Accounting

Acct 152 Mini Quiz Chpt 11 ------------------------------ Lowe association sells 4,000 units of its product for $ viosterol each. The sell price includes a one- stratum warranty on parts. It is expected that 3% of the units will be defective and that recompense be will sightly $50 per unit. In the yr of sale, warranty contracts be honored on 80 units for a total cost of $4,000. 1. What amount should Lowe Company accrue on December 31 for estimated warranty costs? a. $6,000. b. $4,000. c. $2,000. d. $30,000. 2. What amount will be reported on Lowe Companys proportionality sheet as Estimated Warranty Liability on December 31, 2002? a. $4,000. b. $6,000. c. $2,000. d. cannot be determined. 3. The diary entry to record the payroll for Marcus Garvey Company for the week conclusion January 8, would probably include a a. recognition to Office Salaries. b. credit to reward Expense. c. debit to Federal Income Taxes Payable. d. credit to FICA Taxes Payable. 4. Which of the following statements ab verboten a pension externalise is correct? a. A pension plan involves two parties: the employer and the retired employees. b.

Pension plans are unremarkably not a concern for employers. c. Most pension plans are lawsuit to the viands of ERISA. d. Most pension plans are subject to the provisions of OSHA. 5. In most companies , current liabilities are give within ! a. one year through the creation of former(a) current liabilities. b. the direct round through the creation of former(a) current liabilities. c. one year out of current assets. d. the operating cycle out of current assets. 6. When an interest-bearing note matures, the counterpoise in the Notes Payable account is a. less(prenominal) than the total amount repaid by the borrower. b. the difference between the maturity value of...If you want to feel a full essay, differentiate it on our website: OrderCustomPaper.com

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