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Question : 64) The Flying Pigs rugby team went bankrupt and owed : 1253211

Accounting

 

64) The Flying Pigs rugby team went bankrupt and owed Team Shirts $364. Using the accounting equation format, prepare the entry to record the write-off. Include the account titles and amounts.

 

Shareholders’ equity

 

Assets

Liab.

CC

Retained earnings

 

 

 

 

 

 

65) Team Instructions: Divide the class into teams of three or four people. Each team member should work the following problem separately outside of class. Then give the students time in class to compare answers with their teammates and put together a final correct copy of the problem. Each team should turn in only one copy of the problem for grading, along with the annual report used. All team members will receive the same grade.

 

Provide students with copies of real merchandising companies’ annual reports, or give students the Web addresses of real merchandising companies and ask them to print out the annual reports. All team members should work with the same company’s annual report.

 

Answer the following questions using the annual report assigned to your team:

 

Part A: Complete the following chart:

 

Current year

Prior Year

Accounts receivable (gross)

$

$

Allowance for uncollectible accounts

$

$

Accounts receivable (net)

$         

$        

Allowance as a percentage of gross accounts receivable

 

%

 

%

 

Part B: Is the company’s estimate of uncollectible accounts increasing or decreasing?

 

Part C: Why might a company’s estimate of uncollectible accounts change?

 

66) Since C.D. Lee’s bonus is tied to net income, he decided to underestimate the bad debts expense for the year ended December 31, 2012. Which 2012 financial statements will be impacted by this underestimate of bad debts expense? Since bad debts expense is just an estimate, is this treatment ethical?

67) Match each of the statements below with the appropriate item. Each item is used only once.

 

a. Accounts receivable

b. Bad debts expense

c. Write-off

d. Allowance for uncollectible accounts

 

_____ 1. The contra account for accounts receivable has a balance of $(575).

_____ 2. The total amount that customers owe Seven Seas that is estimated to be uncollectible is               $657.

_____ 3. The total amount customers owe on account is $3,124.

_____ 4. Clara Frye declared bankruptcy while owing Seven Seas $500. The accountant for Seven               Seas has determined that this amount is now uncollectible. He closes the Frye account.

_____ 5. The accountant for Seven Seas determined that 2% of the May sales of $17,000 would be uncollectible. This amount was recorded as of May 31.

 

 

 

 

68) Match each of the statements below with the appropriate item. Each item is used only once.

 

a. Accounts receivable

b. Bad debts expense

c. Write-off

d. Allowance for uncollectible accounts

 

_____ 1. Three percent of the $2,000 credit sales for November are estimated to be uncollectible. That amount is recorded in the books as of November 30.

_____ 2. Joy Dow declared bankruptcy. Her account is no longer collectible. The accountant for Team Shirts closes the Dow account.

_____ 3. The contra account for accounts receivable has a balance of $(475).

_____ 4. Team Shirts is owed for T-shirts sold on account.

 

 

 

 

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July 1, 2023
    

 

 

131. Claitin Inc. uses large warehouses to store its finished goods ready for sale. After its personnel and auditors conducted a physical inventory of goods on one side of its warehouses, Claitin Inc. transported a portion of the inventory to another part of the warehouse, removing the inventory tags that indicated that the items had already been counted in inventory, and thereby included the items a second time in inventory. In this way, the firm overstated its ending inventory for the current year, understated its cost of goods sold, and overstated its earnings. This action resulted in an overstatement of the beginning inventory for the next year. Assuming a correct count of the ending inventory for the second year, the action has the result of overstating cost of goods sold for the second year and understating earnings. Net income for the two years combined, however, is correctly stated, the net result of an overstatement in the first year offset by an equal understatement in the second year. The actions 
A. are in accordance with U.S. GAAP.
B. are in accordance with IFRS.
C. violate ethical principles.
D. are in accordance with U.S. GAAP, but not IFRS.
E. are in accordance with IFRS, but not U.S. GAAP.

