Describe How L

question 17

Essay

Describe how L.L. Bean's Big Data efforts have changed and improved firm interactions with customers.

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Definitions:

Credit Memo

A document issued by a seller to a buyer, reducing the amount owed by the buyer to the seller, typically due to a return or rebate.

Discount Period

The time period during which a debtor can pay less than the full amount owed to clear a debt, typically as an incentive for early payment.

Multiple-Step Income Statement

An intricate financial report that distinguishes between operating revenues and expenses and those that are non-operating in order to determine the net income.

Single-Step Income Statement

A simplified income statement that calculates net income by subtracting total expenses from total revenues in one step.