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What amount be reported as unearned revenue at year-end

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Reference no: EM132993516

Cobb Company sells gift certificates redeemable only when merchandise is purchased.

Information for the current year:

Unearned revenue, January 1               650,000

Gift certificates sold                            2,250,000

Gift certificates redeemed                     1,950,000

Gift certificates unredeemed for a long time  100,000

Cost of goods sold                                          60%

Problem 1: What amount should be reported as unearned revenue at year-end?

a. 510,000

b. 570,000

c. 850,000

d. 950,000

Reference no: EM132993516

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