Regarding warranties, companies should:

Massey Company’s property records revealed the following information about its plant assets:   Machine number Cost Salvage Value Purchase Date Estimated Life Depreciation Method A $ 82,000 $ 8,000 January 1 4 years Straight-line B 46,000 3,600 July 1 5 years Double-declining balance   Calculate the following: -Depreciation expense on Machine A in Year 1: -Net book value of Machine A at the End of Year 2: -Net book value of Machine B at the End of Year 1: -Accumulated Depreciation on Machine B at the end of Year 2:

On April 12, Franklin Company agrees to accept a 60-day, 10%, $9,000 note from Carpenter Company to extend the due date on an overdue account. What is the journal entry that Carpenter Company would make when it records payment of the note on the maturity date? Note: Use 360 days a year.

Tran Company reported the following purchases and sales of its only product. Tran uses a periodic inventory system. Determine the cost assigned to cost of goods sold using LIFO.   Date Activities Units Acquired at Cost Units Sold at Retail May 1 Beginning Inventory 180 units @ $13   May 5 Purchase 235 units @ $15   May 10 Sales   155 units @ $23 May 15 Purchase 115 units @ $16   May 24 Sales   105 units @ $24

An asset’s book value is $25,200 on January 1, Year 6. The asset is being depreciated $350 per month using the straight-line method. Assuming the asset is sold on July 1, Year 7 for $18,400, the company should record:

Geraci’s accepts all major bank credit cards, including those issued by Parkway Bank (PB), which assesses a 3.0% charge on sales for using its card. On June 28, Geraci’s had $6,000 in Parkway Bank (PB) Card credit sales. What entry should Geraci’s make on June 28 to record the deposit?

Bowker Company’s cost of goods sold was $11,000. Determine its net purchases and ending inventory given the cost of goods available for sale were $29,000 and beginning inventory was $14,000:  

Geraci’s accepts all major bank credit cards, including those issued by Parkway Bank (PB), which assesses a 3.0% charge on sales for using its card. On June 28, Geraci’s had $6,000 in Parkway Bank (PB) Card credit sales. What entry should Geraci’s make on June 28 to record the deposit?

Bowker Company’s cost of goods sold was $11,000. Determine its net purchases and ending inventory given the cost of goods available for sale were $29,000 and beginning inventory was $14,000:  

On September 15, Oakton Company sold merchandise in the amount of $7,800 to Dempster Company, with credit terms of 2/10, n/30. The cost of the items sold is $4,500. Oakton uses the perpetual inventory system. The journal entry or entries Oakton will make on September 15 is: