Which one is for gift certificates?
REQUIRED 1:
Event | General journal | Debit | Credit |
1) | Cash | $ 5200 | |
Gift certificate Liability | $ 5200 | ||
( To record the gift certificates sold during 2018 ) | |||
2) | Cash (84+2100 -1300 ) | $ 884 | |
Gift certificate Liability | $ 1,300 | ||
Sales revenue | $ 2,100 | ||
Sales Tax payable (4 % * $ 2,100 ) | $ 84 | ||
(To record Gift certificate for redemption during 2018 ) |
REQUIRED 2 : | |
The liability for gift certificates to be reported on December 31,2018 Balance sheet: | |
Particulars | Amount($) |
Gift certificates sold | $ 5,200 |
less: Gift certificates redeemed for 2018 | ($ 1,300) |
Gift certificates liability | $ 3,900 |
REQUIRED 3 ; | |
Appropriate classification (current or non current )of the liabilities at December 31,2018 | |
Current liabilities : | |
Sales Tax payable (4 % * $ 2,100 ) | $ 84 |
Gift certificates sold | $ 5,200 |
Estimated % redeemed with in 1 year | 80% |
Estimated Current liability before redemption (5200*80%) | $ 4,160 |
less: Gift certificates redeemed for 2018 | ($ 1,300) |
Remaining gift certificates classified as current liability | $ 2,860 |
Non Current liabilities | |
Gift certificates are classifies as non current liability | |
Unredeemed gift certificates (see in required 2 ) | $ 3,900 |
Current portion of unredeemed certificates (see calculation above ) | ($2,860 ) |
Non Current liabilities | $ 1,040 |
Which one is for gift certificates? Bavarian Bar and Grill opened for business in November 2018....
Bavarian Bar and Grill opened for business in November 2016. During its first two months of operation, the restaurant sold gift certificates in various amounts totaling $9,000, mostly as Christmas presents. They are redeemable for meals within two years of the purchase date, although experience within the industry indicates that 70% of gift certificates are redeemed within one year. Certificates totaling $3,200 were presented for redemption during 2016 for meals having a total price of $3,600. The sales tax rate...
Bavarian Bar and Grill opened for business in November 2018. During its first two months of operation, the restaurant sold gift certificates in various amounts totaling $8,400, mostly as Christmas presents. They are redeemable for meals within two years of the purchase date, although experience within the industry indicates that 70% of gift certificates are redeemed within one year. Certificates totaling $2,900 were presented for redemption during 2018 for meals having a total price of $3,300. The sales tax rate...
Bavarian Bar and Grill opened for business in November 2021. During its first two months of operation, the restaurant sold gift cards in various amounts totaling $5,800, mostly as Christmas presents. They are redeemable for meals within two years of the purchase date, although experience within the industry indicates that 70% of gift cards are redeemed within one year. Gift cards totaling $1,600 were presented for redemption during 2021 for meals having a total price of $2,000. The sales tax...
Bavarian Bar and Grill opened for business in November 2021. During its first two months of operation, the restaurant sold gift cards in various amounts totaling $6,000, mostly as Christmas presents. They are redeemable for meals within two years of the purchase date, although experience within the industry indicates that 80% of gift cards are redeemed within one year. Gift cards totaling $1,700 were presented for redemption during 2021 for meals having a total price of $2,100. The sales tax...
Bavarian Bar and Grill opened for business in November 2021. During its first two months of operation, the restaurant sold gift cards in various amounts totaling $5,600, mostly as Christmas presents. They are redeemable for meals within two years of the purchase date, although experience within the industry indicates that 80% of gift cards are redeemed within one year. Gift cards totaling $1,500 were presented for redemption during 2021 for meals having a total price of $1,900. The sales tax...
liability gift cards and meals- noncurrent? Help!!!! ASAP Bavarian Bar and Grill opened for business in November 2021. During its first two months of operation, the restaurant sold gift cards in various amounts totaling $6,200, mostly as Christmas presents. They are redeemable for meals within two years of the purchase date, although experience within the industry indicates that 90% of gift cards are redeemed within one year. Gift cards totaling $1,800 were presented for redemption during 2021 for meals having...
G Image result for pla... Maps Web Store G Gmail Vocabulary Saved Assignment 0 Bavarian Bar and Grill opened for business in November 2021. During its first two months of operation, the restaurant sold gift cards in various amounts totaling $8,000, mostly as Christmas presents. They are redeemable for meals within two years of the purchase date, although experience within the industry indicates that 80% of gift cards are redeemed within one year. Gift cards totaling $2,700 were presented for...
Carved ssignment various amounts totaling $8,000, mostly as Christmas presents. They are redeemable for meals within two years of the purchase date. although experience within the industry indicates that 80% of gift cards are redeemed within one year. Gift cards totaling $2,700 were presented for redemption during 2021 for meals having a total price of $3,100. The sales tax rate on restaurant sales is 4%, assessed at the time meals (not gift cards) are purchased. Sales taxes will be remitted...
PLEASE PUT SOLUTION IN THE SAME FORMAT AS THE IMAGE. THANK YOU! Exercise 13-6 (Algo) Gift cards; sales taxes [LO13-3] Bavarian Bar and Grill opened for business in November 2021. During its first two months of operation, the restaurant sold gift cards in various amounts totaling $8,000, mostly as Christmas presents. They are redeemable for meals within two years of the purchase date, although experience within the industry indicates that 80% of gift cards are redeemed within one year. Gift...
National bullying .. Puzzles P Bullying Find A P.. Address work 2-Chapter 13 Saved Exercise 13-6 (Algo) Gift cards; sales taxes (LO13-3] Bavarian Bar and Grill opened for business in November 2021. During its first two months of operation, the restaurant sold gift cards in various amounts totaling $7,200, mostly as Christmas presents. They are redeemable for meals within two years of the purchase date, although experience within the industry indicates that 80% of gift cards are redeemed within one...