User Account

All Pages

Prepare the appropriate journal entries for the deposits

Assignment Help Accounting Basics
Reference no: EM13995101

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 2011, deposits collected on containers shipped were $850,000.
Deposits are forfeited if containers are not returned within 18 months. Containers held by customers at January 1, 2011, represented deposits of $530,000. In 2011, $790,000 was refunded and deposits forfeited were $35,000.

Required:

1. Prepare the appropriate journal entries for the deposits received and returned during 2011.

2. Determine the liability for refundable deposits to be reported on the December 31, 2011, balance sheet. 

Reference no: EM13995101

Questions Cloud

Determine the liability for gift certificates to be reported : What is the appropriate classification (current or noncurrent) of the liabilities at December 31, 2011? Why?
Most tax-friendly states in the u.s. : Texas was mentioned as an example of that scenario. Also, the majority of states allow municipalities and counties to add additional taxes such as sale levies to be combined with states sales taxes, which add up to 10% in some places (Block, 2015).
Kinds of ways can financial institution get tax exemptions : What kinds of ways can financial institution get tax exemptions?
S corporation shareholders are permitted to deducted : Instructions: Find the court case that answers this question: Given that S Corporation shareholders are permitted to deduct losses and deductions flowing through to them from the S corporation only to the extent of their basis in the S corporation st..
Prepare the appropriate journal entries for the deposits : Determine the liability for refundable deposits to be reported on the December 31, 2011, balance sheet.
Recent tax fraud case : Write a 2 page paper on a recent tax fraud case. Try to find a case involving an individual verses a corporation or other business entity.  Explain how the taxpayers were cheating, how they got caught, and what punishment was imposed on the citizen. ..
The following selected transactions relate to liabilities : On December 15, received $7,500 from Bradley Farms toward the purchase of a $98,000 tractor to be delivered on January 6, 2012.
Prepare an income statement for the year ended december 31 : Prepare an income statement for the year ended December 31. Prepare a retained earnings statement for the year ended December 31. Prepare a balance sheet as of December 31. Based upon the end-of-period spreadsheet, journalize the closing entries. Pre..
Ben carson proposed a tax plan based on the bible : 1. for this article I post the link, can you write a short summary of what the article is about. It can be up to 4 to 5 sentences. Just to explain to students what the article is about and they can respond.

Reviews

Write a Review

Accounting Basics Questions & Answers

  Briefly explain why you chose each individual

Identify four types of specialists that you would assemble to provide information to help set the materials price and quantity standards. Briefly explain why you chose each individual

  When shares of stock held as an investment are sold the

1. temporary investments a are reported as current assets b include cash equivalents c do not include equity securities

  Question regarding the callable preferred stock

What is "callable preferred stock"? Why do corporations issue such stock? Given the different features that are associated with stock (callable, cumulative, preferred, etc.), what type of stock would you want to buy personally and why?

  Complete the pension spreadsheet

Complete the pension spreadsheet. Prepare the journal entry to record pension expense for the year.

  Approach for professional sports franchises

Why have mutually unperformed executory contracts traditionally been excluded from financial statements? Can this practice be justified in terms of asset and liability definitions? How relevant is this approach for professional sports franchises?

  Plant-wide factory overhead rate

Actual overhead costs for the year were $240,000. Lasso's plant-wide allocation base, machine hours, was budgeted at 50,000 hours. Actual machine hours were 40,000. Budgeted units to be produced are 100,000 units. Lasso's plant-wide factory overhe..

  It is december 3120xxand wallys watches is beginning the

it is december 3120xxand wallys watches is beginning the process of closing the books at the end of the year. the cfo

  Thurman munster the owner of adams family rvs is

thurman munster the owner of adams family rvs is considering the addition of a service center his lot. the building and

  Prepare a written paper describing corporation and summrize

Prepare a written paper describing your corporation and summarizing the findings you have developed

  Calculate the expected returns of your portfolio

Suppose a stock had an initial price of $82.77 per share, paid a dividend of $4.5 per share during the year, and had an ending share price of $95.61. If you own 386 shares, what are the dollar returns?? Calculate the expected returns of your portf..

  Weymouth company made a 260000 investment in new machinery

weymouth company made a 260000 investment in new machinery. assuming the companys margin is 5 what income will be

  In its first month of operations quirk company made three

in its first month of operations quirk company made three purchases of merchandise in the following sequence 1 300

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd