ABC Airlines requires all customers to pay for their flight tickets in advance. Assume ABC reports a liability for Unearned Revenue of $50,000 at the start of fiscal year 2020. At the end of the year, the liability balance is $65,000. If ABC collected cash of $780,000 for advance ticket sales during the year, what amount of sales revenue did it recognize for the year? O a. $765,000 O b.$780,000 O c. $795,000 O d. $730,000 A Moving to another question will save this response. «< Question 23 of 28 > 10:42 AM re to search 5/5/2021

ABC Airlines requires all customers to pay for their flight tickets in advance. Assume ABC reports a liability for Unearned Revenue of $50,000 at the start of fiscal year 2020. At the end of the year, the liability balance is $65,000. If ABC collected cash of $780,000 for advance ticket sales during the year, what amount of sales revenue did it recognize for the year? O a. $765,000 O b.$780,000 O c. $795,000 O d. $730,000 A Moving to another question will save this response. «< Question 23 of 28 > 10:42 AM re to search 5/5/2021

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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please dont provide answer in image format thank you Are there any calculations involved in the Profit or Loss statement ending on 30 June 2023? It says: 1. Warranty expense of $1,290,000. The balance of the provision for warranty at 30 June 2022 was $690,000. Of the balance of this provision at 30 June 2023, 65% is expected to be used by 30 June 2024. 2. $9,430,000 for employee expenses. This includes annual leave expense of $783,000. The balance of the provision for annual leave at 30 June 2022 was $1,230,000. 3. The carrying amount of the shop furniture and fittings sold in March 2023 of $740,000. This is comprised of cost of $2,250,000 less accumulated depreciation to date of sale of $1,510,000.
Smith Electic (SE) owed Estimated Warranty Payable of $1,100 at the end of 2023. During 2024, SE made sales of $100,000 and expects product warranties to cost the company 5% of the sales. During 2024, SE paid $2,600 for warranties. What is SE's Estimated Warranty Payable at the end of 2024? OA. $2,600 OB. $5,000 O C. $6,100 OD. $3,500
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71. Sbject :- Accounting
Global Enterprises, Inc. signed a one-year $42,000 note payable at 8% inerest on April 1, 2025. If Global only adjusts it's accounts once a year at year end, how much interest expense was accrued on December 31, 2025?
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On January 1, 2021, Glanville Company sold goods to Otter Corporation. Otter signed an installment note requiring payment of $21,500 annually for five years. The first payment was made on January 1, 2021. The prevailing rate of interest for this type of note at date of issuance was 10%. Glanville should record sales revenue in January 2021 of: (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) Multiple Choice $107,500 $81,502 $89,652 None of these answer choices are correct.
You have the following transaction during the year of 2020 as related to Steve company: 1. On the 1* of October, the company accepted a 5 month, 7%, note as a settlement of 70,000 uncollected previous accounts. 2. On the 15th of November the company accepted a 120 days, 10%, note in exchange for services provided total of 10,000. 3. On the 31* of December the company granted a loan for a client total of 60,000 by accepting a note that due in 3 years offering 12%. Answer the following: What is the maturity date of the first note What is the maturity date of the second note What is the maturity date of the third note What is the journal entry to be recorded as related to the first note at the maturity date assuming the note is honored What is the journal entry to be recorded as related to the second note at the maturity date assuming the note is dishonored and after negotiations with the client he agree to pay after 1 year What is the journal entry to be recorded as related to the second…
13. Central Products sells a certain press for $20,000. Included in this price is an implied service contract of $800. Fifty machines were sold in 2020. Warranty expense incurred during 2020 amounted to $25,000. The company uses the sales warranty accrual method. Which entry would probably not be made in 2020? 25,000 Unearned Warranty Revenue Warranty Revenue а. 25,000 b. Cash 1,000,000 960,000 40,000 Sales Unearned Warranty Revenue Cash 40,000 с. Warranty Revenue 40,000 d. Warranty Expense 25,000 Cash 25,000
Required:1. Prepare the adjustment to correct the estimated warranty liability on December 31, 2022.