Answered step by step
Verified Expert Solution
Question
1 Approved Answer
help me please thank you 14) The balance in lwig Company's accounts payable account at December 31, 2019 was P400,000 before any necessary year-end adjustments
help me please thank you
14) The balance in lwig Company's accounts payable account at December 31, 2019 was P400,000 before any necessary year-end adjustments relating to the following: Goods were in transit to lwig from a vendor on December 31, 2019. The invoice was P50,000. The goods were shipped FOB shipping point on December 29, 2019 and were received on January 4, 2020. Goods shipped FOB destination on December 21, 2019 from a vendor to lwig were received on January 6, 2020. The invoice cost was P25,000. On December 27, 2019, Iwig wrote and recorded checks to creditors totaling P30,000 that were mailed on January 10, 2020 In lwig's December 31, 2019 statement of financial position, the accounts payable should be Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started