Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. 10 11 12 13 14 15 12 points) kitty jen limited (k

10 11 12 13 14 15 12 points) Kitty Jen Limited (KUL) is a...

70.2K

Verified Solution

Question

Accounting

image
10 11 12 13 14 15 12 points) Kitty Jen Limited (KUL) is a public company following IFRS. KJL recently started business and decided to have a loyalty program for its customers. Customers may earn points for every $20 of merchandise purchased. Each point is redeemable for a $5.00 discount on any purchases of KJL merchandise in the next four years. In the current year, KJL made $200,000 of sales (at a gross profit percentage of 30%) and customers earned 8,000 points associated with these sales. The stand-alone selling price of the merchandise sold is $200,000. KJL anticipates that customers will redeem 75% of these points related to the sales How much revenue should be recognized by KIL related to the current year sales? Round your answer to the nearest dollar. [Insert your answer in the box below. Your answer should only involve digitsumbers. Do not use a dollar sign ($) or a comma () in your answer (the system will give you an error message). For EPS calculations, use 2 decimal places.) 16 17 18 19 20 21 Your

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students