Lambda Corp. is preparing its financial statement for the current year ended December 31, 2019. Accounts payable amounted to P 360,000 before any necessary year-end adjustments related to the following: • On December 31, 2019, Lambda has a P 50,000 debit balance in its accounts payable to one of its supplier, Upsilon Inc., resulting from a P 50,000 advance payment for goods yet to be manufactured by Upsilon. • Checks in the amount of P 100,000 was prepared for Omega Inc., supplier, and recorded on December 20, 2019. The check was send via mail on January 5, 2020. What amount should be reported by Lambda as accounts payable on December 31, 20019? A P510.000 R P410 000 P310 000 P 210 000

Lambda Corp. is preparing its financial statement for the current year ended December 31, 2019. Accounts payable amounted to P 360,000 before any necessary year-end adjustments related to the following: • On December 31, 2019, Lambda has a P 50,000 debit balance in its accounts payable to one of its supplier, Upsilon Inc., resulting from a P 50,000 advance payment for goods yet to be manufactured by Upsilon. • Checks in the amount of P 100,000 was prepared for Omega Inc., supplier, and recorded on December 20, 2019. The check was send via mail on January 5, 2020. What amount should be reported by Lambda as accounts payable on December 31, 20019? A P510.000 R P410 000 P310 000 P 210 000

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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