Fell Company operates a retail grocery store that is required bylaw to collect refundable deposits of P5 on soda cans. Informationfor the current year follows:Liability for refundable deposit - January 1Cans of soda sold150,000100,000110,000Soda cans returnedDuring the current year, the entity subleased space and received aP25,000 deposit to be applied against rent at the expiration of thelease in 5 years. What amount should be reported as currentliability for deposit on December 31?

For Current Liabilities: (110,000xP5) P550,000 P150,000 Beg.…

Fell Company operates a retail grocery store that is required by law to collect refundable deposits of P5 on soda cans. Information for the current year follows: Liability for refundable deposit - January 1 Cans of soda sold Soda cans returned 150,000 100,000 110,000 During the current year, the entity subleased space and received a P25,000 deposit to be applied against rent at the expiration of the lease in 5 years. What amount should be reported as current liability for deposit on December 31?

Fell Company operates a retail grocery store that is required by law to collect refundable deposits of P5 on soda cans. Information for the current year follows: Liability for refundable deposit - January 1 Cans of soda sold Soda cans returned 150,000 100,000 110,000 During the current year, the entity subleased space and received a P25,000 deposit to be applied against rent at the expiration of the lease in 5 years. What amount should be reported as current liability for deposit on December 31?

SWFT Comprehensive Volume 2019

42nd Edition

ISBN:9780357233306

Author:Maloney

Publisher:Maloney

Chapter16: Accounting Periods And Methods

Section: Chapter Questions

Problem 34P

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