Florida Keys Construction installs swimming pools. It calculates that warranty obligations are 3% of sales. For the year just ending, Florida Keys' sales were $1,450,000. Previous quarterly entries debiting Product Warranty Expense totaled $28,700. Determine the estimated warranty expense for the year? Journal entry necessary to bring the account to the needed balance at December 31. If an amount box does not require an entry, leave it blank. Dec. 31 fill in the blank fill in the blank fill in the blank fill in the blank

Florida Keys Construction installs swimming pools. It calculates that warranty obligations are 3% of sales. For the year just ending, Florida Keys' sales were $1,450,000. Previous quarterly entries debiting Product Warranty Expense totaled $28,700. Determine the estimated warranty expense for the year? Journal entry necessary to bring the account to the needed balance at December 31. If an amount box does not require an entry, leave it blank. Dec. 31 fill in the blank fill in the blank fill in the blank fill in the blank

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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