A company estimates the cost of products warranties to be 3% of sales. The beginning balance in Estimated Warranty Liability account is $15,000. Sales for the period was $795,000. During the period, $32,600 was actually paid for warranty related costs. What is the ending balance in the Warranty Liability account?
| Click Here to View All Chapter 11 Problems at Once | View | ||
| 1 | Bond Theory Multiple Choice | Easy | |
| 2 | Liability Classification | Easy | |
| 3 | Bond Issue Prices | Moderate | |
| 4 |
Contingent Liabilities
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Moderate | |
| 5 | Contingent Liabilities - Warranties | Moderate | |
| 6 | Coupon and Market Rates Multiple Choice | Moderate | |
| 7 | Bond Amortization | Hard | |
| 8 | Bond Retirement | Hard |
| 1 | Interest Bearing Notes | 8:26 | |
| 2 | Non-interest Bearing Notes | 6:16 | |
| 3 | Contingencies | 5:58 | |
| 4 | Intro to Bonds | 10:04 | |
| 5 | Discounts and Premiums | 7:34 | |
| 6 | Selling at a Discount | 7:15 | |
| 7 | Selling for a Premium | 8:11 | |
| 8 | Amortization | 21:42 | |
| 9 | Borrowing Cost | 6:33 | |
| 10 | Interacting with Market Rates | 5:30 | |
| 11 | Retiring Bonds | 9:54 |