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Barnes and noble annual report

02/10/2021 Client: muhammad11 Deadline: 2 Day

Interpreting Revenue Recognition for Gift Cards Below are the footnotes to Barnes & Noble Inc.'s 2016 annual report and membership information obtained from its website. The Barnes & Noble Member Program offers members greater discounts and other benefits for products and services, as well as exclusive offers and promotions via e-mail or direct mail for an annual fee of $25.00, which is non-refundable after the first 30 days. Revenue is recognized over the twelve-month period based upon historical spending patterns for Barnes & Noble Members. The Barnes & Noble Member Program entitles Members to the following benefits: • 40% off the list price of the current hardcover Barnes & Noble Store Bestsellers. . 10% off the marked Barnes & Noble sale price of other eligible items. • Free Express Shipping. · Periodic special promotions at Barnes & Noble Stores and at BN.com.
a. Explain in layman's terms how Barnes & Noble accounts for the cash received for its membership program. When does Barnes & Noble record revenue from this program? Barnes and Noble recognizes the membership fee revenue when the fee is received. Barnes and Noble recognizes the membership fee revenue evenly throughout the year. Barnes and Noble recognizes the membership fee revenue throughout the year based on historical sales patterns. Barnes and Noble recognizes the membership fee revenue on a quarterly basis.
b. How does Barnes & Noble's balance sheet reflect those membership fees? Membership fees are recorded as a current asset called deferred revenue or unearned membership fees. Membership fees are not recorded on the balance sheet; instead, they are recorded on the income statement as revenue. Membership fees are recorded as a current liability called deferred revenue or unearned membership fees. c. Does the 40% discount affect Barnes & Noble's income statement when membership fees are received? Yes, the discount is deducted from the from the income statement at the time the membership fees are received. Deduction is estimated based on historical sales. No, the discount is not deducted from the income statement at the time the membership fees are received. The company records 40% less revenue each time a member makes a purchase.

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