1.) Classic Sales Corporation offers warranties on all their electronic goods. Warranty expense is estimated...
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Accounting
1.) Classic Sales Corporation offers warranties on all their electronic goods. Warranty expense is estimated at 33% of sales revenue. In 2018, the company had $600,000 of sales. In the same year, it paid out $9,500 of warranty payments. Which of the following is the entry needed to record the estimated warranty expense?
2.)Landings Glassware Company issues $1,001,000 of 11%, 10year bonds at 94 on February 28, 2019. The bonds pay interest on February 28 and August 31. The journal entry to record the issuance includes a ________.
3.) An asset was purchased for $29,000 on January 1, 2019. The asset's estimated useful life was five years, and its residual value was $8,000. The straightline method of depreciation was used. Calculate the gain or loss if the asset is sold for $24,000 on December 31, 2019, the last day of the accounting period.
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