The balance in Set Corp.'s accounts payable at Dec. 31, 2020 was P 1,350,000 before any necessary year-end adjustments relating to the following: > Goods were in transit to Set from a vendor on Dec. 31, 2020. The invoice cost was P 75,000. The goods were shipped FOB Shipping point on Dec. 29, 2020 and were received on Jan. 2, 2021 > Goods shipped FOB destination on Dec. 21, 2020 from a vendor to Set, were received on Jan. 6, 2021. The invoice cost was P 37,500 > On Dec. 27, 2020, Set wrote and recorded checks totaling P 60,000 which were mailed on Jan. 10, 2021
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In Set’ Dec. 31, 2020
*see attached
a. P 1,410,000
b. P 1,485,000
c. P 1,462,500
d. P 1,425,000
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- Prior to adjustments, Barrett Companys account balances at December 31, 2019, for Accounts Receivable and the related Allowance for Doubtful Accounts were 1,200,000 and 60,000, respectively. An aging of accounts receivable indicated that 106,000 of the December 31, 2019, receivables may be uncollectible. The net realizable value of accounts receivable at December 31, 2019, was: a. 1,034,000 b. 1,094,000 c. 1,140,000 d. 1,154,000The balance in ABC Company's accounts payable account at December 31, 2021, was P900,000, before any necessary year-end adjustment relating to the following: a. Goods in transit from a vendor to ABC on December 31, 2021. The invoice cost was P50,000, and the goods were shipped FOB shipping point on December 29, 2021. The goods were received on January 4, 2022. b. Goods shipped FOB shipping point on December 20, 2021, from a vendor to ABC was lost in transit. The invoice cost was P25,000. On January 5, 2022, ABC filed a P25,000 claim against the common carrier. C. On December 31, 2021, ABC has a P20,000 debit balance in accounts payable to a supplier resulting from an advance payment for goods to be manufactured. What amount should be reported as accounts payable on its December 31, 2021 financial statement?The balance of Ward Company’s Accounts Payable at December 31, 2019 was P1,300,000 before any year-endadjustments of the following transactions during 2019: Goods were in transit from a vendor to Ward on December 31, 2019. The invoice cost was P45,000 and thegoods were shipped FOB shipping point on December 29, 2019. The goods were received on January 2, 2020. Goods shipped FOB shipping point on December 20, 2019 from a vendor to Ward were lost in transit. The invoicecost was P34,000. On January 4, 2020, Ward filed a P34,000 claim against the common carrier. On December 27, 2019, Ward wrote and recorded checks totaling P60,000 in payment of an accounts payablewhich were mailed on January 10, 2020. a) Prepare adjusting journal entries on December 31, 2019 showing solutions in good accounting form.b) What amount should Ward report as accounts payable on its December 31, 2019 Statement of FinancialPosition?
- Orange Company's accounts payable balance at December 31, 2021 was P540,000 before the year-end adjustments relating to the following information: a. Goods with an invoice cost of P30,000 were in transit from the vendor to Orange on December 31, 2021. The goods were shipped FOB shipping point on December 29, 2021 and were received on January 3, 2022. b. Goods with an invoice cost of P15,000, which were shipped FOB shipping point on December 22, 2021 from a vendor to Orange, were lost in transit. On January 4, 2022, Orange filed a P15,000 claim against the transportation. c. Goods with an invoice cost of P9,000, which were shipped FOB shipping point, were in transit on December 31, 2021 from a vendor to Orange. The goods were received on January 5, 2022. What amount should Orange Company report as accounts payable on its statement of financial position as of December 31, 2021?DELTA Company reported on December 31,2021 at P7,000,000 based on physical count of goods priced at cost and before any necessary year end adjustments relating to the following.Included in the physical count were goods billed to a customer FOB Shipping Point on December 30, 2021.These goods had a cost of 200,000 and were picked by the carrier on January 5, 2022.Goods shipped FOB Shipping point on December 28, 2021 from a venfor to Delta were received and recorded on January 4, 2022. The invoice cost was P300,000.What amount should be reported as inventory on December 31, 2021?VICO's accounts payable balance at December 31, 2020 was P1,100,000 before considering the following transactions: • Goods were in transit from a vendor to VICO on December 31, 2020. The invoice price was P 80,000, and the goods were shipped FOB Shipping point on December 29, 2020. The goods were received on January 4, 2021. • Goods shipped to VICO FOB Shipping point on December 20, 2020, from a vendor were lost in transit. The invoice price was P 50,000. On January 5, 2021, Gerry filed a P50,000 claim against the common carrier. In its December 31, 2020 statement of financial position, VICO should report accounts payable of
