Excerpt about revenue recognition taken from Best Buys 10-K for the fiscal year that ended on January 28, 2023.

Revenue Recognition

We generate revenue from the sale of products and services. Revenue is recognized when control of the promised goods or services is transferred to our customers, in an amount that reflects the transaction price consideration that we expect to receive in exchange for those goods or services. Our revenue excludes sales and usage-based taxes collected and is reported net of sales refunds, which includes an estimate of future returns and contract cancellations based on historical refund rates, with a corresponding reduction to cost of sales. We defer the revenue associated with any unsatisfied performance obligation until the obligation is satisfied, i.e., when control of a product is transferred to the customer or a service is completed.

When answering questions, please:

• Refer to the excerpt about revenue recognition that is taken from Best Buys 10-K for the fiscal year that ended on January 28, 2023.
• Ignore taxes. That is, assume the income tax rate is zero and there are no sales taxes.

Assume that on July 1, 2022 a customer purchased a Samsung 50 inch television from Best Buy. The customer paid cash of $350 and took immediate possession of the television. The television had a carrying value of $280. The customer had the right to return the television within 15 days of purchase and Best Buy estimates a return rate of five percent.

Q1) On the day that Best Buy sold the television, what effect did the sale have on Best Buys revenues? Your answer should be in dollars. If the effect is positive (negative) enter the answer as a positive (negative) amount.

Q2) On the day that Best Buy sold the television, what effect did the sale have on Best Buys cost of sales? Your answer should be in dollars. If the effect is positive (negative) enter the answer as a positive (negative) amount.

Q3) On the day that Best Buy sold the television, what effect did the sale have on Best Buys total assets? Your answer should be in dollars. If the effect is positive (negative) enter the answer as a positive (negative) amount.

Q4) On the day that Best Buy sold the television, what effect did the sale have on Best Buys total liabilities? Your answer should be in dollars. If the effect is positive (negative) enter the answer as a positive (negative) amount.

Q5) On the day that Best Buy sold the television, what effect did the sale have on Best Buys total equity? Your answer should be in dollars. If the effect is positive (negative) enter the answer as a positive (negative) amount.