4. What is the balance in Warranty Liability at the end of 2021 and 20 O Answer is complete but not entirely correct. 2021 2022 Warranty Liebility 7,000 OS 29,000 O
4. What is the balance in Warranty Liability at the end of 2021 and 20 O Answer is complete but not entirely correct. 2021 2022 Warranty Liebility 7,000 OS 29,000 O
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
![Required information
Exercise 8-15A Record warranties over two years (LO8-5)
[The following information applies to the questions displayed below.)
Lindy Appliance begins operations in 2021 and offers a one-year warranty on all products sold. Total appliance sales in
2022 are $25,000. Also in 2022, Lindy has additional sales of $2,400,000 and revises its estimate of warranty costs
associated with sales in 2022 to be 1.5%.
Exercise 8-15A Part 4
4. What is the balance in Warranty Llability at the end of 2021 and 2022?
Answer is complete but not entirely correct.
2022
7.000 Os 29,000
2021
Warranty Liobility s](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F264ec024-91a9-4da1-aedc-4284cec9541b%2Ff7a47de2-1293-4844-ae69-451da61b16b8%2F72m4gos_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Required information
Exercise 8-15A Record warranties over two years (LO8-5)
[The following information applies to the questions displayed below.)
Lindy Appliance begins operations in 2021 and offers a one-year warranty on all products sold. Total appliance sales in
2022 are $25,000. Also in 2022, Lindy has additional sales of $2,400,000 and revises its estimate of warranty costs
associated with sales in 2022 to be 1.5%.
Exercise 8-15A Part 4
4. What is the balance in Warranty Llability at the end of 2021 and 2022?
Answer is complete but not entirely correct.
2022
7.000 Os 29,000
2021
Warranty Liobility s
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