Solution-What amount should be reported as accounts payable

What amount should be reported as accounts payable

Assignment Help Financial Accounting

Reference no: EM132925005

Question - Cardo Company reported accounts payable on December 31, 2019 at P4,500,000 before any necessary year-end adjustments relating to the following transactions: On December 27, 2019, Cardo wrote and recorded checks to creditors totaling P2,000,000 causing an overdraft of P500,000 in Cardo's bank account on December 31, 2019. The checks were mailed on January 5, 2020. On December 28, 2019, Cardo purchased and received goods for P750,000, terms 2/10, n/30. Cardo records purchases and accounts payable at net amount. The invoice was recorded and paid January 3, 2020. Goods shipped FOB destination on December 24, 2019 from a vendor to Cardo were received January 8, 2020. The invoice cost was P325,000. On December 31, 2019, what amount should be reported as accounts payable?

Reference no: EM132925005

Questions Cloud

Show the effect on taxable income : Show the effect on taxable income of the above transactions for Lux Cars (Pty) Lid for the 2020 and 2021 years of assessment

What is the best moral rule : One of the challenges of Deontology is that there is no final word as to which moral standard is the most important (prioritization).

Identify medical management needs : Identify community support resources (housing, socioeconomic needs, etc.) and community agencies that are available to assist the client.

Conducting an organizational feasibility test : What are five non-financial resources that may be critical to the successful launch of a new business when conducting an organizational feasibility test?

What amount should be reported as accounts payable : The invoice cost was P325,000. On December 31, 2019, what amount should be reported as accounts payable

What is the appeal of companies to users : What is the appeal of these companies to users and providers? Are there any negative consequences to the increased use of on-demand services like Uber and Airbn

Evaluate nutritional recommendations to help combat : Define malnutrition and identify a specific disease that can result from it. In this case you will be discussing the disease known as (PELLEGRA)

How much should be grant income for the first year : How much should be grant income for the first year. A 10-year, non-interest bearing, 20,000,000 term loan was received from the Philippine government

Describe the importance of pre- and post-exercise nutrition : Describe the importance of pre- and post-exercise nutrition choices. Provide examples of foods that are appropriate selections for each category.

User Account

All Pages

What amount should be reported as accounts payable

Reference no: EM132925005

Reference no: EM132925005

Questions Cloud

Reviews

Write a Review

Financial Accounting Questions & Answers

Financial statement analysis and preparation

Shareholder of a company

Financial and accounting principles

Prepare a statement of cash flow using the direct method

Financial accounting assignment

Prepare general journal entries for goela

Principles of financial accounting

Prepare general journal entries to record the transactions

Global reporting initiative

Explain the iasb conceptual frameworks

Determine the company''s financial statements

Computation of free cash flow

Assured A++ Grade

Academics

Major Subjects

Majors

Get In Touch

TERMS & POLICIES

HELP & SUPPORT