A company estimates the cost of products warranties to be 3% of sales. The beginning balance in Estimated Warranty Liability account is $15,000. Sales for the period was $795,000. During the period, $32,600 was actually paid for warranty related costs. What is the ending balance in the Warranty Liability account?
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| 1 | Liability Classification | Easy | |
| 2 |
Contingent Liabilities
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Moderate | |
| 3 | Contingent Liabilities - Warranties | Moderate |