How much revenue should the company recognize in, Financial Accounting

+44 141 628 6080
[email protected]

How much revenue should the company recognize in

Problem

A company sells $600,000 worth of gift cards during in fiscal 20X6. They receive cash and book a liability for the amount owed. The company expects that 30% of the gift cards sold in 20X6 will never be redeemed.

Assume the company uses the pro-rated method where they record breakage as gift cards are redeemed. If $16,800 in gift cards are redeemed in the first month of 20X6, how much revenue should the company recognize (normal revenue and breakage revenue) in that first month?

View Complete Question

Request for Solution File

Ask an Expert for Answer!!

Financial Accounting: How much revenue should the company recognize in

Reference No:- TGS03281656

Expected delivery within 24 Hours

Have a Question? (oR Write a Review)

Write atleast 100 words!!

Recent Questions Asked Financial Accounting

Q : How natural disaster affected heritability and the allele

Describe a specific factor where an event like immigration or a natural disaster affected heritability and the allele frequency.

Q : Description of world hunger

Question: Description of world hunger and lack of healthy food options available to people across the world.

Q : Write the mrna that would be transcribed

If the bottom strand of the DNA carries the gene, write the mRNA that would be transcribed from this section of the gene:

Q : How would common stock appear on a common size balance sheet

Given the following data for the Bridgeport Company. How would common stock appear on a common size balance sheet?

Q : How much revenue should the company recognize in

If $16,800 in gift cards are redeemed in the first month of 20X6, how much revenue should the company recognize in that first month?

Q : Calculate the size of the periodic sinking fund deposit

Calculate the size of the periodic sinking fund deposit. Calculate the sinking fund balance at the end of the payment period 12.

Q : What is the probable nature of mutation

If Mutation B were genetically isolated in a fresh strain (i.e., it is the only mutation in this strain), what lac phenotype would you expect?

Q : Describe the sequence of hormones beginning

Describe the sequence of hormones beginning with those affected by increasing day length that: 1. Bring a mare into estrous and then to ovulation

Q : What are the expected genotype frequencies

Given the allele frequencies p = 0.6, and q = 0.6, what are the expected genotype frequencies before and after selection given the following viabilities:

1932843

Questions
Asked

3,689

Active Tutors

1420044

Questions
Answered

Start Excelling in your courses, Ask a tutor for help and get answers for your problems !!

ask Question

Asked Questions

What is the best response for the medical assistant to give

A medical assistant is helping a patient put on an event monitor. "What should I do if my heart starts beating too fast again?"

What is root cause of medical error described as never event

Question: What is the root cause of a medical error described as never events? Group of answer choices

What is the clinical documentation cycle

What is the clinical documentation cycle? Question Answer a. patient assessment, plan of care, progress notes, and reassessment

Discuss patient who is about to receive a 12-lead ekg

Question: Which instruction makes the MOST sense to give a patient who is about to receive a 12-lead EKG?

Which type of care setting more preferred by rural patients

Which type of care setting is more preferred by rural patients receiving hospice care compared to their urban counterparts?

What if someone doesnt get his hands on any of the assets

Gloria Allen is unmarried and is 86 years old. Her husband died 20 years ago, and she has been single ever since. She has three children,

What is your next course of action for mr. hook

Mr. hook is a 74 year old male that is 3 days post open heart surgery. He weighs 71 kilograms. He still has a swan Ganz catheter in place.