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Fell, Inc. operates a retail grocery store that is required by law to collect refundable...

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Accounting

Fell, Inc. operates a retail grocery store that is required by law to collect refundable deposits of $.05 on soda cans. Information for year 2 follows: Liability for returnable deposits12/31/Y1 $150,000 Cans of soda sold in year 2 10,000,000 Soda cans returned in year 2 11,000,000 On February 1, year 2, Fell subleased space and received a $25,000 deposit to be applied toward rent at the expiration of the lease in year 6. In Fells December 31, year 2 balance sheet, the current and noncurrent liabilities for deposits were

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