The following transactions of Sandy Cruz occurred during 2018: LOADING...(Click the icon to view the transactions.)
Requirements
1. Journalize required transactions, if any, in Cruz's general journal. Explanations are not required.
2. What is the balance in Estimated Warranty Payable assuming a beginning balance of $0?
Requirement
1. Journalize required transactions, if any, in Cruz's general journal. Explanations are not required. (Record debits first, then credits. Exclude explanations from journal entries. For transactions that do not require an entry, make sure to select "No entry required" in the first cell in the "Accounts" column and leave all other cells blank.)
Apr. 30: Cruz is party to a patent infringement lawsuit of $ 220,000. Cruz's attorney is certain it is remote that Cruz will lose this lawsuit.
Jun. 30 Estimated warranty expense at 4% of sales of $360,000.
Jul. 28 Warranty claims paid in the amount of $6.400
Sep. 30 Cruz is party to a lawsuit for copyright violation of $150,000. Cruz's attorney advises that is probable Cruz will lose this lawsuit. The attorney estimates the loss at $150,000
Dec. 31 Cruz estimated warranty expense on sales for the second half of the year of $500,000 at Jun Choog Dec 31
Solved
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Ответ:
1.
April 30
No entry required
This is because Cruz's attorney is certain it is remote that Cruz will lose this lawsuit.
June 30
DR Warranty Expense $14,400
CR Warranty Liability $14,400
Working = 360,000 * 4%
= $14,400
July 28
DR Warranty Liability $6,400
CR Cash $6,400
September 30
DR Lawsuit Loss A/c $150,000
CR Lawsuit Loss Liability $150,000
December 21
DR Warranty Expense $20,000
DR Warranty Liability $20,000
Workings ( Original question says 4%.)
= 4% * 500,000
= $20,000
2. Balance on Estimated Warranty Liability Account
June 30 14,400
July 28 (6,400) -
Dec 21 20,000 +
= $28,000 Credit
Ответ:
One reason that it is important not to leave your personal information on a public computer is identity theft.
If you are logged into a personal site on a public computer and the information is accessed by someone else you could have your identity stolen. A dishonest person could use the personal information to apply for credit in your name.