At October 1, 2021, Swifty Industries had an accounts payable balance of $41100. During the month, the company made purchases on account of $33900 and made payments on account of $47000. At October 31, 2021, the accounts payable balance is $122000. $54200. $28000. $39800.

At October 1, 2021, Swifty Industries had an accounts payable balance of $41100. During the month, the company made purchases on account of $33900 and made payments on account of $47000. At October 31, 2021, the accounts payable balance is $122000. $54200. $28000. $39800.

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter6: Cash And Receivables

Section: Chapter Questions

Problem 12E: Inferring Accounts Receivable Amounts At the end of 2019, Karras Inc. had a debit balance of 141,120...

See similar textbooks

Related questions

Q: The normal balance of an account is on the Debit side of the account Side represented by increase ...

A: An account balance usually represents money in monetary terms an account balance is either a debit ...

Q: Prepare compound journal entries for each transaction. a. The owner, J. Cruz, invests $12,500 cash a...

A: >Accounting cycle is the flow or steps carried out to complete the accounting process. These are ...

Q: Problem 6. Sales and Leaseback On Januar y 1 20x1, Entity sold a building to Entity Y and simultaneo...

Q: Selected transactions for Marigold, an interior decorator corporation, in its first month of busines...

A: Introduction:- The act of recording or keeping track of any financial or non-financial action is kno...

Q: A new notebook in basic color cost $50 each, and Linda combined with her design selling for $100 eac...

A: Basic color cost for the year = 200 x 12 x 50 = 120000 Material cost = 200 x 10 x 12 = 24000 Adverti...

Q: A company makes the payment of a one-year insurance premium of $4,440 on March 1, 2019. Exercise...

A: Insurance expense is the amount money that has been incurred by the entity to buy the insurance. Ins...

Q: Colors Company purchased a piece of machinery for $4,000. The company paid $1,500 at the time of the...

A: Journal entries recording is one of the initial step of accounting process, under which atleast one ...

Q: Laval produces lighting fixtures. Budgeted information for its two production departments follows. T...

A: Hi student Since there are multiple subparts, we will answer only first three subparts.

Q: Glbson Company makes and sells lawn mowers for which it currently makes the engines, It has an oppor...

A: a) Maximum price per unit = $709800/14700 =$48.26 per engine

Q: Seattle Transit Ltd. operates a local mass transit system. The transit authority is a state governme...

A: Regular far =$ 3.3 per trip Full cost = $ 5.3 per trip Senior citizen price = 63 cents per trip Also...

Q: Euphoria Company had a balance of P820 ecember 31, 2020, before considering year-e > Consultants wer...

A: Answer: Given is that Balance of professional fees expense = P 820,000 Amount to be reported as prof...

Q: An accounting information system comprises five generic parts. Which of the following gives an examp...

A: Internal control is defined as the procedure and process used by the company to- safeguard assets ...

Q: The following data were taken from the balance sheet accounts of Carla Corporation on December 31, 2...

A: A journal entry is an act of keeping and recording all the business transactions in the books of acc...

Q: HONGTIST Co. have segment C and segment U. During the past years, 50,000 and 20, 000 were produced ...

A: The differential analysis is performed to compare the different alternatives available with the busi...

Q: 6.6 Problem HYZEL Manufacturing Company presents the following: Statement of Comprehensive Income De...

A: As only sub-parts 4, 5 and 6 are asked, therefore answering them accordingly. Retained earnings refe...

Q: Bertrand Incorporated purchased some shop equipment for $4,500 in cash. By mistake, the journal entr...

A: Correcting entries means a journal entries made to correct the error made in the previous journal en...

Q: Jeremy earned $100,000 in salary and $6,000 in interest income during the year. Jeremy’s employer wi...

A: Tax is the amount which an individual or business is liable to pay the government for business opera...

Q: b) Compute the return on assets, profit margin on sales, earnings per share, price-earnings ratio, ...

