Fisher Co. has a warranty liability of $35,000 on 1/1/Y7 and $31,000 on 12/31/Y7. Warranty expense is

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Fisher Co. has a warranty liability of $35,000 on 1/1/Y7 and $31,000 on 12/31/Y7. Warranty expense is based on 4% of sales. Sales were $5,000,000 for the year.

What was the warranty expeditious for Year 7?

A. $0

B. $200,000

C. $204,000

D. $196,000

Related Book For answer-question

Intermediate Accounting

ISBN: 978-0324592375

17th Edition

Authors: James D. Stice, Earl K. Stice, Fred Skousen

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Posted Date: Feb 22, 2022 01:31 AM

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Fisher Co. has a warranty liability of $35,000 on 1/1/Y7 and $31,000 on 12/31/Y7. Warranty expense is

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Intermediate Accounting

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