Question
Carpenter Inc. had a balance of $87,000 in its quality-assurance warranty liability account as of December 31, 2020. In 2021, Carpenter's warranty expenditures paid were
Carpenter Inc. had a balance of $87,000 in its quality-assurance warranty liability account as of December 31, 2020. In 2021, Carpenter's warranty expenditures paid were $452,000. Its warranty expense is calculated as 1% of sales. Sales in 2021 were $40.7 million. What was the balance in the warranty liability account as of December 31, 2021?
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The Outsourcing Dilemma Whats Best For Internal Auditing
Authors: Larry E. Rittenberg, Institute Of Internal Auditors Research Foundation, Lee A. Campbell
1st Edition
0894133845, 978-0894133848