 

132. On December 10 of the current year, XTREME Sports Inc. receives an advance of $50,000 from a hockey team for 20,000 custom-made shirts with the team’s logo, which the team intends to distribute to fans entering a hockey game during the first week in January. XTREME Sports Inc. completes the manufacturing of the shirts on December 30, intending to ship them on December 31 before its accounting period ends. Unfortunately, a snowstorm on December 31 prevented their shipment. XTREME Sports Inc. recorded this transaction as a sale for December, and reduced its inventory accordingly. It set the items aside in its shipping room on December 31 with a clear sign to its own personnel conducting a physical inventory on that date and to its auditors who were observing the count that the items were not to be counted as inventory. These actions 
A. are in accordance with U.S. GAAP.
B. are in accordance with IFRS.
C. violate ethical principles.
D. are in accordance with U.S. GAAP, but not IFRS.
E. are in accordance with IFRS, but not U.S. GAAP.

 

133. On August 1, Covington Motors pays £18,000 for insurance coverage for the next 12 months. On August 1, the firm records the following journal entry:  
A. Prepaid Insurance. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18,000  
     Insurance Expense . . . .. . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . 18,000
B. Prepaid Insurance. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18,000  
     Cash. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  . . . . . . . . . . . . . . 18,000
C. Insurance Expense. . . . . . . . . . . . . . . . . . . . . . . . . . . .  . . . . . . . . . . . . 18,000  
     Prepaid Insurance  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18,000
D. Liability for Prepaid Insurance . . . . . . .  . . . . . . . . . . . . . . . . . . . .  . . . . 18,000 
     Cash. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  . . . . . . . . . . . . . . 18,000
E. Prepaid Insurance. . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . 18,000  
     Liability for Prepaid Insurance . . . . . . .  . . . . . . . . . . . . . . . . . . . .  . .. . . . 18,000

 

134. On August 1, Covington Motors pays £18,000 for insurance coverage for the next 12 months. On August 1, the firm records the following journal entry:

Prepaid Insurance. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18,000
     Cash. . . . . . . . . . . . . . . . . . . . .  . . . . . . . .  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18,000

At the end of each of the next 12 months, the firm records the following adjusting entry:  
A. Prepaid Insurance. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,500  
     Insurance Expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . 1,500
B. Prepaid Insurance. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,500 
     Cash. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  . . . . . . . . . . . . . . . 1,500
C. Insurance Expense. . . . . . . . . . . . . . . . . . . . . . . . . . . .  . . . . . . . . . . . . 1,500  
     Prepaid Insurance  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,500
D. Liability for Prepaid Insurance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .1,500 
     Cash. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  . . . . . . . . . . . . . . 1,500
E. Prepaid Insurance. . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . 1,500 
     Liability for Prepaid Insurance . . . . . . .  . . . . . . . . . . . . . . . . . . . . .  .  . . . . 1,500

 

135. Focus Company sells merchandise with a one year warranty.  In 2013, sales consisted of 2,500 units.  It is estimated that warranty repairs will average $10 per unit sold, and 30% of the repairs will be made in 2013 and 70% in 2014.  In the 2013 income statement, Focus should show warranty expense of 
A. $25,000
B. $7,500
C. $17,500
D. $0
E. $12,500

 

136. During September, Genesis sold 100 radios for $50 each.  Each radio cost Genesis $30 to purchase, and carried a two-year warranty.  If 5% typically need to be replaced over the warranty period and one is actually replaced during September, for what amount in September would Genesis debit Product Warranty Expense? 
A. $50
B. $150
C. $30
D. $120
E. $52.50

 

137. Albion Company sells merchandise with a one year warranty.  In 2013, sales consisted of 2,500 units.  It is estimated that warranty repairs will average $20 per unit sold, and 30% of the repairs will be made in 2013 and 70% in 2014.  In the 2013 income statement, Albion should show warranty expense of:  
A. $15,000
B. $35,000
C. $50,000
D. $0
E. $25,000

 

138. Youngstown Company sells merchandise with a one year warranty.  Sales consisted of 2,500 units in 2013 and 2,000 units in 2014.  It is estimated that warranty repairs will average $10 per unit sold, and 30% of the repairs will be made in 2013 and 70% in 2014 for the 2013 sales. Similarly, 30% of repairs will be made in 2014 and 70% in 2015 for the 2014 sales.  In the 2014 income statement, how much of the  warranty expense shown will be due to 2013 sales?  
A. $7,500
B. $17,500
C. $25,000
D. $0
E. $12,500

 

139. Under U.S. GAAP, the cost of a product warranty should be included as an expense in the  
A. period the cash is collected for a product sold on account.
B. future period when the cost of repairing the product is paid.
C. period of the sale of the product.
D. future period when the product is repaired or replaced.
E. past period when the product is under development.

