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Prepare entries for Flint Equipment

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Question - Early in 2020, Flint Equipment Company sold 400 Rollomatics at $6,400 each. During 2020, Flint spent $22,000 servicing the 2-year assurance warranties that accompany the Rollomatic. All applicable transactions are on a cash basis.

a. Prepare 2020 entries for Flint Equipment. Assume that Flint Equipment estimates the total cost of servicing the warranties will be $57,000 for 2 years.

b. Prepare 2017 entries for Flint Equipment assuming that the warranties are not an integral part of the sale (a service-type warranty). Assume that of the sales total, $58,000 relates to sales of warranty contracts. Flint Equipment estimates the total cost of servicing the warranties will be $57,000 for 2 years. Estimate revenues to be recognized on a straight-line basis.

Reference no: EM133000005

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