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Sheffield Company sold 10,400 Super-Spreaders on December 31, 2022, at a total price of $1,029,600, with a warranty guarantee t the product was free of
Sheffield Company sold 10,400 Super-Spreaders on December 31, 2022, at a total price of $1,029,600, with a warranty guarantee t the product was free of any defects. The cost of the spreaders sold is $551,200. The assurance warranties extend for a 2-year period and are estimated to cost $43,500. Sheffield also sold extended warranties (service-type warranties) related to 2,200 spreaders for years beyond the 2-year period for $13,200. Given this information, determine the amounts to report for the following at December 31, 2022: sales revenue, warranty expense, unearned warranty revenue, warranty liability, and cash. Sales revenue Amounts Reported in Income $ Warranty Expense Amounts Reported on the Statement of Financial Position Unearned Service Revenue Cash Warranty Liability
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