Circuittown considers gift cards to be broken

Assignment Help Financial Accounting

Reference no: EM131208417

CircuitTown commenced a gift card program in January 2016 and sold $13,000 of gift cards in January, $16,800 in February, and $20,100 in March of 2016 before discontinuing further gift card sales. During 2016, gift card redemptions were $8,450 for the January gift cards sold, $4,550 for the February cards, and $6,550 for the March cards. CircuitTown considers gift cards to be “broken” (not redeemable) 10 months after sale.

Reference no: EM131208417

Questions Cloud

What is the company net margin : The Preston Company reported the following income for 2014: Sales $ 35,500 Cost of goods sold 9,100 Gross margin $ 26,400 Selling and administrative expense 11,100 Operating income $ 15,300 Interest expense 5,100 Income before taxes $ 10,200 Income t..

How do they achieve their goals and functions : Research a day reporting center in your state (Mississippi). What is the goal of the day reporting center? How do they achieve their goals and functions? Are Day Reporting Centers considered a "nominal sanction"? Why or why not?

What was the depreciation for the first year : Equipment was acquired at the beginning of the year at a cost of $465,000. The equipment was depreciated using the straight-line method based on an estimated useful life of 15 years and an estimated residual value of $45,000. What was the depreciatio..

How much power does each generator supply at that point : What is the maximum power the three generators can supply in this condition without the ratings of one of them being exceeded? At what frequency does this limit occur? How much power does each generator supply at that point?

Circuittown considers gift cards to be broken : CircuitTown commenced a gift card program in January 2016 and sold $13,000 of gift cards in January, $16,800 in February, and $20,100 in March of 2016 before discontinuing further gift card sales. During 2016, gift card redemptions were $8,450 for th..

Advantages and disadvantages of each generators : What would be the advantages and disadvantages of each choice?

Who created the web site wikileaks : In a 2-4 page paper, critique the case of Julian Assange, who created the Web site Wikileaks. Is Assange a glorified hacker and threat to national and international security or is he a supporter for human rights and freedom of speech?

Multiplication counting principle : Describe the situations in which the addition counting principle will apply and give at least one example. Describe the situations in which the multiplication counting principle will apply and give at least one example.

Determine the capitalized worth of the bridge : A newly constructed bridge costs $5,000,000. The same bridge is estimated to need renovation every 15 years at a cost of $1,000,000. Annual repairs and maintenance are estimated to be $100,000 per year. If the interest rate is 5%, determine the capit..

User Account

All Pages