Region Jet has a $51 million liability at December 31, 2021, of which $13 million is payable in 2022. In its December 31, 2021 balance sheet, the company reports the $51 million debt as a: At the beginning of 2021, Angel Corporation began offering a 1-year warranty on its products. The warranty program was expected to cost Angel 3% of net sales. Net sales made under warranty in 2021 were $280 million. Five percent of the units sold were returned in 2021 and repaired or replaced at a cost of $7.0 million. The amount of warranty expense in Angel's 2021 income statement is: In December 2020, Quebecor Printing received magazine subscriptions for 2021 from customers, who paid $440 in cash. What would be the appropriate journal entry for this event in December 2020? United Supply has a $45 million liability at December 31, 2021, of which $9 million is payable in each of the next five years. United Supply reports the liability in the balance sheet as a Carpenter Inc. estimates warranty expense at 3% of sales. Sales during the year were $10 million and warranty expenditures were $50,500. What was the balance in the Warranty Liability account at the end of the year? Talks-A-Lot, Inc. sells 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 $76 per phone. For 2021, Talks-A-Lot has sold 660 cell phones and has repaired 10 of them as of December 31, 2021. What amount of warranty liability should be reported at December 31, 2021? (Do not round intermediate calculations.) Strikers, Inc. sells soccer goals to customers over the Internet. History has shown that 3% of Strikers' goals will need repair under the warranty program. For the year, Strikers has sold 3,500 goals and 46 have been repaired. If the estimated cost to repair a goal is $160, what would be the Warranty Liability at the end of the year? Universal Travel, Inc. borrowed $496,000 on November 1, 2021, and signed a twelve-month note bearing interest at 6%. Principal and interest are payable in full at maturity on October 31, 2022. In connection with this note, Universal Travel, Inc. should report interest payable at December 31, 2021, in the amount of: (Do not round your intermediate calculations.) On November 1, 2021, New Morning Bakery signed a $203,000, 6%, six-month note payable with the amount borrowed plus accrued interest due six months later on May 1, 2022 New Morning Bakery records the appropriate adjusting entry for the note on December 31, 2021. What amount of cash will be needed to pay back the note payable pluS any accrued interest on May 1, 2022? (Do not round your intermediate calculations.) On November 1, 2021, New Morning Bakery signed a $201,000, 6% , six-month note payable with the amount borrowed plus accrued interest due six months later on May 1, 2022 New Morning Bakery should record which of the following adjusting entries at December 31, 2021? (Do not round your intermediate calculations.)
