Question: Accounting question. Please answer in format shown 11-8 Company experience indicates that warranty costs will be 4% of sales. Assume that the in Colorado springs
Company experience indicates that warranty costs will be 4% of sales. Assume that the in Colorado springs made sales totaling $800,000 during 2016. The company received cash for 10% of the sales and notes for the remainder. Warranty totaled $23,000 during 2016. 1. Record the sales, warranty payments for the company ignore cost of goods sold. 2. Post to the Estimated Warranty Payable T-account. At the end of 2016, how much in Estimated payable does the company owe? Assume the Estimated Warranty Payable is $0 on January 1, 2016. 1. Record the sales, warranty expense and warranty payments for the company ignore cost of goods sold. Begin with the entry to record the sales
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