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Problem - Bombeck Company sells a product for $1,500. When the customer buys it, Bombeck provides a one-year warranty. Bombeck sold 120 products during 2016. Based on analysis of past warranty records, Bombeck estimates that repairs will average 3% 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 $4,950. Prepare the journal entry to record the repair of products.
Net income for the year ended December 31, year 2, was $60,000. At December 31, year 2, what amount should Cyan report as retained earnings?
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