User Account

All Pages

What amount of revenue pertaining to the outstanding gift

Assignment Help Financial Accounting
Reference no: EM132918698

Problem 1: At December 31, 2020, Kimberly's Boutique had 2250 gift certificates outstanding, which had been sold to customers during 2020 for $50 each. Kimberly's operates on a gross profit of 60% of its sales. What amount of revenue pertaining to the 2250 outstanding gift certificates should be deferred at December 31, 2020?

Option 1: $112500.
Option 2: $45000.
Option 3: $0.
Option 4: $67500.

Reference no: EM132918698

Questions Cloud

Ever-growing problem of discipline in schools rests : According to Morrish, the blame for the ever-growing problem of discipline in schools rests at least in part on popular discipline theories,
Compare the risks of raising private funding to going public : -What issues should executives of a company such as Blue Apron consider before deciding to go public? In your opinion, was the company ready for an IPO?
Which statements is correct concerning conceptual framework : Which statements is correct concerning a conceptual framework in accounting? Standard setting is based on personal conceptual frameworks
Prepare the balance sheet for Starbucks for October : In its October 2, 2016 annual report, Starbucks Corporation reports the following items. Prepare the balance sheet for Starbucks for October
What amount of revenue pertaining to the outstanding gift : At December 31, 2020, What amount of revenue pertaining to the 2250 outstanding gift certificates should be deferred at December 31, 2020?
Organizational analysis : This assignment provides you with the opportunity to analyze a present organization where sound leadership principles are necessary for the organization
What adjusting entry should sheridan make on december : December 1, 2020 and received a 3-month, 6% interest-bearing note with a face value of $560000. What adjusting entry should Sheridan make on December 31, 2020?
History of augmentative or alternative communication : Discuss the purposes and history of Augmentative or Alternative Communication (AAC), especially in regard to individuals with ASD.
What would sandhill report as total revenues in single-step : What would Sandhill report as total revenues in a single-step income statement? Sales returns and allow. 33200. Sales revenue $ 431000.

Reviews

Write a Review

Financial Accounting Questions & Answers

  Financial statement analysis and preparation

Financial Statement Analysis and Preparation

  Shareholder of a company

Describe the ways that a person can become a shareholder of a company. Why Wal-Mart would split its stock?

  Financial and accounting principles

An understanding of financial and accounting principles can be a valuable tool for managers. While not all managers will find themselves calculating financial ratios or preparing annual financial data.

  Prepare a statement of cash flow using the direct method

Prepare a Statement of Cash Flow using the Direct Method and Prepare the Operations section of the Statement of Cash Flow using the Indirect Method.

  Financial accounting assignment

This assignment has one case study and two question apart from case study. Questions related to document Liquidation question and Company financial statements question - Torquay Limited

  Prepare general journal entries for goela

Prepare general journal entries for Goela Ltd

  Principles of financial accounting

Prepare the journal entry to record the acquisition of the assets.

  Prepare general journal entries to record the transactions

Prepare general journal entries to record the transactions, assuming use of the periodic inventory system

  Global reporting initiative

Compare the view espoused by the economist Milton Friedman about the social responsibilities of business with the views express by Stigler.

  Explain the iasb conceptual frameworks

Explain the IASB Conceptual Framework's perspective of users and their decisions.

  Determine the company''s financial statements

T he focus of the report is to determine the extent to which you are comfortable relying on the financial statements as presented by management .

  Computation of free cash flow

Computation of Free Cash Flow

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd