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Mielé Appliances estima warranty payablé of Duri 2017, Miele made sales of $100000 and expects product warranties to cost 4% of the sales. During 2017, Miele paid $2800 for warranties. What is Miele's estimated warranty payable at the end of 2017? a $3 500 b $2 500 c $2200 d $1 500

Mielé Appliances estima warranty payablé of Duri 2017, Miele made sales of $100000 and expects product warranties to cost 4% of the sales. During 2017, Miele paid $2800 for warranties. What is Miele's estimated warranty payable at the end of 2017? a $3 500 b $2 500 c $2200 d $1 500

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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6 Miele Appliances owed estimated warranty payable of $1000 at the end of 2016. During 2017, Miele made sales of $100000 and expects product warranties to cost 4% of the sales. During 2017, Miele paid $2800 for warranties. What is Miele's estimated warranty payable at the end of 2017? a $3 500 b $2 500 c $2 200 d $1 500
Transcribed Image Text:6 Miele Appliances owed estimated warranty payable of $1000 at the end of 2016. During 2017, Miele made sales of $100000 and expects product warranties to cost 4% of the sales. During 2017, Miele paid $2800 for warranties. What is Miele's estimated warranty payable at the end of 2017? a $3 500 b $2 500 c $2 200 d $1 500
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