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table 11 9 during 2013 cougar manufacturing launched a new product carrying a two ye 4300875

 

Table 11-9

 

During 2013, Cougar Manufacturing launched a new product carrying a two-year warranty against defects. The estimated warranty costs related to dollar sales are 3% within 12 months following sale and 5% in the second 12 months following sale. Sales and actual warranty claims for the years ended December 31, 2013 and 2014 were as follows:

 

Actual

Warranty

SalesClaims

2013$400,000$19,000

2014500,00032,000

$900,000$51,000

 

 

 

33) Refer to Table 11-9. Prepare the journal entry at December 31, 2013 for the accrual of warranty expenses.

 

34) Refer to Table 11-9. Prepare the journal entry at December 31, 2014 for the accrual of warranty expenses.

35) Refer to Table 11-9. Calculate the balance of the Estimated Warranty Payable account at December 31, 2013 for Cougar Manufacturing.

 

36) Refer to Table 11-9. Calculate the balance of the Estimated Warranty Payable account at December 31, 2014 for Cougar Manufacturing.

 

 

 

 

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