Reference no: EM132640485

PROBLEM 1: The balance in Koppel Company's accounts payable at December 31, 2019 was P1,500,000, before considering the following information:

- Goods shipped FOB destination to Koppel on December 20, 2019 were lost in transit. Koppel did not record the invoice cost of P240,000.

- On December 27, 2019, a vendor authorized Koppel to return for full credit goods shipped and billed at P80,000 on December 2, 2019. Koppel shipped the returned goods on December 27, 2019. A credit memo for P80,000 was received and recorded by Koppel on December 29, 2019.

What amount should Koppel Company report as total accounts payable on December 31, 2019?

PROBLEM 2: The balance in Samsung Company's accounts payable at December 31, 2019 was P1,500,000, before considering the following information:

- Goods shipped FOB shipping point to Samsung on December 20, 2019 were lost in transit. Samsung did not record the invoice cost of P240,000.

- On December 27, 2019, a vendor authorized Samsung to return for full credit goods shipped and billed at P80,000 on December 2, 2019. Samsung shipped the returned goods on December 27, 2019. A credit memo for P80,000 was received and recorded by Samsung on January 6, 2020.

What amount should Koppel Company report as total accounts payable on December 31, 2019?

PROBLEM 3: Inobella Corp.'s accounts payable at December 31, 2019, totaled P1,700,000 before any necessary year-end adjustments relating to the following transactions:

- On December 27, 2019, Inobella Corp. wrote and recorded checks to creditors totaling P400,000. The checks were mailed out on January 10, 2020.

- On December 21, 2019, Inobella Corp. purchased and received goods for P300,000, terms 2/10, n/30. The invoice was recorded on January 2, 2020. The company is using the gross method.

- Goods shipped FOB Destination on December 20, 2010 from a vendor to Inobella Corp. were lost in transit. The invoice cost of P35,000 was not recorded as of the BS date.

- Goods shipped FOB Destination on December 26, 2019 from a vendor were received December 29, 2019. The invoice cost of P150,000 was recorded on December 30,2017

- Goods shipped FOB Supplier on December 22, 2029, from a supplier, were still in transit on December 31, 2019. The invoice cost of P47,500 was not recorded as of BS date.

At December 31, 2019, what amount should Inobella Corp. report as total accounts payable?