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Unformatted text preview: (2) Goods were produced according to a customer purchase order, but had not yet been shipped by the end of 20X5. (3) Goods were delivered to customers during early 20X5, but the customers had ordered and paid for the goods during 20X4. (4) Customers purchased goods and services during late 20X5, but credit terms permitted them to delay payment until early 20X6. Full payment is expected eventually. (5) Advance payment from a customer in a foreign country was received in 20X5, for services to be provided in 20X6. (6) Goods were purchased and paid for by customers during 20X5, but customers may return defective goods for warranty work or a refund. The expected warranty/refund claims are subject to reasonable estimation and not anticipated to be significant....
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This note was uploaded on 02/29/2012 for the course ACCOUNTING 101 taught by Professor Hudack during the Spring '11 term at FIU.
- Spring '11