Are the following statements true or false? Vacation time s…

Are the following statements true or false? Vacation time should be accrued in the period that the employee has earned the vacation time Assurance type warranties result in unearned warranty revenue being recorded on the financial statements Unearned revenue is a liability Assurance type warranties represent one performance obligation.  All revenue and expenses should be recorded in the same accounting period. 

Wisconsin Corporation sells computers to students for $1,200…

Wisconsin Corporation sells computers to students for $1,200 per computer.  Students can elect to purchase an extended protection plan.  This protection plan is for two years from the date of purchase.  Wisconsin sells the protection plans for $150 per plan.     On June 30, 2024, Wisconsin sells 20 computers.  Five of the customers purchased the extended protection plan.   Wisconsin estimates that it will spend $50 for each computer covered by the extended protection plan.   What journal entry(ies) should Wisconsin Corporation record on June 30, 2024?

Use the information in Question #1 above.  On December 31, 2…

Use the information in Question #1 above.  On December 31, 2024 two students did bring in their computer for repairs under the extended protection plan.  Wisconsin fixed each computer for $20 in parts. Assume that Wisconsin Corporation issues financial statements on December 31, 2024 and prepares adjusting journal entries annually. What journal entry(ies) should Wisconsin Corporation record on December 31, 2024?  

Van Vleck Corporation has a note payable for $5,000,000 that…

Van Vleck Corporation has a note payable for $5,000,000 that is due on March 26, 2025.  On February 28, 2025, Van Vleck refinanced the debt with Wisconsin Bank by entering into a 20-year note.   Van Vleck Corporation also has a note payable for $2,000,000 that is due on June 30, 2025.  On April 1, 2025, Van Vleck refinanced the debt by issuing 10-year bonds.  The 2024 annual financial statements were issued by Van Vleck on March 15, 2025. What amount of current liabilities should Van Vleck Corporation show on their Balance Sheet for the year-ended December 31, 2024?