eBook Calcul Chapter 11 Accred Product Warranty 1 EX 11 11 BLANKSHEET ALGO General Motors Corporation (GM) disclosed estimated product warranty payable for comparative years as follows: 2. EX 1101 ALGO (in millions) 3. PR. 11.05. ALGO Year 2 Year 1 4. PE 11.04.BLANKSHEETALGO. 52,78 $2,994 Current estimated product warranty payable Noncurrent estimated product warranty payable 5. PR. 11.04 ALGO 4,002 5.138 Tot 6. EX 11 21 57,500 $8,332 7. EX 11 23 EXCEL ALGO Presume that's sales were $147,049 million in Year 2 and that the total paid on warranty claims during Year 2 was $3,000 million on the 8. PE 1103A a. The distinction between short and long-term is important to creato in order to accurately evaluate the near-term cash demande business relative to the quick current assets and other longer te demands 9. EX 11.05 10. EX110L EXCEL ALGO b. Provide the journal entry for the Year 2 product warranty expense. If an amount box does not require an entry, leave it bank Product Warranty Expense Product Warranty Payable c. What the content must be met in order for a product antybity to be reported the financial Statements > Progress Chapter 11 Book Calculator 1. EX.11.11 BLANKSHEET ALGO (in millions) 2. EX. 11.01. ALGO Year 2 Year 1 3. PR.11.05 ALGO Current estimated product warranty payable Noncurrent estimated product warranty payable $2,994 5,330 4. PE 11 04 BLANKSHEET ALGO. 4,802 57,590 Total $8,332 5. PR 11 04. ALGO 6. EX 11 21 Presume that's sales were $147,019 million in Year 2 and that the total pod on warranty claims during Year 2 was $3.000 million 7. EX 11 23 EXCEL ALGO a. The distinction between short and long-term abities is important to creditors in order to accurately evaluate the near term cash demands business relative to the quick current and other longer term demande 8. PE 1103A 9. EX 11.05 b. Provide the journal entry for the year product warranty expense. If an amount box does not require an entry, leave it bank Product Warranty Expense Product Warranty Payable 10. EX 1104. EXCEL ALGO c. What we conditions must be met in order for a product warranty baty to be reported in the ancial statements? Previous Nest > Check My Wor Prog: 60 m