on returnable containers What amount should DanBam report as a at December 31,2019? liability for deposits
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- 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 maturitySpath Company borrows 75,000 by issuing a 4-year, noninterest-bearing note to a customer on January 1, 2019. In addition, Spath agrees to sell inventory to the customer at reduced prices over a 5-year period. Spaths incremental borrowing rate is 12%. The customer agrees to purchase an equal amount of inventory each year over the 5-year period so that a straight-line method of revenue recognition is appropriate. Required: Prepare the journal entries on Spaths books for 2019 and 2020. (Round answers to 2 decimal places.)At the end of 2019, Framber Company received 8,000 as a prepayment for renting a building to a tenant during 2020. The company erroneously recorded the transaction by debiting Cash and crediting Rent Revenue in 2019 instead of 2020. Upon discovery of this error in 2020, what correcting journal entry will Framber make? Ignore income taxes.
- The balance in Ashwood Companys accounts payable account at December 31, 2019, was 1,200,000 before any necessary year-end adjustment relating to the following: Goods were in transit from a vendor to Ashwood on December 31, 2019. The invoice cost was 85,000, and the goods were shipped FOB shipping point on December 29, 2019. The goods were received on January 2, 2020. Goods shipped FOB shipping point on December 20, 2019, from a vendor to Ashwood were lost in transit. The invoice cost was 40,000. On January 5, 2020, Ashwood filed a 40,000 claim against the common carrier. Goods shipped FOB destination on December 22, 2019, from a vendor to Ashwood were received on January 6, 2020. The invoice cost was 20,000, What amount should Ashwood report as accounts payable on its December 31,2019, balance sheet? a. 1,260,000 b. 1,285,000 c. 1,325,000 d. 1,345,000Element Surfboards issued a $210,800 note on January 1, 2018 to a customer, Leona Marland, in exchange for merchandise. Terms of the note are 9-month maturity date on October 1, 2018 at a 10.2% annual interest rate. Leona Marland does not pay on her account and dishonors the note. On December 2, 2018, Element Surfboards decides to sell the dishonored note to a collection agency for 30% of its value. Record the journal entries for Element Surfboards for the following transactions. A. Initial sale on January 1, 2018 B. Dishonored note entry on October 1, 2018 C. Receivable sale on December 2, 2018Abrat Company failed to accrue an allowance for doubtful accounts of 13,500 in 2019. Upon discovery of this error in 2020 prior to making its estimate of doubtful accounts, what correcting journal entry should Abrat make? Ignore income taxes.
- 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?Kikiam Company sells its products in reusable expensive containers. The customer is charged a deposit for each container delivered and receives a refund for the reach container returned within two years after the year of delivery. Kikiam Company accounts for any containers not returned within the time limit as being retired by sale at the deposit amount. Information relating to customer deposits follows: Containers held by customers on December 31, 2020, from deliveries in • 2019- P10,000 • 2020- P90,000 Containers delivered in 2021- P100,000 Containers returned in 2021 from deliveries in • 2019- P8,000 • 2020- P40,000 • 2021- P44,000 What amount should Kikiam report as a liability for deposits on returnable containers on December 31, 2021?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…
- Pacers Company sells its products in expensive reusable containers. The customer is charged a deposit for each container delivered and received a refund for each container returned within two years after the year of delivery. Pacers Company accounts for the containers not returned within the time limit as being sold at the deposit amount. Information for 2023 is as follows: Containers held by customers at December 31, 2023 from deliveries in: 2021 – P310, 000; 2022 – P500, 000; 2023 – P850,000 Deposits distributed for containers returned from deliveries in 2021 – P280,000; 2022 – P390, 000; 2023 - P590, 000 How much is the ending balance of deposits on December 31, 2023? 2. Pistons company sells portable DVD players for P28,000 each and offers to each customer a 3-year service contract for an additional P3,000. During 2023, the company sold 800 DVD players and 500 service contracts for cash. Expenses related to the service contracts for 2023 amounted to…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 5,500,000Clark's Chemical Company received customer deposits on returnable containers in the amount of OMR 17,000 during 2019. Deposits are forfeited if containers are not returned within 12 months. Containers at January 1, 2019, represent deposit of OMR 4,000. In 2019, OMR 15,000 was refunded and deposits forfeited were OMR 2,000. The liability for refundable deposits to be reported on the December 31, 2019 would be: Select one: A. 4,000 B. 2,000 C. 9,000 D. 11,000
