quality assurance warranty liability 350k at 010123 and 310k at 123123 warranty expense is based

Name: quality assurance warranty liability 350k at 010123 and 310k at 123123 warranty expense is based on 4 of sales sales in 2023 50m warranty costs paid in 2023 were a 196m b 2 c 204m d 212m
Uploaded: 2024-04-07T02:01:37-08:00
Duration: 2 min 25 s
Channel: Jaquinthia Renee Fulton
Description: quality assurance warranty liability 350k at 010123 and 310k at 123123 warranty expense is based on 4 of sales sales in 2023 50m warranty costs paid in 2023 were a 196m b 2 c 204m d 212m

Question

Manasvee Singh · Accepted Answer

1. The warranty expense for the year is 4% of sales, which is 4% of $50M = $2M.

Question

Quality-assurance warranty liability = $350K at 01/01/23 and $310K at 12/31/23. Warranty expense is based on 4% of sales. Sales in 2023 = $50M. Warranty costs paid in 2023 were: A. 1.96M B. 2М C. 2.04M D. 2.12M

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