(Answered) Regal department store sells gift certificates redeemable

Accounting

Regal Department Store sells gift certificates, redeemable for store merchandise, that expire one year after their issuance. Regal has the following information pertaining to its gift certificates sales and redemptions:

Unredeemed at 12/31/Y1 $ 75,000 Year 2 sales 250,000 Year 2 redemptions of prior year sales 25,000 Year 2 redemptions of current year sales 175,000 Regal's experience indicates that 10% of gift certificates sold will not be redeemed. In its December 31, year 2 balance sheet, what amount should Regal report as unearned revenue?

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Financial Accounting, Accounting

Category:- Financial Accounting
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