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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 = ×

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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please help...need help finding noncash assets

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: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 = ×
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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