Bavarian Bar and Grill opened for business in November 2021. During its first two months of operation, the restaurant sold gift cards in various amounts totaling $5,800, mostly as Christmas presents. They are redeemable for meals within two years of the purchase date, although experience within the industry indicates that 70% of gift cards are redeemed within one year. Gift cards totaling $1,600 were presented for redemption during 2021 for meals having a total price of $2,000. The sales tax rate on restaurant sales is 4%, assessed at the time meals (not gift cards) are purchased. Sales taxes will be remitted in January.
Answers (1)
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “Bavarian Bar and Grill opened for business in November 2021. During its first two months of operation, the restaurant sold gift cards in ...” in 📘 Business if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers
You Might be Interested in
The reality is that any money invested in a corporation is A. protected by the laws and regulations of the state. B. at risk, despite liability protections. C. available to the stockholders. D. a short-sighted investment.
Answers (1)
On January 1, 2017, Shay issues $300,000 of 10%, 15-year bonds at a price of 97.75. Six years later, on January 1, 2023, Shay retires 20% of these bonds by buying them on the open market at 105.25.
Answers (1)
Hallie created her career plan in high school to become a Biologist. She earned her bachelor's degree as required by her career plan and then worked for three years as a Biologist.
Answers (1)
Using the data below, determine the ending inventory amount assuming the weighted average method with a periodic inventory system. 1. Beginning inventory, 10 units 2. Purchases, 20 units 3. Total cost of units available for sale, $3,000 4.
Answers (1)
At the broadest level, the financial system moves the economy's scarce resources from a. the rich to the poor. b. financial institutions to business firms and government. c. households to financial institutions.
Answers (1)
New Questions in Business
Love Company's accounting records show an after-closing balance of $42,100 in its Retained Earnings account on December 31, 2018.
Answers (1)
g If government spending rises at the same time it reduces tax rates, then:Group of answer choicesbusiness investment will likely fall. crowding out will never occur. interest rates will never rise. business investment will likely rise.
Answers (1)
Wages of $8,000 are earned by workers but not paid as of december 31, 2017. depreciation on the company's equipment for 2017 is $18,000. the office supplies account had a $240 debit balance on december 31, 2016.
Answers (1)
You have placed an antique sofa up for auction and the auctioneer has not made any special announcements about the sale. You can withdraw the sofa at any time before the auctioneer closes the sale by announcement or by the fall of the hammer.
Answers (1)
2. Provide a definition for the following terms: • Accounts receivable: Enter definition here. • Supplies: Enter definition here. • Prepaid rent: Enter definition here. • Furniture: Enter definition here.
Answers (1)