Siomai Corp. sells gift certificates redeemable only when merchandise is purchased. The certificates have an expiration date two years after issuance. Upon redemption or expiration, Siomai recognizes the unearned revenue as realized. Data for the year are as follows: Unearned revenue, January 1, 2021- P3,000,000 Gift certificates sold- P10,000,000 Gift certificates redeemed- P8,200,000 Expired gift certificates- P600,000 Cost of goods sold- 60% On December 31, 2021, Siomai should report unearned revenues of:
Siomai Corp. sells gift certificates redeemable only when merchandise is purchased. The certificates have an expiration date two years after issuance. Upon redemption or expiration, Siomai recognizes the unearned revenue as realized. Data for the year are as follows: Unearned revenue, January 1, 2021- P3,000,000 Gift certificates sold- P10,000,000 Gift certificates redeemed- P8,200,000 Expired gift certificates- P600,000 Cost of goods sold- 60% On December 31, 2021, Siomai should report unearned revenues of:
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
Chapter6: Cash And Receivables
Section: Chapter Questions
Problem 10RE: On December 1 of the current year, Jordan Inc. assigns 125,000 of its accounts receivable to...
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Siomai Corp. sells gift certificates redeemable only when merchandise is purchased. The certificates have an expiration date two years after issuance. Upon redemption or expiration, Siomai recognizes the unearned revenue as realized. Data for the year are as follows:
Unearned revenue, January 1, 2021- P3,000,000
Gift certificates sold- P10,000,000
Gift certificates redeemed- P8,200,000
Expired gift certificates- P600,000
Cost of goods sold- 60%
On December 31, 2021, Siomai should report unearned revenues of:
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