Joseph Corporation sold 11,000 units of a new product for $70/unit during 2020. The sales price included a 3-year warranty to cover any defects on the product.  Management at Joseph Corporation estimates total warranty expenses to be 7% of sales dollars.  Assuming actual warranty expenditures related to this product were $19,000 in 2020, what amount of warranty expense will Joseph Corporation record on their 2020 income statement?

Short Answer Questions (5 points each)

As of December 31, 2017, Rodger’s company has a balance in their accounts receivable of $1,300,000.  The beginning balance in their allowance for doubtful accounts (AFDA) is $3,000 (debit) and they estimate that they need an ending allowance balance equal to 5% of the gross receivables balance.  The journal entry to adjust the allowance for bad debt expense will include:

J&L reported net income of $250,000 for the year ended December 31, 2020.  The following information was also available: Current assets increased by $30,000 Current liabilities decreased by $25,000 J&L declared, and paid, $50,000 of dividends $50,000 of long-term property, plant and equipment was purchased with cash Depreciation expense, included in net income, was $15,000 J&L sold a piece of equipment with an original cost of $50,000 and accumulated depreciation of $33,000 for $25,000 in cash. J&L issued long-term bonds payable for $500,000 at par. Calculate J&L’s cash flows from operations.

Brecken Industries purchased a piece of equipment for their manufacturing facilities and paid with a 3-year, zero-interest bearing $100,000 notes payable.  Assuming a 5-year useful life and no salvage value, how much straight-line depreciation expense would Brecken record for this asset each year?  Brecken typically borrows at a rate of 5%. The present value of one for 3-periods at 5% is: .86384 The present value of one for 5-periods at 5% is: .78353 Round all calculations to whole dollars.

Match the combining form with its definition.

The Board of Certification established continuing education requirements to encourage certified athletic trainers to:

Medical Terminology Abbreviations (.5 point each)

The term “work conditioning” refers to:

Which of the following performance domains of athletic training includes explaining the importance of diet and lifestyle choices?