Engels Hawthorn N.V. reported warranty liabilities of €307 000 in its 2018 balance sheet. In 2019, it reported in its balance sheet a liability of €89 000. It recognised €44 000 in net warranty expenses during 2019. Requirement: What amount of cost did Hawthorn N.V. incur to cover warranty claims in 2019? Hawthorn N.V maakte €352 000 aan kosten voor garantieclaims in 2019. Hawthorn N.V inccured €352 000 in Warranty Claims in 2019. Hawthorn N.V maakte €440 000 aan kosten voor garantieclaims in 2019. Hawthorn N.V inccured €440 000 in Warranty Claims in 2019. Hawthorn N.V maakte €262 000 aan kosten voor garantieclaims in 2019. Hawthorn N.V inccured €262 000 in Warranty Claims in 2019. Hawthorn N.V maakte €174 000 aan kosten voor garantieclaims in 2019. Hawthorn N.V inccured €174 000 in Warranty Claims in 2019.

Engels Hawthorn N.V. reported warranty liabilities of €307 000 in its 2018 balance sheet. In 2019, it reported in its balance sheet a liability of €89 000. It recognised €44 000 in net warranty expenses during 2019. Requirement: What amount of cost did Hawthorn N.V. incur to cover warranty claims in 2019? Hawthorn N.V maakte €352 000 aan kosten voor garantieclaims in 2019. Hawthorn N.V inccured €352 000 in Warranty Claims in 2019. Hawthorn N.V maakte €440 000 aan kosten voor garantieclaims in 2019. Hawthorn N.V inccured €440 000 in Warranty Claims in 2019. Hawthorn N.V maakte €262 000 aan kosten voor garantieclaims in 2019. Hawthorn N.V inccured €262 000 in Warranty Claims in 2019. Hawthorn N.V maakte €174 000 aan kosten voor garantieclaims in 2019. Hawthorn N.V inccured €174 000 in Warranty Claims in 2019.

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter14: Financing Liabilities: Bonds And Long-term Notes Payable

Section: Chapter Questions

Problem 28E: On January 1, 2019, Northfield Corporation becomes delinquent on a 100,000, 14% note to First...

See similar textbooks

Similar questions

What amount should be reported as warranty expense for 2019 of Bold Company?
At December 31, 2018, Burr AG owes €500,000 on a note payable due February 2019. (a) If Burr intends to refinance the obligation by issuing a long-term note on February 14 and using the proceeds to pay off the note due February 15, how much (if any) of the €500,000 should be reported as a current liability at December 31, 2018? (b) If Burr pays off the note on February 15, 2019, and then borrows €1,000,000 on a long-term basis on March 1, how much (if any) of the €500,000 should be reported as a current liability at December 31, 2018, the end of the fiscal year?
Siomai Company estimates its annual warranty expense as 2% of annual net sales. The following data relate to calendar year 2020:• Net sales- P3,200,000• Warranty liability (debit balance before adjustment) - P10,000• Warranty liability (credit balance after adjustment)- P54,000. Which of the following entries was made to record the 2020 estimated warranty expense? A. DR: Warranty Expense- P54,000 and Retained Earnings- P10,000; CR: Estimated Warranty Liabilities- P64,000 B. DR: Warranty Expense- P64,000; CR: Retained Earnings- P10,000 and Estimated Warranty Liabilities- P54,000 C. DR: Warranty Expense- P44,000; CR: Estimated Warranty Liabilities- P44,000 D. DR: Warranty Expense 64,000; CR: Estimated Warranty Liabilities- P64,000
What amount should be reported as warranty expense for 2019?
Charm Company estimates its annual warranty expense as 2% of annual net sales. The following data relate to calendar year 2019. Net Sales P 3,200,000 Warranty Liability account: Balance, Jan. 1, 2019 10,000 debit before adjustment Balance , Dec. 31, 2019 54,000 credit after adjustment. Which of the following entries was made to record the 2019 estimated warranty expense? * A.Debit Warranty Expense 64,000 and Credit Estimated liability under warranties 64,000 B.Debit warranty Expense 64,000 Credit Accumulated profits/losses 10,000 and Estimated liability under warranties 54,000 C.Debit Warranty Expense 54,000 and Accumulated profits/losses 10,000 and Credit Estimated liability under warranties 64,000 D.Debit Warranty Expense 44,000 and Credit Estimated liability under warranties 44,000
1. What is the warranty expense for 2020? 2. What is the warranty liability on December 31, 2020?
The balance of the Estimated Warranty Liability account was $12,000 on January 1, 2019, and $13,600 on December 31, 2022. Based on an analysis of warranty claims during the past several years, this year's warranty provision was established at 3% of sales, and sales during the year were $800,000. Required: a). What amount of warranty expense will appear on the income statement for the year ended December 31, 2022? b). What were the actual costs of servicing products under warranty during the year?
1. kgogo Trading has the following account balances as at 30 June 2019. RM 200,000 6,000 Account Receivable Provision for doubtful debt On 30 June 2019, the following adjustment have to be made: i. Debts of RM500 are to be written off as bad ii. One of the entities with accounts receivable whose debts had previously been written off as bad sent a cheque for RM1,000 in full settlement of the amount owed iii. Provision for doubtful debts is 2% of the outstanding accounts receivables Required: For the year ending 30 June 2019 show the: a) Provision for doubtful debts account b) Statement of Profit or Loss (extract) c) Statement of Financial Position (extract)
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
What amount should be reported as warranty liability on December 31,2019?
1)Suppose the company in the previous question offers a two-year extended warranty, which it sells, separate from the computer. In 2020, extended warranty sales totaled $ 20,000. During 2020 the company incurred $ 2,500 in costs related to the extended warranties. In the Statement of Situation of December 31, 2020, the company will recognize: a.Warranties payable for $ 17,500 b. $ 20,000 unearned warranty revenue c. Warranties payable for $ 2,500 d. Unearned warranty revenue of $ 17,500 2)A company offers two-year warranties at no additional cost on the computers it sells. In 2020, the company had computer sales of $ 200,000 and estimated that the cost of warranties for those computers would be $ 8,000. During 2020, the company incurred $ 1,800 in costs to honor the guarantees of the computers sold in 2020. In the Statement of Situation of December 31, 2020, the company will recognize guarantee debt in the amount of: a. $ 0. The remaining $ 6,200 corresponds to 2021. b. $ 6,200, since…
hello, I need help please