Goodyear Tire & Rubber Company (GT) published the following promotion on its website for the purchase of
Question:
Goodyear Tire & Rubber Company (GT) published the following promotion on its website for the purchase of Wrangler TrailRunner AT tires: $25 back with purchase of 4 tires by rebate via Mastercard prepaid card.
Assume that Jeanne Blanchard purchases four Wrangler TrailRunner AT tires for her jeep at a list price of $120 per tire with free installation plus 5% sales tax.
a. When Goodyear posts the rebate on its website, should it record an estimated rebate liability?
b. Assuming Jeanne pays with her Visa, how much would be charged to her credit card?
c. How much would Goodyear record as sales (revenue) from the sale to Jeanne? Assume that Jeanne redeems the $25 rebate.
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a No Goodyear does not incur a liability ...View the full answer
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