Business, 17.04.2021 18:40, mckenziet8930
Computer Wholesalers restores and resells notebook computers. It originally acquires the notebook computers from corporations upgrading their computer systems, and It backs each notebook It sells with a 90-day warranty against defects. Based on previous experience, Computer Wholesalers expects warranty costs to be approximately 6% of sales. Sales for the month of December are $410,000. Actual warranty expenditures in January of the following year were $13,500.
1. Does this situation represent a contingent liability?
Yes
No
1. Record the contingent liabilities for warranties.
What is the balance in the warranty liability account after the entries in Part 2 and 3?
Warranty liability
Answers: 3
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