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What amount should be reported as accounts payable

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Problem - Ukraine Company's accounts payable on December 31, 2020 was P2,200,000 before considering the following transactions: . Goods shipped to Ukraine Company, FOB shipping point on December 20, 2020, from a vendor were lost in transit. The invoice price was P100,000. On January 5, 2021, Ukraine Company filed a P100,000 claim against Kiev Company, the common carrier. On December 27, 2020, a vendor authorized Ukraine Company to return, for full credit, goods shipped and billed at P50,000 on December 2, 2020. The returned goods were shipped by Ukraine Company on December 27, 2020. A P50,000 credit memo was received and recorded by Ukraine Company on January 6, 2021. In the December 31, 2020 statement of financial position, what amount should be reported as accounts payable?

Reference no: EM133031592

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