Solution-What amount should be reported as accounts payable

What amount should be reported as accounts payable

Assignment Help Accounting Basics

Reference no: EM133029801

Problem - Denmark Company reported accounts payable of P880,000 on December 31, 2020 before necessary year-end adjustments related to the following information:

On December 31, 2020, the entity has a P50,000 debit balance in accounts payable resulting from a payment to a supplier for goods to be manufactured in accordance with the entity's specifications.

Goods shipped FOB destination on December 20, 2020 were received and recorded by the entity on January 10, 2021.

The invoice cost was P45,000.

On December 31, 2020, what amount should be reported as accounts payable?

Reference no: EM133029801

Questions Cloud

What is the amount of Baltic Company check : If Baltic Company remits a check taking advantage of the discount offered, what is the amount of Baltic Company's check

Healthcare quality management : Reflect on the course outcomes. What have you learned from the course that you may use in your future career? What goals will you use in your career?

Develop a health promotion intervention : Develop a Health Promotion intervention - Critically analyse the concepts of community capacity building and empowerment within health promotion interventions

Should job candidates be tested for mental ability : Should job candidates be tested for mental ability? Do such assessment tools lead to bias in hiring? What should companies do to ensure diversity in their workf

What amount should be reported as accounts payable : The invoice cost was P45,000. On December 31, 2020, what amount should be reported as accounts payable

Explain the four types of evaluation outcomes : Explain the four types of evaluation outcomes identified in the text.

What size annuity will result in a lump sum : You wish to purchase a home in five years from now and estimates that an initial down payment of $20,000. What size annuity will result in a lump sum

What tringali report as its deferred income tax liability : Tringali's tax rate is 25%. What should Tringali report as its deferred income tax liability as of the end of its first year of operations

Reflection on creating safe : Reflection on creating safe, healing relationships - Produce a video of no more than 5 minutes which discusses, from a practical perspective

User Account

All Pages

What amount should be reported as accounts payable

Reference no: EM133029801

Reference no: EM133029801

Questions Cloud

Reviews

Write a Review

Accounting Basics Questions & Answers

How much control does fed have over this longer real rate

Coures:- fundamental accounting principles

Accounting problems

Theory of interest - term structure of interest rates

Write a report on internal controls

Prepare the bank reconciliation for company

Cost-benefit analysis

Theory of interest

Liquidity and profitability

What is the expected risk premium on the portfolio

Simple interest and compound interest

Capm and venture capital

Assured A++ Grade

Academics

Major Subjects

Majors

Get In Touch

TERMS & POLICIES

HELP & SUPPORT