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Debitus Publishing Inc. for the first time. Debitus, a calendar year company, publishes textbooks that are used in colleges and universities across the country. These textbooks are purchased by students through their campus bookstores. Debitus normally makes its biggest sales at the beginning of the fall semester. In the past, Debitus has always recorded sales returns in the spring semester when the campus bookstores return any unsold textbooks. This has been satisfactory because the returns have been immaterial in amount.
Required:
Problem 1: From financial reporting and ethical perspectives, what do you think about Debitus's policy in regard to sales returns?
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