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Problem - Beck Company sells a product for $3,200. When the customer buys it, Beck provides a one-year warranty. Beck sold 120 products during 2016. Based on analysis of past warranty records, Beck estimates that repairs will average 4% of total sales.
Required -
1. Prepare the journal entry to record the estimated liability.
2. Assume that during 2016, products under warranty must be repaired using repair parts from inventory costing $10,200. Prepare the journal entry to record the repair of products.
3. Assume that the balance of the Estimated Liability for Warranties account as of the beginning of 2016 was $1,100. Calculate the balance of the account as of the end of 2016.
You are in your second year as an auditor with Dantly and Regis, a regional CPA firm. One of the firm's long-time clients is Mayberry-Cleaver Industries, a national company involved in the manufacturing, marketing, and sales of hydraulic devices used..
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