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Explaining to a client the concept of breakage

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Reference no: EM131644579

Question - Your client operates a chain of retail stores. In the period leading up to Christmas, your client sold a 100,000 gift cards having a value of $100 each. Your client is not sure how to account for the $10 million associated with these sales. Using the Accounting Standards Codification, prepare a 1-page memo explaining to a client the concept of "breakage" and describing how the sale of the gift cards should be accounted for.

Reference no: EM131644579

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