c. Use the financial statement effects template to record the gift card activity during the fiscal year ended February 2, 2019. Ignore sales tax and returns. Details are as follows. Note: For each account category, indicate the appropriate account name. Enter "N/A" for any account category that is not used for a given transaction. Note: Indicate a decrease in an account category by including a negative sign with the amount. $ millions Gift card liability, February 3, 2018 $727 Gift cards issued during current period but not redeemed 645 Revenue recognized from beginning liability Gift card liability, February 2, 2019 (532) $840 ($ millions) Transaction May: Gift card sale May: Gift card redemption Cash N/A Cash Asset 645✓ N/A 0✓ Inventory Noncash Assets 0 Balance Sheet Liabilities Contrib. Capital Earned Capital 645✓ 0 0 Unearned Revenue N/A ✓ N/A ✓ N/A x = -532✓ 0 ✓ 0 x Unearned Revenue N/A ÷ Retained Earnings Revenue Income Statement Expenses Net Income 0 0 Revenues 0 N/A 532 ▼ ÷ COGS x = ×
c. Use the financial statement effects template to record the gift card activity during the fiscal year ended February 2, 2019. Ignore sales tax and returns. Details are as follows. Note: For each account category, indicate the appropriate account name. Enter "N/A" for any account category that is not used for a given transaction. Note: Indicate a decrease in an account category by including a negative sign with the amount. $ millions Gift card liability, February 3, 2018 $727 Gift cards issued during current period but not redeemed 645 Revenue recognized from beginning liability Gift card liability, February 2, 2019 (532) $840 ($ millions) Transaction May: Gift card sale May: Gift card redemption Cash N/A Cash Asset 645✓ N/A 0✓ Inventory Noncash Assets 0 Balance Sheet Liabilities Contrib. Capital Earned Capital 645✓ 0 0 Unearned Revenue N/A ✓ N/A ✓ N/A x = -532✓ 0 ✓ 0 x Unearned Revenue N/A ÷ Retained Earnings Revenue Income Statement Expenses Net Income 0 0 Revenues 0 N/A 532 ▼ ÷ COGS x = ×
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
please help...need help finding noncash assets
Transcribed Image Text:c. Use the financial statement effects template to record the gift card activity during the fiscal year ended February 2, 2019. Ignore sales tax and returns. Details are as follows.
Note: For each account category, indicate the appropriate account name. Enter "N/A" for any account category that is not used for a given transaction.
Note: Indicate a decrease in an account category by including a negative sign with the amount.
$ millions
Gift card liability, February 3, 2018
$727
Gift cards issued during current period but not redeemed 645
Revenue recognized from beginning liability
Gift card liability, February 2, 2019
(532)
$840
Transcribed Image Text:($ millions)
Transaction
May: Gift card sale
May: Gift card redemption
Cash
N/A
Cash Asset
645✓
N/A
0✓
Inventory
Noncash Assets
0
Balance Sheet
Liabilities
Contrib. Capital
Earned Capital
645✓
0
0
Unearned Revenue
N/A
✓
N/A
✓ N/A
x =
-532✓
0 ✓
0 x
Unearned Revenue
N/A
÷
Retained Earnings
Revenue
Income Statement
Expenses
Net Income
0
0
Revenues
0
N/A
532 ▼
÷
COGS
x =
×
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