Principles of Financial Accounting.
24th Edition
ISBN: 9781260158601
Author: Wild
Publisher: MCG
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Chapter 2, Problem 6E
To determine
Ascertain the unknown amount for the given cases.
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Use the information in each of the following separate cases to calculate the unknown amount.
a. Corentine Co. had $153,000 of accounts payable on September 30 and $133,000 on October 31. Total purchases on account during
October were $282,000. Determine how much cash was paid on accounts payable during October.
b. On September 30, Valerian Co. had a $103,000 balance in Accounts Receivable. During October, the company collected $103,390
from its credit customers. The October 31 balance in Accounts Receivable was $90,000. Determine the amount of sales on account
that occurred in October.
c. During October, Alameda Company had $103,500 of cash receipts and $104,150 of cash disbursements. The October 31 Cash
balance was $19,100. Determine how much cash the company had at the close of business on September 30.
Complete this question by entering your answers in the tabs below.
Required A Required B Required C
Corentine Co. had $153,000 of accounts payable on September 30 and $133,000 on…
Use the information in each of the following separate cases to calculate the unknown amount.
a. Corentine Company had $157,000 of accounts payable on September 30 and $135,000 on October 31. Total purchases on credit
during October were $286,000. Determine how much cash was paid on accounts payable during October.
b. On September 30, Valerian Company had a $105,000 balance in Accounts Receivable. During October, the company collected
$105,390 from its credit customers. The October 31 balance in Accounts Receivable was $94,000. Determine the amount of sales
on credit that occurred in October.
c. During October, Alameda Company had $107,500 of cash receipts and $108,150 of cash disbursements. The October 31 Cash
balance was $21,100. Determine how much cash the company had at the close of business on September 30.
Complete this question by entering your answers in the tabs below.
Required A Required B
Required C
On September 30, Valerian Company had a $105,000 balance in Accounts…
calculate the unknown amount. On September 30, Valerian Co. had a $102,500 balance in Accounts Receivable. During October, the company collected $102,890 from its credit customers. The October 31 balance in Accounts Receivable was $89,000. Determine the amount of sales on account that occurred in October.
Chapter 2 Solutions
Principles of Financial Accounting.
Ch. 2 - Amalia Company received its utility bill for the...Ch. 2 - On May 1, Mattingly Lawn Service collected 2,500...Ch. 2 - Prob. 3MCQCh. 2 - A trial balance prepared at year-end shows total...Ch. 2 - Prob. 5MCQCh. 2 - Prob. 1DQCh. 2 - What is the difference between a note payable and...Ch. 2 - Prob. 3DQCh. 2 - Prob. 4DQCh. 2 - Are debits or credits typically listed first in...
Ch. 2 - Prob. 6DQCh. 2 - Prob. 7DQCh. 2 - Prob. 8DQCh. 2 - Prob. 9DQCh. 2 - Prob. 10DQCh. 2 - Prob. 11DQCh. 2 - Prob. 12DQCh. 2 - Prob. 13DQCh. 2 - Define (a) assets, (b) liabilities, (c) equity,...Ch. 2 - Which financial statement is sometimes called the...Ch. 2 - APPLE Review the Apple balance sheet in Appendix...Ch. 2 - Prob. 17DQCh. 2 - Prob. 18DQCh. 2 - Prob. 1QSCh. 2 - Identifying financial statement accounts C2...Ch. 2 - Prob. 3QSCh. 2 - Prob. 4QSCh. 2 - Linking debit or credit with normal balance C4...Ch. 2 - Analyzing transactions and preparing journal...Ch. 2 - Prob. 7QSCh. 2 - Identifying a posting error A trial balance has...Ch. 2 - Prob. 9QSCh. 2 - Prob. 10QSCh. 2 - Prob. 11QSCh. 2 - Preparing an income statement P3 Liu Zhang...Ch. 2 - Prob. 13QSCh. 2 - Preparing a balance sheet P3 Use the information...Ch. 2 - Prob. 15QSCh. 2 - Prob. 1ECh. 2 - Identifying and classifying accounts Enter the...Ch. 2 - Identifying a ledger and chart of accounts C3...Ch. 2 - Prob. 4ECh. 2 - Analyzing effects of a compound entry A1 Groro Co....Ch. 2 - Prob. 6ECh. 2 - Prob. 7ECh. 2 - Preparing T-accounts (ledger) and a trial balance...Ch. 2 - Prob. 9ECh. 2 - Prob. 10ECh. 2 - Prob. 11ECh. 2 - Analyzing and journalizing transactions involving...Ch. 2 - Prob. 13ECh. 2 - Prob. 14ECh. 2 - Prob. 15ECh. 2 - Prob. 16ECh. 2 - Prob. 17ECh. 2 - Prob. 18ECh. 2 - Prob. 19ECh. 2 - Identifying effects of posting errors on the trial...Ch. 2 - Analyzing a trial balance error You are told the...Ch. 2 - Calculating and interpreting the debt ratio A2...Ch. 2 - Prob. 23ECh. 2 - Prob. 5APCh. 2 - Prob. 6APCh. 2 - Prob. 7APCh. 2 - The accounting records of Tama Co. show the...Ch. 2 - Prob. 6BPCh. 2 - Prob. 7BPCh. 2 - Prob. 1AACh. 2 - Prob. 2AACh. 2 - GLOBAL ANALYSIS A2 Key comparative figures for...Ch. 2 - Prob. 1BTNCh. 2 - COMMUNICATING IN PRACTICE Lila Corentine is an...Ch. 2 - Prob. 3BTNCh. 2 - Prob. 5BTNCh. 2 - Prob. 6BTN
