e best answer for cach of the following. The balance in Ashwood Company's accounts payable account at December 31, 2019, was $1,200,000 before any necessary year-end adjust- ment relating to the following: • Goods were in transit from a vendor to Ashwood on December 31, 2019. The invoice cost was $85,000, and the goods were shipped FOB shipping point on December 29, 2019. The goods were received on January 2, 2020. • Goods shipped FOB shipping point on December 20, 2019, from a vendor to Ashwood were lost in transit. The invoice cost was $40,000. On January 5, 2020, Ashwood filed a $40,000 claim against the common carrier. • Goods shipped FOB destination on December 22, 2019, from a vendor to Ashwood were received on January 6, 2020. The invoice cost was $20,000. What amount should Ashwood report as accounts payable on its December 31, 2019, balance sheet? a. $1,260,000 b. $1,285,000 c. $1,325,000 d. $1,345,000

e best answer for cach of the following. The balance in Ashwood Company's accounts payable account at December 31, 2019, was $1,200,000 before any necessary year-end adjust- ment relating to the following: • Goods were in transit from a vendor to Ashwood on December 31, 2019. The invoice cost was $85,000, and the goods were shipped FOB shipping point on December 29, 2019. The goods were received on January 2, 2020. • Goods shipped FOB shipping point on December 20, 2019, from a vendor to Ashwood were lost in transit. The invoice cost was $40,000. On January 5, 2020, Ashwood filed a $40,000 claim against the common carrier. • Goods shipped FOB destination on December 22, 2019, from a vendor to Ashwood were received on January 6, 2020. The invoice cost was $20,000. What amount should Ashwood report as accounts payable on its December 31, 2019, balance sheet? a. $1,260,000 b. $1,285,000 c. $1,325,000 d. $1,345,000

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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