FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Question

p32

Kikiam Company sells televisions at an average price of P19,000 and also offers to each customer a separate 3-year warranty contract for P1,500 that requires the company to perform periodic services and to replace defective parts. In 2020, the company sold 300 televisions and 270 warranty contracts for cash. Assume sales occurred on December 31, 2020, and straight-line recognition of warranty revenues occurs. In 2021, Kikiam Company incurred actual costs relative to 2020 television warranty sales of P2,000 for parts and P4,000 for labor. How much is the balance of unearned revenue from warranty contracts to be reported as of December 31, 2021? * A
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Transcribed Image Text:Kikiam Company sells televisions at an average price of P19,000 and also offers to each customer a separate 3-year warranty contract for P1,500 that requires the company to perform periodic services and to replace defective parts. In 2020, the company sold 300 televisions and 270 warranty contracts for cash. Assume sales occurred on December 31, 2020, and straight-line recognition of warranty revenues occurs. In 2021, Kikiam Company incurred actual costs relative to 2020 television warranty sales of P2,000 for parts and P4,000 for labor. How much is the balance of unearned revenue from warranty contracts to be reported as of December 31, 2021? * A
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