At times, businesses require advance payments from customers that will be applied to the purchase price when goods are delivered or services provided. these customer advances represent (points : 4) liabilities until the product or service is provided. a component of shareholders' equity. long-term assets until the product or service is provided. revenue upon receipt of the advance payment.

Kendra knight took part in a friendly game of touch football. she had played before and was familiar with football. michael jewett was on her team. in the course of play, michael bumped into kendra and knocked her to the ground. he stepped on her hand, causing injury to a little finger that later required its amputation. she sued michael for damages. he defended on the ground that she had assumed the risk. kendra claimed that assumption of risk could not be raised as a defense because the state legislature had adopted the standard of comparative negligence. what happens if contributory negligence applies? what happens if the defense of comparative negligence applies?