Homework Answers
The warranty expense would be total of amount paid in beginning and the future liability that may arise in future. And therefore Total amount of warranty expense would be:
Note: Assuming there was no any warranty expense payable outstanding in the beginning of the year.
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records warranty expense with an adjusting entry on December 31. On
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warranty to a customer on August 16, 2017, for $9,000 cash. Hitzu
uses the perpetual inventory system. On November 22, 2018, the
copier requires on-site repairs that are completed the same day.
The repairs cost $131 for materials taken from the repair parts
inventory. These are the only repairs required in 2018 for this
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Hitzu Co. sold a copier (that costs $5,500) for $11,000 cash
with a two-year parts warranty to a customer on August 16 of Year
1. Hitzu expects warranty costs to be 5% of dollar sales. It
records warranty expense with an adjusting entry on December 31. On
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completed the same day. The repairs cost $137 for materials taken
from the repair parts inventory. These are the only repairs...
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