Determine the ending balance in the deferred revenue account

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Question - Lululemon, Inc., an athletic apparel company, offers gift cards to their customers. Lululemon reported a balance of $196,000 in Deferred Revenues from gift cards as of January 1, 20X1. During 20X1, Lulu sold $435,000 of gift cards and redeemed $392,000. Lulu also reliably estimated that an additional $37,000 of gift cards were past the point of redemption and concluded these cards would never be redeemed. Determine the ending balance in the Deferred Revenue account for Gift Cards?

Reference no: EM133089179

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