Solution-What amount should be reported as accounts payable

What amount should be reported as accounts payable

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Reference no: EM132899794

The accounts payable balance of Rona Company was P2,200,000 on December 31,2012 before considering the following data:

Goods shipped to the entity on December 31, 2012 FOB shipping point were lost in transit. The invoice cost of P40,000 was not recorded. On January. 15, 2013, the entity filed a P40,000 claim against the common carrier
On December 30, 2012, a vendor Authorized the entity to return for full credit goods shipped and billed at P70,000 on December 15. 2012. The returned goods were shipped by the entity on December 31, 2012. A P70,000 credit memo was received and recorded by the entity on January 15, 2013.
Goods with an invoice cost of P50,000 shipped to the entity FOB destination on December 26, 2012 were received on January 15, 2013.

Problem 1: What amount should be reported as accounts payable on December 31, 2012?

A. 2,170,000

B.2,230,000

C.2,180,000

D.2,280,000

Reference no: EM132899794

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What amount should be reported as accounts payable

Reference no: EM132899794

Reference no: EM132899794

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