Talks-A-Lot, Inc. sells cell phones to customers and expects that 10% of phones sold will be returned for repair under its warranty program. The average repair cost is $73 per phone. For 2021, Talks-A-Lot has sold 650 cell phones and has repaired 14 of them as of December 31, 2021. What amount of warranty liability should be reported at December 31, 2021? (Do not round intermediate calculations.)

Talks-A-Lot, Inc. sells cell phones to customers and expects that 10% of phones sold will be returned for repair under its warranty program. The average repair cost is $73 per phone. For 2021, Talks-A-Lot has sold 650 cell phones and has repaired 14 of them as of December 31, 2021. What amount of warranty liability should be reported at December 31, 2021? (Do not round intermediate calculations.)

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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