Homework Answers
Solution:
Accounts payable amount for Dec 31, 2020 balance sheet = Accounts payable before adjustment + Goods in transit purchased on FOB shipping point + Checks written and recorded on Dec 27,2020
= $950,000 + $40,000 + $30,000 = $1,020,000
Hence option B is correct.
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Problem 8-2
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ended December 31, 2017.
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Blue Company, a manufacturer of small tools, provided the
following information from its accounting records for the year
ended December 31, 2017.
Inventory at December 31, 2017 (based on physical count of
goods in Blue’s plant, at cost, on December 31, 2017)
$1,494,150
Accounts payable at December 31, 2017
1,278,600
Net sales (sales less sales returns)
8,729,500
Additional information is as follows.
1.
Included in the physical count were tools billed to a customer
f.o.b. shipping point on...
Cullumber Company, a manufacturer of small tools, provided the
following information from its accounting records for the year
ended December 31, 2017.
Inventory at December 31,
2017 (based on physical count of goods in Cullumber’s plant, at
cost, on December 31, 2017)
$1,467,950
Accounts payable at December
31, 2017
1,182,000
Net sales (sales less sales
returns)
7,990,400
Additional information is as follows.
1.
Included in the physical
count were tools billed to a customer f.o.b. shipping point on
December 31,...
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6) The balance in Dallas Company's accounts payable account at December 31, 2019 was P1,170,000 before any year- end adjustments relating to the following: • Goods were in transit from a vendor to Dallas on December 31, 2019. The invoice cost was P65,000 and the goods were shipped FOB shipping point on December 29, 2019. The goods were received on January 2, 2020. • Goods shipped FOB shipping point on December 20, 2019...
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