In accordance with IFRS 15, how much is the total revenue for the year ?

Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter17: Advanced Issues In Revenue Recognition
Section: Chapter Questions
Problem 15RE: GameDay sells recreational vehicles along with secure parking storage to customers. Game Day sells...
icon
Related questions
Question

In accordance with IFRS 15, how much is the total revenue for the year ?

In accordance with IFRS 15,assuming aside from 10 used ballpens shall be returned, an additional of P 25 shall also be received to avail the correction tape,how much is the total revenue for the year ?

 

Moon Mang-tae Company launched a sales promotional program wherein for every 10 used ballpens purchased are
returned, customers will receive a correction tape. This correction tape is separately sold at P 75. Mang-tae estimates
that 20% of the ballpens reaching the customers will not be redeemed. Additional information are as follows:
Units
Amount
|Sale of ballpens
Purchase price of correction tape
Correction tape distributed to customers
500,000
55,000
30,000
P 25,000,000
3,575,000
Transcribed Image Text:Moon Mang-tae Company launched a sales promotional program wherein for every 10 used ballpens purchased are returned, customers will receive a correction tape. This correction tape is separately sold at P 75. Mang-tae estimates that 20% of the ballpens reaching the customers will not be redeemed. Additional information are as follows: Units Amount |Sale of ballpens Purchase price of correction tape Correction tape distributed to customers 500,000 55,000 30,000 P 25,000,000 3,575,000
Expert Solution
steps

Step by step

Solved in 2 steps

Blurred answer
Knowledge Booster
Accounting for Financial Instruments
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning