MOA sells gift cards that are redeemable only at its stores. The company's policy is to record the redemption amount as realized. MOA sold P1,800,000 worth of gift certificates in 2019 and redeemed P1,560,000 worth of gift certificates. The value of outstanding gift certificates as of January 1, 2019 is P520,000. The company's gross profit margin is 40%. What is the obligation for outstanding gift
MOA sells gift cards that are redeemable only at its stores. The company's policy is to record the redemption amount as realized. MOA sold P1,800,000 worth of gift certificates in 2019 and redeemed P1,560,000 worth of gift certificates. The value of outstanding gift certificates as of January 1, 2019 is P520,000. The company's gross profit margin is 40%. What is the obligation for outstanding gift
Chapter9: Accounting For Receivables
Section: Chapter Questions
Problem 16EB: Element Surfboards issued a $210,800 note on January 1, 2018 to a customer, Leona Marland, in...
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MOA sells gift cards that are redeemable only at its stores.
The company's policy is to record the redemption amount as realized.
MOA sold P1,800,000 worth of gift certificates in 2019 and redeemed P1,560,000 worth of gift certificates.
The value of outstanding gift certificates as of January 1, 2019 is P520,000.
The company's gross profit margin is 40%.
What is the obligation for outstanding gift cards at the end of the fiscal year on December 31, 2019?
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