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What the accounts payable should be

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FAR.

The balance in Hill Co.'s accounts payable account at December 31, 2007 was P700,000 before any necessary year-end adjustments relating to the following:

  • Goods were in transit to Hill from a vendor on December 31, 2007. The invoice cost was P40,000. The goods were shipped f.o.b. shipping point on December 29, 2007 and were received on January 4, 2008.
  • Goods shipped f.o.b. destination on December 21, 2007 from a vendor to Hill were received on January 6, 2008. The invoice cost was P25,000.
  • On December 27, 2007, Hill wrote and recorded checks to creditors totaling P30,000 that were mailed on January 10, 2008.

Problem 1: In Hill's December 31, 2007 balance sheet, the accounts payable should be?

Reference no: EM132671874

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