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Business
Accounting
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: O Unearned revenue, January 1, 2021- P3,000,000 O Gift certificates sold- P10,000,000 O Gift certificates redeemed- P8,200,000 O Expired gift certificates- P600,000 O 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: O Unearned revenue, January 1, 2021- P3,000,000 O Gift certificates sold- P10,000,000 O Gift certificates redeemed- P8,200,000 O Expired gift certificates- P600,000 O Cost of goods sold- 60% On December 31, 2021, Siomai should report unearned revenues of: *

FINANCIAL ACCOUNTING
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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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: O Unearned revenue, January 1, 2021- P3,000,000 O Gift certificates sold- P10,000,000 O Gift certificates redeemed- P8,200,000 O Expired gift certificates- P600,000 O Cost of goods sold- 60% On December 31, 2021, Siomai should report unearned revenues of: *
Transcribed Image Text: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: O Unearned revenue, January 1, 2021- P3,000,000 O Gift certificates sold- P10,000,000 O Gift certificates redeemed- P8,200,000 O Expired gift certificates- P600,000 O Cost of goods sold- 60% On December 31, 2021, Siomai should report unearned revenues of: *
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