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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?
The one-year dollar interest rate is 2%; the one-year euro interest rate is 5%. Conduct the cash flow analysis of the money market hedge
Lang Enterprises was started when it acquired $9,000 cash from creditors and $21,000 from owners. The company immediately purchased land that cost $26,000. Required a. Record the events under an accounting equation.
Treasury stock should be shown on the balance sheet as a(n) _______________. Malloy Company issued its own $10,000, 90-day, non-interest-bearing note to a bank. The only payment Malloy will ever make to the bank will be for $10,000 at the maturity da..
Suppose you have an invoice for some bike parts that you relieved a while back. How would paying off the invoice show up on the three main accounting documents?
Presented below is information related to Larkspur, Inc. Compute the ending inventory for Larkspur, Inc. for 2017 through 2020 using dollar-value LIFO method
Describe the impact of information systems on the accounting profession - analyze the limitations and risks of using the Internet in business activities.
Determine What is the effect of not recording entries? The accountant for Out to Get You, Corp. forgot to record all entries related to this transaction.
An allowance for uncollectible accounts of 20,000 will be provided. Prepare the entries in the books of the Cookie Bar Corporation
According to the return-risk properties of portfolio, which of the following investments offered the lowest level of overall returns?
Firefall Company acquired equipment for use in operations at a cost of $340,000. Determine the annual depreciation expense in each year
The company declared and paid dividends of $8000 and issued bonds payable for $1,100,000. Net cash provided by financing activities for 2019 is
On March 1, 2019, Annapolis Company has a beginning Work in Process inventory of zero.All materials are added into production at the beginning of its production
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