22. Nichols Corporation's accounts payable at December 31, 20x2, totaled P4,500,000 before any necessary year-end adjustments relating to the following transactions: ● On December 27, 20x2, Nichols wrote and recorded checks to creditors totaling P2,000,000 causing an overdraft of P500,000 in Nichols's bank account at December 31, 20x2. The checks were mailed January 10, 20x3. On December 28, 20x2, Nichols purchased and received goods for P750,000, terms 2/10, n/30. Nichols records purchases and accounts payable at net amount. The invoice was recorded and paid January 3, 20x3. ACCNTG2|5 Goods shipped FOB destination on December 31, 20x2 from a vendor to Nichols, were received January 2, 20x3. The invoice cost was P325,000. At December 31, 20x2, what amount should Nichols report as total accounts payable? a. 7,575,000 b. 7,250,000 c. 7,235,000 d. 7,553,500

22. Nichols Corporation's accounts payable at December 31, 20x2, totaled P4,500,000 before any necessary year-end adjustments relating to the following transactions: ● On December 27, 20x2, Nichols wrote and recorded checks to creditors totaling P2,000,000 causing an overdraft of P500,000 in Nichols's bank account at December 31, 20x2. The checks were mailed January 10, 20x3. On December 28, 20x2, Nichols purchased and received goods for P750,000, terms 2/10, n/30. Nichols records purchases and accounts payable at net amount. The invoice was recorded and paid January 3, 20x3. ACCNTG2|5 Goods shipped FOB destination on December 31, 20x2 from a vendor to Nichols, were received January 2, 20x3. The invoice cost was P325,000. At December 31, 20x2, what amount should Nichols report as total accounts payable? a. 7,575,000 b. 7,250,000 c. 7,235,000 d. 7,553,500

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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