Orange, Co. is being sued by a customer related to a faulty…

Orange, Co. is being sued by a customer related to a faulty product.  While the outcome of the lawsuit is unknown as of December 31, 2020, in consultation with their legal team, Orange, Co. believes that it is probable they will incur a loss and the best estimate of the loss is $750,000.  Select the correct adjusting journal entry that Orange Co. should make as of December 31, 2020:

HP Company sold 200,000 units of their product during March….

HP Company sold 200,000 units of their product during March.  The products sell for $7.5/unit and carries a cost of $2/unit.  HP Company accepts product returns for 4-months post sale. During March, 50 units of product were returned.  As of March 31, a balance sheet date, HP Company estimates that another 80 products will be returned before the right of return expires. When HP Company prepares their income statement on March 31, what is the net amount of revenue (revenue – sales returns and allowances) they will report related to the sale of these products?

For the year ended December 31, 2020, Stella Company reporte…

For the year ended December 31, 2020, Stella Company reported the following amounts.  What amount would Stella report as total Stockholders’ equity in its 12/31/20 balance sheet? Stockholders’ equity, 1/1/20 $357,000 Revenues 1,400,000 Expenses 1,035,000 Dividends declared on 12/15 (paid 1/15/21) 57,000 Common Stock issued 103,000 Stockholders’ equity, 12/31/20 ?