Which of the following is not an attribute of an attractive industry?
A) Is young rather than old
B) Is not crowded
C) Is late rather than early in its life cycle
D) Is important to the customer
E) Is fragmented rather than concentrated
C
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In 2015, Baloga Heating Company sold 400 water heaters for $350 each. The water heaters carry a 2-year warranty for repairs. Baloga estimates that repair costs will average 2% of the total selling price. How much is recorded in the warranty liability account as a result of selling the water heaters during 2015?
a. $4,200 b. $2,800 c. $1,400 d. No liability should be recorded until the water heaters are brought back for repairs.
In 2015, Boone, Inc sold 1,000 carpets for $50 each. The carpets carry a 2-year warranty for repairs. Boone estimates that repair costs will average 2% of the total selling price. What is the amount that would be recorded in the warranty liability account as a result of selling the carpets during 2015?
a. $1,000 b. $ 500 c. $ 20 d. No liability should be recorded until the carpets are returned for repairs.