Homework Help is Here – Start Your Trial Now!
Business
Accounting
Balance, beginning of period Warranties issued during the period Settlements made during the period Recalls and changes to pre-existing warranty liabilities Balance, end of period The liability associated with recalls was $71.8 million, $34.6 million, and $13.3 million at December 31, 2018, 2017, and 2016, respectively. Required Using the financial statement effects template, record separately the 2018 warranty liability transactions relating to the (1) "Warranties issued during the period," (2) "Recalls and changes to preexisting warranty obligation (3) "Settlements made during the period." Note: For each account category, indicate the appropriate account name. Enter "N/A" for any account category that is not used for a given transaction. Note: Indicate a decrease in an account category by including a negative sign with the amount. $ 000s) Transaction 1. 2. 3. N/A N/A Cash Cash Asset 0✔ 0✔ # (76,128) x ÷ ✔ N/A 2018 2017 2016 $92,316 $77,892 $72,733 52,300 56,677 59,011 (77,714) (80,903) (97,312) 62,204 38,649 43,461 $129,106 $92,315 $77,893 ✓N/A ✓N/A Noncash Assets 0✔ Balance Sheet Liabilities 51,323 x ✔ Warranty payable 60,934 x ✔ N/A 0✔= ● ✔ Warranty payable 0✔= ÷ ✔ Warranty payable O ✓N/A (76,128) Contrib. Capital ✔ N/A 0✓ 0✓ 0✔ # Earned Capital 51,232 x ✔Retained earnings =N/A (60,934) X =N/A 0✔ ✔Retained earnings ✔ N/A =N/A Revenues 0 Income Statement Expenses ✔ Warranty expense 05- = 51,232 x = ✔ (60,934) X = ✔ ✔ Warranty expense 05- ÷ ✔ N/A 0✔= ✔ Net Income 51,232 x 0x 60,934 x

Balance, beginning of period Warranties issued during the period Settlements made during the period Recalls and changes to pre-existing warranty liabilities Balance, end of period The liability associated with recalls was $71.8 million, $34.6 million, and $13.3 million at December 31, 2018, 2017, and 2016, respectively. Required Using the financial statement effects template, record separately the 2018 warranty liability transactions relating to the (1) "Warranties issued during the period," (2) "Recalls and changes to preexisting warranty obligation (3) "Settlements made during the period." Note: For each account category, indicate the appropriate account name. Enter "N/A" for any account category that is not used for a given transaction. Note: Indicate a decrease in an account category by including a negative sign with the amount. $ 000s) Transaction 1. 2. 3. N/A N/A Cash Cash Asset 0✔ 0✔ # (76,128) x ÷ ✔ N/A 2018 2017 2016 $92,316 $77,892 $72,733 52,300 56,677 59,011 (77,714) (80,903) (97,312) 62,204 38,649 43,461 $129,106 $92,315 $77,893 ✓N/A ✓N/A Noncash Assets 0✔ Balance Sheet Liabilities 51,323 x ✔ Warranty payable 60,934 x ✔ N/A 0✔= ● ✔ Warranty payable 0✔= ÷ ✔ Warranty payable O ✓N/A (76,128) Contrib. Capital ✔ N/A 0✓ 0✓ 0✔ # Earned Capital 51,232 x ✔Retained earnings =N/A (60,934) X =N/A 0✔ ✔Retained earnings ✔ N/A =N/A Revenues 0 Income Statement Expenses ✔ Warranty expense 05- = 51,232 x = ✔ (60,934) X = ✔ ✔ Warranty expense 05- ÷ ✔ N/A 0✔= ✔ Net Income 51,232 x 0x 60,934 x

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter6: Cash And Receivables
Section: Chapter Questions
Problem 17E: Interest-Bearing and Non-Interest-Bearing Notes On December 11, 2019, Hooper Inc. made a credit sale...
