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When should the liability assocated with a product warranty be recorded?
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What is the journal entry for selling 450000 in product sales and accrued 6 percent for warranty liability?
debit accounts receivable 450000credit sales revenue 450000debit warranty liability expenses 27000credit liability payable 27000
What is product liability?
"Product liability is a specific type of law. What it says is that basically, a product's maker or supplier has to be held accountable for any injuries that the specific product may cause."
Is service revenue an asset or liability?
Services revenue is revenue same as product revenue and it is not an asset or liability of the business.
Amounts owed to a vendor is it a liability asset revenue epense or divedend?
Anything "owed" is a liability to the company until it is paid.Gathering what I can from the question, I am assuming the "vendor" would be a person/company that supplies a product that another company resales for profit. In other words it is their Inventory, When the merchandise is recieved, at the moment of receipt if the amount isn't paid and is put on account (owed) then journal entry is adebit to Inventorycredit to Account Payable.Since this is a debt it is recorded as a liability, once it is paid however, the transaction goes as followsdebit to Account Payablecredit to CashThe inventory itself remains an asset until it is sold, then the asset decreases and then and only then is the cost initially paid recorded as an expense.
Which contingent liability is normally accrued?
Usually accrued Loss related to: 1) collectibility of receivables 2) obligations related to product warranties and product defects 3) premiums offered to customers
What is the liability for product warranty claims is an example of a liability that?
Product warranty claims liability is an example of a liability that arises from a company's obligation to repair or replace products that are defective or do not meet the terms of the warranty. This liability represents the estimated cost of fulfilling these warranty claims and is recorded on the company's balance sheet as a potential expense that may need to be incurred in the future.
What is the journal entry for selling 450000 in product sales and accrued 6 percent for warranty liability?
debit accounts receivable 450000credit sales revenue 450000debit warranty liability expenses 27000credit liability payable 27000
What type of insurance do you need if you are starting an auto warranty company To cover the warranty in case you go out of business.?
Product Liability and General Insurance Liability and surety bonds with the states you underwrite in. Florida is the hardest state to sell warranties in.
What type of attorney typically handle product liability claims?
The type of attorney that handles product liability claims is acatually a product liability attorney!
Will mounting this on the wall void the warranty?
The warranty for this product is not voided if you mount the product on the wall.
What type of attorneys handle product liability questions?
Personal injury attorneys specialize in the area of product liability. They are the appropriate type of attorney to contact with any questions related to product liability.
What are the laws in the Philippines about product liability?
The laws in the Philippines about product liability is strict and has liabilities that can be both criminal and civil.
What is the attorneys product liability?
Attorney product liability is any attorney who can help in a case where a consumer has been injured or harmed otherwise by a defective product.
What is product liability?
"Product liability is a specific type of law. What it says is that basically, a product's maker or supplier has to be held accountable for any injuries that the specific product may cause."
Do inventor and owners of prouct need product liability ins?
It is not mandatory for inventors or owners of a product to carry product liability insurance. Most insurance agencies will say that it is wise for them to obtain product liability insurance in order to protect them from potential risks.
When does warranty begin when you buy a product if the retailer has the product in invetory for 4 or 5 years before he sells it does this lessen the warranty?
No, usually a warranty is valid for the end user of a product and commences on the day of sale to that user.
is there warranty in home theater speakers?
yes for every product there is a warranty and that is law the determined period of time is another thing but every product have a warranty for 72 hours in which the user can return the product and ask for refund
