1. what is the adjusted amount for sales?
2. what is the adjusted amount for accounts payable?
3. what is the adjusted amount for inventory?
Centennial Corporation, a manufacturer of small tools, provided the following information from its accounting records for the year ended December 31,2014 : Inventory at December 31,2014 (based on physical count of goods in Centennial's plant at cost on December 31,2014)1,750,000 Accounts Payable at December 31 . 2014 Net S ales (sales less sales returns) 8,500,000 Additional Information is as follows: 1. Included in the physical count were tools billed to a customer FOB shipping point on December 31, 2014. These tools had a cost of P28,000 and had been billed at P35,000. The shipment was on Centennial's loading dock waiting to be picked up by the common carrier. 2. Goods were in transit from a vendor to Centennial's on December 31,2014 . The invoice cost was P50,000, and the goods were shipped FOB shipping point on December 29,2014. 3. Work-in-process inventory costing P20,000 was sent to an outside processor for plating on December 30,2014. 4. Tools returned by customers and held pending inspection in the retumed goods area on December 31, 2014 were not included in the physical count. On January 8,2015 , the tools costing P26,000 were inspected and returned to inventory. Credit memos totaling P40,000 were issued to the customers on the same date. 5. Tools shipped to a customer FOB destination on December 26, 2014 were in transit at December 31,2014 and had a cost of P25,000. Upon notification of receipt by the customer on January 2, 2015, Centennial issued a sales invoice for P42,000. 6. Goods with an invoice cost of P30,000, received from a vendor at 5:00pm on December 31. 2014, were recorded on a receiving report dated January 2, 2015. The goods were not included in the physical count, but the invoice was included in accounts payable at December 31,2014. 7. Goods received from a vendor on December 26,2014 were included in the physical count. However, the related P60,000 vendor invoice was not included in accounts payable at December 31,2014 , because the accounts payable copy of the receiving report was lost. 8. On January 4, 2014, a monthly freight bill in the amount of P4,000 was received. The bill specifically related to merchandise purchased in December 2014 , one-half of which was still in the inventory at December 31, 2014. The freight charges were not included in either the inventory or in accounts payable at December 31, 2014. What is the adjusted amount for sales? Centennial Corporation, a manufacturer of small tools, provided the following information from its accounting records for the year ended December 31,2014 : Inventory at December 31,2014 (based on physical count of goods in Centennial's plant at cost on December 31,2014)1,750,000 Accounts Payable at December 31 . 2014 Net S ales (sales less sales returns) 8,500,000 Additional Information is as follows: 1. Included in the physical count were tools billed to a customer FOB shipping point on December 31, 2014. These tools had a cost of P28,000 and had been billed at P35,000. The shipment was on Centennial's loading dock waiting to be picked up by the common carrier. 2. Goods were in transit from a vendor to Centennial's on December 31,2014 . The invoice cost was P50,000, and the goods were shipped FOB shipping point on December 29,2014. 3. Work-in-process inventory costing P20,000 was sent to an outside processor for plating on December 30,2014. 4. Tools returned by customers and held pending inspection in the retumed goods area on December 31, 2014 were not included in the physical count. On January 8,2015 , the tools costing P26,000 were inspected and returned to inventory. Credit memos totaling P40,000 were issued to the customers on the same date. 5. Tools shipped to a customer FOB destination on December 26, 2014 were in transit at December 31,2014 and had a cost of P25,000. Upon notification of receipt by the customer on January 2, 2015, Centennial issued a sales invoice for P42,000. 6. Goods with an invoice cost of P30,000, received from a vendor at 5:00pm on December 31. 2014, were recorded on a receiving report dated January 2, 2015. The goods were not included in the physical count, but the invoice was included in accounts payable at December 31,2014. 7. Goods received from a vendor on December 26,2014 were included in the physical count. However, the related P60,000 vendor invoice was not included in accounts payable at December 31,2014 , because the accounts payable copy of the receiving report was lost. 8. On January 4, 2014, a monthly freight bill in the amount of P4,000 was received. The bill specifically related to merchandise purchased in December 2014 , one-half of which was still in the inventory at December 31, 2014. The freight charges were not included in either the inventory or in accounts payable at December 31, 2014. What is the adjusted amount for sales
