Moretti Department Store sells gift cards that expire three years from the date of purchase. During...

 

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Moretti Department Store sells gift cards that expire three years from the date of purchase. During 2019, Moretti sold $50,000 of gift cards, of which $1,500 were redeemed during 2021. At the end of 2021, it is estimated that approximately $800 of the 2019 balance remains unused, and Moretti concludes that it will never be redeemed. Moretti sold another $55,000 of gift cards in 2020, of which $22,000 were redeemed in 2021, and $60,000 of gift cards in 2021, of which $40,000 were redeemed in 2021. Required: How much revenue with respect to gift cards should Moretti recognize in 2021? Revenue Moretti Department Store sells gift cards that expire three years from the date of purchase. During 2019, Moretti sold $50,000 of gift cards, of which $1,500 were redeemed during 2021. At the end of 2021, it is estimated that approximately $800 of the 2019 balance remains unused, and Moretti concludes that it will never be redeemed. Moretti sold another $55,000 of gift cards in 2020, of which $22,000 were redeemed in 2021, and $60,000 of gift cards in 2021, of which $40,000 were redeemed in 2021. Required: How much revenue with respect to gift cards should Moretti recognize in 2021? Revenue Moretti Department Store sells gift cards that expire three years from the date of purchase. During 2019, Moretti sold $50,000 of gift cards, of which $1,500 were redeemed during 2021. At the end of 2021, it is estimated that approximately $800 of the 2019 balance remains unused, and Moretti concludes that it will never be redeemed. Moretti sold another $55,000 of gift cards in 2020, of which $22,000 were redeemed in 2021, and $60,000 of gift cards in 2021, of which $40,000 were redeemed in 2021. Required: How much revenue with respect to gift cards should Moretti recognize in 2021? Revenue Moretti Department Store sells gift cards that expire three years from the date of purchase. During 2019, Moretti sold $50,000 of gift cards, of which $1,500 were redeemed during 2021. At the end of 2021, it is estimated that approximately $800 of the 2019 balance remains unused, and Moretti concludes that it will never be redeemed. Moretti sold another $55,000 of gift cards in 2020, of which $22,000 were redeemed in 2021, and $60,000 of gift cards in 2021, of which $40,000 were redeemed in 2021. Required: How much revenue with respect to gift cards should Moretti recognize in 2021? Revenue