What is the adjustment to retained earnings, Financial Accounting

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What is the adjustment to retained earnings

Problem

Oriole Company offers a five-year warranty on its products. Oriole previously estimated warranty costs to be 3% of sales but in 2025 revised this estimate to 1% due to process and quality control improvements. Oriole reported warranty costs of $76500 on $2550000 in 2023 and $91500 on $3050000 in 2024. Sales revenue for 2025 was $5100000. What is the adjustment to Retained Earnings in 2025 (ignore income tax considerations)?

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Financial Accounting: What is the adjustment to retained earnings

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Financial Accounting: What is the adjustment to retained earnings

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