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