Maurice Tutor

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Teaching Since: May 2017
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Education

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

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  • Professor
    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 08 Aug 2017 My Price 6.00

Zebra Corp

Zebra Corp. commenced operations on January 1, 2016. It estimates warranty expense as 1% of yearly sales. During June 2016 it satisfied warranty claims as follows:

 

Parts from inventory       $2,000

 

Salaries paid in cash         500.

 

The 2016 warranty claims amounted to $22,000 (including the entry above) and 2016 sales revenue was $2 million.

 

Required:

 

1. Record the June warranty claims of $2,500.

 

2. Record the 2016 warranty expense. 3. Calculate the balance in the estimated warranty liability account at December 31, 2016. Comment on your calculations.

Descriptions and general ledger account numbers are not necessary. Show calculations where applicable

Answers

(5)
Status NEW Posted 08 Aug 2017 04:08 PM My Price 6.00

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