westworld Inc, sells vehicles with multi-year warranties that it records in one warranty payable account. At January
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westworld Inc, sells vehicles with multi-year warranties that it records in one warranty payable account. At January 1, 2017 the beginning balance in warranty payable account was $400,000. Vehicles sales during 2017 were $8,500,00 and warranry costs were estimated at 5% of sales. During 2017 $278,000 of claims were paid. On december 31, 2017 what is the ending balance in warranty payable?
Related Book For
Intermediate Accounting
ISBN: 978-1119048541
11th Canadian edition Volume 2
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Nicola M. Young, Irene M. Wiecek, Bruce J. McConomy
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