Internet Research: Prepare 2 Memo for one question (abut 480 words for per memo)
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You have another client that has asked you to comment on current accounting issues. MunchieMania (MM) runs a small chain of restaurants in Colorado that specialize in late night snacks. MM has been your client since it opened in 2006. For years, MM has sold gift cards at its restaurants. At one time MM allowed its gift cards to be used for twenty years after their sale. However, in response to its competition MM’s gift cards no longer expire – any gift card sold at any time may be used at any time. Due to the nature of MM’s customer base, however, there is a substantial amount of gift cards that go unused. Prepare a memo to your client (MM) explaining how it should report gift cards in its financial statements. Also, prepare a memo to your file explaining how you would audit MM’s reporting of gift cards. You have located the article below to help you in your research, but you realize that you may need to do further research by reviewing the financial statements of some of MM’s competitors.
a. Prepare a memo to your client (MM) explaining how it should report gift cards in its financial statements.
b. Prepare a memo to your file explaining how you would audit MM’s reporting of gift cards.
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