117. At December 31, 2017, Sue's Boutique had 1,500 gift certificates outstanding, which hadbeen sold to customers during 2017 for $60 each. Sue's operates on a gross profit of 60%of its sales. What amount of revenue pertaining to the 1,000 outstanding gift certificatesshould be deferred at December 31, 2017?a. $0.b. $36,000.c. $54,000.d. $90,000.86. Maso Company recorded journal entries for the issuance of common stock for $200,000,the payment of $65,000 on accounts payable, and the payment of salaries expense of$105,000. What net effect do these entries have on stockholders' equity?a. Increase of $200,000.b. Increase of $135,000.c. Increase of $95,000.d. increase of $30,000.

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117. At December 31, 2017, Sue's Boutique had 1,500 gift certificates outstanding, which had been sold to customers during 2017 for $60 each. Sue's operates on a gross profit of 60% of its sales. What amount of revenue pertaining to the 1,000 outstanding gift certificates should be deferred at December 31, 2017? a. $0. b. $36,000. C. $54,000. d. $90,000.

117. At December 31, 2017, Sue's Boutique had 1,500 gift certificates outstanding, which had been sold to customers during 2017 for $60 each. Sue's operates on a gross profit of 60% of its sales. What amount of revenue pertaining to the 1,000 outstanding gift certificates should be deferred at December 31, 2017? a. $0. b. $36,000. C. $54,000. d. $90,000.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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