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Cornerstones of Financial Accounti...

4th Edition
Jay Rich + 1 other
ISBN: 9781337690881

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BuyFindarrow_forward

Cornerstones of Financial Accounti...

4th Edition
Jay Rich + 1 other
ISBN: 9781337690881
Textbook Problem
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Comparative Analysis: Under Armour, Inc., versus Columbia Sportswear

Refer to the 10-K reports of Under Armour, Inc., and Columbia Sportswear that are available for download from the companion website at CengageBrain.com.

Required:

Columbia has a note providing detail on its accrued liabilities. Locate the note and provide the amount of its product warranties liability as of December 31, 2016.

To determine

Concept introduction:

Warranty Expense:

A company may issue warranty with the sale of its product which bounds the company to replace or repair in case of quality failure according to the terms of the warranty. The provision for the estimated warranty liability is made at the time of sale of the products and warranty expense is recorded. This provision is utilized at the time of performing the warranty contract.

To identify:

The amount of Products warranties liabilities as of Dec. 31, 2016 for Columbia Sports Wear.

Explanation

The amount of Products warranties liabilities as of Dec. 31, 2016 for Columbia Sports Wear is given in the Note-9 of the financial statement...

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