See similar textbooks
icon
Related questions
Question
Balance, beginning of period Warranties issued during the period Settlements made during the period Recalls and changes to pre-existing warranty liabilities Balance, end of period The liability associated with recalls was $71.8 million, $34.6 million, and $13.3 million at December 31, 2018, 2017, and 2016, respectively. Required Using the financial statement effects template, record separately the 2018 warranty liability transactions relating to the (1) "Warranties issued during the period," (2) "Recalls and changes to preexisting warranty obligations," and (3) "Settlements made during the period." Note: For each account category, indicate the appropriate account name. Enter "N/A" for any account category that is not used for a given transaction. Note: Indicate a decrease in an account category by including a negative sign with the amount. ($ 000s) Transaction 1. 2. 3. N/A N/A Cashi Cash Asset 0✓ 수 ✓N/A 0✔ ◆ ✔ N/A 2018 2017 2016 $92,316 $77,892 $72,733 52,300 56,677 59,011 (77,714) (80,903) (97,312) 62,204 38,649 43,461 $129,106 $92,315 $77,893 (76,128) * ✓N/A Noncash Assets Balance Sheet Liabilities 0✔ = + ✔Warranty payable 0 = + ✔Warranty payable 0✔= → 51,323 x 60,934 x (76,128) X Warranty payable ✔ N/A ✔ N/A ✔ N/A Contrib. Capital Earned Capital 51,232 x ✔Retained earnings =N/A (60,934) X 0✓ + ✔Retained earnings = N/A 0✔ 0✔ + ◆ 0✔ ✓N/A ΝΑ N/A Revenues Income Statement Expenses 51,232 * = 0✔ 수 ✔Warranty expense ♦ ✓ 0 ✓ (60,934) X = + ✓ 0 ✓= → ✓ ♦ ✔Warranty expense 0✔ + = ✓N/A Net Income 51,232 x 0 x 60,934 x
Transcribed Image Text:Balance, beginning of period Warranties issued during the period Settlements made during the period Recalls and changes to pre-existing warranty liabilities Balance, end of period The liability associated with recalls was $71.8 million, $34.6 million, and $13.3 million at December 31, 2018, 2017, and 2016, respectively. Required Using the financial statement effects template, record separately the 2018 warranty liability transactions relating to the (1) "Warranties issued during the period," (2) "Recalls and changes to preexisting warranty obligations," and (3) "Settlements made during the period." Note: For each account category, indicate the appropriate account name. Enter "N/A" for any account category that is not used for a given transaction. Note: Indicate a decrease in an account category by including a negative sign with the amount. ($ 000s) Transaction 1. 2. 3. N/A N/A Cashi Cash Asset 0✓ 수 ✓N/A 0✔ ◆ ✔ N/A 2018 2017 2016 $92,316 $77,892 $72,733 52,300 56,677 59,011 (77,714) (80,903) (97,312) 62,204 38,649 43,461 $129,106 $92,315 $77,893 (76,128) * ✓N/A Noncash Assets Balance Sheet Liabilities 0✔ = + ✔Warranty payable 0 = + ✔Warranty payable 0✔= → 51,323 x 60,934 x (76,128) X Warranty payable ✔ N/A ✔ N/A ✔ N/A Contrib. Capital Earned Capital 51,232 x ✔Retained earnings =N/A (60,934) X 0✓ + ✔Retained earnings = N/A 0✔ 0✔ + ◆ 0✔ ✓N/A ΝΑ N/A Revenues Income Statement Expenses 51,232 * = 0✔ 수 ✔Warranty expense ♦ ✓ 0 ✓ (60,934) X = + ✓ 0 ✓= → ✓ ♦ ✔Warranty expense 0✔ + = ✓N/A Net Income 51,232 x 0 x 60,934 x
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 3 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Consolidations
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
Cornerstones of Financial Accounting
Cornerstones of Financial Accounting
Accounting
ISBN:
9781337690881
Author:
Jay Rich, Jeff Jones
Publisher:
Cengage Learning
College Accounting, Chapters 1-27
College Accounting, Chapters 1-27
Accounting
ISBN:
9781337794756
Author:
HEINTZ, James A.
Publisher:
Cengage Learning,
Principles of Accounting Volume 1
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
SEE MORE TEXTBOOKS