During the year, FNE Inc. sold gift certificates worth 4,000,000 of which 2,160,000 were redeemed. Local regulation requires that gift certificates do not expire but FNE Inc. experience that 10% of the gift certificates sold are not redeemed. What is the amount of liabilities related to this gift certificates as of December 31 year ended?

During the year, FNE Inc. sold gift certificates worth 4,000,000 of which 2,160,000 were redeemed. Local regulation requires that gift certificates do not expire but FNE Inc. experience that 10% of the gift certificates sold are not redeemed. What is the amount of liabilities related to this gift certificates as of December 31 year ended?

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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71. Sbject :- Accounting
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