Recording and Reporting Warranties Macy Furniture sells a line of products that carry a three-year warranty against defects at no extra charge. Based on industry experience, the estimated warranty costs are as follows: first year following the year of sale, 1% of sales; second year following the year of sale, 3% of sales; and third year following the year of sale, 5% of sales. Sales and actual warranty expenditures for the first three-year period were: Cash Sales Actual Warranty Expenditures 2020 $80,000 $1,000 2021 110,000 4,100 2022 120,000 9,800 a. Provide entries for the three years for (1) credit sales, (2) estimated warranty expense, and (3) actual expenditures. b. What amount should be reported as a liability on the balance sheet at the end of each year

John novosel was employed by nationwide insurance company for fifteen years. novosel had been a model employee and, at the time of discharge, was a district claims manager and a candidate for the position of division claims manager. during novosel's fifteenth year of employment, nationwide circulated a memorandum requesting the participation of all employees in an effort to lobby the pennsylvania state legislature for the passage of a certain bill before the body. novosel, who had privately indicated his disagreement with nationwide's political views, refused to lend his support to the lobby, and his employment with nationwide was terminated. novosel brought two separate claims against nationwide, arguing, first, that his discharge for refusing to lobby the state legislature on behalf of nationwide constituted the tort of wrongful discharge in that it was arbitrary, malicious, and contrary to public policy. novosel also contended that nationwide breached an implied contract guaranteeing continued employment so long as his job performance was satisfactory. what decision as to each claim?

Suppose that the firm cherryblossom has an orchard they are willing to sell today. the net annual returns to the orchard are expected to be $50,000 per year for the next 20 years. at the end of 20 years, it is expected the land will sell for $30,000. calculate the market value of the orchard if the market rate of return on comparable investments is 16%.

Suppose farmer lane grows and sells cotton in a perfectly competitive industry. the market price of cotton is $1.64 per kilogram, and his marginal cost of production is $1.44 per kilogram, which increases with output. assume farmer lane is currently earning a profit. can farmer lane do anything to increase his profit in the short run? farmer lane: a. cannot do anything to increase his profit. b. may or may not be able to increase his profit. c. can increase his profit by raising his price. d. can increase his profit by producing more output. e. can increase his profit by shutting down.