1) In January 2020, Simon Corporation began selling a new line of products that carry a two-year warran against defects. Sales and actual warranty expenditures for 2020 and 2021 are presented below: 2020 Php 600,000 Php 800,000 20,000 2021 Sales Actual warranty expenditures 40,000 The warranty liability as of 31 December 2020 and 31 December 2021 are Php 22,000 and Php 38,000, respectively. How much is the warranty expense in 2021?

1) In January 2020, Simon Corporation began selling a new line of products that carry a two-year warran against defects. Sales and actual warranty expenditures for 2020 and 2021 are presented below: 2020 Php 600,000 Php 800,000 20,000 2021 Sales Actual warranty expenditures 40,000 The warranty liability as of 31 December 2020 and 31 December 2021 are Php 22,000 and Php 38,000, respectively. How much is the warranty expense in 2021?

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter14: Financing Liabilities: Bonds And Long-term Notes Payable

Section: Chapter Questions

Problem 28E: On January 1, 2019, Northfield Corporation becomes delinquent on a 100,000, 14% note to First...

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