Reference no: EM132687789

Question - Eballe's Corporation accounts payable balance at December 31, 20 x1 was P2,200,000 before inclusion of the following data: 1. Goods shipped to Eballle FOB shipping point on December 22, 20x1 were lost in transit. The invoice cost of P40,000 was not recorded by Eballe. On January 7, 20x2 Eballe filed a P40,000 claim against the common carrier. 2. On December 27, 20x1, a vendor authorized Eballe to return, for full credit, goods shipped and billed at P70,000 on December 28, 20x1. A P70,000 credit was received and recorded by Eballe on January 5, 20x2. 3. Goods shipped to Eballe FOB destination on December 20, 20x1 were received and recorded on January 6, 20x2. The invoice cost was P50,000. What amount should Eballe report as accounts payable in its December 31, 20x1 statement of financial position?

a. 2,200,000

b. 2,170,000

c. 2,070,000

d. 2,180,000