60. On December 31, 2019, A Company has accounts payable of P1,000,000 before possible adjustment for the following:Goods in transit from a vendor to the company on December 31, 2019 with an invoice cost of P50,000 purchased FOB shipping point was not yet recorded.Goods shipping FOB shipping point from a vendor to the company was lost in transit. The invoice cost of P20,000 was not yet recorded.Goods shipped FOB shipping point from a vendor to the company on December 31, 2019 amounting to P8,000 was recorded and included in the year-end count as “goods in transit.”Goods in transit from a vendor to the company on December 31, 2019 with an invoice cost of P10,000 purchased FOB destination was not yet recorded. The goods were received in January 2020.Goods with invoice cost of P15,000 was recorded and included in the year-end physical count as “goods in transit.” It was found out that the goods were shipped from a vendor under FOB destination. What is the adjusted accounts payable on December 31, 2019?

Under FOB destination, Goods are taken into inventory costing when goods are delivered to the buyer…

Answered: On December 31, 2019, A Company has…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

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60.

On December 31, 2019, A Company has accounts payable of P1,000,000 before possible adjustment for the following:

Goods in transit from a vendor to the company on December 31, 2019 with an invoice cost of P50,000 purchased FOB shipping point was not yet recorded.
Goods shipping FOB shipping point from a vendor to the company was lost in transit. The invoice cost of P20,000 was not yet recorded.
Goods shipped FOB shipping point from a vendor to the company on December 31, 2019 amounting to P8,000 was recorded and included in the year-end count as “goods in transit.”
Goods in transit from a vendor to the company on December 31, 2019 with an invoice cost of P10,000 purchased FOB destination was not yet recorded. The goods were received in January 2020.
Goods with invoice cost of P15,000 was recorded and included in the year-end physical count as “goods in transit.” It was found out that the goods were shipped from a vendor under FOB destination.

What is the adjusted accounts payable on December 31, 2019?

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