Yellow Company reported accounts payable on December 31, 2017 at P900,000 before any necessary year-end adjusments relating to the following: * Goods were in transit from a vendor on December 31, 2009. The invoice cost was P50,000, and the goods were shipped FOB shipping point on December 29, 2019. The goods were received on January 4, 2020. *Goods shipped FOB shipping point on December 20, 2019 from a vendor were lost in transit. The invoice cost was P25,000. On January 5, 2020, the entity filed a P25,000 claim against the common carrier. *Goods shipped FOB destination on December 21, 2019 from a vendor were received on January 6, 2020. The invoice cost was P15,000. What amount should Yellow Company should report as accounts payable on December 31, 2019? 940,000 980,000 975,000
Yellow Company reported accounts payable on December 31, 2017 at P900,000 before any necessary year-end adjusments relating to the following:
* Goods were in transit from a vendor on December 31, 2009. The invoice cost was P50,000, and the goods were shipped FOB shipping point on December 29, 2019. The goods were received on January 4, 2020.
*Goods shipped FOB shipping point on December 20, 2019 from a vendor were lost in transit. The invoice cost was P25,000. On January 5, 2020, the entity filed a P25,000 claim against the common carrier.
*Goods shipped FOB destination on December 21, 2019 from a vendor were received on January 6, 2020. The invoice cost was P15,000.
What amount should Yellow Company should report as accounts payable on December 31, 2019?
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