A caf sells gift cards in $25 increments. Based on experience, the restaurant estimates that 30% of
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Question:
A café sells gift cards in $25 increments. Based on experience, the restaurant estimates that 30% of the gift cards will not be redeemed. During 2025, the restaurant had total gift card sales of $9300, of which 40% of the estimated amount were redeemed. Calculate the liability that the restaurant will report December 31, 2025, with regard to 2025 gift card sales.
Related Book For
Intermediate Accounting Volume 1
ISBN: 978-1119496496
12th Canadian edition
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Irene M. Wiecek, Bruce J. McConomy
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