pt 11 of 17 (16 complete) The accounting records of Rick's Appliances included the following balances at the end of the period: Accrued Warranty Payable Sales Revenue Warranty Expense Beg bal 5,000 120,000 In the past, Rick's warranty expense has been 4% of sales. During the current period, the business paid $4,000 to satisfy the warranty claims Read the requirements Requirement 1. Journalize Rick's warranty expense for the period and the company's cash payments to satisfy warranty claims. Explanations are not required Start by journalizing the warranty expense. (Record debits first, then credits. Exclude explanations from journal entries.) Journal Entry Date Accounts Debit Credit Now journalize the warranty payments. Journal Entry nahi Cartie Arrinte Date Choose from any list or enter any number in the input fields and then continue to the next question 120,000 Hes. During the current period, the business paid $4,000 to satisfy the warranty claims f Requirements X - the pe red. pits firs 1. Journalize Rick's warranty expense for the period and the company's cash payments to satisfy warranty claims. Explanations are not required. 2. Show what Rick's will report on its income statement and balance sheet for this situation at the end of the period. 3. Which data item from requirement 2 will affect the current ratio? Will Rick's current ratio increase or decrease due to this item? Print Done Dehit Credit put fields and then continue to the next question. Accrued Warranty Payable Beg bal 5,000 Sales Revenue 120,000 Warranty Expense In the past, Rick's warranty expense has been 4% of sales. During the current period, the business paid $4,000 to satisfy the warranty claims. Read the fequirement Now journalize the warranty payments. Journal Entry Date Accounts Debit Credit Requirement 2. Show what Rick's will report on its income statement and balance sheet for this situntion the end of the period. (If a box is not used in the statement, leave the box empty, do enter a zero.) Begin by showing what the company would report on its income statement at the end of the period. Income Statement Choose from any list or enter any number in the input fields and then continue to the next question SRS F3 %23 8 $ 4 7 9 6 5 2 3 11 of 17 (16 complete The accounting records of Rick's Appliances included the following balances at the end of the period: Accrued Warranty Payable Sales Revenue Warranty Expense Beg bal 5,000 120,000 In the past, Rick's warranty expense has been 4% of sales. During the current period, the business paid $4,000 to satisfy the warranty claims Read the fequirements Begin by showing what the company would report on its income statement at the end of the period. Income Statement Now show what the company would report on its balance sheet at the end of the period. Balance Sheet Choose from any list or enter any number in the input fields and then continue to the next question Now show what the company would report on its balance sheet at the end of the period. Balance Sheet Requirement 3. Which data item from requirement 2 will affect the current ratio? Will Rick's current ratio increase or decrease due to this item? Which data item from Requirement 2 will affect Rick's current ratio? Will Rick's current ratio increase or decrease as a result of an increase in this item? Choose from any list or enter any number in the input fields and then continue to the next question. 000 BO F3 F2 # % 5 6 4 3
