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Bespoke, Inc. offers warranties on all their bikes. They estimate warranty expense at 3.5% of sales. ...

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Bespoke, Inc. offers warranties on all their bikes. They estimate warranty expense at 3.5% of sales. ...

Bespoke, Inc. offers warranties on all their bikes. They estimate warranty expense at 3.5% of sales. At the beginning of 2017, the Estimated Warranty Payable account had a credit balance of $1,900. During the year, Bespoke had $296,000 in sales and had to pay out $5,900 in warranty payments. At the end of the year, what is the closing balance in the Estimated Warranty Payable accounts?
A) $7,800
B) $8,460
C) $6,360
D) $10,360

Textbook

Horngren's Financial & Managerial Accounting, The Financial Chapters

Edition: 5^th

Authors: Miller-Nobles, Mattison, Matsumura

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H3Ko Author

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YES! Can't believe I got this one right. Appreciate the confirmation

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I'm liking this Slight Smile

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