Problem 9. At December 31, 2021, Cactus Co. had 10,000 gift certificates outstanding which had been sold to customers during 2021 for P100 each. Cactus operates on a gross margin of 60% of its sales. What amount of revenue pertaining to the 10,000 outstanding gift certificates should be deferred at December 31, 2021?

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
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Chapter1: Financial Statements And Business Decisions
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Problem 9. At December 31, 2021, Cactus Co. had 10,000 gift certificates
outstanding which had been sold to customers during 2021 for P100 each. Cactus
operates on a gross margin of 60% of its sales. What amount of revenue pertaining to
the 10,000 outstanding gift certificates should be deferred at December 31, 2021?
Transcribed Image Text:Problem 9. At December 31, 2021, Cactus Co. had 10,000 gift certificates outstanding which had been sold to customers during 2021 for P100 each. Cactus operates on a gross margin of 60% of its sales. What amount of revenue pertaining to the 10,000 outstanding gift certificates should be deferred at December 31, 2021?
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