Target reported the following footnote about their accrued liabilities in their 2016 annual filing: Accrued and...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
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? 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?
Expert Answer:
Answer rating: 100% (QA)
To determine the amount transferred into sales revenue from the gift card liability account in 2016 we need to calculate the change in the gift card liability balance between 2015 and 2016 In 2015 the ... View the full answer
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date:
Students also viewed these accounting questions
-
The following additional information is available for the Dr. Ivan and Irene Incisor family from Chapters 1-5. Ivan's grandfather died and left a portfolio of municipal bonds. In 2012, they pay Ivan...
-
Use the attached "words.txt" file to store the words along with their ranks in an AVL tree. Then provide the user the option to search for any word. If the word exists the program displays the rank...
-
Read the case study "Southwest Airlines," found in Part 2 of your textbook. Review the "Guide to Case Analysis" found on pp. CA1 - CA11 of your textbook. (This guide follows the last case in the...
-
How to get a good answer using data and analysis tools in jmp 1 uses the other variables to predict "passion." passion would need to be aggregated into high/low first, and then you can use logistic...
-
What is its total corporate value? What is its value of equity? MINI CASE You have been hired as a consultant to Kulpa Fishing Supplies (KFS), a company that is seeking to increase its value. KFS has...
-
Sketch the region enclosed by the given curves. Decide whether to integrate with respect to x or y. Draw a typical approximating rectangle and label its height and width. Then find the area of the...
-
Sue Sablow is studying for her next accounting examination explain to Sue what she should know about the differences between the income statements for a manufacturing and for a merchandising company
-
Compute the probability of X successes, using Table B in Appendix C. a. n = 2, p = 0.30, X = 1 b. n = 4, p = 0.60, X = 3 c. n = 5, p = 0.10, X = 0 d. n = 10, p = 0.40, X = 4 e. n = 12, p = 0.90, X =...
-
Pfizer Inc. incurred $2 billion in restructuring costs related to workforce reductions and office consolidations. The company provided the following financial figures: Restructuring Costs: $2 billion...
-
https://www.ncbi.nlm.nih.gov/pmc/articles/PMC8623732/pdf/nutrients-13-03884.pdf Please read and critique this article answering the following questions in paragraph form: 1. What is the hypothesis...
-
Holland has been down to the Law Clinic and has returned with several new cases/clients; Wanda and the doorman from the 7-Seas Bar/Grill,Wanda, who has been charged with malicious destruction of a...
-
6. Additional Funds Needed The Booth Energy Company's sales are forecasted to double from $1,000 in 2021 to $2,000 in 2022. Here is the December 31, 2021, balance sheet: Cash $ 100 Accounts payable...
-
If a couple deposits a lump sum amount today to fund their daughter s $ 5 0 , 0 0 0 inflation adjusted undergraduate college expenses 1 0 years henceforth, answer the following assuming annual...
-
Computing Depreciation for Partial Years A company with a calendar year-end purchases a machine costing $206,400 on July 1, 2020. The machine is expected to be obsolete after five years (60 months)...
-
Provide a full 5 year forecast given the following: ABC Ltd had sales this year of $36,333 which are expected to increase for the next 2 years at 4% and 2% for the following 3 years. ATO is expected...
-
QUESTION 1 Company A has a machine, details of which are as follows: Details Rand Cost 3 500 000 Tax Value Realisable Value 2 000 000 Book Value Rand 1 600 000 1 800 000 It produces widgets on this...
-
Wildhorse Limited follows ASPE, and the company sponsors a defined benefit pension plan. Wildhorse's actuary provides the following information about the plan (in thousands of dollars): January 1,...
-
When the Department of Homeland Security created a color-coded system to prepare government officials and the public against terrorist attacks, what did it do right and what did it do wrong?
-
How much of each of the following prizes or awards is taxable? a. Cheline received a $50,000 gift bag at the Oscars in 2012. b. Jon received a gold watch worth $350 for 25 years of service to his...
-
David and Darlene Jasper have one child, Sam, who is 6 years old. The Jaspers reside at 4639 Honeysuckle Lane, Los Angeles, CA 90248. David's Social Security number is 577-11-3311, Darlene's is...
-
During 2012, Tom sold Sears stock for $10,000. The stock was purchased 4 years ago for $13,000. Tom also sold Ford Motor Company bonds for $35,000. The bonds were purchased 2 months ago for $30,000....
-
Griffey, Rodriguez, and Martinez, a CA firm, is preparing to bid for a consulting job. Although Alice Griffey will use her judgment about the market in finalizing the bid, she has asked you to...
-
Consider the following data from Kastoria Leather Companys budgeted income statement (in thousands of dollars): Compute the following markup formulas that would be used for obtaining the same target...
-
Suppose a tour guide approached the general manager of The Agawa Canyon Railway with a proposal to offer a special guided tour to the agents clients. The tour would occur 20 times each summer and be...
Study smarter with the SolutionInn App