In the current year, Hanna Company reported quality-assurancewarranty expense of $197,000 and the warranty liability accountincreased by $12,000. What were warranty expenditures during theyear?
$209,000.
$0.
$185,000.
$197,000.
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During the year, L&M Leather Goods sold 1,080,000 reversiblebelts under a new sales promotional program. Each belt carried onecoupon, which entitles the customer to a $4.80 cash rebate. L&Mestimates that 77% of the coupons will be redeemed, even thoughonly 507,000 coupons had been processed during the year. AtDecember 31, L&M should report a liability for unredeemedcoupons of:
$831,600.
$2,433,600.
$3,991,680.
$1,558,080.
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Jane's Donut Co. borrowed $203,000 on January 1, 2016, andsigned a two-year note bearing interest at 10%. Interest is payablein full at maturity on January 1, 2018. In connection with thisnote, Jane's should report interest expense at December 31, 2016,in the amount of:
$20,300.
$0.
$40,600.
$43,036.
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M Corp. has an employee benefit plan for compensated absencesthat gives each employee 15 paid vacation days. Vacation days canbe carried over indefinitely. Employees can elect to receivepayment in lieu of vacation days. At December 31, 2016, M'sunadjusted balance of liability for compensated absences was$25,200. M estimated that there were 200 total vacation daysavailable at December 31, 2016. M's employees earn an average of$126 per day. In its December 31, 2016, balance sheet, what amountof liability for compensated absences is M required to report?
$25,200.
$0.
$378,000.
$189,000.
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Panther Co. had a quality-assurance warranty liability of$354,000 at the beginning of 2016 and $310,000 at the end of 2016.Warranty expense is based on 4% of sales, which were $45 millionfor the year. What were the warranty expenditures for 2016?
$1,844,000.
$1,800,000.
$0.
$1,756,000.
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Slotnick Chemical received customer deposits on returnablecontainers in the amount of $350,000 during 2016. Nine percent ofthe containers were not returned. The deposits are based on thecontainer cost marked up 25%. How much profit did Slotnick realizeon the forfeited deposits? (Do not round intermediatecalculations. Round your final answer to the nearest whole dollaramount.)
$7,875.
$31,500.
$0.
$6,300.
In the current year, Hanna Company reported quality-assurancewarranty expense of $197,000 and the warranty liability accountincreased by $12,000. What were warranty expenditures during theyear? |
$209,000.
$0.
$185,000.
$197,000.
//////////////////////
During the year, L&M Leather Goods sold 1,080,000 reversiblebelts under a new sales promotional program. Each belt carried onecoupon, which entitles the customer to a $4.80 cash rebate. L&Mestimates that 77% of the coupons will be redeemed, even thoughonly 507,000 coupons had been processed during the year. AtDecember 31, L&M should report a liability for unredeemedcoupons of: |
$831,600.
$2,433,600.
$3,991,680.
$1,558,080.
/////////////////
Jane's Donut Co. borrowed $203,000 on January 1, 2016, andsigned a two-year note bearing interest at 10%. Interest is payablein full at maturity on January 1, 2018. In connection with thisnote, Jane's should report interest expense at December 31, 2016,in the amount of: |
$20,300.
$0.
$40,600.
$43,036.
//////////////////////
M Corp. has an employee benefit plan for compensated absencesthat gives each employee 15 paid vacation days. Vacation days canbe carried over indefinitely. Employees can elect to receivepayment in lieu of vacation days. At December 31, 2016, M'sunadjusted balance of liability for compensated absences was$25,200. M estimated that there were 200 total vacation daysavailable at December 31, 2016. M's employees earn an average of$126 per day. In its December 31, 2016, balance sheet, what amountof liability for compensated absences is M required to report? |
$25,200.
$0.
$378,000.
$189,000.
//////////////////////
Panther Co. had a quality-assurance warranty liability of$354,000 at the beginning of 2016 and $310,000 at the end of 2016.Warranty expense is based on 4% of sales, which were $45 millionfor the year. What were the warranty expenditures for 2016? |
$1,844,000.
$1,800,000.
$0.
$1,756,000.
///////////////////
Slotnick Chemical received customer deposits on returnablecontainers in the amount of $350,000 during 2016. Nine percent ofthe containers were not returned. The deposits are based on thecontainer cost marked up 25%. How much profit did Slotnick realizeon the forfeited deposits? (Do not round intermediatecalculations. Round your final answer to the nearest whole dollaramount.) |
$7,875.
$31,500.
$0.
$6,300.
