Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

QueSLIUI COMPILIUL JUCUJ. QUESTION 9 Kaya Company sells computers with a 6-month warranty. It is estimated that 2% of all units sold will need repairs

image text in transcribed
QueSLIUI COMPILIUL JUCUJ. QUESTION 9 Kaya Company sells computers with a 6-month warranty. It is estimated that 2% of all units sold will need repairs under warranty at an estimated cost of $400 per unit. During January, the company sold 100,000 computers at $3,500 each, and 1,500 computers were turned in for repairs during that same month. The tota amounted to $370,000 from the computer parts inventory. The balance in the Estimated Warranty Liability Account on January 1 was $30,000. What is the balance in the Estimated Warranty Liability Account at the end of January 2016? O A $1,200,000 B. $ 430,000 OC.$ 830,000 OD.$ 460,000 QUESTION 10 On September 1, 2016, Beate Equipment signed a 12-month, 9% interest bearing note payable for $200,000. Assuming Beate maintains its books on a calendar year basis, the amount of interest expense that should be reported in the 2017 income statement for this note would be: A $6,000 OB. $ 8,000 C. $12,000 Click Save and Submit to save and submit. Click Save All Answers to save all answers. Save

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Fraud Auditing And Forensic Accounting

Authors: Tommie W Singleton, Aaron J Singleton, G Jack Bologna, Robert J Lindquist

4th Edition

047056413X, 9780470564134

More Books

Students also viewed these Accounting questions

Question

Appreciate common obstacles to performance appraisals

Answered: 1 week ago

Question

Recognize traditional approaches to performance appraisals

Answered: 1 week ago