User Account

All Pages

What amount should adams company report as total accounts

Assignment Help Financial Accounting
Reference no: EM132974219

The balance in Adams Company's accounts payable on December 31, 2021 was P1,500,000 before considering the following information:

  1. Goods shipped FOB Shipping point on December 20, 2021 from a vendor to Adams were lost in transit. Adams did not record the invoice cost of P240,000. On January 6, 2022, Adams filed a P240,000 claim against the common carrier.
  2. On December 27, 2021, a vendor authorized Adams to return, for full credit, goods shipped and billed at P80,000 on December 2, 2021. Adams shipped the returned goods on December 27, 2021. A credit memo for P80,000 was received and recorded by Adams on January 6, 2022.

Required

Question 1: What amount should Adams Company report as total accounts payable as of December 31, 2021?

Reference no: EM132974219

Questions Cloud

What is diversification : Question - What is diversification? How does diversification work? Can all risks be diversified? Please explain how diversification reduces portfolio risk
What amount should notes payable be shown on the december : At what amount should the Notes payable be shown on the December 31, 2019 statement of financial condition of Madison Company?
Identify the three steps in a preliminary assessment of risk : Identify the three steps In a preliminary assessment of risk and Identify four different types of procedures that an auditor might use when carrying out tests
What amount washington company report as total accounts : Washington Company's accounts payable on December, What amount should Washington Company report as total accounts payable as of December 31, 2021?
What amount should adams company report as total accounts : The balance in Adams Company's accounts payable on December, What amount should Adams Company report as total accounts payable as of December 31, 2021?
What is philosophy of education : Our ethics become transparent to our friends, family, and colleagues based on how we conduct ourselves in given situations during day-to-day interactions.
Give the necessary adjustment on december : Give the necessary adjustment on December 31 assuming Jefferson uses the net method and the account with Celeron is still unpaid as of December 31.
Determine the sample size needed : A manufacturer of tires would like to estimate the average tire life of its premium brand in terms of how many miles it lasts. Determine the sample size needed
What is the approximate capitalized value of the subsidy : Is the farmer receiving a subsidy? Why? If the interest rate is 10 percent, what is the approximate capitalized value of the subsidy if any

Reviews

Write a Review

Financial Accounting Questions & Answers

  Prepare a properly formatted statement of cash flows

Fannin Company is a manufacturer of premium athletic equipment. Prepare a properly formatted statement of cash flows using the indirect method.

  Process and incurs conversion costs uniformly throughout

The Martinez International Company uses a process cost accounting system and a weighted average cost flow assumption. A production department adds materials at the beginning of the process and incurs conversion costs uniformly throughout the process...

  Prepare the balance sheet and statement of change in equity

FINANCIAL ACCOUNTING PRACTICE (BBAC301) Prepare a 10-column worksheet for the year ended 30 June 2015 and Prepare the income statement, balance sheet and statement of change in equity.

  Estimate divisional ccc for each of southeastern division

Estimate the divisional CCC for each of Southeastern divisions swimming at both divisions have the same optimal capital structure.

  What would be the net profit or loss for that year

Suppose that a company is established, Assuming that there are no more transactions throughout the year, what would be the net profit or loss for that year?

  Find a approximate confidence interval for population mean

distributed population produced a mean of x=26.2 and a standard deviation of s= 4.1. Find a approximate 99% confidence interval for the population mean, u.

  Prepare a statement of cash flows for incloud airlines

Prepare a statement of cash flows for Incloud Airlines for the year.- Discuss briefly the pattern of cask flows from operating, investing, and financing activities for Incloud Airlines for the year.

  Compute the values for amazon and the values for wal-mart

Compute the 2014 values for Amazon and the 2015 values for Wal-Mart based on information in the financial statements Inventory turnover and Days of inventory.

  What the credit entry for the discounted amount will be

What the credit entry for the discounted amount will be entered in the and The debit entry for the discounted amount will be entered in the?

  Calculate the monthly payment

You wish to purchase a new BMW 700 series at a cost of $85,000. Calculate the monthly payment and need to calculate 36 month amortization table

  What are the present values of the relevant investment

Other than investing in the equipment, the company needs to increase its cash and cash equivalents by $10,000, What are present values of relevant investment

  Solve annual coupon interest payments

Assume that today's date is April 15, 2015. Calculate annual coupon interest payments. The answer should be calculated to two decimal places

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd