Maurice Tutor

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About Maurice Tutor

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Teaching Since: May 2017
Last Sign in: 407 Weeks Ago, 6 Days Ago
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Education

  • MCS,PHD
    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

Experience

  • Professor
    Phoniex University
    Oct-2001 - Nov-2016

Category > Management Posted 29 Jan 2018 My Price 7.00

Telemix Company

Telemix Company is engaged in the retail sale of high-definition televisions (HDTVs). Each HDTV has a 24-month warranty on parts. If a repair under warranty is required, a charge for the labor is made. Management has found that 20 percent of the HDTVs sold require some work before the warranty expires. Furthermore, the average cost of replacement parts has been $60 per repair. At the beginning of January, the account for the estimated liability for product warranties had a credit balance of $14,300. During January, 146 HDTV’s were returned under the warranty. The cost of the parts used in repairing the HDTVs was $8,760, and $ 9,442 was collected as service revenue for the labor involved. During January, the month before the Super Bowl, Telemix Company sold 450 new HDTVs.

Required
1. Prepare entries in journal form to record each of the following:
(a) The warranty work completed during the month, including related revenue:
(b) The estimate liability for product warranties for HDTVs sold during the month.
2. Compute the balance of the Estimated Product Warranty Liability account at the end of the month.
3. If the company’s product warranty liability is overestimated, what are the effect on current and future years’ income?

Answers

Maurice Tutor
(5)
Status NEW Posted 29 Jan 2018 10:01 PM My Price 7.00

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