Ling, Inc. sold $30,000 of gift cards during 2020. Also during 2020, $25,000 of gift cards...
Ling, Inc. sold $30,000 of gift cards during 2020. Also during 2020, $25,000 of gift cards were redeemed, some of which were sold in 2020 and some of which were sold in the prior year. Ling also concluded that $2,500 of gift cards sold in the prior year would never be redeemed, and Ling finished 2020 with a balance of $17,500 in Deferred revenue—gift cards. Ling should recognize revenue in 2020 associated with gift cards of:
Homework Answers
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Revenue to be recognized = Gift cards redeemed in 2020 + Gift cards of 2019 not expected to be redeemed = 25,000 + 2,500 = $27,500 Comment if you face any issues |
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Ling, Inc. sold $30,000 of gift cards during 2020. Also during
2020, $25,000 of gift cards...
GoodBuy sells gift cards redeemable for GoodBuy products either in store or online. During 2021, GoodBuy...
GoodBuy sells gift cards redeemable for GoodBuy products either in store or online. During 2021, GoodBuy sold $1,040,000 of gift cards, and $900,000 of the gift cards were redeemed for products. As of December 31, 2021. $33,000 of the remaining gift cards had passed the date at which GoodBuy concludes that the cards will never be redeemed. How much gift card revenue should GoodBuy recognize in 2021? Revenue
Circuit Town commenced a gift card program in January 2018 and sold $10,000 of gift cards...
Circuit Town commenced a gift card program in January 2018 and sold $10,000 of gift cards in January, $15,000 in February, and $16,000 in March of 2018 before discontinuing further gift card sales. During 2018, gift card redemptions were $6,000 for the January gift cards sold, $4,500 for the February cards, and $4,000 for the March cards. Circuit Town considers gift cards to be "broken" (not redeemable) 10 months after sale. Required: 1. How much revenue will CircuitTown recognize with...
CircuitTown commenced a gift card program in January 2021 and sold $12,200 of gift cards in...
CircuitTown commenced a gift card program in January 2021 and sold $12,200 of gift cards in January, $16,400 in February, and $20,400 in March 2021 before discontinuing further gift card sales. During 2021, gift card redemptions were $6,500 for the January gift cards sold, $5,400 for the February cards, and $6,900 for the March cards. CircuitTown considers gift cards to be “broken” (not redeemable) 10 months after sale. Required: 1. How much revenue will CircuitTown recognize with respect to January...
CircuitTown commenced a gift card program in January 2021 and sold $11,700 of gift cards in...
CircuitTown commenced a gift card program in January 2021 and sold $11,700 of gift cards in January, $18,100 in February, and $21,650 E in March 2021 before discontinuing further gift card sales. During 2021, gift card redemptions were $7,500 for the January gift cards sold, $6,050 for the February cards, and $6,250 for the March cards. Circuit Town considers gift cards to be “broken” (not redeemable) E 10 months after sale. Required: 1. How much revenue will CircuitTown recognize with...
The following facts relate to gift cards sold by Sunbru Coffee Company during 2021. Sunbru's fiscal...
The following facts relate to gift cards sold by Sunbru Coffee Company during 2021. Sunbru's fiscal year ends on December 31. (a.) In October 2021, sold $3,000 of gift cards, and redeemed $500 of those gift cards. (5.) In November 2021 , sold $4,000 of gift cards, and redeemed $1,400 of October gift cards and $700 of November gift cards. (c.) In December 2021, sold $3,000 of gift cards, and redeemed $200 of October gift cards, $2,000 of November gift...
The following facts relate to gift cards sold by Sunbru Coffee Company during 2018. Sunbru’s fiscal...
The following facts relate to gift cards sold by Sunbru Coffee Company during 2018. Sunbru’s fiscal year ends on December 31. (a.) In October 2018, sold $2,100 of gift cards, and redeemed $410 of those gift cards. (b.) In November 2018, sold $3,100 of gift cards, and redeemed $1,310 of October gift cards and $610 of November gift cards. (c.) In December 2018, sold $2,100 of gift cards, and redeemed $110 of October gift cards, $1,100 of November gift cards,...
In Lizzie Shoes' experience, gift cards that have not been redeemed within 12 months are not...
In Lizzie Shoes' experience, gift cards that have not been redeemed within 12 months are not likely to be redeemed. Lizzie Shoes sold gift cards for $18,800 during August of 2018. $5,400 of cards were redeemed in September of 2018, $3,580 in October, $2,550 in November, and $2.160 in December of 2018. In 2019 an additional $1,530 of cards were redeemed in January and $855 in Februany How much gift card revenue associated with the August 2018 gift card sales...
