Apple inc. is the number one online music retailer through its itunes music store. apple sells itunes gift cards in $15, $25, and $50 increments. assume apple sells $19.3 million in itunes gift cards in november, and customers redeem $12.3 million of the gift cards in december. and customers redeem $12.7 million of the gift cards.

record the necessary entries in the journal entry worksheet below.

record the receipt of cash for gift cards.

record the revenue earned from redemption of gift cards.

what is the ending balance in the unearned revenue account?

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The treasurer for pittsburgh iron works wishes to use financial futures to hedge her interest rate exposure. she will sell five treasury futures contracts at $139,000 per contract. it is july and the contracts must be closed out in december of this year. long-term interest rates are currently 7.30 percent. if they increase to 9.50 percent, assume the value of the contracts will go down by 20 percent. also if interest rates do increase by 2.2 percent, assume the firm will have additional interest expense on its business loans and other commitments of $149,000. this expense, of course, will be separate from the futures contracts. a. what will be the profit or loss on the futures contract if interest rates increase to 9.50 percent by december when the contract is closed out

You are head of the schwartz family endowment for the arts. you have decided to fund an arts school in the san francisco bay area in perpetuity. every 5 years, you will give the school $ 1 comma 000 comma 000. the first payment will occur 5 years from today. if the interest rate is 5.9 % per year, what is the present value of your gift?