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Texas Roadhouse opened a new restaurant in October. During its first three months of operation, the restaurant sold gift cards in various amounts totaling $3,400. The cards are redeemable for meals within one year of the purchase date Gift cards totaling $520 were presented for redemption during the first three months of operation prior to year-end on December 31. The sales tax rate on restaurant sales is 4%, assessed at the time meals (not gift cards) are purchased. Texas Roadhouse will remit sales taxes in January Required: 1. & 2. Record in summary form) the $3,400 in gift cards sold (keeping in mind that in actuality, the firm would record each sale of a gift card individually) and the $520 in gift cards redeemed. (Hint The $520 includes a 4% sales tax of $20.) (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction ist Journal entry worksheet 2 Record the cash received for gift cards. ut inte detits before credits Transaction General Journal Debit Credit Prer Niny 1 2 Record the redemption of gift cards, Note: Enter debits before credits Transaction General Journal Debit Credit 2 Record entry Clear entry View general Journal 3. Determine the balance in the Deferred Revenue account (remaining liability for gift cards) Texas Roadhouse will report on the December 31 balance sheet. Deferred revenue Selected financial data regarding current assets and current liabilities for ACME Corporation and Wayne Enterprises, are as follows: ACHE Corporation Wayne Enterprises is in millions) Current assets Cash and cash equivalents Current investments Net receivables Inventory Other current assets Total current assets Current liabilities: Current debit Accounts payable Other current liabilities Total current liabilities $ 533 5 722 10,606 1.322 $13,188 $ 175 5.45 96 7.509 145 $8,470 $ 7,521 1,697 $4,480 951 2,355 $7.786 1,002 $10,220 Required: 1-6. Calculate the current ratio for ACME Corporation and Wayne Enterprises (Enter your answers in millions. For example, $5,500,000 should be entered os 5.5.) Current Ratio ACME Corporation Wayne Enterprises