Elan Company's Accounts Payable balance at December 31 . 2014, was $1,800,000 before considering the following transactions: • Goods were in transit from a vendor to Elan on December 31 . 2014 . The invoice price was $100,000, and the goods were shipped FOB shipping point on December 29, 2014 . The goods were received on January 4, 2015. • Goods shipped to Elan FOB shipping point on December
20, 2014, from a vendor were lost in transit. The invoice price was $50,000 . On January 5, 2015, Elan filed a $50,000 claim against the common carrier. In its December 31 . 2011, balance sheet, Elan should report Accounts Payable of
a. $1,950,000.
b. $1,900,000.
c. $1,850,000.
d. $1,800,000.
A
You might also like to view...
Which of the following is not a reason why a company would purchase its own stock?
A. The company's management may have concluded that the company's stock is undervalued at the prevailing market price. B. The company wants to increase its earnings per share. C. The company needs shares in order to meet employee stock option plans. D. The company wants to manipulate its net income.
If a company actively tracks the satisfaction of its suppliers, banks, and distributors, it is using what is called a ________
A) customer-performance scorecard B) stakeholder-performance scorecard C) marketing balanced scorecard D) vendor scorecard E) generic scorecard
In a bank reconciliation, a deposit in transit will be shown on the bank side of the reconciliation
Indicate whether the statement is true or false
Teens play an increasingly minor role in shaping family purchases.
Answer the following statement true (T) or false (F)