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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

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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
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