- BDO co. has a balance of 10,350,000 trade accounts as of the end of 2019. The ff. information shall be considered for adjustment The balance included the selling price of goods in transit shipped fob destination to a customer amounting to 75,000. BDO was notified that the goods were received on January 5, 2020. Freight cost will be collected from the customer. In the afternoon of December 31, 2019, the goods costing 100,000 with a selling price of 120,000 was shipped to B customer, fob destination, freight collect. This was not recorded because the shipment documents were misplaced by the billing staff. On December 26, BDO shipped merchandise sold at 330,000 to Z, fob destination. Initially, the transaction was not recorded because of the shipping term. BDO was notified on December 31 AM that Z already have the goods, however, action was not taken until January 2, 2020. Merchandise was shipped to V in the afternoon of December 31, 2019 costing 400,000 with a selling price of 500,000,…Gear Company’s accounts payable balance at December 31, 2021 was P1,100,000 before considering the following transactions: A. Goods were in transit from a vendor to Gear on December 31, 2021. The invoice price was P80,000 and the goods were shipped FOB shipping point on December 29, 2021. The goods were received on January 4, 2022. B. Goods shipped to Gear, FOB shipping point on December 20, 2021 from a vendor were lost in transit. The invoice price was P50,000. On January 5, 2022, Gear filed a P50,000 claim against the common carrier. In its December 31, 2021 statement of financial position, Gear should report accounts payable of:Kappa Inc. reported accounts payable on December 31, 2019 at P 2,200,000 before any necessary year-end adjustments relating to the following transactions: Goods shipped to Kappa under terms FOB Shipping Point on December 22, 2019 was lost in transit. The invoice cost of P 40,000 was not recorded by Kappa. On January 7, 2020 filed a P 40,000 claim against the shipper of the lost goods. On December 27, 2019, a vendor authorized Kappa to return, for full credit, goods shipped and billed at P 70,000 on December 3, 2019. The returned goods were shipped by Kappa on December 28, 2019. AP 70,000 credit memo was received and recorded by Kappa on January 5, 2020. On December 31, 2019, Kappa has a P 500,000 debit balance in accounts payable to Sigma Inc., a supplier, resulting from a P 500,000 advance payment for goods to be manufactured. What amount should be reported by Kappa Inc. as accounts payable on December 31, 2019? А. Р2,170,000 В. Р2,680,000 C. P 2,730,000 D. P 2,670,000
- ABC Company’s Accounts Payable on December 31, 2022, totaled P100,000 before any necessary year-end adjustments relating to the following transactions: On December 21, 2022, ABC Company purchased and recorded goods with an invoice price of P300,000, terms 2/15, n/30 from DEF Company. This amount had not been paid as of December 31, 2022. ABC Company is using the net method for all purchases. Goods shipped FOB Destination on December 23, 2022 from a vendor were lost in transit. The invoice cost of P3,500 was not recorded as of December 31, 2022. Goods shipped FOB Shipping Point on December 26, 2022 from a vendor were still in transit as of December 31, 2022. The invoice cost of P15,000 was recorded on December 31, 2022. Goods purchased and recorded goods with an invoice price of P5,000 from GHI Company on December 28, 2022, terms 3/15, n/45. ABC Company paid its account in full on January 5, 2023. How much is the total adjusted accounts payable on December 31, 2022?Sundown Company is preparing the 2020 year-end financial statements. Prior to any adjustments, inventory is valued at P7,600,000.· Goods costing P250,000 were received from a vendor on January 5, 2021. The related invoice was received and recorded on January 12, 2021. The goods were shipped December 31, 202 FOB shipping point.· Goods costing P850,000 were shipped on December 31, 2020 to a customer FOB shipping point. The goods were included in ending inventory for 2020 even though the sale was recorded in 2020.· A P350,000 shipment of goods to a customer on December 31, 2020 FOB destination was not included in the year-end inventory. The goods cost P260,000 and were delivered to the customer on January 15, 2021. The sale was properly recorded in 2021.· An invoice for goods costing P350,000 was received and recorded as purchase on December 31, 2020. The related goods shipped FAS were in transit on December 31, 2020 and received on January 5, 2021 and were…Keillor Company's inventory of $1,100,000 at December 31, 2020, was based on a physical count of goods priced at cost and before any year-end adjustments relating to the following items. a. Goods shipped from a vendor f.o.b. shipping point on December 24, 2020, at an invoice cost of $69,000 to Keillor Company were received on January 4, 2021. b. The physical count included $29,000 of goods billed to Sakic Corp. f.o.b. shipping point on December 31, 2020. The carrier picked up these goods on January 3, 2021. What amount should Keillor report as inventory on its balance sheet?