Maurice Tutor

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About Maurice Tutor

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Teaching Since: May 2017
Last Sign in: 401 Weeks Ago, 3 Days Ago
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Education

  • MCS,PHD
    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

Experience

  • Professor
    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 25 Sep 2017 My Price 6.00

Lawton Company

During 2007 Lawton Company introduced a new line of machines that carry a three-year warranty against manufacturer’s defects. Based on industry experience, warranty costs are estimated at 2% of sales in the year of sale, 4% in the year after sale, and 6% in the second year after sale. Sales and actual warranty expenditures for the first three-year period were as follows:

Sales

Actual Warranty Expenditures

2007

$200,000

$3,000

2008

500,000

15,000

2009

700,000

45,000

$1,400,000

$63,000

What amount should Lawton report as a liability at December 31, 2009?

a. $0

b. $5,000

c. $68,000

d. $105,000

Answers

Maurice Tutor
(5)
Status NEW Posted 25 Sep 2017 10:09 AM My Price 6.00

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