1) Life, Inc. is preparing its financial statements for the year ended December 31, 2019. Accounts...

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1) Life, Inc. is preparing its financial statements for the year ended December 31, 2019. Accounts payable amounted to P200,000 before any necessary year-end adjustment related to the following: • At December 31, 2019, Life has a P50,000 debit balance in its accounts payable to Twist, a supplier, resulting from a P50,000 advance payment for goods to be manufactured to Life's specifications. • Checks in the amount of P25,000 were written to vendors and recorded on December 29, 2019. The checks were dated January 5, 2020. What amount should Life report as accounts payable in its December 31, 2019 statement of financial position? C. 200,000 D. 125,000 A. 275,000 B. 250,000 1) Life, Inc. is preparing its financial statements for the year ended December 31, 2019. Accounts payable amounted to P200,000 before any necessary year-end adjustment related to the following: • At December 31, 2019, Life has a P50,000 debit balance in its accounts payable to Twist, a supplier, resulting from a P50,000 advance payment for goods to be manufactured to Life's specifications. • Checks in the amount of P25,000 were written to vendors and recorded on December 29, 2019. The checks were dated January 5, 2020. What amount should Life report as accounts payable in its December 31, 2019 statement of financial position? C. 200,000 D. 125,000 A. 275,000 B. 250,000

Answer rating: 100% (QA)

A 275000 Explanation a Any advance paid to supplier sha... View the full answer