On December 31, 2019, A Company has accounts payable of P1,000,000 before possible adjustment for the following: • Goods in transit from a vendor to the company on December 31, 2019 with an invoice cost of P50,000 purchased FOB shipping point was not yet recorded. • Goods shipping FOB shipping point from a vendor to the company was lost in transit. The invoice cost of P20,000 was not yet recorded. • Goods shipped FOB shipping point from a vendor to the company on December 31, 2019 amounting to P8,000 was recorded and included in the year-end count as "goods in transit." • Goods in transit from a vendor to the company on December 31, 2019 with an invoice cost of P10,000 purchased FŐB destination was not yet recorded. The goods were received in January 2020. • Goods with invoice cost of P15,000 was recorded and included in the year-end physical count as "goods in transit." It was found out that the goods were shipped from a vendor under FOB destination. What is the adjusted accounts payable on December 31, 2019?

On December 31, 2019, A Company has accounts payable of P1,000,000 before possible adjustment for the following: • Goods in transit from a vendor to the company on December 31, 2019 with an invoice cost of P50,000 purchased FOB shipping point was not yet recorded. • Goods shipping FOB shipping point from a vendor to the company was lost in transit. The invoice cost of P20,000 was not yet recorded. • Goods shipped FOB shipping point from a vendor to the company on December 31, 2019 amounting to P8,000 was recorded and included in the year-end count as "goods in transit." • Goods in transit from a vendor to the company on December 31, 2019 with an invoice cost of P10,000 purchased FŐB destination was not yet recorded. The goods were received in January 2020. • Goods with invoice cost of P15,000 was recorded and included in the year-end physical count as "goods in transit." It was found out that the goods were shipped from a vendor under FOB destination. What is the adjusted accounts payable on December 31, 2019?

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter9: Current Liabilities And Contingent Obligations

Section: Chapter Questions

Problem 1MC: The balance in Ashwood Companys accounts payable account at December 31, 2019, was 1,200,000 before...

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