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What is the amount of warranty liability that is reported

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Question - On January 1, 2020, the beginning balance in the Warranties Liability account was $65,000. Cash sales for 2020 totaled $450,000 and credit sales totaled $850,000. The company estimates warranty costs at 7% of sales. During the year, $70,000 was paid to settle warranty claims. As a result of these transactions, what is the amount of warranty liability that is reported on the company's 2020 yearend balance sheet?

Reference no: EM133153874

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