Fancy Store began 2021 with a credit balance of $32,000 in the refund liability account. Sales and cash collections from

Fancy Store began 2021 with a credit balance of $32,000 in the refund liability account. Sales and cash collections from customers during the year were $650,000 and $610,000, respectively. Assume 6% of all sales will be returned. During 2021, customers returned merchandise for credit of $28,000 to their accounts. What is the balance in the refund liability account at the end of 2021


CategoriesUncategorized

Leave a Reply

Your email address will not be published. Required fields are marked *