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The sales return reserve reflects an estimate of sales returns based on projected merchandise returns determined using historical average return percentages. (In thousands) Beginning balance Returns Provisions Ending balance January 30, 2021 $ 5,825 (107,700) 110,252 $ 8,377 For the Years Ended February 1, 2020 $ 4,620 (121,513) 122,718 $ 5,825 Based on the footnote disclosure, what amount of liability, if any, would be reported on the January 30, 2021 Balance Sheet? February 2, 2019 $ 4,717 (113,805) 113,708 $ 4,620

The sales return reserve reflects an estimate of sales returns based on projected merchandise returns determined using historical average return percentages. (In thousands) Beginning balance Returns Provisions Ending balance January 30, 2021 $ 5,825 (107,700) 110,252 $ 8,377 For the Years Ended February 1, 2020 $ 4,620 (121,513) 122,718 $ 5,825 Based on the footnote disclosure, what amount of liability, if any, would be reported on the January 30, 2021 Balance Sheet? February 2, 2019 $ 4,717 (113,805) 113,708 $ 4,620

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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The sales return reserve reflects an estimate of sales returns based on projected merchandise returns determined using historical average return percentages. (In thousands) Beginning balance Returns Provisions. Ending balance January 30, 2021 $ 5,825 (107,700) 110,252 $ 8,377 For the Years Ended February 1, 2020 $ 4,620 (121,513) 122,718 $ 5,825 Based on the footnote disclosure, what amount of liability, if any, would be reported on the January 30, 2021 Balance Sheet? February 2, 2019 $ 4,717 (113,805) 113,708 $ 4,620
Transcribed Image Text:The sales return reserve reflects an estimate of sales returns based on projected merchandise returns determined using historical average return percentages. (In thousands) Beginning balance Returns Provisions. Ending balance January 30, 2021 $ 5,825 (107,700) 110,252 $ 8,377 For the Years Ended February 1, 2020 $ 4,620 (121,513) 122,718 $ 5,825 Based on the footnote disclosure, what amount of liability, if any, would be reported on the January 30, 2021 Balance Sheet? February 2, 2019 $ 4,717 (113,805) 113,708 $ 4,620
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