Temera lts has an agreement with a number of its retailers whereby items are provided on a
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Temera lts has an agreement with a number of its retailers whereby items are provided on a sale or return basis. Retailers pay on a 60 day credit terms and return any unsold items at that date. Temera ltd makes a standard 20% mark-up on all goods sold. Items were provided to retailers during February 2020. Sales $27,000 on the sale or return basis were made and were recognized as part of revenue during February 2020. What are the necessary adjustments to be made in the financial statements of Temera for the year ended 31/3/2020?
Related Book For
Smith and Roberson Business Law
ISBN: 978-0538473637
15th Edition
Authors: Richard A. Mann, Barry S. Roberts
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