Feller, Inc. sells a certain machine for $35,000. Included in this price is an implied service-type warranty of $950. Fifty machines were sold in 2016. Warranty claims incurred during 2016 amounted to $21,000.
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Required:
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Prepare all 2016 journal entries required by the information above.
What will be an ideal response?
| Cash (or Accounts Receivable) | 1,750,000 | ? | |
| ? | Sales (50´$34,050) | ? | 1,702,500 |
| ? | Unearned Warranty Revenue (50´$950) | ? | 47,500 |
| ? | ? | ? | |
| Warranty Expense | 21,000 | ? | |
| ? | Cash (or other assets) | ? | 21,000 |
| ? | ? | ? | |
| Unearned Warranty Revenue | 21,000 | ? | |
| ? | Warranty Revenue | ? | 21,000 |
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A) Attribute levels B) Stress C) R-square D) Relative importance weights
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On February 15, Jewel Company buys 7500 shares of Marcelo Corp. common stock at $28.58 per share plus a brokerage fee of $425. The stock is classified as long-term available-for-sale securities. This is the company's first and only investment in available-for-sale securities. On March 15, Marcelo declares a dividend of $1.20 per share payable to stockholders of record on April 15. Jewel received the dividend on April 15 and ultimately sells half of the Marcelo stock on November 17 of the current year for $29.35 per share less a brokerage fee of $275. The journal entry to record the purchase on February 15 is:
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Describe equity theory. What are the three general possibilities that can result from the comparison of the ratio of outcomes and inputs to the ratio of some comparison other? Describe a situation when you experienced a sense of inequity, and relate your response to that situation.
What will be an ideal response?