A: Solution Given 2021 2020 2019 2018 2017 Sales revenue $19,890 $15,870 $13,...

Q: During the current year, Random reports the following results: Income Rentals: $200,000 Dividend (fr...

A: Adjusted ordinary income is total income available from all sources after all deductions and expense...

Q: What major items are included in the Retained Earnings Statement?

A: Retained earnings statement is financial statements that states firm income after every payment. Th...

Q: Cost Retail Inventory, 12/31/2021 500,000.00 725,000.00 Purchases 1,285,000.00 2,220,000.00 Purchase...

A: Cost ratio is the ratio which shows the retail price made up by cost. It is the ratio which is used ...

Q: My question is on auditing where I want to know whether the audit evidence is sufficient and appropr...

A: Answer: There is one standards on audit for audit evidences which describes that audit evidence shou...

Q: displayed below.] The transactions of Belle Company's appear below. 1. D. Belle created a new busine...

A: The T-accounts are prepared as posting the transactions from journal to specific T-accounts of the b...

Q: Listed below are items that are treated differently for accounting purposes than they are for tax pu...

A: The question is based on the concept of Accounting Standards.

Q: of TR Inc., which provides mining of precious metals. Amount of

A: Cash flow from financing activates includes transaction of debt , equity and their related cost. Cas...

Q: Determine the components of pension expense that the company would recognize in 2020. (With only one...

A: Pension expense (PE) refers to those expenses which are charged by the company in relation to pay it...

Q: d $4,200 of legal services The client paid $2,000 up front and agreed to pay the

A: NJW Company provides legal services for which they charge a fees . In this case , they have provided...

Q: ____1. Initial amount recognized as right of use asset ____________2. Initial amount recognized as ...

A: A Lease agreement is a contract between the lessor and the lessee whereby the lessor who is the owne...

Q: In a defined-benefit plan, the process of funding refers to determining the projected benefit obli...

A: Pension plan refers to the plans or scheme sponsored by the employers for the retirement benefits of...

Q: Adjusting entries are required O yearly. O quarterly. O monthly. O every time financial statements a...

Q: Required information Exercise 5-19 (Algo) Prepaid expenses—insurance LO 10 Skip to question [The ...

A: Prepaid expenses are those expenses which are related with future period of time, but amount has bee...

Q: Explain the measurement of accounts receivable. (Write a complete thought or answer)

A: Account receivable is shown in the balance sheet as assets. Account receivables is the total outstan...

Q: Journalize the March transactions. Pronghorn's records golf fees as service revenue. (Credit account...

A: Journal entries recording is the initial step of accounting cycle process, under which atleast one a...

Q: used wrecker for $35,000 cash. It has an estimated useful life of three years and a $6,000 salvage v...

A: The income statement as,

Q: Super Soups, Inc. is a Chicago based company that produces soup. Super Soups is publicly traded and ...

A: Recoverable Amount is higher of the following : Fair value less cost of disposal = $110,000 Value...

Q: Instructions The McDonald's Corporation Cash Flow Statement for Cash Flow received from customers $8...

A: Cash Flow Statement - Under Cash Flow, there are three types of activities involved - Operating Acti...

Q: Mr. Lim ran for a government position during the country’s 2019 elections. He received campaign fund...

A: All candidates, political parties, and party-list groups are required to remit 5% creditable withho...

Q: How much is the total cost of goods available for sale?

A: solution given Purchases 1264500 Purchase return and allowances 39725 Freight in 3...

Q: PROBLEM III. FNE Company (classified as SME) acquired 4,000 shares of the outstanding stock of HCYSY...

A: Consolidated net income is the income of the parent company which does not include any income from i...

Q: Peacock Corporation sold equipment during the current year. Its tax gain on the equipment was $4,000...

A: Answer: As per Q/A guidelines, first question has been answered. Please repost the remaining questio...

