Conner Company's accounts payable balance on December 31, 2017 was $1,400,000 before considering the following transactions: Goods were in transit from a vendor to Conner on December 31, 2017. The invoice price was $250,000, and the goods were shipped FOB shipping point on December 29, 2017. The goods were received on January 4, 2018. Goods were shipped to Conner FOB destination on December 20, 2017, from a vendor. The invoice price was $125,000. The goods were received on January 1, 2018. Given the above information, on December 31, 2017, Conner should report an accounts payable balance of?
Conner Company's accounts payable balance on December 31, 2017 was $1,400,000 before considering the following transactions: Goods were in transit from a vendor to Conner on December 31, 2017. The invoice price was $250,000, and the goods were shipped FOB shipping point on December 29, 2017. The goods were received on January 4, 2018. Goods were shipped to Conner FOB destination on December 20, 2017, from a vendor. The invoice price was $125,000. The goods were received on January 1, 2018. Given the above information, on December 31, 2017, Conner should report an accounts payable balance of?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Conner Company's accounts payable balance on December 31, 2017 was $1,400,000 before considering the following transactions:
Goods were in transit from a vendor to Conner on December 31, 2017. The invoice price was $250,000, and the goods were shipped FOB shipping point on December 29, 2017. The goods were received on January 4, 2018.
Goods were shipped to Conner FOB destination on December 20, 2017, from a vendor. The invoice price was $125,000. The goods were received on January 1, 2018.
Given the above information, on December 31, 2017, Conner should report an accounts payable balance of?
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