report as accounts payable
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Dexter Company is preparing its financial statement for the year ended December 31, 2020. Accounts Payable amounted to P 1,200,000 before any necessary year-end adjustments related to the following:
• At December 31, 2020, Dexter Company has P200,000 debit balance in its accounts payable to DEF, a supplier, resulting from a P 200,000 advance payment for goods to be manufactured to Dexter's specifications.
. Checks in the amount of P300,000 were written to vendors and recorded on December 29, 2020. The checks were picked up on January 5, 2021
• Checks in the amount of P 150,000 were written to vendors and recorded on December 30, 2020. The checks were received by the vendors on December 31, 2020.
What amount should Dexter Company report as accounts payable in its December 31, 2019 balance sheet?
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- Akira Co. is selling sounds and lights equipment. The company's fiscal year ends on March 31. The following information relates to the obligations of the company as of March 31, 2021: Trade payables Accounts payable for suppliers, goods, and services purchases on open account amount to P1,670,000 as of March 31, 2021 before considering of the following items: On March 31, 2021, the company has a P50,000 debit balance in its accounts payable to a supplier, resulting from a P50,000 advance payment for goods ordered by the company. The balance also includes an advance payment of P20,000 made by a customer to Dell in anticipation of a purchase to be made by the customer in April 2021. Additional information: Goods were in transit to the company from a vendor on March 31, 2021. The invoice cost was P35,000. The goods were shipped FOB seller on March 29, 2021 and were received on April 4, 2021. Goods shipped FOB destination on March 21, 2021, from a vendor to the company were…Cool Corporation’s accounts payable at December 31, 2020 amounted to P5,400,000 before any necessary year-end adjustmentsrelating to the following transactions:➢ On December 28, 2020, Cool wrote and recorded checks to creditors totaling P2,000,000 causing an overdraft of P500,000 inCool’s bank account at December 31, 2020. The checks were mailed on January 11, 2021.➢ On December 29, 2020, Cool purchased and received goods for P750,000, terms 2/10, n/30. Cool records purchasesusing the net method. The invoice was recorded and paid on January 5, 2021.➢ Goods shipped FOB destination on December 21, 2020 from a vendor to Cool was received on January 3, 2021. The invoicecost was P325,000.At December 31, 2020, what amount should Cool report as total accounts payable?On January 1, 2020, Sheridan Ltd. sold on account 800 units of its product for a total price of $575,000 and a cost of $493,000. The products have a one-year assurance-type warranty and Sheridan estimates that the cost will be $23,000. By the company’s year-end December 31, 2020, actual warranty costs related to the products sold was $18,500, paid in cash.Prepare all appropriate journal entries including the sale of merchandise. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit January 1/20 (To record the sale) January 1/20December 31/20 (To record the cost of goods sold)…
- Faeber Textile Company frequently factors its accounts receivable. During 2019, Faeber made credit sales of $100,000 to customers, under terms of 2/10, n/30. Faeber records its credit sales using gross price. In 2019, Faeber sold $70,000 of these receivables to a factor. The factor remitted 90% of the accounts receivable factored and charged a 12% commission on the gross amount of the factored receivables. The factoring agreement also requires Faeber to be responsible for any cash discounts taken by customers upon payment of the factored receivables. Faeber is charged for these cash discounts upon reimbursement by the factor. During 2019, the factor collected the remaining amount of the factored receivables, minus the 2% discount on 94% of the collected receivables, and returned the balance owed to Faeber. Faeber collected the remaining amount of the unfactored accounts receivable, minus the 2% discount on 96% of the collected receivables. Required: Prepare all the journal entries…The balance in Milk Tea Company’s accounts payable at December 31, 2021 was P2,500,000 before considering the following information:· On December 27, 2021, Milk Tea wrote checks to creditors totaling P500,000. The checks were released and recorded on January 3, 2022.· On December 28, 2021, Milk Tea received goods from suppliers amounting to P350,000, terms 3/10, 2/15, n/30, FOB Destination. The related invoice was received and recorded on January 2, 2022. The company uses the net method to account for cash discounts.· Milk Tea’s supplier erroneously billed a purchase made on cash. The invoice cost was P500,000, terms 2/10, n/30. The related invoice was received and recorded on December 22, 2021.· A debit balance in a supplier’s account amounting to P50,000 was charged against the accounts payable ledger balance. The amount represents advance payments for goods to be delivered in January 2022.