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help me please thank you 6) The balance in Dallas Company's accounts payable account at December 31, 2019 was P1,170,000 before any year- end adjustments
help me please thank you
6) The balance in Dallas Company's accounts payable account at December 31, 2019 was P1,170,000 before any year- end adjustments relating to the following: Goods were in transit from a vendor to Dallas on December 31, 2019. The invoice cost was P65,000 and the goods were shipped FOB shipping point on December 29, 2019. The goods were received on January 2, 2020. Goods shipped FOB shipping point on December 20, 2019 from a vendor to Dallas, were lost in transit. The invoice cost was P32,500. On January 5, 2020, Dallas filed a P32,500 claim against the common carrier. Goods shipped FOB destination on December 21, 2019, from a vendor to Dallas, were received on January 6, 2020. The invoice cost was P19,500. What amount should Dallas report as accounts payable on its December 31, 2019 statement of financial position? A. 1,202,500 B. 1,222,000 c. 1,235,000 D. 1,267,500 Step by Step Solution
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