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 FŐB 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?
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 FŐB 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?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text: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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