Place a sheet of parchment on top of cooled cake and turn out onto a cutting surface. Remove bottom parchment sheet. Using a ruler, measure and cut the sheet cake into 6 squares (3x2).
Prepare 2 piping bags (no tips necessary), one with white buttercream and the other with red. Reserve enough white buttercream to do a rough crumb coat.
Place one square cake layer on a cake board and pipe stripes of white and red buttercream (alternating) on top. Repeat with remaining layers, making sure that stripes are piped in the same direction on each layer. End with a top layer of cake. I find that 5 cake layers creates an even "box" shape (leaving 1 extra square for snacking). Make note of which direction the stripes are facing!** Crumb coat cake and chill for at least 30 minutes.
Trim icing sheets (if needed - sometimes they come with little white borders that we don't need) and remove from backing. Apply to chilled cake, aligning the bottom and pressing gently up the cake to adhere. At the corners, trim excess icing sheet vertically, and fold over the top of the cake (it's ok that these overlap on top). Repeat on all sides until covered.
For the bow, trim icing sheet into strips of desired bow width. Position one longer strip at the bottom-center of one side of the cake, and lay it across the top, and then over to the over side. Repeat on the remaining blank sides to create the criss-cross of the bow. You may need to use a tiny bit of leftover buttercream or edible glue to adhere these strips to the icing sheets covering the cake.
Then, with two medium-length strips, create two loops that meet in the middle, and wrap the juncture with a smaller loop (seam side down) to create the bow. Use edible glue to adhere together. Cut another two smaller strips, and position to originate under the bow extending towards the edge. Again, use a tiny bit of leftover buttercream of edible glue to adhere.