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Accrued Product Warranty General Motors Company (GM) disclosed estimated product warranty payable for comparative years as follows: (in millions) Current Year Prior Year Current estimated
Accrued Product Warranty
General Motors Company (GM) disclosed estimated product warranty payable for comparative years as follows:
(in millions) | ||||
Current Year | Prior Year | |||
Current estimated product warranty payable | $3,517 | $3,487 | ||
Noncurrent estimated product warranty payable | 6,184 | 5,792 | ||
Total | $9,701 | $9,279 |
Assume that GMs sales were $166,380 million in the current year and that the total paid on warranty claims during the current year was $3,710 million.
b. Provide the journal entry for the current year product warranty expense. Enter your answers in millions. If an amount box does not require an entry, leave it blank.
Product Warranty Expense | |||
Product Warranty Payable |
3,740 is what i originally got and it marked it incorrect
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