 |
|
| Browse | Ask | Answer | Search | Join/Login |
|
|
||||
|
A/P and Balance Sheets
Monday, Inc had an A/P balance at Dec 31 of $1,800,000
Other transactions not considered beforehand are: * Goods were in transit from a vendor to Monday Invoice price 100k and were shipped 12/29, received 1/4 of following year * Goods shipped to Monday FOB shipping point on 12/20 were lost in transit Invoice price 50k and on 1/5 Monday filed a 50k claim against the carrier So, on the Dec 31st Balance Sheet, Monday should report A/P of? A. 1,950,000 B. 1,900,000 C. 1,850,000 D. 1,800,000 I thought it was C, but I was wrong... Now I am headed towards A. I got A because 1,800,000+50,000+100,000 = 1,950,000 |
||||
Check out some similar questions!
Trial Balance & Balance Sheets
[ 6 Answers ]
Hi, I am using Microsoft Money to do my husband's small company's books (Canada) If it's a sole proprietorship, do I really need a trial balance and balance sheet? Thanks Jeanne
Balance Sheets
[ 3 Answers ]
Hi there, I am suppose to consider this additional information into my balance sheet: "A friend of the owner recently offered her $3500 for the firm's office equipment" I do not input this into the balance sheet right, since no transaction has taken place. Cheers
Balance Sheets
[ 1 Answers ]
A comon-size balance sheet portrays the firm's accounts as a percent of what?
View more questions Search
| Question Tools | Search this Question |
Add your answer here.
|
