Revenue Pertaining to the Outstanding Gift Certificates
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At December 31, 2007, S's had 1,000 gift certificates outstanding, which had been sold to customers during 2007 for $50 each. S's operates on a gross margin of 60% of its sales. What amount of revenue pertaining to the 1,000 outstanding gift certificates should be deferred at December 31, 2007?
a. $0.
b. $20,000.
c. $30,000.
d. $50,000.
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The solution examines revenue pertaing to the outstanding gift certificates.
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At December 31, 2007, S's had 1,000 gift certificates outstanding, which had been sold to customers during 2007 for $50 each. S's operates on ...
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