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What mebielyn should report accounts payable of

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Reference no: EM132903369

Mebielyn Company's Accounts Payable balance at December 31, 202, was ?1,800,000 before considering the following transactions:

  • Goods were transit from a vendor to Mebielyn on December 31,2021. The invoice price was ?100,000, and the goods were shipped FOB shipping point on December 29,2021. The goods were received on January 4,2021.
  • Goods shipped to Mebielyn FOB shipping point on December 20,2021, from a vendor were lost in transit. The invoice price was ?50,000. On January 5,2022 Mebielyn filed a ?50,000. Claim against the common carrier.

Problem 1: In its December 31,2021 statement of financial position, Mebielyn should report Accounts Payable of

a. ?1,950,000

b. ?1,900,000

c. ?1,850,000

d. ?1,800,000

Reference no: EM132903369

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