Be sure to answer all three parts of this question, and to format your entries appropriately. Phoebe Inc. sells 100,000 units of its specialty product in March 2022. They provide a one-year warranty to all their customers. Their experience is that 4% of the units will be returned for repair They will use $20 of inventory to make repairs. a. Prepare the entry to record the warranty liability at March 2022. b. Assume that the company's prediction of returned units comes true in the following January 2023. Prepare the appropriate journal entry. c. What is the effect of the January 2023 warranty claim on net income in 2023? Note: Make sure to format your entries properly, whether you are using a table or plain text entr

Q: What is Glass-Steagall Act?

A: Glass-Steagall Act splits up the investment and commercial banking segments of an investment bank.

Q: Examples of  CIRO and PIRO

A: Example of CIRO: A note book valued at $5 CAD is being transported through courier would be exempt…

Q: A figured out

A: Pre determined Overhead rate Calculation  Overhead cost  $      28,80,000 Divided By  Direct…

Q: What is BATNA?

A:

Q: How about the Question 3

A: The present value of growth opportunity is defined as the value of stock attributed to the earnings…

Q: Illustrate the Guidelines for Selecting a MARR?

A: It places a base gainfulness prerequisite on the discount rate, or MARR, which a venture or…

Q: Identify the gragh?

A: Part a: Total direct material cost increases or decreases in direct proportion to change in activity…

Q: What is PNL?

A: The term PNL is used in accounting, finance, and business to refer profit and loss.

Q: Mamuțelerăit puiul de om

A: Mowgli, the human cub found by the wolves in 'The Jungle Book', is described as a very small and…

Q: Explain the difference between murabaha and mudharaba?

A: Both murabaha and mudharaba are instruments of Islamic finance. There exists some differences…

Q: I need exact interest

A: Solution:Exact interest method is based on 365 days in a year.As per exact interest method,Interest…

Q: What is a cfar?

A: Cash Flow at Risk (CFAR):Cash Flow at Risk is a term which focuses on the risk of receivables and…

Q: I, J, K

A: i. Payment of interest would include an outflow of cash and also an increase in interest expense.

Master Budget

A master budget can be defined as an estimation of the revenue earned or expenses incurred over a specified period of time in the future and it is generally prepared on a periodic basis which can be either monthly, quarterly, half-yearly, or annually. It helps a business, an organization, or even an individual to manage the money effectively. A budget also helps in monitoring the performance of the people in the organization and helps in better decision-making. 

Sales Budget and Selling

A budget is a financial plan designed by an undertaking for a definite period in future which acts as a major contributor towards enhancing the financial success of the business undertaking. The budget generally takes into account both current and future income and expenses.