In Set’ Dec. 31, 2020 statement of financial position, how much should be the accounts payable? *see attacheda. P 1,410,000b. P 1,485,000c. P 1,462,500d. P 1,425,000 The balance in Set Corp.'s accounts payable at Dec. 31, 2020 was P 1,350,000 before any necessaryyear-end adjustments relating to the following:> Goods were in transit to Set from a vendor on Dec. 31, 2020. The invoice cost was P 75,000. Thegoods were shipped FOB Shipping point on Dec. 29, 2020 and were received on Jan. 2, 2021> Goods shipped FOB destination on Dec. 21, 2020 from a vendor to Set, were received on Jan. 6,2021. The invoice cost was P 37,500> On Dec. 27, 2020, Set wrote and recorded checks totaling P 60,000 which were mailed onJan. 10, 2021

Under FOB destination, titles of goods are transferred to the buyer only when goods are delivered to…

Answered: The balance in Set Corp.'s accounts…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

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In Set’ Dec. 31, 2020 statement of financial position, how much should be the accounts payable?

*see attached

a. P 1,410,000
b. P 1,485,000
c. P 1,462,500
d. P 1,425,000

The balance in Set Corp.'s accounts payable at Dec. 31, 2020 was P 1,350,000 before any necessary
year-end adjustments relating to the following:
> Goods were in transit to Set from a vendor on Dec. 31, 2020. The invoice cost was P 75,000. The
goods were shipped FOB Shipping point on Dec. 29, 2020 and were received on Jan. 2, 2021
> Goods shipped FOB destination on Dec. 21, 2020 from a vendor to Set, were received on Jan. 6,
2021. The invoice cost was P 37,500
> On Dec. 27, 2020, Set wrote and recorded checks totaling P 60,000 which were mailed on
Jan. 10, 2021

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

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