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Comparison of Actual and Expected Warranty Expense The company offers a 1-year warranty to its customers. Warranty expenditures are estimated to be 4% of sales. Sales occur evenly throughout the year. The following information relates to the company’s first two years of business: Sales—Year 1 $100,000 Actual warranty repairs—Year 1 3,000 Sales—Year 2 $150,000 Actual […]

The book balance in the checking account of Lyle’s Salon as of November 30 is $3,282.95. The bank statement shows an ending balance of $2,127.00. By examining last month’s bank reconciliation, comparing the deposits and checks written per books and per bank in November, and noting the service charges and other debit and credit memos […]

The book balance in the checking account of Tori’s Health The bank statement shows an ending balance of $3,275.60. By examining last month’s bank reconciliation, comparing the deposits and checks written per books and per bank in April, and noting the service charges and other debit and credit memos shown on the bank statement, the […]

The Coca-Cola Company and PepsiCo, Inc. Instructions Go to the book’s companion website and use the information found there to answer the following questions related to The Coca-Cola Company and PepsiCo, Inc. (a) What were the cash and cash equivalents reported by Coca-Cola and PepsiCo at the end of 2009? What does each company classify […]

The accounts receivable balance for City Shoe Repair at December $84,000. Also on that date, the balance in the Allowance for Doubtful Accounts was $2,400. During 2013, $2,100 of accounts receivable were written off as uncollectible. In addition, City Shoe Repair unexpectedly collected $150 of receivables that had been written off in a previous accounting […]

The accounting department supplied the following data in reconci 30 bank statement for Clegg Auto. Ending cash balance per bank . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . […]

The accounting records of Clear Photography, Inc., reflected the The accounting records of Clear Photography, Inc., reflected the following balances as of January 1, 2012: Cash …………………….. $18,000 Beginning inventory …….. 13,500 (150 units @ $90) Common stock ………….. 15,000 Retained earnings ……….. 16,500 The following five transactions occurred in 2012: 1. First purchase (cash) […]

Information related to Jordan Schlansky Company for 2012 is summarized below. Total credit sales $2,200,000 Accounts receivable at December 31 825,000 Bad debts written off 33,000 Instructions (a) What amount of bad debts expense will Jordan Schlansky Company report if it uses the direct write-off method of accounting for bad debts? (b) Assume that Jordan […]

Indicate whether each Indicate whether each of the following actions is primarily related to (a) Managing cash needs, (b) Setting credit policies, (c) Financing receivables, or (d) Ethically reporting accounts receivable: 1. Buying a U.S. Treasury bill with cash that is not needed for a few months 2. Comparing receivable turnovers for two years Indicate […]

Ingles Company has accounts receivable of $93,100 at March 31. An analysis of the accounts shows the information. Month of Sale Balance, March 31 March …………………$60,000 February ……………… 17,600 January ……………….. 8,500 Prior to January ………. 7,000 $93,100 Ingles Company Credit terms are 2/10, n/30. At March 31, Allowance for Doubtful Accounts has a credit […]