Bundle: Intermediate Accounting: Reporting and Analysis, 2017 Update, Loose-Leaf Version, 2nd + CengageNOWv2, 2 terms Printed Access Card
2nd Edition
ISBN: 9781337358552
Author: James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher: Cengage Learning
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Chapter 9, Problem 1MC
To determine
Identify the amount that must be reported as accounts payable in the balance sheet for the year ended December 31, 2016.
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19. The balance in Moon Co.'s accounts payable account at December 31, 2012 was
$900,000 before any necessary year-end adjustments relating to the following:
Goods were in transit to Moon from a vendor on December 31, 2012. The invoice cost
was $40,000. The goods were shipped f.o.b. shipping point on December 29, 2012
and were received on January 4, 2013.
Goods shipped f.o.b. destination on December 21, 2012 from a vendor to Moon were
received on January 6, 2013. The invoice cost was $25,000.
On December 27, 2012, Moon wrote and recorded checks to creditors totaling
$30,000 that were mailed on January 10, 2013.
In Moon's December 31, 2012 balance sheet, the accounts payable should be
a. $930,000.
b. $940,000.
c. $965,000.
d. $970,000.
Pork Company's accounts payable at December 31, 2020 totaled P20,000,000 before any necessary year-end adjustments relating to the following transactions:
Goods shipped FOB destination on December 31, 2020, from a vendor to Pork were lost in transit. The invoice cost of P3,000,000 was not recorded by Pork. On January 5, 2021, Pork notified the vendor of the lost shipment.
On December 31, 2020, Pork wrote and recorded checks to creditors totaling P5,000,000 causing an overdraft of P1,000,000. The checks were mailed on January 5, 2021.
Goods shipped FOB warehouse on December 31, 2022 from a vendor to Pork were received and recorded on January 5, 2021. The invoice cost was P2,000,000
At December 31, 2022, what amount should Pork report as accounts payable?
27,000,000
26,000,000
30,000,000
23,000,000
Eagle, Inc. is preparing its financial statements for the year ended December 31, Year 1. Accounts payable amounted to P200,000 before any necessary year-end adjustment related to the following:
At December 31, Year 1, Eagle has a P50,000 debit balance in its accounts payable to Twist, a supplier, resulting from a P50,000 advance payment for goods to be manufactured to Eagle's specifications.
Checks in the amount of P25,000 were written to vendors and recorded on December 29, Year 1. The checks were mailed on January 5, Year 2.
What amount should Eagle report as accounts payable in its December 31, Year 1 balance sheet?
Chapter 9 Solutions
Bundle: Intermediate Accounting: Reporting and Analysis, 2017 Update, Loose-Leaf Version, 2nd + CengageNOWv2, 2 terms Printed Access Card
Ch. 9 - Prob. 1GICh. 9 - Prob. 2GICh. 9 - List the three characteristics of a liability....Ch. 9 - Prob. 4GICh. 9 - Prob. 5GICh. 9 - Prob. 6GICh. 9 - Prob. 7GICh. 9 - Prob. 8GICh. 9 - How does materiality affect the accounting for...Ch. 9 - Distinguish between an interest-bearing note and a...
Ch. 9 - Prob. 11GICh. 9 - How should long-term debt that is callable by a...Ch. 9 - Prob. 13GICh. 9 - Prob. 14GICh. 9 - Prob. 15GICh. 9 - Prob. 16GICh. 9 - Prob. 17GICh. 9 - Prob. 18GICh. 9 - Prob. 19GICh. 9 - Prob. 20GICh. 9 - Prob. 21GICh. 9 - Prob. 22GICh. 9 - Prob. 23GICh. 9 - Prob. 24GICh. 9 - Prob. 25GICh. 9 - Prob. 26GICh. 9 - Prob. 27GICh. 9 - Prob. 28GICh. 9 - Prob. 1MCCh. 9 - Prob. 2MCCh. 9 - When a company receives a deposit from a customer...Ch. 9 - Prob. 4MCCh. 9 - Prob. 5MCCh. 9 - Prob. 6MCCh. 9 - Prob. 7MCCh. 9 - Prob. 8MCCh. 9 - Prob. 9MCCh. 9 - Prob. 10MCCh. 9 - Rescue Sequences LLC purchased inventory by...Ch. 9 - Use the same information in RE9-1 except that the...Ch. 9 - Cee Co.s fiscal year begins April 1. At the...Ch. 9 - Prob. 4RECh. 9 - Prob. 5RECh. 9 - Smith Company is required to charge customers an...Ch. 9 - Wallace Corporation summarizes the following...Ch. 9 - Prob. 8RECh. 9 - Prob. 9RECh. 9 - Prob. 10RECh. 9 - After years of experience, Dilcort Company...Ch. 9 - Prob. 1ECh. 9 - Prob. 2ECh. 9 - Prob. 3ECh. 9 - Prob. 4ECh. 9 - Prob. 5ECh. 9 - Prob. 6ECh. 9 - Prob. 7ECh. 9 - Refundable Deposits Party Warehouse Inc. rents a...Ch. 9 - Prob. 9ECh. 9 - Prob. 10ECh. 9 - Prob. 11ECh. 9 - Prob. 12ECh. 9 - Prob. 13ECh. 9 - Prob. 14ECh. 9 - Prob. 15ECh. 9 - Prob. 16ECh. 9 - Prob. 17ECh. 9 - Prob. 18ECh. 9 - Prob. 19ECh. 9 - Prob. 20ECh. 9 - Prob. 21ECh. 9 - Prob. 22ECh. 9 - Prob. 1PCh. 9 - Prob. 2PCh. 9 - Prob. 3PCh. 9 - Prob. 4PCh. 9 - Prob. 5PCh. 9 - Prob. 6PCh. 9 - Prob. 7PCh. 9 - Prob. 8PCh. 9 - Prob. 9PCh. 9 - Prob. 10PCh. 9 - Prob. 11PCh. 9 - Prob. 12PCh. 9 - Prob. 13PCh. 9 - Prob. 14PCh. 9 - Prob. 15PCh. 9 - Prob. 16PCh. 9 - Prob. 17PCh. 9 - Prob. 18PCh. 9 - Prob. 1CCh. 9 - Prob. 2CCh. 9 - Prob. 3CCh. 9 - Prob. 4CCh. 9 - Various Contingency Issues Skinner Company has the...Ch. 9 - Prob. 6CCh. 9 - Prob. 7CCh. 9 - Prob. 8CCh. 9 - Prob. 10C
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