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Jones Inc. sells its products in reusable containers and charges a deposit for each container delivered.
Jones Inc. sells its products in reusable containers and charges a deposit for each container delivered. Each customer receives a refund for each returned container if it is returned within 2 years of delivery. Containers not returned within the limited time are accounted for as being retired by sale at the deposit amount. Information for 2013 is as follows: Container deposits at December 31, 2012 from deliveries in 2011 $150,000 and 2012 $430,000 Total $870,000. Deposits for containers in 2013 x. Deposits for containers returned in 2013 from deliveries in 2011 $90,000, 2012 $250,000, and 2013 $268,000; 2013 total $608,000. What amount of liability for deposits on returnable containers should be reported on the balance sheet?