ABC Company requires advance payments with special orders for machinery constructed to customer specifications. These advances are non-refundable. Data for the year are: Customer advances, January 1 P 5,800,000 Advances received with orders 12,000,000 Advances applied to orders shipped 10,700,000 Advances applicable to orders cancelled 2,500,000 How much is the liability fro customer advances at the end of the year?

On December 31 (the end of the fiscal year), Ramesh Company received the PBO report from the actuary. The following information was included in the report: ending PBO, $112,000; benefits paid to retirees, $14,500; interest cost, $8,800. The discount rate applied by the actuary was 10%. What was the beginning PBO?

Estimated Warranty Liability Cook-Rite Co. sold $512,000 of equipment during January under a two-year warranty. The cost to repair defects under the warranty is estimated at 5% of the sales price. On August 15, a customer required a $293 part replacement, plus $224 of labor under the warranty. Required: (a)  Provide the journal entry for the estimated warranty expense on January 31 for January sales. accounts payable/cash/product warranty expense/product warranty payable/wages payable Jan. 31               (b)  Provide the journal entry for the August 15 warranty work. If an amount box does not require an entry, leave it blank. accounts payable/cash/product warranty expense/product warranty payable/product warranty expense/supplies Aug. 15