Sheridan.com sold 6700 units of its product for $430 each during the year ending December 31,...

 

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Sheridan.com sold 6700 units of its product for $430 each during the year ending December 31, 2022. The selling price includes a one- year warranty on parts. It is expected that 3% of the units will be defective and that repair costs will average $60 per unit. In the year of sale, warranty contracts are honored on 110 units for a total cost of $6600. What amount should be reported on Sheridan.com's balance sheet as Warranty Liability on December 31, 2022? A retail store does not segregate sales and the amount of sales tax on sales. If the sales tax rate is 4% and the register total amounted to $533000, what is the amount of the sales taxes owed to the taxing agency? Sheridan.com sold 6700 units of its product for $430 each during the year ending December 31, 2022. The selling price includes a one- year warranty on parts. It is expected that 3% of the units will be defective and that repair costs will average $60 per unit. In the year of sale, warranty contracts are honored on 110 units for a total cost of $6600. What amount should be reported on Sheridan.com's balance sheet as Warranty Liability on December 31, 2022? A retail store does not segregate sales and the amount of sales tax on sales. If the sales tax rate is 4% and the register total amounted to $533000, what is the amount of the sales taxes owed to the taxing agency?

Answer rating: 100% (QA)

To calculate the warranty liability on Sheridancoms balance sheet on December 31 2022 we need to ... View the full answer