Adjusting Income Statements For Warranty ExpenseIncome statement data for Whirlpool Industries follow.Adjust the income statement for 2014, 2015, and 2016 under the assumption that warranty expense is a constant 1.547% of net sales for each year. The company's tax rate is 30%.$ millionsNet salesWarranty expense201620152014414$26,566 $26,296 $25,524438361Determine the adjusted warranty expense for each year.Round answers to one decimal.$ millions201620152014Adjusted warranty expense $$$Determine the income statement adjustments for each year.• Round answers to one decimal.• Use a negative sign to indicate if the adjustment decreases an account balance.Income Statement Adjustments, $ mil.20162015Warranty expenseIncome tax expenseNet Income2014

Warranty Expense- When a company sells a product, it often provides a warranty to the customer,…

Round answers to one decimal. $ millions Adjusted warranty expense $ 2016 2015 2014 $ Determine the income statement adjustments for each year. Round answers to one decimal. • Use a negative sign to indicate if the adjustment decreases an account balance. Income Statement Adjustments, $ mil. 2016 2015 Warranty expense Income tax expense Net Income 2014

Round answers to one decimal. $ millions Adjusted warranty expense $ 2016 2015 2014 $ Determine the income statement adjustments for each year. Round answers to one decimal. • Use a negative sign to indicate if the adjustment decreases an account balance. Income Statement Adjustments, $ mil. 2016 2015 Warranty expense Income tax expense Net Income 2014

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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Net revenues Standard warranty liability, end of year 158 Charges incurred during the year 163 Extended warranty deferred revenue, end of year 573 Revenue deferred for new extended warranty contracts 260 Warranty expense Required: 1. Compute the amount of warranty expense for 2017 and 2018. (Enter your answers in millions of dollars.) No 1 View transaction list View journal entry worksheet 2 2018 2. Prepare journal entries to record both the warranty expense for 2018 and the payments made under the warranty during the year. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions of dollars.) Transaction A 2017 B 2018 2017 2016 $81,591 $81, 139 $81,919 192 205 606 307 Warranty expense Estimated warranty liability Estimated warranty liability Cash 196 204 571 303 General Journal Debit Credit Ⓒ
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PLEASE ANSWER NO. 3 (REQUIREMENT NO.3)
how do i position rates recivable ledger account if at the beginning of 2017 its at $100. collected during the year is $600 and owing at the end of the year is $150. given that provisoon of bad debts is at 5%.
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9.Please answer all the tables in their entirely