The FHA insures loans the VA guarantees loans.

Dale Company sells computers at a selling price of $1,800 each. Each computer has a 2 year warranty that covers replacement of defective parts. It is estimated that 2% of all computers sold will be repaired under the warranty at an average cost of $150 each. During November, the company sold 30,000 computers, and 400 computers were serviced under the warranty during November at a total cost of $55,000. The balance in the Estimated Warranty Liability account on November 1 was $29,000. What is the balance in the Estimated Warranty Liability account on November 30?

A) $6,000 B) $35,000 C) $55,000 D) $90,000 E) $64,000

An income statement is sometimes called the

A. Statement of financial position B. Owners equity statement C. Earning statement D. Statement of cash inflow E. Statement of revenues