jt.3 Target reported the following footnote about their accrued liabilities in their 2016annual filing:Accrued and Other Current Liabilities(millions)Wages and benefitsGift card liabilityReal estate, sales, and other taxes payableIncome tax payableDividends payableStraight-line rent accrualWorkers' compensation and general liabilityInterest payableProject costs accrualOtherTotal2016$8846445745023372621467673738$ 4,2362015$ 951612550263332551537669758$ 3,783 The Gift Card Liability account represents Target's unearned revenue. Assume Targehas sold $300 gift cards to customers in 2016, what is the amount that wastransferred into sales revenue in 2016 from the gift card liability account?$300$644$268$32

Revenue earned is the amount of unearned revenue earned during the period. It is the amount…

The Gift Card Liability account represents Target's unearned revenue. Assume Targe has sold $300 gift cards to customers in 2016, what is the amount that was transferred into sales revenue in 2016 from the gift card liability account? $300 $644 $268 $32

The Gift Card Liability account represents Target's unearned revenue. Assume Targe has sold $300 gift cards to customers in 2016, what is the amount that was transferred into sales revenue in 2016 from the gift card liability account? $300 $644 $268 $32

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter12: Current Liabilities

Section: Chapter Questions

Problem 2EA: Consider the following accounts and determine if the account is a current liability, a noncurrent...

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Question

jt.3

Target reported the following footnote about their accrued liabilities in their 2016
annual filing:
Accrued and Other Current Liabilities
(millions)
Wages and benefits
Gift card liability
Real estate, sales, and other taxes payable
Income tax payable
Dividends payable
Straight-line rent accrual
Workers' compensation and general liability
Interest payable
Project costs accrual
Other
Total
2016
$884
644
574
502
337
262
146
76
73
738
$ 4,236
2015
$ 951
612
550
26
333
255
153
76
69
758
$ 3,783

The Gift Card Liability account represents Target's unearned revenue. Assume Targe
has sold $300 gift cards to customers in 2016, what is the amount that was
transferred into sales revenue in 2016 from the gift card liability account?
$300
$644
$268
$32

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