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on returnable containers What amount should DanBam report as a at December 31,2019? liability for deposits

on returnable containers What amount should DanBam report as a at December 31,2019? liability for deposits

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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What amount should DanBam report as a liability for deposits on returnable containers at December 31,2019? To input answers, kindly follow the sample format below(no peso sign, with comma, no space): ex. 100,000 Failure to follow the format will invalidate your answer. DanBam sells its products in reusable expensive containers. The customer is charged a deposit for each container delivered and receives a refund for each container returned within 2 years after the delivery. Danbam accounts for any container not returned within 2 years as being retired by sale at the deposit amount. Information relating to customer deposits follows: Containers held by customers at December 31,2018 from deliveries in 2017 P 75,000 2018 215,000 Containers delivered in 2019 390,000 Containers returned in 2019 from deliveries in 2017 P 45,000 2018 125,000 2019 143,000
Transcribed Image Text:What amount should DanBam report as a liability for deposits on returnable containers at December 31,2019? To input answers, kindly follow the sample format below(no peso sign, with comma, no space): ex. 100,000 Failure to follow the format will invalidate your answer. DanBam sells its products in reusable expensive containers. The customer is charged a deposit for each container delivered and receives a refund for each container returned within 2 years after the delivery. Danbam accounts for any container not returned within 2 years as being retired by sale at the deposit amount. Information relating to customer deposits follows: Containers held by customers at December 31,2018 from deliveries in 2017 P 75,000 2018 215,000 Containers delivered in 2019 390,000 Containers returned in 2019 from deliveries in 2017 P 45,000 2018 125,000 2019 143,000
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