The balance in Teem Corporation's accounts payable at December 31, 2020 was P1,400,000 before any necessary adjustments relating to the following: * Goods were in transit to Teem from a vendor on December 31, 2020. The invoice cost was P75,000. The goods were shipped FOB shipping point on December 29, 2020 and were received on January 2, 2021. *Goods shipped FOB destination on December 21, 2020, from a vendor to Teem, were received on January 6, 2021. The invoice cost was P37,500. * On December 27, 2020, Teem wrote and recorded checks totaling P60,000 which were mailed on January 10, 2021. In Teem's December 31, 2020 Statement of Financial Position, how much should be the accounts payable? *
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- ABC Company’s Accounts Payable on December 31, 2022, totaled P100,000 before any necessary year-end adjustments relating to the following transactions: On December 21, 2022, ABC Company purchased and recorded goods with an invoice price of P300,000, terms 2/15, n/30 from DEF Company. This amount had not been paid as of December 31, 2022. ABC Company is using the net method for all purchases. Goods shipped FOB Destination on December 23, 2022 from a vendor were lost in transit. The invoice cost of P3,500 was not recorded as of December 31, 2022. Goods shipped FOB Shipping Point on December 26, 2022 from a vendor were still in transit as of December 31, 2022. The invoice cost of P15,000 was recorded on December 31, 2022. Goods purchased and recorded goods with an invoice price of P5,000 from GHI Company on December 28, 2022, terms 3/15, n/45. ABC Company paid its account in full on January 5, 2023. How much is the total adjusted accounts payable on December 31, 2022?Kappa Inc. reported accounts payable on December 31, 2019 at P 2,200,000 before any necessary year-end adjustments relating to the following transactions: Goods shipped to Kappa under terms FOB Shipping Point on December 22, 2019 was lost in transit. The invoice cost of P 40,000 was not recorded by Kappa. On January 7, 2020 filed a P 40,000 claim against the shipper of the lost goods. On December 27, 2019, a vendor authorized Kappa to return, for full credit, goods shipped and billed at P 70,000 on December 3, 2019. The returned goods were shipped by Kappa on December 28, 2019. AP 70,000 credit memo was received and recorded by Kappa on January 5, 2020. On December 31, 2019, Kappa has a P 500,000 debit balance in accounts payable to Sigma Inc., a supplier, resulting from a P 500,000 advance payment for goods to be manufactured. What amount should be reported by Kappa Inc. as accounts payable on December 31, 2019? А. Р2,170,000 В. Р2,680,000 C. P 2,730,000 D. P 2,670,000On December 20, 2020, Guijo Company purchased goods with a list price of P810,000 from a supplier. The term of the purchase was 10, 3/10, 1/20, n/30. The account was fully paid on January 4, 2021. If Guijo used the gross method in recording its purchases, how much is the net amount of Accounts Payable to be reported on the 2020 Balance Sheet?