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LB5212 Accounting and finance for managers

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Decker Corporation Limited, a leading manufacturer of power tools, sells a “multi tool” power tool with several adapters for $450 per unit.  During the year ending 30 June 2017, Decker Corporation sold 100,000 units of this “multi tool” power tool.

Decker Corporation has information based on product testing and historical experience that identifies 1% of the power tools may require warranty service costing an average of $50 within the 12-month warranty period.  A further 1.5% of power tools may require warranty replacement costing $200.  

On 1st August 2017, a customer was given a warranty replacement tool at a cost price of $200 to Decker Corporation Limited as they were unable to repair the tool.

Required:

Discuss the purpose of establishing a provision for warranty account for an entity. Refer to the conceptual framework and generally accepted accounting principles to support your answer.   (5 marks) 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LB5212 Accounting and finance for managers

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ACCY111 – Accounting Fundamentals in Society

Question 1 Clearly state the name of the company and provide the link to the report you selected.    Question 2 Analyse how your selected company disclosed the impact of COVID-19 on its operations.  Provide two (2) examples from the selected report.    Question 3 Provide t ...

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ACCT322 Management Accounting

Questions: Northern Apparel Inc. is thinking of making a specialty parka for children. The initial research has determined that the parka could sell for $195. Fixed manufacturing overhead is $140,000 per month. Fixed selling costs are $31,000 per month. Variable costs to manufacture are estimated a ...

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FIN7040 Financial Decision Making

Question: Your roleYou work in the finance department of Starbucks UK. Your Chief Financial Officer (CFO) has asked you to review the financial statements and other material sourced for you below, of Roast Ltd, an independent UK chain of coffee houses. The objective is to assist her in evaluating t ...

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ACC 2209 Financial Accounting

Task: • Identify users and their needs based on the information in the case• Make sure you stay in the “role” specified in the case• Identify any constraints• Identify all issues/risks and rank them according to importance to the user(s) of the report• Keep this paragraph minimal as y ...

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