Solution-What amount should palautang report on accounts

What amount should palautang report on accounts payable

Reference no: EM132832646

PALAUTANG COMPANY

The balance of Palautang Company's accounts payable on December 31, 20x1 was P900,000, before any necessary year-end adjustment relating to the following:

a. Goods were in transit from a vendor to Palautang on December 31, 20x1. The invoice cost was P50,000, and goods were shipped FOB destination on December 29, 20x1. The goods were received on January 4, 20x2.

b. Goods shipped FOB destination on December 20, 20x1 from a vendor to Palautang were lost in transit. The invoice cost was P25,000. On January 5, 20x2, Palautang filed a P25,000 claim against the common carrier.

c. Goods shipped FOB shipping point on December 31, 20x1 from a vendor to Palautang were received on January 6, 20x2. The invoice cost was P15,000.

Problem 1. What amount should Palautang report on Accounts Payable on its December 31, 20x1 statement of financial position?

Reference no: EM132832646

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What amount should palautang report on accounts payable

Reference no: EM132832646

Reference no: EM132832646

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