&inprogress=false eBook Calculator Adjustment for Customer Refunds and Returns Assume the following data for Alpine Technologies for the year ending July 31, 2012. Sales 1.5% $1,482,000 Estimated percent of sales expected to be refunded or issued an allowance in 2073 Estimated cost of inventory expected to be returned in 2013 Illustrate the effects of the adjustments for customer refunds and returns on the accounts and financial statements of Alpine Technologies for the year ended July 31, 2012. If no account or activity is affected, select "No effect from the dropdown and leave the corresponding number entry box blank. Enter account decreases and cash outflows as negative amounts. $11,000 Balance Sheet Statement of Cash Flows Assets Liabilities Stockholders' Equity No Effect + Estimated Returns Inventory Customer Refunds Payable Retained Earnings 11,000 11,000 x 1,448,77 X Statement of Cash Flows Income State Sales Cost of goods sold Previous Next > Check My Work do 829 PM 9/29/20