· A credit balance in a customer’s account amounting to P37,500…CH Inc. is preparing its interim financial statements for the period ending March 31, 2021. The following relate to the transactions during the 1* quarter. a. Total sales for the interim period was P 1,000,000. b. Cost of sales was P 450,000. c. Poseidon Inc. is liable for 5% commission on its sales to its sales representatives and agents. No commission has yet been paid as of March 31, 2021. d. The allowance for doubtful accounts has a balance of P 5,000 as of January 1, 2021. The required balance as of March 31, 2021 is P 15,000. There were no write-offs or recoveries during the period. e. A building with historical cost of P 1,200,000 is being depreciated over 5 years using the straight-line method. f. Poseidon Inc. prepaid a one-year insurance on its assets for P 40,000 on January 1, 2021. g. Property taxes for 2021 amounting to P 26,000 was paid in January 3, 2021. h. Advertising costs of P 50,000 were incurred in February on promotional activities held on Valentine's Day. i.…
- On January 1, 2022, Kingbird, Inc. had Accounts Receivable of $49,900 and Allowance for Doubtful Accounts of $3,500. Kingbird, Inc. prepares financial statements annually. During the year, the following selected transactions occurred: Jan. 5 Sold $3,450 of merchandise to Rian Company, terms n/30. Feb. 2 Accepted a $3,450, 4-month, 8% promissory note from Rian Company for balance due. 12 Sold $11,800 of merchandise to Cato Company and accepted Cato’s $11,800, 2-month, 9% note for the balance due. 26 Sold $5,300 of merchandise to Malcolm Co., terms n/10. Apr. 5 Accepted a $5,300, 3-month, 8% note from Malcolm Co. for balance due. 12 Collected Cato Company note in full. June 2 Collected Rian Company note in full. 15 Sold $2,200 of merchandise to Gerri Inc. and accepted a $2,200, 6-month, 11% note for the amount due. Journalize the transactions. (Omit cost of goods sold entries.) (Credit account titles are automatically indented when amount is…The information in the following table relates to the accounts receivable and allowance for doubtful debts of Prime Moving Ltd. The company’s accounting period ends on 30 June each year. The company policy is to provide an allowance for doubtful debts at the rate of 3% of accounts receivable at 30 June each year. The balance of the Allowance for Doubtful Debts account on 1 July 2019 was $13,000. The following information is given for the year ending 30 June 2020 and 30 June 2021, in order to determine the bad debts expense for each year and the balance of allowance for doubtful debts at the end of each year. 2020 2021 Accounts receivable (ending balance at 30 June) $520,000 $585,000 Bad debts written off during the year 7,800 0 Allowance for doubtful debts at 1 July (Beginning of the period) (a) (d) Bad debts expense for the year (b) (e) Allowance for doubtful debts at 30 June (Ending balance) (c) (f) Required: Determine the…At 31 December 2022 a company's receivables totaled $400,000 and an allowance for receivables of $50,000 had been brought forward from the year ended 31 December 2021. It was decided to write off debts totaling $38,000 and to adjust the allowance for receivables to 10% of the receivables total. What expenses for irrecoverable debts and receivables allowance should appear in the company's income statement for the year ended 31 December 2022?
- Waterway Corporation factors $260,800 of accounts receivable with Kathleen Battle Financing, Inc. on a with recourse basis. Kathleen Battle Financing will collect the receivables. The receivables records are transferred to Kathleen Battle Financing on August 15, 2025. Kathleen Battle Financing assesses a finance charge of 2% of the amount of accounts receivable and also reserves an amount equal to 4% of accounts receivable to cover probable adjustments. (b) Assume that the conditions are met for a transfer of receivables with recourse to be accounted for as a sale. Prepare the journal entry on August 15, 2025, for Waterway to record the sale of receivables, assuming the recourse obligation has a fair value of $5,000. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries.)Gana Company maintains its accounting records on the cash basis. During 2020, it paid a total of P350,000 to supplier, net of P10,000 purchase discount. Upon examination of additional evidence, the following information was obtained: 01/01/2020 12/31/2020 Accounts payable P110,000 P170,000 Advances to supplier 55,000 20,000 Advances from customer 65,000 40,000 What is the amount of gross purchases for 2020 applying the accrual basis? P455,000 P440,000 P265,000 P385,000Evergreen Company sells lawn and garden products to wholesalers. The company's fiscal year-end is December 31. During 2024, the following transactions related to receivables occurred: February 28 Sold merchandise to Lennox, Incorporated, for $24,000 and accepted a 8%, 7-month note. 8% is an appropriate rate for this type of note. March 31 Sold merchandise to Maddox Company that had a fair value of $20, 240, and accepted a noninterest-bearing note for which S 22,000 payment is due on March 31, 2025. April 3 Sold merchandise to Carr Company for $20,000 with terms 210/, n30/. Evergreen uses the gross method to account for cash discounts. April 11 Collected the entire amount due from Carr Company April 17 A customer returned merchandise costing $4,500. Evergreen reduced the customer's receivable balance by $6,300, the sales price of the merchandise. Sales retums are recorded by the company as they occur. April 30 Transferred receivables of $63,000 to a factor without recourse. The factor…
