Business, 10.03.2020 16:58 zanaplen27
On January 2, 2020, Grando Company sells production equipment to Fargo Inc. for $50,000. Grando includes a 2-year assurance warranty service with the sale of all its equipment. The customer receives and pays for the equipment on January 2, 2020. During 2020, Grando incurs costs related to warranties of $900. At December 31, 2020, Grando estimates that $650 of warranty costs will be incurred in the second year of the warranty.
Instructions
a. Prepare the journal entry to record this transaction on January 2, 2020, and on December 31, 2020 (assuming financial statements are prepared on December 31, 2020).
b. Repeat the requirements for (a), assuming that in addition to the assurance warranty, Grando sold an extended warranty (service-type warranty) for an additional 2 years (2022–2023) for $800.
Answers: 1
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Minneapolis federal reserve bank economist edward prescott estimates the elasticity of the u.s. labor supply to be 3. given this elasticity, what would be the impact of funding the social security program with tax increases on the number of hours worked and on the amount of taxes collected to fund social security?
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According to ceo heidi ganahl, camp bow wow requires a strong and consistent corporate culture to keep all local franchise owners "on the same page" and to follow a common template for the business and brand. this culture could become detrimental over time because: (a) strong consistent cultures are inflexible and incapable of adapting to environmental change (b) strong consistent cultures are too flexible and capable of adapting to environmental change (c) strong consistent cultures don’t perform well in any environment (d) the passing of time provides stability and predictability for businesses
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On January 2, 2020, Grando Company sells production equipment to Fargo Inc. for $50,000. Grando incl...
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