Good Guys Garden Centre (GGGC) advertises a 30-day return policies for all goods in the stores...

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Good Guys Garden Centre (GGGC) advertises a 30-day return policies for all goods in the stores returned in original packaging. GGGC has a well-known and established reputation with customers for providing superior service, specifically for accepting returned goods up to 120-days after purchase. This is because repeat customers are important to GGGC. At its December 31 year end, what what kind of financial element might GGGC need to recognize for possible future returns in the new year of goods that were sold in the last 120 days of the year? Good Guys Garden Centre (GGGC) advertises a 30-day return policies for all goods in the stores returned in original packaging. GGGC has a well-known and established reputation with customers for providing superior service, specifically for accepting returned goods up to 120-days after purchase. This is because repeat customers are important to GGGC. At its December 31 year end, what what kind of financial element might GGGC need to recognize for possible future returns in the new year of goods that were sold in the last 120 days of the year?

Answer rating: 100% (QA)

At the end of the year Good Guys Garden Centre GGGC may need to recognize a liability for possible f... View the full answer