 

140. Lager Company sells merchandise with a one year warranty.  In 2013, sales consisted of 1,600 units.  It is estimated that warranty repairs will average $10 per unit sold, and 30% of the repairs will be made in 2013 and 70% in 2014.  In the 2013 income statement, Lager should show warranty expense of  
A. $4,800
B. $11,200
C. $16,000
D. $0
E. $8,000

 

 

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July 1, 2023
    

 

 

131. Claitin Inc. uses large warehouses to store its finished goods ready for sale. After its personnel and auditors conducted a physical inventory of goods on one side of its warehouses, Claitin Inc. transported a portion of the inventory to another part of the warehouse, removing the inventory tags that indicated that the items had already been counted in inventory, and thereby included the items a second time in inventory. In this way, the firm overstated its ending inventory for the current year, understated its cost of goods sold, and overstated its earnings. This action resulted in an overstatement of the beginning inventory for the next year. Assuming a correct count of the ending inventory for the second year, the action has the result of overstating cost of goods sold for the second year and understating earnings. Net income for the two years combined, however, is correctly stated, the net result of an overstatement in the first year offset by an equal understatement in the second year. The actions 
A. are in accordance with U.S. GAAP.
B. are in accordance with IFRS.
C. violate ethical principles.
D. are in accordance with U.S. GAAP, but not IFRS.
E. are in accordance with IFRS, but not U.S. GAAP.

 

132. On December 10 of the current year, XTREME Sports Inc. receives an advance of $50,000 from a hockey team for 20,000 custom-made shirts with the team’s logo, which the team intends to distribute to fans entering a hockey game during the first week in January. XTREME Sports Inc. completes the manufacturing of the shirts on December 30, intending to ship them on December 31 before its accounting period ends. Unfortunately, a snowstorm on December 31 prevented their shipment. XTREME Sports Inc. recorded this transaction as a sale for December, and reduced its inventory accordingly. It set the items aside in its shipping room on December 31 with a clear sign to its own personnel conducting a physical inventory on that date and to its auditors who were observing the count that the items were not to be counted as inventory. These actions 
A. are in accordance with U.S. GAAP.
B. are in accordance with IFRS.
C. violate ethical principles.
D. are in accordance with U.S. GAAP, but not IFRS.
E. are in accordance with IFRS, but not U.S. GAAP.

 

133. On August 1, Covington Motors pays £18,000 for insurance coverage for the next 12 months. On August 1, the firm records the following journal entry:  
A. Prepaid Insurance. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18,000  
     Insurance Expense . . . .. . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . 18,000
B. Prepaid Insurance. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18,000  
     Cash. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  . . . . . . . . . . . . . . 18,000
C. Insurance Expense. . . . . . . . . . . . . . . . . . . . . . . . . . . .  . . . . . . . . . . . . 18,000  
     Prepaid Insurance  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18,000
D. Liability for Prepaid Insurance . . . . . . .  . . . . . . . . . . . . . . . . . . . .  . . . . 18,000 
     Cash. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  . . . . . . . . . . . . . . 18,000
E. Prepaid Insurance. . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . 18,000  
     Liability for Prepaid Insurance . . . . . . .  . . . . . . . . . . . . . . . . . . . .  . .. . . . 18,000

 

134. On August 1, Covington Motors pays £18,000 for insurance coverage for the next 12 months. On August 1, the firm records the following journal entry:

Prepaid Insurance. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18,000
     Cash. . . . . . . . . . . . . . . . . . . . .  . . . . . . . .  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18,000

At the end of each of the next 12 months, the firm records the following adjusting entry:  
A. Prepaid Insurance. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,500  
     Insurance Expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . 1,500
B. Prepaid Insurance. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,500 
     Cash. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  . . . . . . . . . . . . . . . 1,500
C. Insurance Expense. . . . . . . . . . . . . . . . . . . . . . . . . . . .  . . . . . . . . . . . . 1,500  
     Prepaid Insurance  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,500
D. Liability for Prepaid Insurance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .1,500 
     Cash. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  . . . . . . . . . . . . . . 1,500
E. Prepaid Insurance. . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . 1,500 
     Liability for Prepaid Insurance . . . . . . .  . . . . . . . . . . . . . . . . . . . . .  .  . . . . 1,500

