Rite AID corporation AND subsidiaries, notes TO consolidated financial statements (Continued).
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These excerpts taken from the, rAD 10-K filed Apr 17, 2009.Rebates are recorded in the same period that the related revenue is recognized resulting in a reduction of product sales revenue and the establishment of either a contra asset or a liability, which are included in accounts receivable or other accrued liabilities, respectively.We continually monitor our allowances and make adjustments when we believe actual experience may differ from our estimates.The use of trademarks or service marks of another is not a representation that the other is affiliated with, sponsors, is sponsored by, endorses, or is endorsed by Wikinvest.Spin-Off, we engaged in promotional activities, which typically took the form of industry publications, journal ads, exhibits, speaker programs, and other forms of media.These amounts are recorded as an offset to product sales in the same period the related revenue is recognized.
Since our acquisitions of ESP Pharma and rights to the Retavase product, we have adjusted our allowances for product returns, chargebacks and rebates based on more recent experience rates, and we will likely be required to make adjustments to these allowances in the future.
We base our allowance for doubtful accounts on our analysis of several factors, including contractual payment terms, historical payment patterns of our customers and individual customer circumstances, an analysis of days sales outstanding by customer and geographic region, and a review of the local economic.Product returns allowance is calculated based on a percentage of total sales.Actual results may differ from our estimates and could impact our earnings in any period in which an adjustment is made, based on actual results.Since our acquisition of ESP Pharma, we have adjusted our allowances for product returns, chargebacks and rebates based on more recent experience rates, and we will likely be required to make adjustments to these allowances in the future as we market and promote these products.Face"Times New Roman" size"2" Accounts receivable are recorded net of allowances for cash discounts for prompt payment, doubtful accounts, chargebacks, wholesaler rebates and sales returns.In addition, in June 2007, based on product return trends, we again revised our estimates for product sales returns.Product promotion related rebates and allowances, primarily viibryd free month coupon related to advertising, are recorded as a reduction in selling, general and administrative expenses when the advertising commitment has been satisfied.Retavase product in 2005 through the divestiture of our commercial operation in 2008, we had adjusted our allowances for product returns, chargebacks and rebates based on more recent experience.These excerpts taken from the, pDLI 10-K filed Mar 13, 2008.This excerpt taken from the pdli 10-K filed Mar 1, 2007.