b. machines
c. buildings
d. tools
Answer:
$10,500
Explanation:
Wall Welding should record warranty expense based on experience with past claims (3% of total sales). So if total sales were $350,000 you multiply that by 3% = $10,500.
The $4,000 left in the estimated warranty payable account belongs to previous years and should not alter the current year calculations.
(c) select the accounting assumption or principle Only those things that can be expressed in money are included in the accounting records.
(d) select the accounting assumption or principle Separates financial information into time periods for reporting purposes.
(e) select the accounting assumption or principle Measurement basis used when a reliable estimate of fair value is not available.
(f) select the accounting assumption or principle Dictates that companies should disclose all circumstances and events that make a difference to financial statement users.
Answer:
Book keeping ideas principles of bookkeeping that ought to be followed in planning everything being equal and budget summaries. The four major ideas are;