Determine the years total warranty liability and journalize, Ask an Expert

Accounting

Florida Keys Construction installs swimming pools. They calculate that warranty obligations are 3% of gross sales. For the year just ending Florida Keys' gross sales were $1,450,000. Due to previous quarter recognitions, the Warranty Liability account has a credit balance of $28,700.

Determine the year's total warranty liability and journalize any necessary value to establish the year's liability at December 31st.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9435535

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