Siomai Corp. sells gift certificates redeemable only when merchandise is purchased. The certificates have an expiration date two years after issuance. Upon redemption or expiration, Siomai recognizes the unearned revenue as realized. Data for the year are as follows:  Unearned revenue, January 1, 2021- P3,000,000  Gift certificates sold- P10,000,000  Gift certificates redeemed- P8,200,000  Expired gift certificates- P600,000  Cost of goods sold- 60% On December 31, 2021, Siomai should report unearned revenues of:

Siomai Corp. sells gift certificates redeemable only when merchandise is purchased. The certificates have an expiration date two years after issuance. Upon redemption or expiration, Siomai recognizes the unearned revenue as realized. Data for the year are as follows:  Unearned revenue, January 1, 2021- P3,000,000  Gift certificates sold- P10,000,000  Gift certificates redeemed- P8,200,000  Expired gift certificates- P600,000  Cost of goods sold- 60% On December 31, 2021, Siomai should report unearned revenues of:

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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