Professional Documents
Culture Documents
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In its December 31, 2004 balance sheet, Gear should report accounts payable of
a. ₱1,230,000.
b. ₱1,180,000.
c. ₱1,150,000.
d. ₱1,100,000.
15. Dark Co. recorded the following data pertaining to raw material X during January 2004:
a. ₱2.18.
b. ₱2.22.
c. ₱2.25.
d. ₱2.35.
16. Barlow Company's Accounts Payable balance at December 31, 2002, was ₱1,800,000 before
• Goods were in transit from a vendor to Barlow on December 31, 2002. The invoice price was
₱100,000, and the goods were shipped FOB shipping point on December 29, 2002. The goods were
• Goods shipped to Barlow FOB shipping point on December 20, 2002, from a vendor were lost in
transit. The invoice price was ₱50,000. On January 5, 2003, Barlow filed a ₱50,000 claim against the
common carrier.
In its December 31, 2002 balance sheet, Barlow should report Accounts Payable of
a. 1,950,000 b. 1,900,000 c. 1,850,000 d. 1,800,000
17. The balance in Master Company's accounts payable account at December 31, 2002, was ₱1,100,000
• Goods shipped FOB shipping point on December 20, 2002 from a vendor to Master were lost in
transit. The invoice cost of ₱20,000 was not recorded by Master. On January 6, 2003, Master filed
• On December 27, 2002, a vendor authorized Master to return, for full credit, goods shipped and
billed at ₱35,000 on December 2, 2002. The returned goods were shipped by Master on December
27, 2002. A ₱35,000 credit memo was received and recorded by Master on January 6, 2003.
What amount should Master report as accounts payable in its December 31, 2002, balance sheet?
18. The balance in Stockwell Company's accounts payable account on December 31, 2002, was
in transit. The invoice cost of ₱45,000 was not recorded by Stockwell. On December 28, 2002,
• Goods were in transit from a vendor to Stockwell on December 31, 2002. The invoice cost was
₱60,000, and the goods were shipped FOB shipping point on December 28, 2002. Stockwell
-a decision that the condition of the pitch or its surrounds or that the weather conditions are such as to
allow or not to allow a match to take place.
-a decision as to the suitability of the accessories and equipment used during a match.
-a decision to stop or not to stop a match due to spectator interference or any problem in spectator
areas