Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Accounting for Governmental and Nonprofit Entities

Authors: Earl R. Wilson, Jacqueline L Reck, Susan C Kattelus

16th Edition

78110939, 978-0078110931

More Books

Students also viewed these Accounting questions