Maurice Tutor

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    Argosy University/ Phoniex University/
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    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 25 Sep 2017 My Price 7.00

General Motors Corporation

EX 10-20 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

$2,587

$2,965

Noncurrent estimated product warranty payable

4,202

4,065

Total

$6,789

$7,030

GM’s sales were $135,592 million in Year 2. Assume that the total paid on warranty claims during Year 2 was $3,000 million.

a. Why are short- and long-term estimated warranty liabilities separately disclosed?

b. Provide the journal entry for the Year 2 product warranty expense.

c. What two conditions must be met in order for a product warranty liability to be reported in the financial statements?

Answers

Maurice Tutor
(5)
Status NEW Posted 25 Sep 2017 11:09 PM My Price 7.00

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