In 2009, Waldo Balloons sold 100 hot air balloons at $4,000 each. The balloons carry a five-year
Question:
In 2009, Waldo Balloons sold 100 hot air balloons at $4,000 each. The balloons carry a five-year warranty for defects. Waldo estimates that repair costs will average 4 percent of the total selling price. The estimated warranty liability at the beginning of the year was $42,000. Claims of $11,000 were actually incurred during the year to honor their warranty.
Required:
What was the balance in the estimated warranty liability at the end of the year?
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The warranty expense for the balloons sold in 2009 should be 16000 100 balloons 4000 4 This amoun...View the full answer
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Related Book For 
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ISBN: 978-0324787351
1st Edition
Authors: Rich Jones, Mowen, Hansen, Heitger
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