Accrued product warranty
Ford Motor Company (F) disclosed the following estimated product warranty payable for two recent years.
Ford's sales in its automotive sector were $135,782 million in Year 2 and $139,369 million in Year 1. Assume that the total paid on warranty claims during Year 2 was $2,850 million.
a.Illustrate the effects on the accounts and luumi.il statements for the Year 2 product warranty expense.
b. Explain the $859 ($4,786 - $3,927) million increase in tl»e total warranty liability from Year 1 to Year 2.
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