Florida Keys Construction installs swimming pools. They calculate that warranty obligations are 3% of gross sales. For the year just ending Florida Keys' gross sales were $1,450,000. Due to previous quarter recognitions, the Warranty Liability account has a credit balance of $28,700.
Determine the year's total warranty liability and journalize any necessary value to establish the year's liability at December 31st.
Determine the year's total warranty liability and journalize any necessary value to establish the year's liability at December 31st.
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