EFG Corporation sold 10,500 dishwashers for P1,100 each during 2020. The dishwashers are under warranty for one year following the sale. Maintenance on the dishwashers during the warranty period averages P90 each. Actual warranty costs incurred during 2020 for units sold that year were P296,000. The statement of financial position at year end will report a related liability of: Group of answer choices 945,000 649,000 1,030,900 296,000
EFG Corporation sold 10,500 dishwashers for P1,100 each during 2020. The dishwashers are under warranty for one year following the sale. Maintenance on the dishwashers during the warranty period averages P90 each. Actual warranty costs incurred during 2020 for units sold that year were P296,000. The statement of financial position at year end will report a related liability of: Group of answer choices 945,000 649,000 1,030,900 296,000
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
Chapter9: Current Liabilities And Contingent Obligations
Section: Chapter Questions
Problem 10RE
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EFG Corporation sold 10,500 dishwashers for P1,100 each during 2020. The dishwashers are under warranty for one year following the sale. Maintenance on the dishwashers during the warranty period averages P90 each. Actual warranty costs incurred during 2020 for units sold that year were P296,000.
The
Group of answer choices
945,000
649,000
1,030,900
296,000
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