Answer: Debit to Product Warranty Payable
Explanation: Product Warranty Payable is a liability account that has a credit balance. To increase a liability a credit is recorded while to reduce a liability a debit is recorded to the liability.
The seller maintains the warranty as a liability and initially records a debit to its product warranty expense and a credit to its product warranty Payable.
When a repair is done on a product under warranty, the seller records a debit to the product warranty Payable to reduce it’s liability.
Also, a debit to either supplies or cash will increase the expense and assets accounts respectively which will amount to incorrect journal entries.
Answer:
Scenario: The Operations Section has determined that the Emergency Medical Services, the Fire Department, and the School Bus Company will be assigned tothe evacuation of the Nursing Home. They will all converge at City Hall and will be dispatched, as appropriate, to begin the rapid and safe movement of the residents to their temporary shelter locations.What NIMS Management Characteristic is being demonstrated?Dispatch/DeploymentScenario: You are the President of Lawrence College. You and the American Red Cross Shelter Manager have contacted the Incident Command Post concerning the ability to meet the nutritional and long term pharmaceutical needs of the elderly residents. The Liaison Officer requests assistance from theEmergency Operations Center
Explanation:
Answer:
a) The company turn its inventory at 1.5.
b) Per unit inventory cost for a product that costs $1000 is $166.67.
Explanation:
a) number of units sold = ($60000000/year)*(1 unit/$2000)
= 30000 units/year
COGS = 30000 units/year*$1000/unit
= $30000000/year
inventory = $20000000
flow time = inventory/flow rate
= $20000000/30000000 per year
= 0.67 years
inventory turns = 1/flow rate
= 1/(0.67)
= 1.5
Therefore, The company turn its inventory at 1.5.
b) %inventory cost per computer = 25%*0.6667 years
= 16.667%
16.667%*$1000 = $166.67 per unit
Therefore, Per unit inventory cost for a product that costs $1000 is $166.67.
Answers are:
<span>They are flat
A single leader makes most decisions
Roles are undefined
</span>They are common to small businesses
In an entrepreneurial business structure, the owner-manager makes almost all decisions and performs various roles within the company. He interacts directly with the few employees he has, often performing roles that would be "beneath" the CEO of a larger company. This is called a flat organizational structure.
Roles are not generally well defined, as there are not enough employees for the level of specialization that larger companies would have. These are common features of a small business, often in the start-up phase.
Answer: $112000
Explanation:
First, we calculate the book value in year 7 which will be:
= Depreciation × Balance life
= $400,000 × 3/10
= $120,000
Then, the cash flow as a result of the transaction will be:
= Asset sale - (Asset - Book value) × Tax rate
= 110000 - [(110000 - 120000) × 20%]
= 110000 - (-2000)
= 110000 + 2000
= 112000
