The accounts payable balance of Durian Inc. at December 31, 2021 was P 590,000 before the year-end adjustments relating to the following information: Upon receipt of the invoice on December 28, 2021 for goods costing P 30,000, the accounting staff of Durian Inc. recorded the purchase in the accounts. It was determined that the goods were shipped FOB Destination Point on December 27, 2021 and were received by Durian Inc. on January 5, 2022. • Goods with an invoice cost of P 25,000 which were shipped FOB Shipping Point on December 23, 2021 from a vendor to Durian Inc. were lost in transit. On January 5, 2022, Durian Inc. filed a P 25,000 claim against the transport company. • Goods costing P 9,000 were shipped FOB Shipping Point from a vendor to Durian Inc. Because the vendor's invoice and the goods were received on January 3, 2022, the accounting staff did not include the goods in its December 31, 2021 inventory nor was the purchase recorded in the accounts in 2021. What amount should Durian Inc. report as accounts payable in its December 31, 2021 statement of financial position? A. P 594,000 В. Р 590,000 С. Р 585,000 D. P 569,000

The accounts payable balance of Durian Inc. at December 31, 2021 was P 590,000 before the year-end adjustments relating to the following information: Upon receipt of the invoice on December 28, 2021 for goods costing P 30,000, the accounting staff of Durian Inc. recorded the purchase in the accounts. It was determined that the goods were shipped FOB Destination Point on December 27, 2021 and were received by Durian Inc. on January 5, 2022. • Goods with an invoice cost of P 25,000 which were shipped FOB Shipping Point on December 23, 2021 from a vendor to Durian Inc. were lost in transit. On January 5, 2022, Durian Inc. filed a P 25,000 claim against the transport company. • Goods costing P 9,000 were shipped FOB Shipping Point from a vendor to Durian Inc. Because the vendor's invoice and the goods were received on January 3, 2022, the accounting staff did not include the goods in its December 31, 2021 inventory nor was the purchase recorded in the accounts in 2021. What amount should Durian Inc. report as accounts payable in its December 31, 2021 statement of financial position? A. P 594,000 В. Р 590,000 С. Р 585,000 D. P 569,000

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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Question

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The accounts payable balance of Durian Inc. at December 31, 2021 was
before the year-end adjustments relating to the following information:
Upon receipt of the invoice on December 28, 2021 for goods costing P 30,000, the
accounting staff of Durian Inc. recorded the purchase in the accounts. It was
determined that the goods were shipped FOB Destination Point on December 27,
2021 and were received by Durian Inc. on January 5, 2022.
• Goods with an invoice cost of P 25,000 which were shipped FOB Shipping Point
on December 23, 2021 from a vendor to Durian Inc. were lost in transit. On
January 5, 2022, Durian Inc. filed a P 25,000 claim against the transport company.
• Goods costing P 9,000 were shipped FOB Shipping Point from a vendor to Durian
Inc. Because the vendor's invoice and the goods were received on January 3,
2022, the accounting staff did not include the goods in its December 31, 2021
590,000
inventory nor was the purchase recorded in the accounts in 2021.
What amount should Durian Inc. report as accounts payable in its December 31, 2021
statement of financial position?
A. P 594,000
В. Р 590,000
С. Р 585,000
D. P 569,000

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