Carpenter Inc. had a balance of $82,000 in its QA liability account as of December 31, 2020.

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Carpenter Inc. had a balance of $82,000 in its QA liability account as of December 31, 2020. In 2021, Carpenter's warranty expenses paid were $447,000. Your warranty expense is calculated as 1% of sales. Sales in 2021 were $40.2 million.

What was the balance in the guarantee liability account as of December 31, 2021?

Related Book For answer-question

Intermediate Accounting

ISBN: 978-1260481952

10th edition

Authors: J. David Spiceland, James Sepe, Mark Nelson, Wayne Thomas

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Posted Date: Apr 11, 2023 04:02 AM

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Carpenter Inc. had a balance of $82,000 in its QA liability account as of December 31, 2020.

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Intermediate Accounting

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