he following are the balances of the liability accounts of ABC Company as of December 31,2021: Accounts payable - P 1,000,000(recognized for purchase of inventories, including a debit balance in the suppliers account of P 150,000) The following are not yet reflected in the balance of accounts payable above: - Upon receipt of the goods on January 1,2022 costing P 175,000, the accounting staff of ABC Company recorded the purchase in the accounts. It was determined that the goods were shipped Shipping point on December 31,2021. -Goods with invoice cost of P 255,000 which were shipped FOB Destination on December 31,2021 from a vendor were lost in transit. On January 2, 2022, vendor filed a claim against the shipping company.
The following are the balances of the liability accounts of ABC Company as of December 31,2021:
Accounts payable - P 1,000,000(recognized for purchase of inventories, including a debit balance in the suppliers account of P 150,000)
The following are not yet reflected in the balance of accounts payable above:
- Upon receipt of the goods on January 1,2022 costing P 175,000, the accounting staff of ABC Company recorded the purchase in the accounts. It was determined that the goods were shipped Shipping point on December 31,2021.
-Goods with invoice cost of P 255,000 which were shipped FOB Destination on December 31,2021 from a vendor were lost in transit. On January 2, 2022, vendor filed a claim against the shipping company.
Notes payable - P 1,500,000, composed of the following:
- 10% , P 750,000 interest bearing note , issuance date: Jan.1,2019 ; due: December 31,2023 ( interest is payable annually)
- 12%,P 750,000, interest bearing note , issuance date: Jan.1,2020 ; due: December 31,2024 (equal annual installments and interest are to be paid annually)
What amount of accounts payable should ABC Company report as of December 31,2021?
Step by step
Solved in 2 steps
