The primary participants in a market are A. firms who supply the product and consumers who buy it, but government policies such as taxes also play an important role in the operation of markets. B. customers who buy products and CEOs who make all of the decisions for a firm, with government having no influence on the market. C. firms and their rivals, with government playing a minimal role. D. None of the above.

Analyzing and computing accrued warranty liability and expense waymire company sells a motor that carries a 60-day unconditional warranty against product failure. from prior years' experience, waymire estimates that 2% of units sold each period will require repair at an average cost of $100 per unit. during the current period, waymire sold 69,000 units and repaired 1,000 units. (a) how much warranty expense must waymire report in its current period income statement? (b) what warranty liability related to current period sales will waymire report on its current period-end balance sheet? (hint: remember that some units were repaired in the current period.) (c) what analysis issues must we consider with respect to reported warranty liabilities?