Question

In: Accounting

1 - The journal entry a company uses to record the estimated product warranty liability expense...

1 - The journal entry a company uses to record the estimated product warranty liability expense is

A. debit Product Warranty Expense; credit Product Warranty Payable

B. debit Product Warranty Payable; credit Cash

C. debit Product Warranty Payable; credit Product Warranty Expense

D. debit Product Warranty Expense; credit Cash

2-

Quick assets include

A. cash, cash equivalents, receivables, and inventory

B. cash, cash equivalents, receivables, prepaid expenses, and inventory

C. cash, cash equivalents, and receivables

D. cash, cash equivalents, receivables, and prepaid expenses

3 -

The charter of a corporation provides for the issuance of 100,000 shares of common stock. Assume that 40,000 shares were originally issued and 10,000 were subsequently reacquired. What is the number of shares outstanding?

A. 50,000

B. 10,000

C. 30,000

D. 40,000

Solutions

Expert Solution

Answers

1.A. debit Product Warranty Expense; credit Product Warranty Payable

2.C. cash, cash equivalents, and receivables

Quick asset=current asset-inventory-prepaid expenses

3.C.30000(40000-10000)

They re aquired 10000 shares so it will be 30000

ekkarill92 answered 2 years ago
Next > < Previous

Related Solutions

RECORD IN JOURNAL ENTRY FORM 1. Record the journal entry for paying off a supplier invoice...
RECORD IN JOURNAL ENTRY FORM 1. Record the journal entry for paying off a supplier invoice of $10,000 for raw materials on September 28th: 2. Record the journal entry for receive cash from a new shareholder who gave your company $300,000 in exchange for 3,000 shares of common stock, where the current market price is $100 per share. 3. Your company wants to expand your company to Seattle and lease office space downtown. You find an office building where you...
Prepare the journal entry to record the payment of interest expense on December 31, 2017.
  Question: (Fair Value Hedge) Sarazan Company issues a 4-year, 7.5% fixed-rate interest only, nonprepayable $1,000,000 note payable on December 31, 2016. It changes the interest rate from a fixed to variable rate and enters into a swap agreement with M&S Corp. The swap agreement specifies that Sarazan will receive a fixed rate at 7.5% and pay variable with settlement dates that match the interest payments on the debt. Assume that interest rates have declined during 2017 and that Sarazan...
If a company does not record the adjustment entry to recognize the supplies expense then: a....
If a company does not record the adjustment entry to recognize the supplies expense then: a. net income would be overvalued b. assets would be undervalued c. expenses would be overrated d. retained earnings would be overvalued
The Company failed to record (accrue) $9,000,000 of cost related to vendor invoices and warranty liability...
The Company failed to record (accrue) $9,000,000 of cost related to vendor invoices and warranty liability at year-end. With this omission, the company's summary financial statements were stated as follows: Summarized Income Statement Sales                                                                     $97,000,000 All Cost (incl. Interest & Taxes) $83,000,000 Net Income   $14,000,000 Summarized Balance Sheet                          This Year                              Last Year All Current Assets combined                      $74,000,000                      $68,000,000 All Long-Term Assets combined                 $61,000,000                      $59,000,000 Total Assets: $135,000,000                   $127,000,000 Liabilities & Stockholder’s Equity All Current Liabilities combined...
15 a) If a company fails to make an adjusting entry to record supplies expense, then...
15 a) If a company fails to make an adjusting entry to record supplies expense, then a. owner's equity will be understated. b.   expense will be understated. c. assets will be understated. d.   net income will be understated. b. On June 1, during its first month of operations, Brodeur Spa purchased supplies for $4,200 and debited the supplies account for that amount. At June 30, an inventory of supplies showed $1,000 of supplies on hand. What adjusting journal entry should...
Company X failed to record (accrue) $5,000,000 of vendor invoices and warranty liability at year-end. With...
Company X failed to record (accrue) $5,000,000 of vendor invoices and warranty liability at year-end. With this omission, the company's summary financial statements were stated as follows: Summarized Income Statement Sales $50,000,000 All Cost (incl. Interest & Taxes)   $40,000,000 Net Income    $10,000,000 Summarized Balance Sheet This Year Last Year Assets: All Current Assets combined $50,000,000 $40,000,000 All Long-Term Assets combined   $50,000,000     $40,000,000 Total Assets: $100,000,000 $80,000,000 Liabilities & Stockholders Equity All Current Liabilities combined $30,000,000 $25,000,000 All Long-Term Liabilities...
Company X failed to record (accrue) $5,000,000 of vendor invoices and warranty liability at year-end. With...
Company X failed to record (accrue) $5,000,000 of vendor invoices and warranty liability at year-end. With this omission, the company's summary financial statements were stated as follows: Summarized Income Statement Sales $50,000,000 All Cost (incl. Interest & Taxes) $40,000,000 Net Income $10,000,000 Summarized Balance Sheet This Year Last Year Assets: All Current Assets combined $50,000,000 $40,000,000 All Long-Term Assets combined $50,000,000 $40,000,000 Total Assets: $100,000,000 $80,000,000 Liabilities & Stockholders Equity All Current Liabilities combined $30,000,000 $25,000,000 All Long-Term Liabilities combined...
1. The entry to record interest expense on a bank loan payable is a debit to...
1. The entry to record interest expense on a bank loan payable is a debit to interest expense and credit to note payable. debit to note payable and credit to interest revenue. debit to interest payable and credit to interest revenue. debit to interest expense and credit to interest payable. 2.Which of the following statements is true? If any portion of a non-current liability is to be paid in the next year, the entire debt should be classified as a...
The journal entry a company records for the payment of interest, interest expense, and amortization of...
The journal entry a company records for the payment of interest, interest expense, and amortization of bond discount is A) debit Interest Expense, credit Cash B) debit Interest Expense, credit Interest Payable and Discount on Bonds Payable C) debit Interest Expense and Discount on Bonds Payable, credit Cash D) debit Interest Expense, credit Cash and Discount on Bonds Payable On the first day of the fiscal year, Lisbon Co. issued $1,000,000 of 10-year, 7% bonds for $1,050,000, with interest payable...
A company records an entry to record $15,000 depreciation expense. Which of the following describes the...
A company records an entry to record $15,000 depreciation expense. Which of the following describes the entry? One Answer A. Increase Property Plant and Equipment and increase Depreciation expense B. Increase Depreciation expense and Increase Accumulated Depreciation- Property Plant and Equipment C. Increase Property Plant and Equipment and Decrease Cash D. Increase Depreciation expense and Decrease Cash
ADVERTISEMENT
Subjects
ADVERTISEMENT
Latest Questions
ADVERTISEMENT