Target reported the following footnote about their accrued liabilities in their 2016 annual filing: Accrued and...

   

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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?

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