This extra credit covers Chapter 8 specifically notes payable
and warranty costs.
Joel runs a repair shop. He warrants select products against
manufacturer defects. Joel estimates that warranty expenses will be
5% of sales. During the year 2013, Joel had sales of 3,507,000.
Warranty payments were 350,000 and accrued warranty expense from
2012 were 350,000. (6 points )
Using the data above answer the following:
What is warranty expense for 2013
What is the ending balance in the warranty liability...