Quick answer of this accounting questions TechGear Electronics sold 400 smartwatches for $300 each during May.Each smartwatch costs TechGear $150 to manufacture and comes with atwo-year warranty. If 5% typically need to be replaced over the warrantyperiod, and eight are actually replaced during May, for what amount inMay should TechGear debit Product Warranty Expense?a. $3,000b. $1,200c. $4,500d. $2,400

Step 1: Definition of Product Warranty ExpenseProduct Warranty Expense represents the estimated…

Answered: TechGear Electronics sold 400…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter12: Current Liabilities

Section: Chapter Questions

Problem 9MC: Blake Department Store sells television sets with one-year warranties that cover repair and...

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C9
Assume that you start with a balance of $3900 on your credit card.During the first month you charge $400. During the second month you charge $650 and make a payment of $280. Assume that your credit card charges a 29% APR and each month you make the minimum payment of 2.5% of the balance. Complete the following table. Round your answer to the nearest cent. Month 1 Previous balance- $3900 Finance charge- $94.25 Purchase- 400 Payment ?97.50 New balance? Month 2 Previous balance- finance charge- purchase- payments- New balance
One of your customers has just made a purchase in the amount of $28,000. You have agreed to payments of $590per month and will charge a monthly interest rate of 1.44 percent. How many months will it take for the account to bepaid off?Multiple Choicea. 75.08 monthsB. 86.63 months C. 80.44 monthsD. 47.46 monthsE. 36.43 months
You have maxed out your credit card and owe $3,100. Its interest rate is 21%. Each month, you make the minimum required payment of $33. (Round your answers to the nearest cent.) (a) During the September 20 through October 19 billing period, you pay the minimum required payment on October 1. Find the average daily balance, the finance charge, and the new balance. average daily balance $3079 finance charge $53.15 new balance $ (b) During the October 20 through November 19 billing period, you pay the minimum required payment on November 11. Find the average daily balance, the finance charge, and the new balance. average daily balance $ finance charge $ new balance $ (c) During the November 20 through December 19 billing period, you pay the minimum required payment on November 30. Find the average daily balance, the finance charge, and the new balance. average daily balance $ finance charge $ new balance $ (d) Discuss the impact of making the…
The balance on a credit card, that charges a 10.5% APR interest rate, over a 1 month period is given in the following table: Days 1-3: $150 (initial balance) Days 4-20: $200 ($50 purchase) Days 21-30: $50 ($150 payment) What is the finance charge, on the average daily balance, for this card over this 1 month period? finance charge = $ [ ? ] %3D Round to the nearest hundredth. Enter 3- 2021 Acelu Corporation All Rights Reserved.
H2X Excavating LLC has a $100,000 line of credit at its bank. During the past 31-day month, the company has used $80,000 of this line of credit. The interest rate is 7% APR. a. What will the interest charge be for this month? b. For the upcoming 30-day month, management is projecting that for the first 10 days of the month the balance on the line of credit will be $80,000 and for the last 20 days of the month the balance will be $50,000. How much interest expense should management budget for the upcoming month? c. If the interest rate increased to 9%, what would the interest charge be for a 28-day month, if the entire line of credit was used for the entire month?
.11 Mobiles Co sells goods with a one year warranty under which customers are covered for any defect that /becomes apparent within a year of purchase. In calendar year 20X4, Mobiles Co sold 100,000 units. The company expects warranty claims for 5% of units sold. Half of these claims will be for a major defect, with an average claim value of $50. The other half of these claims will be for a minor defect, defect, with an average claim value of $50. The other half of these claims will be for a minor delee, with an average claim value of $10. What amount should Mobiles Co include as a provision in the statement of financial position for the year ended 31 December 20X4? $125,000 $ 25,000 $300,000 D $150,000 A C
A retail store is offering a diamond ring for sale for 36 months at $150 per month. The retail price is $5,000. What is the annualized interest rate on this offer? 6.76% 5.06% 5.83% 7.22%
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You have a credit card with a balance of $1,367.90 at 9.5% APR. You pay $400.00 each month on due date until the card is paid off. How many months does it take to pay off the card
Gear Up Co. pays 65% of its purchases in the month of purchase, 30% in the month after the purchase, and 5% in the second month following the purchase. What are the cash payments if it made the following purchases in 2018?
Marathon Peanuts converts a $130,000 account payable into a short-term note payable, with an annual interest rate of 6%, and payable in four months. How much interest will Marathon Peanuts owe at the end of four months? A. $2,600 B. $7,800 C. $137,800 D. $132,600

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