Business, 22.07.2019 22:30 daartist3121

During the year, l& m leather goods sold 1,160,000 reversible belts under a new sales promotional program. each belt carried one rebate certificate which entitles the customer to a $4.70 cash refund when the rebate is submitted for redemption. l& m estimates that 76% of the rebates will be redeemed. 495,000 rebates had been submitted for redemption during the year. at december 31, l& m should report a liability for unredeemed rebate certificates of:

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