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help me please thank you 15) Kew Company's account payable balance at December 31, Year 1 was P2,200,000 before considering the following data: Goods shipped
help me please thank you
15) Kew Company's account payable balance at December 31, Year 1 was P2,200,000 before considering the following data: Goods shipped to Kew FOB shipping point on December 22, Year 1 were lost in transit. The invoice cost of P40,000 was not recorded by Kew. On January 7, Year 2. Kew filed a P40,000 claim against the common carrier On December 27, Year 1, a vendor authorized Kew to return, for full credit, goods shipped and billed at P70,000 on December 3, Year 1. The retumed goods were shipped by Kew on December 28, Year 1. A P70,000 credit memo was received and recorded by Kew on January 5, Year 2 Goods shipped to Kew FOB destination on December 20, Year 2 were received on January 6, Year 2. The invoice cost was P50,000 What amount should Kew report as accounts payable in its December 31, Year 1 balance sheet Step by Step Solution
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