Bach.Co.presents the Following Information for 2015 and 2016

question 64

Essay

Bach.Co.presents the following information for 2015 and 2016.
2015 information:
Sales on account in the amount of $645,000
Warranty expense and associated liability in the amount of $125,000
No other expenses incurred.
2016 information:
Sales on account in the amount of $225,000
Warranty repairs made in the amount of $65,000
No expenses incurred.
Prepare the journal entries for 2015 and 2016 to record the sales,warranty,and income tax transactions,assume a 40% tax rate.

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Definitions:

Cerebral Cortex

Part of the forebrain, the outer layer of the brain, responsible for the most complex mental functions, such as thinking and planning.

Cannon-Bard Theory

A theory of emotion that argues emotions and bodily responses occur simultaneously, not sequentially.

James-Lange Theory

The James-Lange theory proposes that emotions result from the perception of bodily reactions to stimuli, rather than directly from the stimuli.

Cannon-Bard Theory

The psychological theory proposing that emotions and physiological reactions occur simultaneously, rather than one causing the other.