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Question - Suzuki Group Presented below is the current liabilities section and related note of Suzuki Group.
(yen in millions)
Current Year
Prior Year
Current liabilities
Current portion of long-term debt
¥15,000
¥10,000
Short-term debt
2,668
405
Accounts payable
29,495
42,427
Accrued warranty
16,843
16,741
Accrued marketing programs
17,512
16,585
Other accrued liabilities
35,653
33,290
Accrued and deferred income taxes
16,206
17,348
Total current liabilities
¥133,377
¥136,796
Notes to Consolidated Financial Statements - Note 1 (in part): Summary of Significant Accounting Policies and Related Data.
Accrued Warranty - The company provides an accrual for future warranty costs based upon the relationship of prior years' sales to actual warranty costs.
The company provides an accrual for future warranty costs based upon the relationship of prior years' sales to actual warranty costs.
Required - Answer the following questions:
a. What type of warranty is Suzuki providing to customers?
b. Under what circumstance, if any, would it be appropriate for Suzuki to recognize unearned revenue on warranty contracts?
c. If Suzuki recognized unearned revenue on warranty contracts, how would it recognize this revenue in subsequent periods?
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