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- Last year, Nikkola Company had net sales of 2.299.500,000 and cost of goods sold of 1,755,000,000. Nikkola had the following balances: Refer to the information for Nikkola Company above. Required: Note: Round answers to one decimal place. 1. Calculate the average accounts receivable. 2. Calculate the accounts receivable turnover ratio. 3. Calculate the accounts receivable turnover in days.arrow_forwardPresented below is information for Jones Company. 1. Beginning-of-the-year Accounts Receivable balance was $15,000. 2. Net sales (all on account) for the year were $100,000. Jones does not offer cash discounts. 3. Collections on accounts receivable during the year were $70,000. Instructions a. Prepare (summary) journal entries to record the items noted above. b. Compute Jones’s accounts receivable turnover and days to collect receivables for the year. The company does not believe it will have any bad debts. c. Use the turnover ratio computed in (b) to analyze Jones’s liquidity. The turnover ratio last year was 6.0.arrow_forwardDuring October, Alameda Company had $102,500 of cash receipts and $103,150 of cash disbursements. The October 31 Cash balance was $18,600. Determine how much cash the company had at the close of business on September 30. question: use the information to calculate the unknown amount identify either Cash disbursements Cash receipts Payments on account Purchases on account Sales on account Begining balancearrow_forward
- A company recorded the following transactions: cash sales $10,000, credit sales $20,000, cash received from customers $15,000, and accounts receivable at the beginning of the period $5,000. Calculate the accounts receivable turnover ratio and the average collection period.arrow_forwardFor the month of December, the records of ABC Corporation show the following information: Gross sales – 120,000; Cash received on accounts receivable - P 70,000; Cash sales - 60,000; Accounts Receivable, December 1 - 160,000; Accounts Receivable written off as uncollectible - 2,000. The corporation uses the direct write-off method in accounting for uncollectible accounts receivable. What is the balance of accounts receivable as of December 31?arrow_forwardOn September 30, Valerian Co. had a $111,500 balance in Accounts Receivable. During October, the company collected $111,890 from its credit customers. The October 31 balance in Accounts Receivable was $107,000. Determine the amount of sales on account that occurred in October.arrow_forward
- The following information relates to a company’s accounts receivable: accounts receivable balance at the beginning of the year, $300,000; allowance for uncollectible accounts at the beginning of the year, $25,000 (creditbalance); credit sales during the year, $1,500,000; accounts receivable written off during the year, $16,000; cashcollections from customers, $1,450,000. Assuming the company estimates bad debts at an amount equal to 2% ofcredit sales, calculate (1) bad debt expense for the year and (2) the year-end balance in the allowance for uncollectible accounts.arrow_forwardMifflin Co. reported the following for the current year: net sales of $60,000; cost of goods sold of $38,000; beginning balance in accounts receivable of $14,000; and ending balance in accounts receivable of $6,000. Compute (a) accounts receivable turnover and (b) days’ sales uncollected. Round to one decimal. Hint: Recall that accounts receivable turnover uses average accounts receivable and days’ sales uncollected uses the ending balance in accounts receivable.arrow_forwardCorentine Co. had $152,000 of accounts payable on September 30 and $132,500 on October 31. Total purchases on account during October were $281,000. Determine how much cash was paid on accounts payable during October. On September 30, Valerian Co. had a $102,500 balance in Accounts Receivable. During October, the company collected $102,890 from its credit customers. The October 31 balance in Accounts Receivable was $89,000. Determine the amount of sales on account that occurred in October. During October, Alameda Company had $102,500 of cash receipts and $103,150 of cash disbursements. The October 31 Cash balance was $18,600. Determine how much cash the company had at the close of business on September 30. Corentine Co. had $152,000 of accounts payable on September 30 and $132,500 on October 31. Total purchases on account during October were $281,000. Determine how much cash was paid on accounts payable during October.arrow_forward
- The following data are taken from the financial statements of Sigmon Inc. Accounts receivable, end of year Sales on account 20Y2 $182,600 $197,000 1,043,900 1,001,560 20Y3 1. Accounts receivable turnover For 20Y2 and 20Y3, determine (1) the accounts receivable turnover and (2) the number of days' sales in receivables. Round answers to one decimal place. Assume a 365-day year. 20Y2 2. Number of days' sales in receivables 20Y1 20Y3 $211,800 Days Daysarrow_forwardCorentine Company had $152,000 of accounts payable on September 30 and $132, 500 on October 31. Total purchases on credit during October were $281,000. Determine how much cash was paid on accounts payable during October and make an accounts payable table. On September 30, Valerian Company had a $102, 500 balance in Accounts Receivable. During October, the company collected $102,890 from its credit customers. The October 31 balance in Accounts Receivable was $89,000. Determine the amount of sales on credit that occurred in October and make an accounts receiveable table. During October, Alameda Company had $102, 500 of cash receipts and $103, 150 of cash disbursements. The October 31 Cash balance was $18,600. Determine how much cash the company had at the close of business on September 30 and make a cash table.arrow_forwardThe financial statements of the Novak Corp. report net sales of $300000 and accounts receivable of $55200 and $27600 at the beginning of the year and the end of the year, respectively. What is the average collection period for accounts receivable in days? (Use 365 days for calculation.)arrow_forward
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