Business, 18.02.2020 20:56 kingrebl4267
Sandhill Company sells televisions at an average price of $925 and also offers to each customer a separate 3-year warranty contract for $93 that requires the company to perform periodic services and to replace defective parts. During 2020, the company sold 288 televisions and 248 warranty contracts for cash. It estimates the 3-year warranty costs as $21 for parts and $41 for labor, and accounts for warranties separately. Assume sales occurred on December 31, 2020, and straight-line recognition of warranty revenues occurs. In 2021, Sandhill Company incurred actual costs relative to 2020 television warranty sales of $2,130 for parts and $3,720 for labor. Record any necessary journal entries in 2021 relative to 2020 television warranties. Use "Inventory" account to record the warranty expense. What amounts relative to the 2020 television warrenties would appear on December 31, 2021 balance sheet and how would they be classified?
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