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How much should quinn report as accounts payable

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Reference no: EM133176068

Question - Quinn Company reported accounts payable of P1,000,000 as of December 31, 2022. The following transactions were recorded in month of December 2022 and January 2023 related to accounts payable.

Purchases Journal Entries: Dec. 21 - Dec. 31, 2022:

Receiving Report Date

Date of Shipment

Amount

Shipment terms

Dec. 22, 2022

Dec. 21, 2022

P162,000

Destination point

Jan. 9, 2023

Dec. 30, 2022

128,000

C. I. F. in transit

Jan. 10, 2023

Dec. 31, 2022

125,000

Destination point

Purchases Journal Entries: January 2 - January 10, 2023

Receiving Report Date

Date of Shipment

Amount

Consignment

Jan. 5, 2023

Dec. 29, 2022

P110,000

Destination point

Jan. 7, 2023

Dec. 30, 2022

170,000

F. A. S. in transit to Quinn

Jan. 9, 2023

Jan. 6, 2023

300,000

Shipping Point

Required - How much should Quinn report as accounts payable in its December 31, 2022 statement of financial position?

Reference no: EM133176068

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