Question: Learning: Current Liabilities and Payroll QUESTION ( i ) Jones Company's balance sheet reflected Estimated Warranty Payable of $ 1 , 0 0 0 credit

Learning: Current Liabilities and Payroll
QUESTION (i)
Jones Company's balance sheet reflected Estimated Warranty Payable of $1,000 credit at the end of 2024, the current year. During 2025, the following year, Jones had sales of $100,000 and expects product warranties to cost the company 9% of sales. During 2025, Jones paid $8,500 for warranties.
What is Jones Estimated Warranty Payable balance at the end of 2020?
Learning: Current Liabilities and Payroll

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