![Business](/tpl/images/cats/ekonomika.png)
Accrued Product Warranty
General Motors Corporation (GM) disclosed estimated product warranty payable for comparative years as follows:
(in millions)
Year 2 Year 1
Current estimated product warranty payable $3,059 $2,884
Noncurrent estimated product warranty payable 4,327 4,147
Total $7,386 $7,031
Presume that GM's sales were $135,592 million in Year 2 and that the total paid on warranty claims during Year 2 was $3,000 million.
a. The distinction between short- and long-term liabilities is important to creditors in order to accurately evaluate the near-term cash demands on the business relative to the quick current assets and other longer-term demands .
Review the need for a classified balance sheet.
b. Provide the journal entry for the Year 2 product warranty expense.
Product Warranty Expense
Product Warranty Payable
![answer](/tpl/images/cats/otvet.png)
Answers: 3
Other questions on the subject: Business
![image](/tpl/images/cats/ekonomika.png)
![image](/tpl/images/cats/ekonomika.png)
![image](/tpl/images/cats/ekonomika.png)
![image](/tpl/images/cats/ekonomika.png)
Business, 22.06.2019 16:00, hany90
Arnold rossiter is a 40-year-old employee of the barrington company who will retire at age 60 and expects to live to age 75. the firm has promised a retirement income of $20,000 at the end of each year following retirement until death. the firm's pension fund is expected to earn 7 percent annually on its assets and the firm uses 7% to discount pension benefits. what is barrington's annual pension contribution to the nearest dollar for mr. rossiter? (assume certainty and end-of-year cash flows.)
Answers: 2
Do you know the correct answer?
Accrued Product Warranty
General Motors Corporation (GM) disclosed estimated product warranty payab...
Questions in other subjects:
![Konu](/tpl/images/cats/ekonomika.png)
![Konu](/tpl/images/cats/health.png)
![Konu](/tpl/images/cats/mat.png)
![Konu](/tpl/images/cats/mat.png)
Mathematics, 19.11.2021 18:50
![Konu](/tpl/images/cats/obshestvoznanie.png)
![Konu](/tpl/images/cats/mat.png)
![Konu](/tpl/images/cats/ekonomika.png)
![Konu](/tpl/images/cats/mat.png)
Mathematics, 19.11.2021 18:50
![Konu](/tpl/images/cats/obshestvoznanie.png)
Social Studies, 19.11.2021 18:50