Estimated Warranty Expense vs. Actual Warranty Claims:

Actual Warranty claims- Estimated Warranty Expense:

1 years ago $17,660 1 Yeas ago $ 14,800

2 years ago $21,660 2 years ago $18,560

3 years ago $13,070 3 years ago $11,120

4 years ago 12,122 4 years ago $11,839

Estimated Warranty Expense Percentage by Model

Lynx 4%

Puma 7%

Jag 6%

Current Year Sales by Model

Lynx $80,000

Puma $60,000

Jag $105,000

We are hired as consultants to assist Arctica Co. in accounting for its warranty expenses. Arctica offers a one-year warranty covering parts on each snowmobile it sells. The following Tableau Dashboard is provided to assist us. 15 polnts Estimated Warranty Expense vs. Actual Warranty Claims $25,000 $20,000 Actual Warranty Claims Estimated Warranty Expense $15,000 $10,000 $5,000 $0 4 Years Ago 3 Years Ago 2 Years Ago 1 Year Ago Estimated Warranty Expense Percentage by Model Current Year Sales by Model 8% 7% Mc Graw Hill Prev 1 of 1 Next Ch 09 Tableau-2 Submit Saved Help Save & Exit Check my work mode: This shows what is correct or incorrect for the work you have completed so far. It does not indicate completion. Return to question 1 rears Hgo 4 Tears Ago Tears Ago 1 rear Ago Estimated Warranty Expense Percentage by Model Current Year Sales by Model 15 polnts 8% 796 696 Puma 5% Jag 496 3% 296 Lynx 196 0% Lynx Puma Jag a bleau K- 1. How much total estimated warranty expense does Arctica report for the current year? 2. Record the adjusting entry at year-end of the current year to recognize warranty expense. 3. A customer brings in a snowmobile for warranty repairs on January 15 of the following year and the replacement parts cost $700. Record the journal entry for this repair. Answer is not complete. Complete this auestion bv enterina vour answers in the tabs below. Mc Graw Hill 1 of 1 Next Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Record the adjusting entry at year-end of the current year to recognize warranty expense. No Date General Journal Debit Credit Warranty expense Estimated warranty liability 1 Dec 31 Required 1 Required 3 We are hired as consultants to assist Arctica Co. in accounting for its warranty expenses. Arctica offers a one-year warranty covering parts on each snowmobile it sells. The following Tableau Dashboard is provided to assist us. 15 polnts Estimated Warranty Expense vs. Actual Warranty Claims $25,000 $20,000 Actual Warranty Claims Estimated Warranty Expense $15,000 $10,000 $5,000 $0 4 Years Ago 3 Years Ago 2 Years Ago 1 Year Ago Estimated Warranty Expense Percentage by Model Current Year Sales by Model 8% 7% Mc Graw Hill Prev 1 of 1 Next Ch 09 Tableau-2 Submit Saved Help Save & Exit Check my work mode: This shows what is correct or incorrect for the work you have completed so far. It does not indicate completion. Return to question 1 rears Hgo 4 Tears Ago Tears Ago 1 rear Ago Estimated Warranty Expense Percentage by Model Current Year Sales by Model 15 polnts 8% 796 696 Puma 5% Jag 496 3% 296 Lynx 196 0% Lynx Puma Jag a bleau K- 1. How much total estimated warranty expense does Arctica report for the current year? 2. Record the adjusting entry at year-end of the current year to recognize warranty expense. 3. A customer brings in a snowmobile for warranty repairs on January 15 of the following year and the replacement parts cost $700. Record the journal entry for this repair. Answer is not complete. Complete this auestion bv enterina vour answers in the tabs below. Mc Graw Hill 1 of 1 Next Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Record the adjusting entry at year-end of the current year to recognize warranty expense. No Date General Journal Debit Credit Warranty expense Estimated warranty liability 1 Dec 31 Required 1 Required 3