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QUESTION 9 - Masterpiece Sales Corporation offers warranties on all their electronic goods. Warranty expense is estimateltat 3% of sales revenue. In 2019, the company

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QUESTION 9 - Masterpiece Sales Corporation offers warranties on all their electronic goods. Warranty expense is estimateltat 3% of sales revenue. In 2019, the company had $603,000 in sales. In the same year, Masterpiece Sales replaced defective goods with goods that had a cost of $16,500. Which of the following is the entry needed to record the replacement of the defective goods? Warranty Expense 18,090 Estimated Warranty Payable 18,090 Estimated Warranty Payable 16,500 Merchandise Inventory 16,500 Warranty Expense 16,500 Estimated Warranty Payable 16,500 18,090 Warranty Expense Merchandise Inventory 18,090 QUESTION 8 Converse Florists & Co. reported debt to equity ratio of 1.35 as of Dec 31, 2019. What is its debt ratio as of Dec 31, 20197 (Round your percentage answer to two decimal places.) 57.45% 174.07% 74.07% 42.55%

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