Halifax manufacturing allows its customers to return merchandise for any reason up to 90 days after delivery and receive a credit to their accounts. all of halifax's sales are for credit (no cash is collected at the time of sale). the company began 2021 with a refund liability of $380,000. during 2021, halifax sold merchandise on account for $12,300,000. halifax's merchandise costs it 70% of merchandise selling price. also during the year, customers returned $603,000 in sales for credit, with $333,000 of those being returns of merchandise sold prior to 2021, and the rest being merchandise sold during 2021. sales returns, estimated to be 5% of sales, are recorded as an adjusting entry at the end of the year.
required:
1. prepare entries to:
(a) record actual returns in 2021 of merchandise that was sold prior to 2021.
b. record actual returns in 2021 of merchandise that was sold during 2021; and (c) adjust the refund liability to its appropriate balance at year end.
2. what is the amount of the year-end refund liability after the adjusting entry is recorded?

Chance company had two operating divisions, one manufacturing farm equipment and the other office supplies. both divisions are considered separate components as defined by generally accepted accounting principles. the farm equipment component had been unprofitable, and on september 1, 2018, the company adopted a plan to sell the assets of the division. the actual sale was completed on december 15, 2018, at a price of $600,000. the book value of the division’s assets was $1,000,000, resulting in a before-tax loss of $400,000 on the sale. the division incurred a before-tax operating loss from operations of $130,000 from the beginning of the year through december 15. the income tax rate is 40%. chance’s after-tax income from its continuing operations is $350,000. required: prepare an income statement for 2018 beginning with income from continuing operations. include appropriate eps disclosures assuming that 100,000 shares of common stock were outstanding throughout the year. (amounts to be deducted should be indicated with a minus sign. round eps answers to 2 decimal places.)

In terms of precent, beer has more alcohol than whiskey true or false

Find the zeros of the polynomial 5 x square + 12 x + 7 by factorization method and verify the relation between zeros and coefficient of the polynomials