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Vinvika [58]
3 years ago
7

Barlow Company's Accounts Payable balance at December 31, 2008, was P1,800,000 before considering the following transactions: •

Goods were in transit from a vendor to Barlow on December 31, 2008. The invoice price was P100,000, and the goods were shipped FOB shipping point on December 29, 2008. The goods were received on January 4, 2009. • Goods shipped to Barlow FOB shipping point on December 20, 2008, from a vendor were lost in transit. The invoice price was P50,000. On January 5, 2009, Barlow filed a P50,000 claim against the common carrier. In its December 31, 2008, balance sheet, Barlow should report Accounts Payable of a. P1,950,000. b. P1,900,000. c. P1,850,000. d. P1,800,000.
Business
1 answer:
mrs_skeptik [129]3 years ago
4 0

Answer: The answer is 1950000

Explanation:

✓ Goods in transit on December 31, 2008:

Goods amounting to 100000 will be added into purchases of the year-end because they have already been sold as risk and rewards have been transferred to the Barlow that is goods have been physically dispatched to the Barlow. Hence this will increase accounts payable by 100000.

✓Goods in transit lost:

These words will also be included in the purchases and accordingly in the accounts payable irrespective of the fact that these have been destroyed. These goods were dispatched to the Barlow and therefore risk and rewards also been transferred hence purchase is done from Barlow's perspective.

So:

Total accounts payables are as under

Opening balance: 180000

Goods in transit reached next year:100000

Goods in transit lost:50000

Total: 1950000

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erastovalidia [21]

Answer:

the net book value of the asset halfway through its useful life will be less than if straight-line depreciation is used.

Explanation:

Let me use an example to illustrate this.

An asset has a useful life of 4 years. It costs $1000. It has a salvage value of 0

If the straight line depreciation method is used , the depreciation expense every year = $1000/ 4 = $250

The net book value halfway through its useful life = $1000 - ($250 x 2) = $500

If double declining method is used, the depreciation expense in the first year would be = 2/4 x $1000 = $500

The net book value at the beginning of year 2 = $1000 - $500 = $500

Depreciation expense in year 2 = 2/4 x $500 = $250

The net book value at the beginning of year 3 = $500 - $250 = $250

We can see that the net book value halfway through the useful is lower when double declining depreciation method is used

4 0
3 years ago
Which conclusion is best supported by the data in the graph?
maria [59]

Technology is a growing part of the US economy.

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From the above graph, we can see clearly that the technology sector had increased from $225billion in 2006 to about $360billion in 2011, which is about a 60% increase in a span of 5 years, thats a massive growth within a short period.

8 0
3 years ago
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27. The organizational unit that represents the independent legal accounting entity in SAP is the ________.
Nesterboy [21]

The organizational unit that represents the independent legal accounting entity in SAP is the Company Code.

<h3>What is SAP?</h3>

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5 0
1 year ago
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saveliy_v [14]

Answer:

$88,150

Explanation:

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Using DINK method

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One half of credit card loans, 3500 = 1750

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Note that, when using DINK method, what the spouse earn isn't used in calculating total insurance.

7 0
3 years ago
Dr. Tylka is studying the way that people value relationships. For the purpose of her study, she defines an interest in relation
anygoal [31]

Answer:

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