Valix Finacc vol 2 Problem 1-49

Financial Accounting Volume 2 2008 Valix-Peralta
Chapter 1 Problem 1-49

1. Cash                                                                                                  390,000

            Containers’ deposit                                                                                        390,000

    Containers’ deposit                                                                        313,000

            Cash                                                                                                                  313,000

    Containers’ deposit                                                                          30,000

            Containers                                                                                                                                                                                                                                                        30,000

                                   

    Containers’ deposit on January 1, 2008 applicable to 2006 deliveries         75,000

    Less: Containers returned in 2008 applicable to 2006 deliveries                    45,000

    Balance – expired and no longer refundable                                                   30,000

                                                                                                                                               

2. Containers’ deposit – January 1, 2008                                                               290,000

    Add: Containers’ deposit in 2008                                                                        390,000

    Total                                                                                                                          680,000

    Less: Containers returned in 2008                                                313,000

             Containers not returned and expired                                  30,000          343,000

    Containers’ deposit – December 31, 2008                                                        337,000