Solution-Determine amount that should reported as current

Determine amount that should reported as current liability

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Reference no: EM132852817

Question - The following information relates to Camella's Company obligations as of December 31, 2017. For each of the numbered items, determine the amounts, if any, that should be reported as current liability in the company's December 31, 2017 statement of financial position.

Accounts Payable per ledger amounted to P 5,440,000, net of P 240,000 debit balances of supplier's accounts. The unpaid voucher file includes the following that had not been recorded:

For A Company- P 224,000 merchandise shipped on December 31, 2017, FOB destination; received January 10, 2018

B Enterprise - P 192,000 merchandise shipped on December 26, 2017, FOB shipping point; received January 16, 2018

C Janitorial Services - P 144,000 janitorial services for the three-month period ending January 31, 2018.

NORECO - P 67,200 electric bill covering a period of December 16, 2017 to January 15, 2018.

On December 28, 2017, a supplier authorized Camella to return goods billed at P 160,000 and shipped on December 20, 2017. The goods were returned by Camella on December 28, 2017, but the P160,000 credit memo was not received until January 6, 2018. Determine the amount, if any, that should be reported as current liability in the company's December 31, 2017 statement of financial position.

Reference no: EM132852817

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Determine amount that should reported as current liability

Reference no: EM132852817

Reference no: EM132852817

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