Answered step by step
Verified Expert Solution
Question
1 Approved Answer
ASAP! please answer all 4 questions! thanks! Talks-A-Lot, Incorporated selts cell phones to customers and expects that 10% of phones sold will be returned for
ASAP! please answer all 4 questions! thanks! Talks-A-Lot, Incorporated selts cell phones to customers and expects that 10% of phones sold will be returned for repair under its warranty program. The average repair cost is $75 per phone. For 2024. Talks-A-Lot has sold 520 cell phones and has repaired 7 of them as of December 31, 2024. What amount of warranty liability should be reported at December 31, 2024? (Do not round intermediate calculations.) A company has two active lawsuits at the end of the year, In Lawsuit 1, the company feels it is probable that it will win $10,000. In Lawsuit 2 , the company feels that it is probable that it will lose $6,000. At the end of the year, the company should report a: On September 1, 2024, Daylight Donuts signed a $140,000,7%, six-month note payable with the amount borrowed plus accrued interest due six months later on March 1, 2025. Daylight Donuts should report interest payable at December 31,2024 , in the amount of: On November 1, 2024, a company signed a $113,000,3%, six-month note payable with the amount borrowed plus accrued interest due six months later on May 1, 2025. The company recorded accrued interest on December 31, 2024. The payment of the note and interest on May 1, 2025, causes assets to decrease by $114,695 and which of the following? (Do not round your intermediate calculations.)
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started