A company provides a warranty on its products that it sells to customers. The warranty liability account had $1,200 balance on April 1. The company had sales of $67,000 in April and estimated warranty repairs at 3% of sales. During the month, the company actually paid out $2,400 for warranty repairs.
Determine the April 30 balance in the estimated warranty liability account.2. Contingent Liabilities 4. Purchasing with a Non-Interest Bearing Note
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Contingent Liabilities - Warranties
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|4||Purchasing with a Non-Interest Bearing Note||Moderate|
|1||Interest Bearing Notes||8:26|
|2||Non-interest Bearing Notes||6:16|
|4||What is Present Value||8:15|
|5||Simple vs Compound||14:41|
|6||PV of a Lump Sum||4:39|
|7||PV of a Lump Sum||6:09|
|9||Purchasing with an Annuity||4:31|
|10||Finding the Payment||6:07|