You are a CPA working for GE. You are responsible for managing the manufacturer’s warranties and the point of sale, add-on-warranties that customers purchase: • Explain the accounting for each warranty type, along with the impact on the financial statements. • Explain why the reporting of each differs. • Include each type of warranty's redemption and expiration process and their effect on the income statement and balance sheet. • Please provide your rationale and specific examples.

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Manufacturers Warranties Add on Warranties on Customer Purchase Termonology Warranty provided by manufacturer over the Sale of Goods as a part of the ... View the full answer