The balance in Teem Corporation's accounts payable at December 31, 2020 was P1,400,000 before any necessary adjustments relating to the following: * Goods were in transit to Teem from a vendor on December 31, 2020. The invoice cost was P75,000. The goods were shipped FOB shipping point on December 29, 2020 and were received on January 2, 2021. *Goods shipped FOB destination on December 21, 2020, from a vendor to Teem, were received on January 6, 2021. The invoice cost was P37,500. * On December 27, 2020, Teem wrote and recorded checks totaling P60,000 which were mailed on January 10, 2021. In Teem's December 31, 2020 Statement of Financial Position, how much should be the accounts payable? *
The balance in Teem Corporation's accounts payable at December 31, 2020 was P1,400,000 before any necessary adjustments relating to the following: * Goods were in transit to Teem from a vendor on December 31, 2020. The invoice cost was P75,000. The goods were shipped FOB shipping point on December 29, 2020 and were received on January 2, 2021. *Goods shipped FOB destination on December 21, 2020, from a vendor to Teem, were received on January 6, 2021. The invoice cost was P37,500. * On December 27, 2020, Teem wrote and recorded checks totaling P60,000 which were mailed on January 10, 2021. In Teem's December 31, 2020 Statement of Financial Position, how much should be the accounts payable? *
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter9: Current Liabilities And Contingent Obligations
Section: Chapter Questions
Problem 1MC: The balance in Ashwood Companys accounts payable account at December 31, 2019, was 1,200,000 before...
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