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Calculate the warranty payable at the end

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Reference no: EM133137654

Question - Sales for the year 2018 were $234 000. The company estimates that 3.5% of sales will require a warranty repair in 2018. The estimated warranty payable balance was $99 000 in 2017 and there were warranty claims of $64 000 in the current period.

Required -

a. Explain what is meant by a warranty.

b. Calculate the warranty payable at the end of 2018 and show the Journal entry.

Reference no: EM133137654

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