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What amount should raspberry report as accounts payable

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Problem - The balance in Raspberry Company's account payable at December 31, 2019, was P1,100,000 before considering the following information: . Goods shipped from FOB shipping point on December 20, 2019, from a vendor to Raspberry were lost in transit. The invoice cost of P20,000 was not recorded by Raspberry. On January 6, 2020, Raspberry filed a P20,000 claims against common carrier. On December 27, 2019, a vendor authorized Raspberry to return, for full credit, goods shipped and billed at P35,000 on December 2, 2019. The returned goods were shipped by Raspberry on December 27, 2019. A P35,000 credit memo was received and recorded by Raspberry on January 6, 2020. What amount should Raspberry report as accounts payable in its December 31, 2019, statement of financial position?

Reference no: EM132939628

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