On December 31, 2021, Kalsada Co. has accounts payable of P 5,000,000 before possible adjustment for the following: a)Goods in transit from a vendor to Kalsada on December 31, 2021 with an invoice cost of P100,000 purchased FOB shipping point was not yet recorded. b)Goods shipped FOB shipping point from a vendor to Kalsada was lost in transit. The invoice cost of P70,000 was not yet recorded c)Goods shipped FOB shipping point from a vendor to Kalsada on December 31, 2021 amounting to P40,000 was recorded and included in the year-end physical count as "goods in transit" d) Goods in transit from a vendor to Kalsada on December 31, 2021 with an invoice cost of P50,000 purchased FOB destination was not yet recorded. The goods were received in January 2019. e) Goods with invoice cost of P80,000 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. Required: Compute for the adjusted accounts payable on December 31, 2021
On December 31, 2021, Kalsada Co. has accounts payable of P 5,000,000 before possible adjustment for the following: a)Goods in transit from a vendor to Kalsada on December 31, 2021 with an invoice cost of P100,000 purchased FOB shipping point was not yet recorded. b)Goods shipped FOB shipping point from a vendor to Kalsada was lost in transit. The invoice cost of P70,000 was not yet recorded c)Goods shipped FOB shipping point from a vendor to Kalsada on December 31, 2021 amounting to P40,000 was recorded and included in the year-end physical count as "goods in transit" d) Goods in transit from a vendor to Kalsada on December 31, 2021 with an invoice cost of P50,000 purchased FOB destination was not yet recorded. The goods were received in January 2019. e) Goods with invoice cost of P80,000 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. Required: Compute for the adjusted accounts payable on December 31, 2021
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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On December 31, 2021, Kalsada Co. has accounts payable of P 5,000,000 before possible adjustment for the following: a)Goods in transit from a vendor to Kalsada on December 31, 2021 with an invoice cost of P100,000 purchased FOB shipping point was not yet recorded.
b)Goods shipped FOB shipping point from a vendor to Kalsada was lost in transit. The invoice cost of P70,000 was not yet recorded c)Goods shipped FOB shipping point from a vendor to Kalsada on December 31, 2021 amounting to P40,000 was recorded and included in the year-end physical count as "goods in transit"
d) Goods in transit from a vendor to Kalsada on December 31, 2021 with an invoice cost of P50,000 purchased FOB destination was not yet recorded. The goods were received in January 2019.
e) Goods with invoice cost of P80,000 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.
Required: Compute for the adjusted accounts payable on December 31, 2021
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