Peterson Photoshop sold $1,200 in gift cards on special promotion on October 15, 2021, and sold...
Peterson Photoshop sold $1,200 in gift cards on special promotion on October 15, 2021, and sold $1,800 in gift cards on another special promotion on November 15, 2021. Of the cards sold in October, $120 were redeemed in October, $300 in November, and $360 in December. Of the gift cards sold in November, $180 were redeemed in November and $420 were redeemed in December. Peterson views the probability of redemption of a gift card as remote if the card has...
Circuit Town commenced a gift card program in January 2021 and sold $10,550 of gift cards...
Circuit Town commenced a gift card program in January 2021 and sold $10,550 of gift cards in January, $17,800 in February, and $17,200 in March 2021 before discontinuing further gift card sales. During 2021, gift card redemptions were $6,650 for the January gift cards sold, $4,800 for the February cards, and $4,200 for the March cards. CircuitTown considers gift cards to be "broken" (not redeemable) 10 months after sale. Required: 1. How much revenue will Circuit Town recognize with respect...
Circuit Town commenced a gift card program in January 2018 and sold $13,500 of gift cards...
Circuit Town commenced a gift card program in January 2018 and sold $13,500 of gift cards in January. $18.950 in February, and $20,000 in March of 2018 before discontinuing further gift card sales. During 2018, gift card redemptions were $7.200 for the January gift cards sold, 55,650 for the February cards, and $6,600 for the March cards. Circuit Town considers gift cards to be "broken" (not redeemable) 10 months after sale. Required: 1. How much revenue Will Circuit Town recognize...
GoodBuy sells gift cards redeemable for GoodBuy products either in store or online. During 2021, GoodBuy sold $1,040,000 of gift cards, and $900,000 of the gift cards were redeemed for products. As of December 31, 2021. $33,000 of the remaining gift cards had passed the date at which GoodBuy concludes that the cards will never be redeemed. How much gift card revenue should GoodBuy recognize in 2021? Revenue
Circuit Town commenced a gift card program in January 2018 and sold $10,000 of gift cards in January, $15,000 in February, and $16,000 in March of 2018 before discontinuing further gift card sales. During 2018, gift card redemptions were $6,000 for the January gift cards sold, $4,500 for the February cards, and $4,000 for the March cards. Circuit Town considers gift cards to be "broken" (not redeemable) 10 months after sale. Required: 1. How much revenue will CircuitTown recognize with...
CircuitTown commenced a gift card program in January 2021 and sold $11,700 of gift cards in January, $18,100 in February, and $21,650 E in March 2021 before discontinuing further gift card sales. During 2021, gift card redemptions were $7,500 for the January gift cards sold, $6,050 for the February cards, and $6,250 for the March cards. Circuit Town considers gift cards to be “broken” (not redeemable) E 10 months after sale. Required: 1. How much revenue will CircuitTown recognize with...
The following facts relate to gift cards sold by Sunbru Coffee Company during 2021. Sunbru's fiscal year ends on December 31. (a.) In October 2021, sold $3,000 of gift cards, and redeemed $500 of those gift cards. (5.) In November 2021 , sold $4,000 of gift cards, and redeemed $1,400 of October gift cards and $700 of November gift cards. (c.) In December 2021, sold $3,000 of gift cards, and redeemed $200 of October gift cards, $2,000 of November gift...
In Lizzie Shoes' experience, gift cards that have not been redeemed within 12 months are not likely to be redeemed. Lizzie Shoes sold gift cards for $18,800 during August of 2018. $5,400 of cards were redeemed in September of 2018, $3,580 in October, $2,550 in November, and $2.160 in December of 2018. In 2019 an additional $1,530 of cards were redeemed in January and $855 in Februany How much gift card revenue associated with the August 2018 gift card sales...
Circuit Town commenced a gift card program in January 2021 and sold $10,550 of gift cards in January, $17,800 in February, and $17,200 in March 2021 before discontinuing further gift card sales. During 2021, gift card redemptions were $6,650 for the January gift cards sold, $4,800 for the February cards, and $4,200 for the March cards. CircuitTown considers gift cards to be "broken" (not redeemable) 10 months after sale. Required: 1. How much revenue will Circuit Town recognize with respect...
Circuit Town commenced a gift card program in January 2018 and sold $13,500 of gift cards in January. $18.950 in February, and $20,000 in March of 2018 before discontinuing further gift card sales. During 2018, gift card redemptions were $7.200 for the January gift cards sold, 55,650 for the February cards, and $6,600 for the March cards. Circuit Town considers gift cards to be "broken" (not redeemable) 10 months after sale. Required: 1. How much revenue Will Circuit Town recognize...
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