Reference no: EM132936463

Problem 1: Items disclosed in a truth-in-lending disclosure will include all of the following EXCEPT Annual percentage rate

Option 1: Appraisal costs
Option 2: Payment schedule
Option 3: Closing fees
Option 4: Realtor commissions

Problem 2: The beginning warranty liability was $25,000. Sales of $5,000,000 were made, and 1% of sales is the estimated warranty cost. The ending balance of the warranty liability was $35,000 (credit). How much warranty work was performed?

Option 1: $40,000
Option 2: None of these
Option 3: $50,000
Option 4: $90,000
Option 5: $60,000