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help me please thank you 2) Krillin, Inc. is preparing its financial statements for the year ended December 31, 2019. Accounts payable amounted to P200,000
help me please thank you
2) Krillin, Inc. is preparing its financial statements for the year ended December 31, 2019. Accounts payable amounted to P200,000 before any necessary year-end adjustment related to the following: At December 31, 2019, Krilin has a P50,000 debit balance in its accounts payable to Vegito, a supplier, resulting from a P50,000 advance payment for goods to be manufactured to Krilin specifications. On December 27, 2019, Krillin wrote and recorded checks to creditors totaling P30,000 that were mailed on January 10, 2020. Checks in the amount of P25,000 were written to vendors and recorded on December 29, 2019. The checks were dated January 5, 2020. What amount should Krillin report as accounts payable in its December 31, 2019 statement of financial position Step by Step Solution
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