 2015 jan. 5 sold 140 razors for $8,400 cash. 17 replaced 33 razors that were returned under the warranty. 31 recognized warranty expense related to january sales with an adjusting entry. prepare journal entries to record these transactions and adjustments for 2014.

ansver
Answers: 1

Another question on Business

question
Business, 22.06.2019 08:20
Suppose that jim plans to borrow money for an education at texas a& m university. jim will need to borrow $25,000 at the end of each year for the next five years (total=$125,000). jim wishes his parents could pay for his education but they can’t. at least, he qualifies for government loans with a reduced interest rate while he is in school. he has a special arrangement with aggiebank to lend him the money at a subsidized rate of 1% over five years without having to make a payment until the end of the fifth year. however, at the end of the fifth year, jim agrees to pay off the loan by borrowing from longhorn bank. longhorn bank will lend him the money he needs at an annual interest rate of 6%. jim agrees to pay back the longhorn bank with 20 annual payments and the payments will be uniform (equal annual payments including principal and interest). (i) calculate how much money jim has to borrow at the end of 5 years to pay off the loan with aggiebank. a. $121,336 b. $127,525 c. $125,000 d. $102,020 e. none of the above
Answers: 2
question
Business, 22.06.2019 09:30
What are two benefits of consumer programs
Answers: 2
question
Business, 22.06.2019 21:00
Identify whether the statements are true or false by dragging and dropping the appropriate term into the bin provided. long-run economic growth is unlikely to be sustainable because of finite natural resources. in the modern economy, countries that possess few domestic natural resources essentially have no chance to develop economically. finding alternatives to natural resources will be very important to long-term economic growth. in the modern economy, human and physical capital are generally less important in productivity than natural resources. in the 19th century, countries with the highest per capita gdp were nearly always abundant in minerals and productive farming land.
Answers: 1
question
Business, 22.06.2019 23:50
The sarbanes-oxley act was passed to question 6 options: prevent fraud at public companies. replace all of the old accounting procedures with new ones. improve the accuracy of the company's financial reporting. both a and c
Answers: 3
You know the right answer?
On october 29, lobo co. began operations by purchasing razors for resale. the razors have a 90-day w...
Questions
question
Computers and Technology, 23.09.2019 23:00