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Compute the amount that should be reported

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Reference no: EM132718987

Question - The following data pertains to United As One Inc., liabilities as of December 31, 2018.

Vanessa WCorp- P192,000 merchandise inventory shipped on December 26, 2018, FOB shipping point; received on January 16, 2019.

VECO- P67,200 electric or utility bill covering the period December 16, 2018 to January 15, 2019.

Shown in the general ledger, Trade payable has an amount of P5,440,000, net of P240,000 debit balances in Vendor's accounts. The unpaid liabilities file showed the following information that not had been recorded as of December 31, 2018:Grace Laundry Service - P144,000 laundry services for the 3-month period ending January 31, 2019.

Ivory All-round Company- P224,000 merchandise inventory shipped on December 31, 2018, FOB destination; received on January 10, 2019.

A vendor authorized United As One Inc. to return goods billed at P160,000 On December 28, 2018, and shipped on December 20, 2018. The goods were returned by the company on December 28, 2018, credit memo was not received for the returned goods amounting to P160,000 until January 6, 2019.

Required -

A. How much is the total net adjustments for payable arising from purchase of merchandise?

B. How much is the total payable to be recognized at the end of 2018 from laundry services?

C. How much is the total payable to be recognized at the end of 2018 from the electric bill?

D. Compute the amount that should be reported on the financial position as current liability in United As One Inc. on December 31, 2018?

Reference no: EM132718987

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