Question
Bramble Corp.'s accounts payable at December 31, 2020, totaled $911000 before any necessary year-end adjustments relating to the following transactions: On December 27, 2020, Bramble
Bramble Corp.'s accounts payable at December 31, 2020, totaled $911000 before any necessary year-end adjustments relating to the following transactions:
On December 27, 2020, Bramble wrote and recorded checks to creditors totaling $349000 causing an overdraft of $98000 in Bramble's bank account at December 31, 2020. The checks were mailed out on January 10, 2021.
On December 28, 2020, Bramble purchased and received goods for $157000, terms 2/10, n/30. Bramble records purchases and accounts payable at net amounts. The invoice was recorded and paid January 3, 2021.
Goods shipped f.o.b. destination on December 20, 2020 from a vendor to Bramble were received January 2, 2021. The invoice cost was $64200. At December 31, 2020, what amount should Bramble report as total accounts payable?
$1478060.
$1162000.
$1413860.
$1068000.
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