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Question - Consumer Tech Ltd. provides a two-year warranty on all products it sells to customers. The following information is provided for the company's 2020 fiscal year:
Total sales made in 2020 $25,000,000
Estimated cost of servicing products under warranty 2% of sales
Warranty liability balance at January 1, 2020 $40,000
Expenditures to satisfy warranty claims in 2020 $38,000
What is the balance for warranty liability at the company's year-end on December 31, 2020?
a) $578,000
b) $502,000
c) $500,000
d) $498,000
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