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What liability relative to transactions appear on december

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Jabba Company sells televisions at an average price of $855 and also offers to each customer a separate 3-year warranty contract for $84 that requires the company to perform periodic services and to replace defective parts. During 2017, the company sold 327 televisions and 297 warranty contracts for cash. It estimates the 3-year warranty costs as $21 for parts and $31 for labor, and accounts for warranties separately. Assume sales occurred on December 31, 2017, and straight-line recognition of warranty revenues occurs.

Question 1: Note any necessary journal entries in 2017

Question 2: What liability relative to these transactions would appear on the December 31, 2017, balance sheet and how would it be classified

Question 3: In 2018, Jabba Company incurred actual costs relative to 2017 television warranty sales of $2,080 for parts and $4,320 for labor note any necessary journal entries in 2018 relative to 2017 television warranties. Use "Inventory" account to record the warranty expense

Question 4: What amounts relative to the 2017 television warranties would appear on the December 31, 2018, balance sheet and how would they be classified?

Reference no: EM132463615

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