What amount should DanBam report as a liability for deposits on returnable containers at December 31,2019? DanBam sells its products in reusable expensive containers. The customer is charged a deposit for each container deliveredand receives a refund for each container returned within 2 years after the delivery. Danbam accounts for any containernot returned within 2 years as being retired by sale at the deposit amount. Information relating to customer depositsfollows:Containers held by customers at December 31,2018 from deliveries inP 75,00020172018215,000Containers delivered in 2019390,000Containers returned in 2019 from deliveries in2017P 45,000125,00020182019143,000

Liability: Liability is presented in the balance sheet against assets, Liability means the amount of…

Answered: What amount should DanBam report as a…

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter5: Sales And Receivables

Section: Chapter Questions

Problem 86BPSB

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Jo Angel Company 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 two years after the year of delivery. Jo Angel accounts for the container not returned within the time limit as being retired by sale at the deposit amount. Information for 2020 is as follows: Containers held by customers at December 31, 2019, from deliveries in: 2018 5,000,000 2019 6,000,000 Containers delivered in 2020 9,000,000 Containers returned in 2020 from deliveries in: 2018 4,000,000 2019 4,500,000 2020 3,500,000 What amount should Jo Angel report as a liability for returnable containers at December 31, 2020? Group of answer choices 7,000,000 8,000,000 0 5,500,000
Belarmino COMPANY sells its products in expensive, reusable containers. The customer is charged a deposit for each container delivered and receives a refund for each container returned within two years after the year of delivery. Belarmino accounts for the containers not returned within the time limit as being sold at the deposit amount. Information for 2019 is as follows: Containers held by customers at December 31, 2018, from deliveries in: 2017 85,000 2018 240,000 325,000 Containers delivered in 2019 430,000 Containers returned in 2019 from deliveries in: 2017 57,500 2018 140,000 2019. 157,000 354,500 How much…
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Omega Company sells its products in expensive, reusable containers. The customer is charged a deposit for each container delivered and receives a refund for each container returned within two years after the year of delivery. Omega accounts for the containers not returned within the time limit as being sold at the deposit amount. Information for 2020 is as follows: A. Containers held by customers at December 31, 2019 from deliveries in: 2018, P85,000; and 2019, P240,000. B. Containers delivered in 2020: P430,000. C. Containers returned in 2020 from deliveries in: 2018, P57,500; 2019, P140,000; and 2020, P157,000. 1. What is the total amount of Omega Company’s liability for returnable containers at December 31, 2020? 2. How much revenue from container sales should be recognized for 2020?
(a) Concord Corp. follows IFRS and sells its products in expensive, reusable containers that can be tracked. The customer is charged a deposit for each container that is delivered and receives a refund for each container that is returned within two years after the year of delivery. When a container is not returned within the time limit, Concord accounts for the container as being sold at the deposit amount and credits the account Container Sales Revenue. Information for 2023 is as follows: Containers held by customers at December 31, 2022, from deliveries in: 2021 2022 Containers delivered in 2023 Containers returned in 2023 from deliveries in: Account Titles and Explanation (To record deposit from customers) (To record refund of deposit) (To record revenue) Prepare all journal entries required for Concord for the returnable deposits during 2023. Use the account Deposits. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all…
Diversified Semiconductors sells perishable electronic components. Some must be shipped and stored in reusableprotective containers. Customers pay a deposit for each container received. The deposit is equal to the container’scost. They receive a refund when the container is returned. During 2018, deposits collected on containers shippedwere $850,000.Deposits are forfeited if containers are not returned within 18 months. Containers held by customers at January1, 2018, represented deposits of $530,000. In 2018, $790,000 was refunded and deposits forfeited were $35,000.Required:1. Prepare the appropriate journal entries for the deposits received and returned during 2018.2. Determine the liability for refundable deposits to be reported on the December 31, 2018, balance sheet.
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Diversified Semiconductors sells perishable electronic components. Some must be shipped and stored in reusable protective containers. Customers pay a deposit for each container received. The deposit is equal to the container's cost. They receive a refund when the container is returned. During 2024, deposits collected on containers shipped were $896,000. Deposits are forfelted if containers are not returned within 18 months. Containers held by customers at January 1, 2024, represented deposits of $625,000. In 2024, $834,000 was refunded and deposits forfeited were $40,750. Required: 1. Prepare the appropriate journal entries for the deposits received, returned, and forfelted during 2024. 2. Determine the liability for refundable deposits to be reported on the December 31, 2024, balance sheet. 2 Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare the appropriate journal entries for the deposits received, returned, and forfeited during 2024.…
Bennett Enterprises issues a $600,000, 45-day, 6%, note to Spectrum Industries for merchandise inventory. Assume a 360 days in a year. If required, round your answers to the nearest dollar. If an amount box does not require an entry, leave it blank. Question Content Area a. Journalize Bennett Enterprises’ entries to record: the issuance of the note. the payment of the note at maturity. Transaction Account Debit Credit 1. 2. Feedback Area Feedback Question Content Area b. Journalize Spectrum Industries’ entries to record: the receipt of the note. the receipt of the payment of the note at maturity. Transaction Account Debit Credit 1. 2.
please answer in text form and in proper format answer with must explanation , calculation for each part and steps clearly
Resin Milling issued a $390,500 note on January 1, 2018 to a customer in exchange for merchandise. The merchandise had a cost to Resin Milling of $170,000. The terms of the note are 24-month maturity date on December 31, 2019 at a 5% annual interest rate. The customer does not pay on its account and dishonors the note. Record the journal entries for Resin Milling for the following transactions. A. Initial sale on January 1, 2018 B. Dishonored note entry on January 1, 2020, assuming interest has not been recognized before note maturity
Refer to RE6-8. On April 23, 2020, McKinncy Co. receives a check, from Mangold Corporation for 8,500. Prepare the journal entry for McKinncy to record the collection of the account previously written off.

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