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Unformatted text preview: Retained earningsStockholders' equity TrademarkIntangible asset Mortgage payable$10,000 due in 2008 should be Current liability. The remaining portion should be Long-term liability. Problem 9-5 Warranties 1. Warranty Expense 5,400 Estimated Liability for Warranties 5,400 $1,500 X 120 X 3% = $5,400 To record current year's estimated warranty cost. 2. Estimated Liability for Warranties 4,950 Inventory 4,950 To record actual warranty repairs....
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This note was uploaded on 05/25/2010 for the course MGMT 200 taught by Professor Greigg during the Spring '08 term at Purdue University-West Lafayette.
- Spring '08