Make bow and letters. Tint 2 oz. fondant red-red. Roll out 1/16 in. thick. Make a simple bow using knife to cut one strip, 1/4 in. x 1 1/4 in., for center wrap; two strips, 1/4 in. x 1 in., for loops; two strips, 1/4 in. x 1 in., for streamers; and one strip, 1/4 in. x 1/2 in., for knot.
For letters, roll out red fondant 1/16 in. thick. Use alphabet/numbers Cut-Outs to cut desired letters. Use damp brush to attach letters to cake plate and bow to cake.