2. a company’s financial records at the end of the year include the following amounts: cash $ 70,000 accounts receivable 28,000 supplies 4,000 accounts payable 10,000 notes payable 5,000 retained earnings, beginning of year 17,000 common stock 40,000 service revenue 62,000 wages expense 8,000 advertising expense 6,000 rent expense 10,000 what is the amount of net income on the income statement for the year? a. $47,000. b. $88,000. c. $38,000. d. $30,000.

Highland company produces a lightweight backpack that is popular with college students. standard variable costs relating to a single backpack are given below

Which of the following differentiates cost accounting and financial accounting? a. the primary users of cost accounting are the investors, whereas the primary users of financial accounting are the managers. b. cost accounting measures only the financial information related to the costs of acquiring fixed assets in an organization, whereas financial accounting measures financial and nonfinancial information of a company's business transactions. c. cost accounting measures information related to the costs of acquiring or using resources in an organization, whereas financial accounting measures a financial position of a company to investors, banks, and external parties. d. cost accounting deals with product design, production, and marketing strategies, whereas financial accounting deals mainly with pricing of the products.

Analyzing and computing accrued warranty liability and expense waymire company sells a motor that carries a 60-day unconditional warranty against product failure. from prior years' experience, waymire estimates that 2% of units sold each period will require repair at an average cost of $100 per unit. during the current period, waymire sold 69,000 units and repaired 1,000 units. (a) how much warranty expense must waymire report in its current period income statement? (b) what warranty liability related to current period sales will waymire report on its current period-end balance sheet? (hint: remember that some units were repaired in the current period.) (c) what analysis issues must we consider with respect to reported warranty liabilities?