Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. question 17 fridges inc. provides a two-year warra

QUESTION 17 Fridges Inc. provides a two-year warranty on all refrigerators that it manufactures. Based...

50.1K

Verified Solution

Question

Accounting

image

QUESTION 17 Fridges Inc. provides a two-year warranty on all refrigerators that it manufactures. Based on expected values, Fridges has estimated that amounts related to the warranty claims for sales made in 20X4 will be $650,000 in the first year following the sale and $400,000 in the second year. During 20X4, Fridge incurred costs for parts and labour of $520,000 for actual warranty claims. Fridge follows IFRS and has a December 31 year end. What amount of warranty expense will Fridge report for the year ended December 31, 20X4? O a $650,000 O b.$530,000 OC $1,050,000 d. $520,000

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Zin AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

Stretch Inc. sells both yoga pants and yoga mats. Managers for Stretch are concerned about their operating...

Accounting
Q

Consider a uniformly charged solid cylinder of large length and radius R Now consider a...

Physics
Q

Sir what s quick approach of this one B A sinusoidal travelling wave of wavelength...

Physics
Q

You are trying to value a company using the relative valuation approach Suppose comparable companies...

Basic Math
Q

Point R is located at (1, 2) on a coordinate grid. Point S is located...

Basic Math
Q

A parucular disease is tested for and the results determine that it occurs in about...

Basic Math
Q

At a certain non profit organization 50 of employees are college graduates and 38 of...

Statistics
Q

Part 1 of 2 Factor f x given that 1 is a zero f x...

Algebra
Q

french fragrances budgeted for 12000 bottles of perfume belle during may. the unit cost of...

Accounting
Q

Smithen Company, a wholesale distributor, has been operating for only a few months. The company...

Accounting
Q

The transactions listed below are typical of those involving Southern Sporting Goods (SSG) and Sports...

Accounting
Q

Z Space, Incorporated, is a new company and currently has negative earnings. The company's sales...

Finance