Homework answers / question archive / Carpenter Inc

Carpenter Inc

Finance

Share With

Carpenter Inc. had a balance of $92,000 in its quality-assurance warranty liability account as of December 31, 2020. In 2021, Carpenter's warranty expenditures paid were $457,000. Its warranty expense is calculated as 1% of sales. Sales in 2021 were $41.2 million.

What was the balance in the warranty liability account as of December 31, 2021?