Maurice Tutor

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    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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    Phoniex University
    Oct-2001 - Nov-2016

Category > Management Posted 08 Oct 2017 My Price 6.00

Kingspeed Bikes

35.  Journal entries for warranty liabilities and subsequent expenditures. Kingspeed Bikes offers three-year warranties against defects on the sales of its high-end racing bikes. The firm estimates that the total cost of warranty claims over the three-year warranty period on bikes sold will equal 6% of sales revenue. Kingspeed will incur actual warranty costs over the three-year period following the time of sale. Sales (all for cash) and actual warranty costs incurred on bikes under warranty (60% in cash and 40% in parts) appear next for years 2011–2013:

 

 

 

 

Sales

 

Actual Warranty Costs Incurred During Year on Racing Bikes Under Warranty

 

 

2011. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$   800,000

$22,000

2012. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

1,200,000

55,000

2013. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

900,000

52,000

a.   Prepare journal entries for the events of 2011, 2012, and 2013. Closing entries are not required.

b.   What is the balance in the Warranty Liability account at the end of 2013?

 

 

 

Answers

Maurice Tutor
(5)
Status NEW Posted 08 Oct 2017 08:10 PM My Price 6.00

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