Carpenter Inc. estimates warranty expense at 3% of sales. Sales during the year were $5 million and warranty expenditures were $55,000. What was the balance in the Warranty Liability account at the end of the year?
A: $95,000
B: $55,000
C: $110,000
D: $150,000
Homework Answers
($5,000,000 * 3%) - $55,000 = $95,000
Warranty Liability at the end of the year = $95,000
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Carpenter Inc. estimates warranty expense at 3% of sales. Sales during the year were $5 million and warranty expenditures were $55,000. What was the balance in the Warranty Liability account at the end of the year?
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Could you solve clearly?
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annual net sales. The following data relate to the calendar year
2021:
Net sales
$1506000
Warranty liability account
Balance, Dec. 31, 2020
$13000
debit before adjustment
Balance, Dec. 31, 2021
32180
credit after adjustment
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estimated warranty expense?
a
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32180
b
Warranty Expense
37635
Retained Earnings (prior-period adjustment)
7545
Warranty Liability
45180
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