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You have just started a program of selling gift certificates at your store In the first month, you sold $7,000 worth and customers redeemed $2300 of these certificates for merchandise Your average

You have just started a program of selling gift certificates at your store. In the first month, you sold $7,000 worth and customers redeemed $2,300 of these certificates for merchandise. Your average gross profit percentage is 38%. What should you report as gift certificate revenue, and how much gross margin related to the gift certificates will appear in the income statement?

Apr 05 2020 Read more Less More

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