answer in text form please (without image) and fast answer. P9-6 Defining and Analyzing Changes in Current Liabilities LO9-1International Business Machines (IBM) is a leading provider of computer products and services. Thecompany is known for its hardware products but has focused on providing information technology servicesin recent years. IBM provides standard warranties and extended warranties with the sale of its products.The company's note on significant accounting policies is as follows:The company offers warranties for its hardware products that generally range up to three years, with themajority being either one or three years. Estimated costs for warranty terms standard to the deliverable arerecognized when revenue is recorded for the related deliverable. The company estimates its warranty costsstandard to the deliverable based on historical warranty claim experience and estimates of future spending,and applies this estimate to the revenue stream for products under warranty. subsequently recognized on astraight-line basis over the delivery period.Revenue from separately priced extended warranty contracts is initially recorded as deferred income andsubsequently recognized on a straight-line basis over the delivery period.Selected information related to warranties provided by IBM follows (in millions of U.S. dollars):Net revenuesStandard warranty liability, end of yearSettlements made during the year2015 2014 2013$82,541$93,593 $99,167Extended warranty deferred revenue, end of yearAdditions to extended warranty deferred revenue during the year261276618366277378616378483467659385 Based on the limited information available about the warranty expense and settlements during thesethree years, should IBM reduce the ratio of the warranty expense to net sales in future years?YesNoa. Compute the extended warranty revenue recognized during 2014 and 2015. (Enter your answers inmillions of dollars.)Warranty revenueView transaction listb. Prepare the journal entry to record the revenue recognized in 2015. (If no entry is required for atransaction/event, select "No journal entry required" the first account field. Enter youranswers in millions of dollars.)20151Journal entry worksheet2014Record to the recognize revenue related to extended warranties.Note: Enter debits before credits.Transaction1General JournalDebitCredit>

Warranty Expense -The cost that a company anticipates—or has — or already already—of — having to…

International Business Machines (IBM) is a leading provider of computer products and services. The company is known for its hardware products but has focused on providing information technology services in recent years. IBM provides standard warranties and extended warranties with the sale of its products. The company's note on significant accounting policies is as follows: The company offers warranties for its hardware products that generally range up to three years, with the majority being either one or three years. Estimated costs for warranty terms standard to the deliverable are

International Business Machines (IBM) is a leading provider of computer products and services. The company is known for its hardware products but has focused on providing information technology services in recent years. IBM provides standard warranties and extended warranties with the sale of its products. The company's note on significant accounting policies is as follows: The company offers warranties for its hardware products that generally range up to three years, with the majority being either one or three years. Estimated costs for warranty terms standard to the deliverable are

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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