Wells electric we owed estimated warranty payable of 1200, Accounting Basics

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Wells electric we owed estimated warranty payable of 1200

Question: Wells Electric (WE) owed Estimated Warranty Payable of $1,200 at the end of 2015. During 2016, WE made sales of $120,000 and expects product warranties to cost the company 3% of the sales. During 2016, WE paid $2,300 for warranties. What is WE's Estimated Warranty Payable at the end of 2016?

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Accounting Basics: Wells electric we owed estimated warranty payable of 1200

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Accounting Basics: Wells electric we owed estimated warranty payable of 1200

Reference No:- TGS02615190

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