Warranty: It is an agreement made by the company to provide guarantee against the defects in the products. Vacation expense: Vacation expense is an estimated expense for the company which the company should pay to the employees as extra salary over the entire year. For example: If an employee works 49 weeks in a year, company should pay 3 weeks’ ( 52 weeks – 49 weeks ) extra salary as a vacation expense. Bonus: Bonus is an additional payment given by the employer to their employees with regular wages for their good performance. To Journalize : Warranty expense for the company during 2016.

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Answer 1

Question

Chapter 11, Problem 11.22E

To determine

Warranty: It is an agreement made by the company to provide guarantee against the defects in the products.

Vacation expense: Vacation expense is an estimated expense for the company which the company should pay to the employees as extra salary over the entire year. For example: If an employee works 49 weeks in a year, company should pay 3 weeks’ (52 weeks – 49 weeks) extra salary as a vacation expense.

Bonus: Bonus is an additional payment given by the employer to their employees with regular wages for their good performance.

To Journalize: Warranty expense for the company during 2016.

To determine

To Journalize: Warranty payments for the company.

To determine

To journalize: Vacation benefit expense.

To determine

To journalize: employee bonus expense.

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question 1. Toodles Inc. had sales of $1,840,000. Cost of goods sold, administrative and selling expenses, and depreciation expenses were $1,180,000, $185,000 and $365,000 respectively. In addition, the company had an interest expense of $280,000 and a tax rate of 35 percent. (Ignore any tax loss carry-back or carry-forward provisions.)Arrange the financial information for Toodles Inc. in an income statement and compute its OCF?Question 2 Anti-Pandemic Pharma Co. Ltd. reports the following information in its income statement: Sales = $5,250,000;Costs = $2, 173,000;Other expenses = $187,400; Depreciation expense = $79,000; Interest expense= $53,555; Taxes = $76,000; Dividends = $69,000. $136,700 worth of new shares were also issued during the year and long-term debt worth $65,300 was redeemed.a) Compute the cash flow from assetsb) Compute the net change in working capitalQuestion 3Footfall Manufacturing Ltd. reports the following financial information at the end of the current year:…

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Answer 2

Question

Chapter 11, Problem 11.22E

To determine

Warranty: It is an agreement made by the company to provide guarantee against the defects in the products.

Vacation expense: Vacation expense is an estimated expense for the company which the company should pay to the employees as extra salary over the entire year. For example: If an employee works 49 weeks in a year, company should pay 3 weeks’ (52 weeks – 49 weeks) extra salary as a vacation expense.

Bonus: Bonus is an additional payment given by the employer to their employees with regular wages for their good performance.

To Journalize: Warranty expense for the company during 2016.

To determine

To Journalize: Warranty payments for the company.

To determine

To journalize: Vacation benefit expense.

To determine

To journalize: employee bonus expense.

Expert Solution & Answer

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Answer 3

Question

Chapter 11, Problem 11.22E

To determine

Warranty: It is an agreement made by the company to provide guarantee against the defects in the products.

Vacation expense: Vacation expense is an estimated expense for the company which the company should pay to the employees as extra salary over the entire year. For example: If an employee works 49 weeks in a year, company should pay 3 weeks’ (52 weeks – 49 weeks) extra salary as a vacation expense.

Bonus: Bonus is an additional payment given by the employer to their employees with regular wages for their good performance.

To Journalize: Warranty expense for the company during 2016.

To determine

To Journalize: Warranty payments for the company.

To determine

To journalize: Vacation benefit expense.

To determine

To journalize: employee bonus expense.

Expert Solution & Answer

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Check out a sample textbook solution

See solution

Answer 4

Question

Chapter 11, Problem 11.22E

To determine

Warranty: It is an agreement made by the company to provide guarantee against the defects in the products.

Vacation expense: Vacation expense is an estimated expense for the company which the company should pay to the employees as extra salary over the entire year. For example: If an employee works 49 weeks in a year, company should pay 3 weeks’ (52 weeks – 49 weeks) extra salary as a vacation expense.

Bonus: Bonus is an additional payment given by the employer to their employees with regular wages for their good performance.

To Journalize: Warranty expense for the company during 2016.

To determine

To Journalize: Warranty payments for the company.

To determine

To journalize: Vacation benefit expense.

To determine

To journalize: employee bonus expense.

Expert Solution & Answer

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See solution

Answer 5

Chapter 11, Problem 11.22E

To determine

Warranty: It is an agreement made by the company to provide guarantee against the defects in the products.

Vacation expense: Vacation expense is an estimated expense for the company which the company should pay to the employees as extra salary over the entire year. For example: If an employee works 49 weeks in a year, company should pay 3 weeks’ (52 weeks – 49 weeks) extra salary as a vacation expense.

Bonus: Bonus is an additional payment given by the employer to their employees with regular wages for their good performance.

To Journalize: Warranty expense for the company during 2016.

To determine

To Journalize: Warranty payments for the company.

To determine

To journalize: Vacation benefit expense.

To determine

To journalize: employee bonus expense.

Answer 6

Chapter 11, Problem 11.22E

To determine

Warranty: It is an agreement made by the company to provide guarantee against the defects in the products.

Vacation expense: Vacation expense is an estimated expense for the company which the company should pay to the employees as extra salary over the entire year. For example: If an employee works 49 weeks in a year, company should pay 3 weeks’ (52 weeks – 49 weeks) extra salary as a vacation expense.

Bonus: Bonus is an additional payment given by the employer to their employees with regular wages for their good performance.

To Journalize: Warranty expense for the company during 2016.

Answer 7

Chapter 11, Problem 11.22E

To determine

Warranty: It is an agreement made by the company to provide guarantee against the defects in the products.

Vacation expense: Vacation expense is an estimated expense for the company which the company should pay to the employees as extra salary over the entire year. For example: If an employee works 49 weeks in a year, company should pay 3 weeks’ (52 weeks – 49 weeks) extra salary as a vacation expense.

Bonus: Bonus is an additional payment given by the employer to their employees with regular wages for their good performance.

To Journalize: Warranty expense for the company during 2016.

Answer 8

To determine

To Journalize: Warranty payments for the company.

Answer 9

To determine

To Journalize: Warranty payments for the company.

Answer 10

To determine

To journalize: Vacation benefit expense.

Answer 11

To determine

To journalize: Vacation benefit expense.

Answer 12

To determine

To journalize: employee bonus expense.

Answer 13

To determine

To journalize: employee bonus expense.

Answer 14

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Answer 15

Expert Solution & Answer

Answer 16

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Answer 17

Ch. 11 - Prob. 1QC Ch. 11 - On January 1, 2016, a business borrowed 18,000 on...Ch. 11 - A company sells 180,000 (selling price) of goods...Ch. 11 - Prob. 4QC Ch. 11 - Prob. 5QC Ch. 11 - Prob. 6QC Ch. 11 - Prob. 7QC Ch. 11 - Vega Company expects to pay a 4% bonus on net...Ch. 11 - Prob. 9QC Ch. 11 - Prob. 10QC

Solution Summary: The author explains that warranty is an agreement made by the company to provide guarantee against the defects in the products.

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To Journalize: Warranty payments for the company.

To journalize: Vacation benefit expense.

To journalize: employee bonus expense.

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