Answer:
Credit to refund liability of $280,000.
Explanation:
The year end adjusting entry would be
Sales Return $280,000 ($21 million × 8% - $1,400,000)
Refund Liability $280,000
(Being the anticipated sales return is recorded)
Here the sales return is debited as it increased the sales return and the refund liability is credited as it increased the liabilities
The same is to be considered
An advance fee scheme occurs when the victim pays money to someone in anticipation of receiving something of greater value.
What do you mean by Advance fee payment?
Advance fee payment is the money that you pay to a person or company before receiving something such as a loan or investment.It can be in the form of taxes or lottery.
A business is only to keep the payments you've made in advance or ask you to pay a cancellation charge if it's fair .
Hence , An advance fee scheme occurs when the victim pays money to someone in anticipation of receiving something of greater value.
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Answer:
$10,000
Explanation
Calculation for Waltham Distribution should records losses that result from applying the lower-of-cost-or-market rule. At December 31, 2012, the loss that Ryan should recognize (Under US GAAP) is
Using this formula
lower-of-cost-or-market rule Loss=Inventory- Current replacement cost
Let plug in the formula
lower-of-cost-or-market rule Loss= $200,000 – $190,000
lower-of-cost-or-market rule Loss= $10,000
Therefore Waltham Distribution should records losses that result from applying the lower-of-cost-or-market rule. At December 31, 2012, the loss that Ryan should recognize (Under US GAAP) is $10,000
Answer:
Sole Proprietorship and Partnerships both have unlimited liability.
An advantage to Corporations as a business organization is that they enjoy unlimited life and limited liability.
Explanation:
A disadvantage of both sole proprietors and partnerships business is having unlimited liability because if the sole proprietors and partnership businesses loss, they have to pay the debt by selling their assets.
Corporations cannot be dissolved if any director or executive officer dies, and owners are liable up to that portion they have invested for the corporation.
Answer:
Mass customization
Explanation:
Mass customization is a business approach that focuses on providing customized goods and services to customers. It is a strategy that requires flexibility, integration, and personalization to make customized products that suit each customer's needs.
The biggest challenge with mass customization is the cost element. A business needs to have sufficient customer orders to deliver quality customized products at a competitive price.
Mass customization is the availing of tailor-made products, unique and to each customer's liking. By allowing each customer to set their preferences, Sunnyside Travel is involved in mass customization.