In 2015, Morton Co sold 100 hot air balloons at $4,000 each. The balloons carry a 5-year warranty for defects. Morton estimates that repair costs will average 4% of the total selling price. The estimated warranty liability at the beginning of the year was $42,000 . $11,000 in claims was actually incurred during the year to honor their warranty. What was the balance in the ending estimated
warranty liability at the end of the year?
a. $47,000
b. $42,000
c. $37,000
d. $ 5,000
a
Business
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On FHA loans, seller contributions, including discounts and closing costs, cannot exceed
a. $5,000. b. 4%. c. five points. d. 6% of acquisition cost.
Business
________ consists of isolated transactions executed by individual public officials that abuse their office
A) Bureaucratic corruption B) Earnings stripping C) Grand corruption D) Influence peddling
Business