 

135. Focus Company sells merchandise with a one year warranty.  In 2013, sales consisted of 2,500 units.  It is estimated that warranty repairs will average $10 per unit sold, and 30% of the repairs will be made in 2013 and 70% in 2014.  In the 2013 income statement, Focus should show warranty expense of 
A. $25,000
B. $7,500
C. $17,500
D. $0
E. $12,500

 

136. During September, Genesis sold 100 radios for $50 each.  Each radio cost Genesis $30 to purchase, and carried a two-year warranty.  If 5% typically need to be replaced over the warranty period and one is actually replaced during September, for what amount in September would Genesis debit Product Warranty Expense? 
A. $50
B. $150
C. $30
D. $120
E. $52.50

 

137. Albion Company sells merchandise with a one year warranty.  In 2013, sales consisted of 2,500 units.  It is estimated that warranty repairs will average $20 per unit sold, and 30% of the repairs will be made in 2013 and 70% in 2014.  In the 2013 income statement, Albion should show warranty expense of:  
A. $15,000
B. $35,000
C. $50,000
D. $0
E. $25,000

 

138. Youngstown Company sells merchandise with a one year warranty.  Sales consisted of 2,500 units in 2013 and 2,000 units in 2014.  It is estimated that warranty repairs will average $10 per unit sold, and 30% of the repairs will be made in 2013 and 70% in 2014 for the 2013 sales. Similarly, 30% of repairs will be made in 2014 and 70% in 2015 for the 2014 sales.  In the 2014 income statement, how much of the  warranty expense shown will be due to 2013 sales?  
A. $7,500
B. $17,500
C. $25,000
D. $0
E. $12,500

 

139. Under U.S. GAAP, the cost of a product warranty should be included as an expense in the  
A. period the cash is collected for a product sold on account.
B. future period when the cost of repairing the product is paid.
C. period of the sale of the product.
D. future period when the product is repaired or replaced.
E. past period when the product is under development.

 

140. Lager Company sells merchandise with a one year warranty.  In 2013, sales consisted of 1,600 units.  It is estimated that warranty repairs will average $10 per unit sold, and 30% of the repairs will be made in 2013 and 70% in 2014.  In the 2013 income statement, Lager should show warranty expense of  
A. $4,800
B. $11,200
C. $16,000
D. $0
E. $8,000

 

 

default image
July 1, 2023
    

 

 

131. Claitin Inc. uses large warehouses to store its finished goods ready for sale. After its personnel and auditors conducted a physical inventory of goods on one side of its warehouses, Claitin Inc. transported a portion of the inventory to another part of the warehouse, removing the inventory tags that indicated that the items had already been counted in inventory, and thereby included the items a second time in inventory. In this way, the firm overstated its ending inventory for the current year, understated its cost of goods sold, and overstated its earnings. This action resulted in an overstatement of the beginning inventory for the next year. Assuming a correct count of the ending inventory for the second year, the action has the result of overstating cost of goods sold for the second year and understating earnings. Net income for the two years combined, however, is correctly stated, the net result of an overstatement in the first year offset by an equal understatement in the second year. The actions 
A. are in accordance with U.S. GAAP.
B. are in accordance with IFRS.
C. violate ethical principles.
D. are in accordance with U.S. GAAP, but not IFRS.
E. are in accordance with IFRS, but not U.S. GAAP.

 

132. On December 10 of the current year, XTREME Sports Inc. receives an advance of $50,000 from a hockey team for 20,000 custom-made shirts with the team’s logo, which the team intends to distribute to fans entering a hockey game during the first week in January. XTREME Sports Inc. completes the manufacturing of the shirts on December 30, intending to ship them on December 31 before its accounting period ends. Unfortunately, a snowstorm on December 31 prevented their shipment. XTREME Sports Inc. recorded this transaction as a sale for December, and reduced its inventory accordingly. It set the items aside in its shipping room on December 31 with a clear sign to its own personnel conducting a physical inventory on that date and to its auditors who were observing the count that the items were not to be counted as inventory. These actions 
A. are in accordance with U.S. GAAP.
B. are in accordance with IFRS.
C. violate ethical principles.
D. are in accordance with U.S. GAAP, but not IFRS.
E. are in accordance with IFRS, but not U.S. GAAP.

