Lamar Industries warrants its products for one year.The estimated product warranty is 3% of sale.Assume that sales were $190,000 for June. In July, a customer recived warranty repairs requiring $185 of parts and $50 of labor
required
1. the adjusting entry required at June 30,the end of the first month of the current year,to record the accured product warranty
2. journalize the enter to record the warranty work provided on July
2- on thw first day of the fiscal year, a company issues a $500,00, 8% 10 years bond that pays semi-annual interes of $20,000($500,000x8%x1/2) receving cash of $530,000. Journalize the entry to record the issuance of the bond
3-A company reports the following income statment and balance sheet information for the current year :
net income $180,000
interest expence $20,000
Average total assets $2,000,000
Determinate the rate of total assets.Round your anser to the one digit after the decinal place