please dont provide handwritten and image based answer thank you !Required information[The following information applies to the questions displayed below.]On October 29, Lobo Company began operations by purchasing razors for resale. The razors have a 90-day warranty.When a razor is returned, the company discards it and mails a new one from Merchandise Inventory to the customer. Thecompany's cost per new razor is $14 and its retail selling price is $90. The company expects warranty costs to equal 6% ofdollar sales. The following transactions occurred.November 11 Sold 60 razors for $5,400 cash.November 30 Recognized warranty expense related to November sales with an adjusting entry.December 9December 16December 29Replaced 12 razors that were returned under the warranty.Sold 180 razors for $16,200 cash.Replaced 24 razors that were returned under the warranty.December 31 Recognized warranty expense related to December sales with an adjusting entry.January 5 Sold 120 razors for $10,800 cash.January 17Replaced 29 razors that were returned under the warranty.January 31 Recognized warranty expense related to January sales with an adjusting entry.Required:1. Prepare journal entries to record above transactions and adjustments.View transaction list Journal entry worksheet<12DateNovember 113Note: Enter debits before credits.Record entry45Record the sales revenue of 60 razors for $5,400 cash.General Journal6Clear entry78Debit12CreditView general journal>

Journal Entry :— It is an act of recording transaction in books of account when transaction…

Required information [The following information applies to the questions displayed below.] On October 29, Lobo Company began operations by purchasing razors for resale. The razors have a 90-day warranty. When a razor is returned, the company discards it and mails a new one from Merchandise Inventory to the customer. The company's cost per new razor is $14 and its retail selling price is $90. The company expects warranty costs to equal 6% of dollar sales. The following transactions occurred. November 11 Sold 60 razors for $5,400 cash. November 30 Recognized warranty expense related to November sales with an adjusting entry. December 9 Replaced 12 razors that were returned under the warranty. December 16 Sold 180 razors for $16,200 cash. December 29 Replaced 24 razors that were returned under the warranty. December 31 Recognized warranty expense related to December sales with an adjusting entry. Sold 120 razors for $10,800 cash. January 5 January 17 January 31 Replaced 29 razors that were returned under the warranty. Recognized warranty expense related to January sales with an adjusting entry. Required: 1. Prepare journal entries to record above transactions and adjustments. View transaction list

Required information [The following information applies to the questions displayed below.] On October 29, Lobo Company began operations by purchasing razors for resale. The razors have a 90-day warranty. When a razor is returned, the company discards it and mails a new one from Merchandise Inventory to the customer. The company's cost per new razor is $14 and its retail selling price is $90. The company expects warranty costs to equal 6% of dollar sales. The following transactions occurred. November 11 Sold 60 razors for $5,400 cash. November 30 Recognized warranty expense related to November sales with an adjusting entry. December 9 Replaced 12 razors that were returned under the warranty. December 16 Sold 180 razors for $16,200 cash. December 29 Replaced 24 razors that were returned under the warranty. December 31 Recognized warranty expense related to December sales with an adjusting entry. Sold 120 razors for $10,800 cash. January 5 January 17 January 31 Replaced 29 razors that were returned under the warranty. Recognized warranty expense related to January sales with an adjusting entry. Required: 1. Prepare journal entries to record above transactions and adjustments. View transaction list

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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Cullumber Co. at the end of 2020, its first year of operations, prepared a reconciliation between pretax financial income and taxable income as follows: Pretax financial income $1560000 Estimated litigation expense 3600000 Installment sales (2880000) Taxable income $2280000 The estimated litigation expense of $3600000 will be deductible in 2022 when it is expected to be paid. The gross profit from the installment sales will be realized in the amount of $1440000 in each of the next two years. The estimated liability for litigation is classified as noncurrent and the installment accounts receivable are classified as $1440000 current and $1440000 noncurrent. The income tax rate is 20% for all years.The income tax expense is $456000. $1440000. $720000. $312000.
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