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I NEED HELP WITH THIS YourTech began operations on January 1, 2022, and manufactures electronic components for the aerospace industry. YourTech follows USGAAP, has a
I NEED HELP WITH THIS
YourTech began operations on January 1, 2022, and manufactures electronic components for the aerospace industry. YourTech follows USGAAP, has a December 31 year-end date, and issues its financial statements on March 15. For all dollar amounts, use whole numbers with commas, no decimals. Do not use $ signs. YourTech pays a supplier $25 per container and charges customers a refundable deposit of $50 per container. Customers must return the container in good condition within 6 months of delivery in order to receive a refund of the deposit. Customers forfeit a refund of their deposit if they damage the container or do not return it within the 6 month retum window. Below is the activity related to the containers during 2022: 1500 containers Containers shipped to customers Containers retumed by customers in usable condition Containers forfeited by customers 1000 containers 100 containers Below is the activity related to the containers during 2022: 1500 containers Containers shipped to customers Containers returned by customers in usable condition Containers forfeited by customers 1000 containers 100 containers (a) Calculate the amount of gross profit recorded by YourTech during 2022 related to containers: (b) Calculate the balance in the Liability. Refundable Deposit account at 12/31/22. Is this amount shown as a current or long term liability? Write current or long term Step by Step Solution
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