Orange Company's accounts payable balance at December 31, 2021 was P540,000 before the year-end adjustments relating to the following information: a. Goods with an invoice cost of P30,000 were in transit from the vendor to Orange on December 31, 2021. The goods were shipped FOB shipping point on December 29, 2021 and were received on January 3, 2022. b. Goods with an invoice cost of P15,000, which were shipped FOB shipping point on December 22, 2021 from a vendor to Orange, were lost in transit. On January 4, 2022, Orange filed a P15,000 claim against the transportation. c. Goods with an invoice cost of P9,000, which were shipped FOB shipping point, were in transit on December 31, 2021 from a vendor to Orange. The goods were received on January 5, 2022. What amount should Orange Company report as accounts payable on its statement of financial position as of December 31, 2021?
Orange Company's accounts payable balance at December 31, 2021 was P540,000 before the year-end adjustments relating to the following information:
a. Goods with an invoice cost of P30,000 were in transit from the vendor to Orange on December 31, 2021. The goods were shipped FOB shipping point on December 29, 2021 and were received on January 3, 2022.
b. Goods with an invoice cost of P15,000, which were shipped FOB shipping point on December 22, 2021 from a vendor to Orange, were lost in transit. On January 4, 2022, Orange filed a P15,000 claim against the transportation.
c. Goods with an invoice cost of P9,000, which were shipped FOB shipping point, were in transit on December 31, 2021 from a vendor to Orange. The goods were received on January 5, 2022.
What amount should Orange Company report as accounts payable on its
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