What is the liability for deposits on returnable containers

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Atlanta Co. sells its products in 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. Atlanta accounts for the containers not returned within the time limit as being retired by the sale at the deposit amount. Information for 20Y3 is as follows: Container deposits at December 31, 20Y2, from deliveries in 20Y1 P150,000 20Y2 430,000 P580,000 Deposits for containers delivered in 20Y3 780,000 Deposits for containers returned in 20Y3 from deliveries in 20Y1 P 90,000 20Y2 250,000 20Y3 286,000 626,000. In Atlanta's December 31, 20Y3 balance sheet, the liability for deposits on returnable containers should be? Get the instant assignment help.

Reference no: EM134007322

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