Answer the following statements true (T) or false (F)
1. Estimated Warranty Payable is included in the liability section of the balance sheet.
2. The matching principle requires businesses to record Warranty Expense when the warranty costs are
incurred.
3. Warranty Expense is shown on the income statement at the estimated amount.
4. When a company co-signs a note payable for another entity, a current liability must be recorded.
5. A contingent liability is a potential, rather than an actual liability, because it depends on a future event.
1. True
2. False
3. True
4. False
5. True
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The stockholders' equity section of the December 31, 2014, balance sheet is provided below
Common Stock, $30 par, 20,000 shares issued and outstanding $600,000 Paid-in Capital in Excess of Par--Common Stock 240,000 Retained Earnings 700,000 Stockholders' Equity $1,540,000 Assume that all of the 20,000 shares of stock that was issued as of December 31, 2014, was issued for $42 per share. On March 1, 2015, the company reacquired 4,000 shares of its common stock for $50 per share. Refer to Ladder Distributors. How much should be reported on the company's March 31, 2015, balance sheet for treasury stock? a. $168,000 b. $32,000 c. $128,000 d. $200,000
A ________ ________ ________ strategy entails re-shaping the industry through the creation of differential value for consumers and through making contributions to society in the form of both reduced costs and reduced environmental impact.
What will be an ideal response?
________ demand items are final products demanded by an external customer
A) Dependent B) Independent C) External D) Integrated
While the zones of tolerance may vary because of differing personality types, they are stable with relation to the importance of the service dimensions.
Answer the following statement true (T) or false (F)