Journalize necessary value to establish years liability, Accounting Basics

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Journalize necessary value to establish years liability

Florida Keys Construction installs swimming pools. They calculate that warranty obligations are 3% of gross sales. For the year just ending Florida Keys' gross sales were $1,450,000. Due to previous quarter recognitions, the Warranty Liability account has a credit balance of $28,700.

Determine the year's total warranty liability and journalize any necessary value to establish the year's liability at December 31st.

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Accounting Basics: Journalize necessary value to establish years liability

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Accounting Basics: Journalize necessary value to establish years liability

Reference No:- TGS076727

Have a Question? (oR Write a Review)

Recent Questions Asked Accounting Basics

Q : What gain or loss would be recognized on the called bonds

Q : Accounting information pertaining to economic activities

Q : Percentage of sales method for recording bad debt expense

Q : Role of an auditor at a local firm

Q : Journalize necessary value to establish years liability

Q : What is the annual yield to maturity bond

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Q : Direct-indirect methods from comparative financial statement

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Request for Solution File

Ask an Expert for Answer!!

Accounting Basics: Journalize necessary value to establish years liability

Reference No:- TGS076727

Recent Questions Asked Accounting Basics

Q : What gain or loss would be recognized on the called bonds

Q : Accounting information pertaining to economic activities

Q : Percentage of sales method for recording bad debt expense

Q : Role of an auditor at a local firm

Q : Journalize necessary value to establish years liability

Q : What is the annual yield to maturity bond

Q : Debit memorandum for bank service charges

Q : Direct-indirect methods from comparative financial statement

Q : Framework provided by uniform commercial code

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