Roberts Corp. sells its products with a 2-year warranty. Estimated total warranty cost relating to sales for the year ended December 31, 2017, is $210,000. One-third of these estimated costs are expected to be incurred during 2018 with two-thirds expected to be incurred during 2019. Indicate the amount and classification of the estimated warranty cost on the balance sheet at 12/31/2017.

Current liability of $70,000

Long-term liability of $140,000

Explanation:

Based on the information given we were told that the corporation had Estimated total warranty cost which was relating to sales for the end of the year in 2017 which was the amount of $210,000 in which (1/3) One-third of the estimated costs are to be incurred during the year 2018 while (2/3) two-thirds is expected to be incurred during the year 2019 this means that the amount as well as the classification of the estimated warranty cost on the balance sheet at 12/31/2017 will be:

Current liability of $70,000

(1/3×$210,000)

Long-term liability of $140,000

(2/3×$210,000)

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answervulnerability assessment;