Question
1. Tell whether each of the following liabilities is definitley determinable or an estimate. A. Account payable? B. unearned Revenue? c. Warranty payable? 2. Taylor
1. Tell whether each of the following liabilities is definitley determinable or an estimate.
A. Account payable?
B. unearned Revenue?
c. Warranty payable?
2. Taylor company has the following obligations at december 31
for each scenario, determine if the liability should be classified as a current or non current liability.
A. a note payable for $10,000 due in six months?
B. unearned revenue of $12,500?
c. intrest payable of 15,000?
D. accounts payable of 60,000?
E. note payable due in two years?
3. See thru company offers a three- year warranty on its premium door locks. During the year, the company had sales of 101,000. Related to the sales, warranty cost should be approximately $3,300 per year. How much warranty expense related to these sales will see thru company income statement show in the year of sales? how much warranty expense related to these sales will see thru company have in twi years after sales?
A. warranty expense in year 1?
B. warranty expense in year 2 and year 3?
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