 

133. On August 1, Covington Motors pays £18,000 for insurance coverage for the next 12 months. On August 1, the firm records the following journal entry:  
A. Prepaid Insurance. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18,000  
     Insurance Expense . . . .. . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . 18,000
B. Prepaid Insurance. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18,000  
     Cash. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  . . . . . . . . . . . . . . 18,000
C. Insurance Expense. . . . . . . . . . . . . . . . . . . . . . . . . . . .  . . . . . . . . . . . . 18,000  
     Prepaid Insurance  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18,000
D. Liability for Prepaid Insurance . . . . . . .  . . . . . . . . . . . . . . . . . . . .  . . . . 18,000 
     Cash. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  . . . . . . . . . . . . . . 18,000
E. Prepaid Insurance. . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . 18,000  
     Liability for Prepaid Insurance . . . . . . .  . . . . . . . . . . . . . . . . . . . .  . .. . . . 18,000

 

134. On August 1, Covington Motors pays £18,000 for insurance coverage for the next 12 months. On August 1, the firm records the following journal entry:

Prepaid Insurance. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18,000
     Cash. . . . . . . . . . . . . . . . . . . . .  . . . . . . . .  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18,000

At the end of each of the next 12 months, the firm records the following adjusting entry:  
A. Prepaid Insurance. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,500  
     Insurance Expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . 1,500
B. Prepaid Insurance. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,500 
     Cash. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  . . . . . . . . . . . . . . . 1,500
C. Insurance Expense. . . . . . . . . . . . . . . . . . . . . . . . . . . .  . . . . . . . . . . . . 1,500  
     Prepaid Insurance  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,500
D. Liability for Prepaid Insurance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .1,500 
     Cash. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  . . . . . . . . . . . . . . 1,500
E. Prepaid Insurance. . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . 1,500 
     Liability for Prepaid Insurance . . . . . . .  . . . . . . . . . . . . . . . . . . . . .  .  . . . . 1,500

 

135. Focus Company sells merchandise with a one year warranty.  In 2013, sales consisted of 2,500 units.  It is estimated that warranty repairs will average $10 per unit sold, and 30% of the repairs will be made in 2013 and 70% in 2014.  In the 2013 income statement, Focus should show warranty expense of 
A. $25,000
B. $7,500
C. $17,500
D. $0
E. $12,500

 

136. During September, Genesis sold 100 radios for $50 each.  Each radio cost Genesis $30 to purchase, and carried a two-year warranty.  If 5% typically need to be replaced over the warranty period and one is actually replaced during September, for what amount in September would Genesis debit Product Warranty Expense? 
A. $50
B. $150
C. $30
D. $120
E. $52.50

 

137. Albion Company sells merchandise with a one year warranty.  In 2013, sales consisted of 2,500 units.  It is estimated that warranty repairs will average $20 per unit sold, and 30% of the repairs will be made in 2013 and 70% in 2014.  In the 2013 income statement, Albion should show warranty expense of:  
A. $15,000
B. $35,000
C. $50,000
D. $0
E. $25,000

 

138. Youngstown Company sells merchandise with a one year warranty.  Sales consisted of 2,500 units in 2013 and 2,000 units in 2014.  It is estimated that warranty repairs will average $10 per unit sold, and 30% of the repairs will be made in 2013 and 70% in 2014 for the 2013 sales. Similarly, 30% of repairs will be made in 2014 and 70% in 2015 for the 2014 sales.  In the 2014 income statement, how much of the  warranty expense shown will be due to 2013 sales?  
A. $7,500
B. $17,500
C. $25,000
D. $0
E. $12,500

 

139. Under U.S. GAAP, the cost of a product warranty should be included as an expense in the  
A. period the cash is collected for a product sold on account.
B. future period when the cost of repairing the product is paid.
C. period of the sale of the product.
D. future period when the product is repaired or replaced.
E. past period when the product is under development.

 

140. Lager Company sells merchandise with a one year warranty.  In 2013, sales consisted of 1,600 units.  It is estimated that warranty repairs will average $10 per unit sold, and 30% of the repairs will be made in 2013 and 70% in 2014.  In the 2013 income statement, Lager should show warranty expense of  
A. $4,800
B. $11,200
C. $16,000
D. $0
E. $8,000

 

 

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