Class3-solution - EXERCISE 13-11(a Cash 3,000,000 Sales...

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EXERCISE 13-11 (a) Cash ........................................................... .................................................................... 3,000,000 Sales .................................................. 3,000,000 (500 x $6,000) Warranty Expense .................................... 20,000 Cash ................................................... 20,000 Warranty Expense .................................... 100,000 Estimated Liab. Under Warranties. 100,000 ($120,000 – $20,000) (b) Cash ........................................................... .................................................................... 3,000,000 Sales .................................................. 2,850,000 Unearned Warranty Revenue .......... 150,000 Warranty Expense .................................... 20,000 Cash ................................................... 20,000 Unearned Warranty Revenue .................. 25,000 Warranty Revenue ............................ 25,000 [$150,000 x ($20,000/$120,000)]
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EXERCISE 13-16 # Assets Liabilities Owners’ Equity Net Income 1 I I NE NE 2 NE NE NE NE 3 NE I D D 4 I I NE NE 5 NE I D D 6 I I I I 7 D I D D 8 NE I D D 9 NE I D D 10 I I NE NE 11 NE I D D 12 NE I D D 13 NE I D D 14 D D NE NE 15 I I I I 16 D NE D D 17 NE D I I 18 NE I D D
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PROBLEM 13-10 (a) Because the cause for litigation occurred before the date of the financial statements and because an unfavorable outcome is probable and reasonably estimable, Branson Airlines should
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