What amounts relative to the 2025 television warranties

Reference no: EM133538077

Question: Wildhorse Company sells televisions at an average price of $856 and also offers to each customer a separate 3-year warranty contract for $93 that requires the company to perform periodic services and to replace defective parts. During 2020, the company sold 306 televisions and 256 warranty contracts for cash. It estimates the 3-year warranty costs as $21 for parts and $41 for labor, and accounts for warranties separately. Assume sales occurred December 31, 2020, and straight-line recognition of warranty revenues occurs. A. Record any necessary journal entries B. What Liability relative to these transactions would appear on the December 31, 2025 balance sheet and how would it be classified? C. In 2023 Wildhorse company incurred actual costs relative to 2025 television warranty sales of 2110 for parts and 3630 for labor. Record any necessary journal entries 2026 D. what amounts relative to the 2025 television warranties would appear on the December 31, 2026 balance sheet and how would they be classified

Reference no: EM133538077

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