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Revenue Recognition and Sales Allowances Target Corporation reported the following on its income statement. The revenue recognition footnote from the 10K for the year ended
Revenue Recognition and Sales Allowances Target Corporation reported the following on its income statement. The revenue recognition footnote from the 10K 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. as a percentage of sales and our expectations of future returns. Estimated breakage revenue is recognized over time in proportion to actual gift card redemptions. $849 million, and $818 million in the fiscal years ended February 2019, 2018, and 2017 respectively. a. Use the financial statement effects template to record retail cash sales of $910 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. shipped from the warehouse on March 6, and FedEx confirms delivery on March 7. Ignore shipping costs, sales tax, and returns. 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. :. Use the financial statement effects template to record the gift card actovicy during the fiscal year ended february 2 . 2019 . Ignore sales tax and returns. Details are as follows. Note: For each account category, indicate the appropnate account name. Enter "N/A' for any account category that is not used for a given transaction. Note: Incicate a decrease in an account category by including a negative sign with the amount
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