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Question: Warranties
In 2013, BMJ Plumbing Company sold 250 water heaters for $1,050 each. The water heaters carry a 5-year warranty for repairs. BMJ Plumbing estimates that repair costs will average 2% of the total selling price.
Required: 1. How much is recorded in the warranty liability account as a result of selling the water heaters during 2013, assuming no warranty service has yet been performed?
2. Prepare the necessary adjusting entry at December 31, 2013.
benson company provides the following information sales 24000 net income 5000 current assets 1200 current liabilities
Emron Company owns a 100% interest in the common stock of the Dietz Company. On January 1, 20X2, Emron sold Dietz a fixed asset that Dietz will use over a 5-year period. The asset was sold at a $5,000 profit. In the consolidated statements, this p..
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