How much refund liability the company is estimating

Assignment Help Accounting Basics
Reference no: EM132829478

Problem 1: On July 10, 20XX, ABC Corp sold its products to retailers on account for a selling price of $598,710 with a cost of goods sold of $478,940. The company grants the right to return products that do not sell in three months following delivery. Past experience indicates that the normal return rate is 14.30%. By October 11, 20XX, retailers returned systems to the company and were granted credits of $66,670. Using these numbers, calculate how much refund liability the company is estimating for all the sales made.

Reference no: EM132829478

Questions Cloud

What are the implications of the sale of goodwill : Find what is the balance in the goodwill class at the end of 2019? What are the implications of the sale of goodwill for $55,000 in 2020?
How the mentor or coach can support the teacher : How the mentor or coach can support (identify effective instructional support) the teacher in implementing strategies? An explanation concerning the.
What communication strategies work well : Reflect on communication strategies in your school or organization. Consider the following questions: What communication strategies work well? How do you know?
What are the most significant risks : Management is considering outsourcing manufacturing of a portable MRI machine to a vendor in Mexico. What are the most significant risks
How much refund liability the company is estimating : Calculate how much refund liability the company is estimating for all the sales made. ABC Corp sold its products to retailers on account for a selling price
Main traits associated with leaders : Choose one of the main traits associated with leaders. How can it be developed? Demonstrated to others?
Develop a timeline for the tasks : List the tasks to be addressed in the first few weeks of your role as academic coach. Develop a timeline for the tasks. Provide a statement of how this.
How are a company core values related to corporate culture : How are a company's core values related to its corporate culture? Today, Zappos is owned by Amazon.com who purchased the company for $1.2 billion
Distinguish in detail benefits of an online business : Distinguish in detail FIVE (5) benefits of an online business to entrepreneurs. i don't know how to elaborate

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd