Business, 10.09.2021 01:20 Coscutt

olombo Coffee sells gift cards that can be used at its 55 branches. During 2020, customers purchased $25,000 of gift cards, of which $3,000 were redeemed during 2021. It is estimated that a balance of $1,500 of cards sold in 2020 remains unused as of the end of 2021, and Colombo determines that this amount will never be redeemed, based on historical experience. During 2021, Colombo further sold $32,000 of gift cards, of which $26,000 were redeemed and $6,000 remain unused but may be used by customer in 2022. Required: How much gift card revenue should Colombo recognize in 2021

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olombo Coffee sells gift cards that can be used at its 55 branches. During 2020, customers purchased...

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