Q: Ash Traynor opened a Pokèmon dress shop called PokèShoppe. During the first month of operations, the...

A: Worksheet - Worksheet includes unadjusted Trial Balance, Adjustments and Adjusted Trial Balance. All...

Q: Multiple choice

A: Hi student Since there are multiple questions, we will answer only first question.

Q: Which of the following statements regarding the balance ledger form is inaccurate? It displays multi...

A: Answer: Ledger balances are the balances that are summarized from journal entries and this balance a...

Q: Husserl Company included a coupon in each box of its cereal. For every 10 coupons returned by a cust...

Q: ABC Company acquired forest assets for a lump sum amount of P32,000,000 which is equal to the lump s...

A: As per International Accounting Standard 41 biological asset is any living plant or animal owned by ...

Q: in c me of th o ac in is i t o pa ent

Q: Ash Traynor opened a Pokèmon dress shop called Pokeshoppe. During the first month of operations, the...

A: Adjusting Entry – Adjusting Entries are the entries that make the accrual principle work for the org...

Q: 9. Carla Vista Co. at the end of 2020, its first year of operations, prepared a reconciliation betwe...

A: Income tax expenses is total tax amount calculated on taxable income by effective tax rate.

Q: Perfect Cover Insurance Brokers is doing well with Assets - 262,000 Liabilities - 119,000 Equity – (...

A: Partnership is one of the form of business organisation, under which two or more than two partners j...

Q: Headland Company adopts acceptable accounting for its defined benefit pension plan on January 1, 201...

A: GIVEN 2019 2020 2021 Annual service cost $15,800 $19,400 $26,100 ...

Concept explainers

Bookkeeping

Bookkeeping is the process of recording the financial transactions of a company on a regular basis. With the process of bookkeeping, companies can track important financial information that helps management in making crucial decisions.

Question

At October 1, 2021, Swifty Industries had an accounts payable balance of $41100. During the
month, the company made purchases on account of $33900 and made payments on account of
$47000. At October 31, 2021, the accounts payable balance is
$122000.
$54200.
$28000.
$39800.
Teuth
O O

Expert Solution

Step 1

Accounts payable (AP) are amounts owed to vendors or suppliers for goods or services not yet paid for. The accounts payable balancing act on the company's balance sheet is the total of all outstanding amounts owed to vendors.

