Answer:
Feb. 2021
Dr Gift Card Liability $20
Cr Gift Card Revenue $20
(to record revenue arisen from oustanding Gift Card Liability)
Explanation:
Under GAAP, the accounting for Gift Card is quite simple. When the gift card are sold, Gift Card Issuer receives Cash (Debit Cash) and assume the Liability (Cr Liability) to anyone owning the gift card for later providing of goods/services priced at the Cash amount that had been received.
It is not until Gift Card is redeemed that Gift Card Issuer is allowed to record revenue (Credit Revenue) as it is an actual point of time when the provide of goods/services takes place. Also at the same time, once the goods/services are provided, they Liability assumed earlier in time through Gift Card issuance will be discharged to the extent of the price of goods/services provided.
Answer:
Option A, selling losers quickly, is the right answer.
Explanation:
According to some researchers and their investigation consistency factors has the potential to influence feelings of regret. Regret may emerge as a function of consistency and discrepancy between an individual's orientation and effort of an evaluative decision. Whenever the decision-maker approves an orientation of serving errors associated with the actions are generally more consistent and thus led to comparatively less feeling of regret.
amountOfRain would be the most appropriate identifier for a memory location that will store the amount of rainfall for a given period of time.
<u>Explanation:</u>
A set of characters in a sequence that helps in the identification any value or a set of set is known as identifiers. Identifiers are unique in nature. A character sequence that is given for storing a set of data should not be given to store another set of data.
They are useful in referencing a variable from which the data or values that are contained in that particular variable can be easily retrieved. For example a variable can be indicated by an identifier totalAmount in which the value stored is 56000. The starting name of the variable should be given in smaller case letter and second name should be in capital letter. For instance if you are going to store the value 45 in the variable amountoftime then the variable name should be given as amountOfTime.
Answer:
(b) After-closing balance in the Retained Earnings account on December 31, Year 1,
Total Stockholder's equity = Total assets - Total liabilities
= $220,000 - $66,000
= $154,000
After-closing balance of Retained Earnings = Total Stockholder's equity - Common stock
= $154,000 - $110,000
= $44,000
(a) Before-closing balance in the Retained Earnings account on December 31, Year 1.
Net Income = Revenue - Expenses
= $40,000 - $23,000
= $17,000
Before-closing balance of Retained Earnings:
= After-closing balance of Retained Earnings + Dividend paid - Net Income
= $44,000 + $3,200 - $17,000
= $30,200
(c) Before-closing balances in the following accounts:
Revenue = $40,000
Expenses = $23,000
Dividend = $3,200
(d) After-closing balances in the following accounts:
Revenue = $0
Expenses = $0
Dividend = $0
Because revenue and expenses are transferred to income statement and dividend are transferred to retained earnings.
