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:

Liability for Un-redeemed Certificate = $1,817,020

Explanation:

Total estimated value of redeemed rebates = Goods sold × Cash rebate × Certificate rebated

Total estimated value of redeemed rebates = $1,160,000 × $4.70 × 76%

Total estimated value of redeemed rebates = $4,143,520

Less: Value of Certificate Processed during the Year = Certificate processed × Cash rebated

Value of Certificate Processed during the Year = 495,000 × $4.70

Value of Certificate Processed during the Year = $2,326,500

Liability for Un-redeemed Certificate = Total estimated value of redeemed rebates - Value of Certificate Processed during the Year

Liability for Un-redeemed Certificate = $4,143,520 - $2,326,500

Liability for Un-redeemed Certificate = $1,817,020

c.

explanation:

regressive tax taxes the poor and less of the wealthy. this the rich get richer and the poor get more poor. this would create a large wealth gap.

1. c

2. b

3. a

4. c

5. a

6. b

7. c

8. c

9.b

10. d

just took it 100%