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

Inferring Accounts Receivable Amounts At the end of 2019, Karras Inc. had a debit balance of 141,120 in its accounts receivable. Additionally, Karras had a credit balance in its allowance for doubtful accounts of 4,350 and 9,420 at the beginning and end of the year, respectively. During the year, Karras made credit sales of 1,530,000, collected receivables in the amount of 1,445,700, and recorded bad debt expense of 83, 750. Required: Next Level Compute the amount of accounts receivable that Karras wrote off during the year and the amount of accounts receivable at the beginning of the year.
At December 1, 2021, Vaughn Company's accounts receivable balance was $1860. During December, Vaughn had credit revenues on account of $7080 and collected accounts receivable of $6070. At December 31, 2021, the accounts receivable balance is $850 credit. Ⓒ $850 debit Ⓒ $2870 debit. O $2870 credit.
At December 1, 2025, a company's Accounts Receivable balance was $20500. During December, the company had credit sales of $54900 and collected accounts receivable of $43920. At December 31, 2025, the Accounts Receivable balance is
At December 1, 2022, Swifty Corporation Accounts Receivable balance was $12770. During December, Swifty had credit sales of $34200 and collected accounts receivable of $27360. At December 31, 2022, the Accounts Receivable balance is $19610 credit $19610 debit $12770 debit $46970 debit
ABC Corporation began 2019 with an accounts receivable balance of $56,921. During 2019, ABC had sales revenue of $207,500: $35,000 of that was cash sales and $172,500 of that was credit sales. ABC wrote off $10,000 of uncollectible accounts and had payments on account of $180,000 Create a T-account for Accounts Receivable. Post the relevant information from above and calculate ABC Corporation’s Accounts Receivable balance at 12/31/19.
Rosalie Co. uses the gross method to record sales made on credit. On June 10,2018, it made sales of P100,000 with terms 2/10, n/30 to Finley Farms, Inc. On June 19, 2018, Rosalie received payment for % the amount due from Finley Farms. Rosalie's fiscal year end is on June 30,2018. What amount will be reported in the statement of financial position for the accounts receivable due from Finley Farms, Inc. ?
Massy Stores uses the gross method to record sales made on credit. On June 10, 2022, it made sales of $100,000 with terms 2/10, n/30 to Kentry Farms, Inc. On June 19, 2022, Massy Stores received payment for 1/2 the amount due from Kentry Farms. Massy Stores fiscal year end is on June 30, 2022. What amount will be reported in the statement of financial position for the accounts receivable due from Kentry Farms, Inc.?
During August 2024, Yond Company recorded the following: • Sales of $51,100 ($44,000 on account; $7,100 for cash). Ignore Cost of Goods Sold. • Collections on account, $33,800. • Write-offs of uncollectible receivables, $1,900. • Recovery of receivable previously written off, $200. Date Aug. Accounts and Explanation Debit Credit Requirements Journalize Yond's transactions during August 2024, assuming Yond uses the direct write-off method. 1. 2. Journalize Yond's transactions during August 2024, assuming Yond uses the allowance method.
1. On September 1, 2021, Lily Company had an initial accounts receivable control account balance of $72,000. The subsidiary ledger contains 3 accounts: Jasmine Company, balance $25,200; Sunflower Company, balance $14,400; and Orchid Company. The following were information regarding Lily Company's accounts receivable during September. Purchases Payments Returns Jasmine Company $57,500 $50,000 $2,000 Sunflower Company $82,000 $32,800 $ - Orchid Company $43,700 $52,000 $ - Instructions: What was the September 1 balance in the Orchid Company subsidiary account? b. What was the September 30 balance in the control account? c. Compute the balance in the subsidiary accounts at the end of the month! d. Which September transaction would not be recorded in the four common types of the special journal?
Pharoah Company has a balance in its Accounts Payable control account of $8,460 on January 1, 2022. The subsidiary ledger contains three accounts: Hale Company, balance $2,970; Janish Company, balance $1,770; and Valdez Company. During January, the following payable-related transactions occurred. Purchases Payments Returns Hale Company $6,750 $5,990 $ 0 Janish Company 5,060 1,770 3,500 Valdez Company 5,885 6,430 0 What is the January 1 balance in the Valdez Company subsidiary account? Balance in the Valdez Company subsidiary account $
6. At January 1, 2020, Teal Inc. had accounts receivable of $73,000. At December 31, 2020, accounts receivable is $54,000. Sales revenue for 2020 total $451,000.Compute Teal’s 2020 cash receipts from customers. Cash receipts from customers $
The Accounts Receivable balance for Wedge Company at December 31, 2023, was $27,000. During 2024, Wedge earned revenue of $461,000 on account and collected $324,000 on account. Wedge wrote off $5,800 receivables as uncollectible. Industry experience suggests that uncollectible accounts will amount to 2% of accounts receivable. Read the reguirements. Requirement 1. Assume Wedge had an unadjusted $2,100 credit balance in Allowance for Bad Debts at December 31, 2024. Journalize Wedge's December 31, 2024, adjustment to record bad debts expense using the percent-of-receivables method. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Date Accounts and Explanation Debit Credit Dec. 31 Requirement 2. Assume Wedge had an unadjusted $1,800 debit balance in Allowance for Bad Debts at December 31, 2024. Journalize Wedge's December 31, 2024, adjustment to record bad debts expense using the percent-of-receivables method. (Record debits first,…