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October 20, 2014

Homework Help: Financial Accounting

Posted by Tammy smith on Sunday, May 26, 2013 at 9:45am.

Account for warranties. Key Company offers a three-year warranty on its premium door locks. During the year, the company had sales of $100,000. Related to the sales, warranty costs should be approximately $3,000 per year. How much warranty expense related to these sales will Key Company’s income statement show in the year of the sales? How much warranty expense related to these sales will Key Company have in the two years after the sales?

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