Question : 118.All of the following estimated liabilities except a. liability for vacation pay. b. : 1244456

118.All of the following are estimated liabilities except

 

a.

liability for vacation pay.

b.

property taxes liability.

c.

product warranty liability.

d.

payroll liabilities.

 

 

 

119.During July, Audio City sold 200 radios for $50 each. Each radio had cost Audio City $32 to purchase and carried a two-year warranty. If 5 percent typically need to be replaced over the warranty period and one actually is replaced during July, for what amount in July should Audio City debit Product Warranty Expense?

 

a.

$320

b.

$160

c.

$32

d.

$640

 

 

 

120.Total payroll for a given week is $31,000. If 70 percent of the company’s employees typically qualify to receive two weeks’ paid vacation per year, the estimated liability for vacation pay for the week is

 

a.

$868.

b.

$2,170.

c.

$1,240.

d.

$434.

 

 

 

121.During May, Photo Mart sold 150 instant cameras for $100 each. Each camera had cost Photo Mart $56 to purchase and carried a one-year warranty. If 4 percent typically need to be replaced over the warranty period and two actually are replaced during May, for what amount in May should Photo Mart debit Product Warranty Expense?

 

a.

$336

b.

$112

c.

$224

d.

$448

 

 

 

122.Of a company’s employees, 50 percent typically qualify to receive two weeks’ paid vacation a year. What is the amount of estimated liability for vacation pay for a week in which the total payroll is $4,100?

 

a.

$164

b.

$41

c.

$328

d.

$82

 

 

 

123.When accounting for property taxes, which of the following accounts normally would not be credited?

 

a.

Prepaid Property Taxes

b.

Property Taxes Expense

c.

Cash

d.

Estimated Property Taxes Payable

 

 

 

124.Hi-Tech Company produces widgets that cost $60 each and have a 5 percent failure rate. If 500 widgets are sold, the estimated product warranty expense would be

 

a.

$1,500.

b.

$300.

c.

$75.

d.

$150.

 

 

 

125.Recording estimated product warranty expense in the year of the sale best follows which of the following accounting principles?

 

a.

Full disclosure

b.

Consistency

c.

Historical cost

d.

Matching

 

 

 

126.If product X cost $50 and had a 4 percent failure rate, the estimated product warranty expense in a month when 1,000 units are sold would be

 

a.

$200.

b.

$50.

c.

$20.

d.

$2,000.

 

 

 

127.Of a company’s employees, 75 percent typically qualify to receive two weeks’ paid vacation per year. The amount of estimated liability for vacation pay for a week in which the total payroll is $9,600 is

 

a.

$144.

b.

$288.

c.

$7,200.

d.

$256.

 

 

 

 

Place your order
(550 words)

Approximate price: $22

Calculate the price of your order

550 words
We'll send you the first draft for approval by September 11, 2018 at 10:52 AM
Total price:
$26
The price is based on these factors:
Academic level
Number of pages
Urgency
Basic features
  • Free title page and bibliography
  • Unlimited revisions
  • Plagiarism-free guarantee
  • Money-back guarantee
  • 24/7 support
On-demand options
  • Writer’s samples
  • Part-by-part delivery
  • Overnight delivery
  • Copies of used sources
  • Expert Proofreading
Paper format
  • 275 words per page
  • 12 pt Arial/Times New Roman
  • Double line spacing
  • Any citation style (APA, MLA, Chicago/Turabian, Harvard)

Our guarantees

Delivering a high-quality product at a reasonable price is not enough anymore.
That’s why we have developed 5 beneficial guarantees that will make your experience with our service enjoyable, easy, and safe.

Money-back guarantee

You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.

Read more

Zero-plagiarism guarantee

Each paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.

Read more

Free-revision policy

Thanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.

Read more

Privacy policy

Your email is safe, as we store it according to international data protection rules. Your bank details are secure, as we use only reliable payment systems.

Read more

Fair-cooperation guarantee

By sending us your money, you buy the service we provide. Check out our terms and conditions if you prefer business talks to be laid out in official language.

Read more