Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. western company estimates warranty expense as 5% o

Western Company estimates warranty expense as 5% of sales. On January 1, 2016 warranties payable...

70.2K

Verified Solution

Question

Accounting

Western Company estimates warranty expense as 5% of sales. On January 1, 2016 warranties payable was $20,000, and the December 31 liability for the warranty was $22,000. During the year Western recorded sales of $300,000. The amount paid by Western during the year to meet its warranty obligations was:

A.

$30,000
B.

$12,000
C.

$15,000
D.

$13,000

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

briefly explain elements of bonds and stocks . what are the mainn differences between common and...

Finance
Q

To test H0: mu=60 versus H1: mu<60, a random sample size n=25 is obtained from a...

Basic Math
Q

1. Three identical resistors are connected in parallel to a single battery. The current through the...

Physics
Q

1) A prototype disk brake for a bicycle is to be mounted on the hub of...

Mechanical Engineering
Q

Find all unlabeled trees on 2,3,4 and 5 nodes. How many labeled trees do you get...

Advance Math
Q

What is the difference between a learning-goal orientation and a performing-goal orientation?

General Management
Q

Two objects a ring and a spherical shell of same mass and radius are released...

Physics
Q

A basketball is thrown and the path can be modeled by (x) = ?16x...

Basic Math
Q

A club wants to sponsor a panel discussion on the upcoming national election The club...

Statistics
Q

Given the formula D 5w 4wz solve for z Make sure to use appropriate parenthesis...

Algebra
Q

9 Use orthogonal diagonalization to graph 5x 4xy 2y 24

Algebra
Q

Required information [The following information applies to the questions displayed below] The following year-end information...

Accounting