Wilson Company prepaid six months of insurance premiums totaling $9,600 on November 1, 2023. Assuming Wilson records deferred expenses using the alternative treatment, what would be the adjusting entry recorded on December 31, 2023?
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- If the Prepaid Insurance account had a balance of $12,000, representing one years policy premium, which was paid on July 1, what entry would be needed to adjust the Prepaid Insurance account at the end of December, before preparing the financial statements?hardikHeadland Company must make computations and adjusting entries for the following independent situations at December 31, 2026. 1. Its line of amplifiers carries a 3-year warranty against defects. On the basis of past experience, the estimated warranty costs related to dollar sales are first year after sale-2% of sales revenue; second year after sale-3% of sales revenue; and third year after sale-5% of sales revenue. Sales and actual warranty expenditures for the first 3 years of business were: 2024 2025 2026 Sales Revenue $ 839,200 1,098,000 1,268,000 Warranty Expenditures $ 6,680 16,630 68,030 Compute the amount that Headland should report as a liability in its December 31, 2026, balance sheet. Assume that all sales are made evenly throughout each year with warranty expenses also evenly spaced relative to the rates above. Liability that should be reported on December 31, 2026 $ 2. With some of its products, Headland includes coupons that are redeemable in merchandise. The coupons have…
- At December 31, 2020, Mallory, Inc. reported in its balance sheet a net loss of $12 million related to its postretirement benefit plan. The actuary for Mallory at the end of 2021 increased her estimate of future health care costs. Mallory's entry to record the effect of this change will include: Multiple Choice A debit to APBO and a credit to Loss-OCI. A debit to Postretirement benefit expense and a credit to APBO. A debit to Loss-OCl and a credit to APBO. A debit to Postretirement benefit expense and a credit to Loss-OCI. 15 of 39 Next > Sy Prev Question no...pages 5...pdf Question no....pages MacBook Air ...Swifty Company must make computations and adjusting entries for the following independent situations at December 31, 2026. 1. Its line of amplifiers carries a 3-year warranty against defects. On the basis of past experience, the estimated warranty costs related to dollar sales are first year after sale-2% of sales revenue; second year after sale-3% of sales revenue; and third year after sale-5% of sales revenue. Sales and actual warranty expenditures for the first 3 years of business were: Sales Revenue 2024 $764,500 2025 1,177,800 2026 1,155,500 Warranty Expenditures $6,330 16,190 64,340 Compute the amount that Swifty should report as a liability in its December 31, 2026, balance sheet. Assume that all sales are made evenly throughout each year with warranty expenses also evenly spaced relative to the rates above. Liability that should be reported on December 31, 2026 $ 2. With some of its products, Swifty includes coupons that are redeemable in merchandise. The coupons have no…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?
- On August 1, 2019, Pereira Corporation has sold 1,600 Wiglows to Mendez Company at $450 each. Mendez also purchased a 1-year service-type warranty on all the Wiglows for $12 per unit. In 2019, Pereira incurred warranty costs of $9,200. Costs for 2020 were $7,000. Required: 1. Prepare the journal entries for the preceding transactions. 2. Show how Pereira would report the items on the December 31, 2019, balance sheet.On January 1, 2024, Tom's Transport Company's accumulated postretirement benefit obligation was $28,000,000. At the end of 2024, retiree benefits paid were $3,300,000. Service cost for 2024 is $5,800,000. At the end of 2021, there was no prior service cost or net gain or loss. Assumptions regarding the trend of future health care costs were revised at the end of 2024. This revision caused the actuary to revise downward the estimate of the APBO by $480,000. The appropriate discount rate was 7%. Required: Determine the amount of the accumulated postretirement benefit obligation on December 31, 2024. Note: Amounts to be deducted should be indicated with a minus sign. Postretirement Benefit Obligation January 1, 2024, balance in APBO December 31, 2024, balance in APBO $ 0On July 1, 2021, Orion Tech received $75,000 through promissory notes maturing in 2024. These notes pay 5% interest annually, and Orion's fiscal year ends on December 31. What amount of interest expense should Orion recognize by the end of the year?
- On January 1, 2024, DeSoto Industries' accumulated postretirement benefit obligation was $75 million. Retiree benefits of $9 million were paid at the end of 2024. Service cost for 2024 is $21 million. Estimates and assumptions regarding future health care costs were revised in 2024, causing the actuary to revise downward the estimate of the APBO by $2 million. The actuary's discount rate is 8% . There were no other pertinent account balances at the end of 2024. What is the accumulated postretirement benefit obligation at December 31, 2024?rrOn December 1, 2020, Shaw Company accepted from Bogner a $10,000, 3-month, 8% note in lieu of an existing $10,000 account receivable. Shaw Company's fiscal year-end is December 31. What journal entry, if any, should Shaw Company record on December 31, 2020?
