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Compute amounts that reported as non-current liabilities

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Question - Mark Company operates a retail grocery store that is required by law to collect refundable deposits of Php 10 on soda cans. Information for 2020 follows:

Liability for refundable deposits - January 1 ($300,000)

Cans of soda sold (200,000)

Soda cans returned Php 300,000 (220,000)

On February 1, 2020, Mark Company subleased space and received a Php 500,000 deposit to be applied against rent for two years.

Compute the amounts that should be reported as non-current liabilities for deposits to be reported in the December 31, 2020 statement of financial position?

Reference no: EM132812969

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