35 31. Which of the following is the entry to record the sale of a gift card in the amount of $35? a. Cash 35 Revenue 35 b. Uneamed Revenue 35 Revenue c. Cash Uneamed Revenue 35 d. Revenue Cash e. Revenue Uneamed Revenue 35 35 35 35 35 32. Which of the following conditions must be met for a contingent loss to be recorded in the financial statements? a. The chance of loss must be remote. b. The amourk of the loss must be unknown. c. The chance of loss must be probable and can be reasonably estimated. d. The occurrence of loss must be from a future event. e. The stock of the company must be a publicly-traded. 33. Tydings Corporation is being sued by a former employee. Tydings' lawyer believes that the chance of loss is remote. Which of the following is true of reporting this contingent loss? a. The loss should not be reported. b. The loss should be disclosed in the notes to the financial statements. c. The loss should be reported in the statement of cash flows. d. The loss should be reported on the balance sheet. e. The loss should be reported on the income statement. 34. An obligation established by the sale of a product where the seller promises to fix or replace the product if it proves to be defective is called: a. embedded product warranty. b. product benefits. c. gift card. d. redeemable vouchers. e. exchange coupons