Cake serves 20.
Several days before decorating cake add 1/2 teaspoon Gum-Tex to each packet of purple, pink orange and yellow fondant in Multi-Packs. Roll out fondant 1/8 in. thick. Make 8 bow strips using zigzag cutting wheels and 1/2 in. spacers from Ribbon Cutter/Embosser Set. Cut 1 strip approximately 4-1/2 in. long, cut the remaining strips approximately 6-1/2 in. long. Cut 2 strips of each color about 1/4 in. wide. Shape center and loops, sealing ends, if necessary, with a little water; trim off corners of bow loops to form an outward "V" shape. Allow loops to dry on cornstarch dusted surface, supporting with crushed tissue inside. Reserve remaining fondant.
Bake and cool a 2-layer 9-inch round cake. Stack cooled cake layers on foil-covered cake board. Prepare for fondant by lightly icing with buttercream.
Cover cake with white fondant; smooth.
Roll out reserved fondant 1/8 in. thick. Cut 8 in. long and 6 in. long ribbon strips, using Ribbon Cutter/Embosser wheels as for loops. Cut inverted "V" in 6 in. long strips. Divide cake into 8ths; attach strips at cake divisions with damp brush. Trim off excess.
Attach bow loops with fondant adhesive. Roll 1/4 in. diameter balls of matching neon fondant for each bow loop and ribbon strip; attach 1/2 in. apart with damp brush.