(Solved): Lindy Appliance begins operations in 2024 and offers a one-year warranty on all products sold. Tota ...

Lindy Appliance begins operations in 2024 and offers a one-year warranty on all products sold. Total appliance sales in 2024 are \( \$ 1,600,000 \), and Lindy estimates future warranty costs in 2025 to be \( 2 \% \) of current sales. Actual warranty costs in 2025 are \( \$ 25,000 \) Also in 2025, Lindy has additional sales of \( \$ 2,400,000 \) and revises its estimate of warranty costs associated with sales in 2025 to b \( 1.5 \% \) Required: 1. to 3. Record the necessary entries in the Journal Entry Worksheet below. 4. What is the balance in Warranty Liability at the end of 2024 and 2025 ? Complete this question by entering your answers in the tabs below. Record the necessary entries in the Journal Entry Worksheet below. If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) Journal entry worksheet Record the contingent liability for warranties for the year ending December 31, 2024. Note: linter debits before credits. Lindy Appliance begins operations in 2024 and offers a one-year warranty on all products sold. Total app \( \$ 1,600,000 \), and Lindy estimates future warranty costs in 2025 to be \( 2 \% \) of current sales. Actual warranty Also in 2025, Lindy has additional sales of \( \$ 2,400,000 \) and revises its estimate of warranty costs associat \( 1.5 \% \) Required: 1. to 3. Record the necessary entries in the Journal Entry Worksheet below. 4. What is the balance in Warranty Liability at the end of 2024 and 2025 ? Complete this question by entering your answers in the tabs below. Record the necessary entries in the Journal Entry Worksheet below.(If no entry is required for a particula select "No Journal Entry Required" in the first account field.) Journal entry worksheet Record the actual warranty expenditures in 2025, assuming all costs were paid in cash. Notet Enter debla before creclits. Lindy Appliance begins operations in 2024 and offers a one-year warranty on all products sold. Total appliance sales in 2024 are \( \$ 1,600,000 \), and Lindy estimates future warranty costs in 2025 to be \( 2 \% \) of current sales. Actual warranty costs in 2025 are \( \$ 25,000 \) Also in 2025, Lindy has additional sales of \( \$ 2,400,000 \) and revises its estimate of warranty costs associated with sales in 2025 to be \( 1,5 \% \). Required: 1. to 3. Record the necessary entries in the Journal Entry Worksheet below. 4. What is the balance in Warranty Liability at the end of 2024 and 2025 ? Complete this question by entering your answers in the tabs below. Record the necessary entries in the Journal Entry Worksheet below. (if no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) Journal entry worksheet Record the contingent liability for warranties for the year ending December 31, 2025. Notei Enter debits before credits. Lindy Appliance begins operations in 2024 and offers a one-year warranty on all products sold. Total appliance sales in 2024 are \( \$ 1,600,000 \), and Lindy estimates future warranty costs in 2025 to be \( 2 \% \) of current sales. Actual warranty costs in 2025 are \( \$ 25,000 \). Also in 2025, Lindy has additional sales of \( \$ 2,400,000 \) and revises its estimate of warranty costs associated with sales in 2025 to be \( 1.5 \% \). Required: 1. to 3. Record the necessary entries in the Journal Entry Worksheet below. 4. What is the balance in Warranty Liability at the end of 2024 and 2025 ? Complete this question by entering your answers in the tabs below. What is the balance in Warranty, Liability at the end of 2024 and \( 2025 ? \)