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need help with the questions marked wrong ( red x ) Revenue Recognition and Sales Allowances Revenue Recognition and Sales Allowances Target Corporation reported the

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need help with the questions marked wrong (red x)
Revenue Recognition and Sales Allowances
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Revenue Recognition and Sales Allowances Target Corporation reported the following on its income statement. For 12 Months Ended (S millions) Feb. 2, 2019 Feb. 3, 2018 Jan. 28, 2017 Contrib. Capital Total revenue Cost of sales 566,313 46,903 363,988 44990 561,838 43,248 The revenue recognition footnote from the 1 0-K for the year ended February 2, 2019, includes the following. We record almost all retail store revenues at the point of sale. Digital channel sales include shipping revenue and are recorded upon delivery to the guest or upon guest pickup at the store. Total revenues do not include sales tax because we are a pass-through conduit for collecting and remitting sales taxes. Generally, guests may return national brand merchandise within 90 days of purchase and owned and exclusive brands within one year of purchase. Revenues are recognized net of expected returns, which we estimate using historical return patterns as a percentage of sales and our expectations of future returns. Revenue from gift card sales is recognized upon gift card redemption. Our gift cards do not expire. Based on historical redemption rates, a small and relatively stable percentage of gift cards will never be redeemed, referred to as "breakage." Estimated breakage revenue is recognized over time in proportion to actual gift card redemptions. Guests receive a S percent discount on virtually all purchases and receive free shipping at Target.com when they use their REDcard. This discount is included as a sales reduction in our Consolidated Statements of Operations and was $839 million, $821 million, and $791 million in the fiscal years ended February 2019, 2018, and 2017 respectively. Required a. Use the financial statement effects template to record retail cash sales of $880 in a state with a sales tax rate of 8%. For this question, assume 10% of all merchandise sold is returned within 90 days. Note: For each account category, indicate the appropriate account name. Enter "N/A" for any account category that is not used for a given transaction. Note: Indicate a decrease in an account category by including a negative sign with the amount. (S millions) Transaction In-store sales Cash Cash Asset 950.4 Noncash Assets I nventory Balance Sheet Liabilities Allowances for Sales Returns 70.4 Sales Tax Payable Earned Capital Retained Earnings Revenues Incon.e Statement Expenses 792 COGS Net Income

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