Principles of Financial Accounting.
24th Edition
ISBN: 9781260158601
Author: Wild
Publisher: MCG
expand_more
expand_more
format_list_bulleted
Videos
Question
Chapter 7, Problem 13DQ
To determine
The total accounts payable of Company AL in 2017 and the total of the schedule of accounts payable.
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
engageNOWv2 | Online teachir X
* CengageNOWv2| Online teachir x
.com/ilrm/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogre. *
A eBook
Show Me How
Accounts Receivable Analysis
A company reports the following:
Sales
$671,600
Average accounts receivable (net)
67,160
Determine (a) the accounts receivable turnover and (b) the number of days' sales in receivables. Round interim calculations to the nearest dollar and final
answers to one decimal place. Assume a 365-day year.
a. Accounts receivable turnover
b. Number of days' sales in receivables
days
Previous
Next
Check My Work
11:16 AM
67°F Sunny A O E D a ) 12/3/2021
n sc
hone
backsoce
Using T accounts can you please explain the answer and why each entry goes where please the answe is 937050
. From the following, prepare a Schedule of Accounts Payable for Digital Co. for September 30, 2022.
Account payable 210 Credit 100 9/5 GJ4 200 9/7 GJ5 300 9/15 GJ6 800 9/18 GJ6
L VON CO. CREDIT 100 9/5 GJ4
XON CO. CREDIT 300 9/15 GJ6
J. BEE CO. CREDIT 800 9/18 GJ6
ZERO CO. CREDIT 200 9/7 GJ5
Chapter 7 Solutions
Principles of Financial Accounting.
Ch. 7 - What are five basic components of an accounting...Ch. 7 - Prob. 2DQCh. 7 - 3. What are the five fundamental principles of...Ch. 7 - Prob. 4DQCh. 7 - Prob. 5DQCh. 7 - Prob. 6DQCh. 7 - Prob. 7DQCh. 7 - Prob. 8DQCh. 7 - Prob. 9DQCh. 7 - Prob. 10DQ
Ch. 7 - Prob. 11DQCh. 7 - Prob. 12DQCh. 7 - Prob. 13DQCh. 7 - Prob. 1QSCh. 7 - Prob. 2QSCh. 7 - Prob. 3QSCh. 7 - Prob. 4QSCh. 7 - Prob. 5QSCh. 7 - Prob. 6QSCh. 7 - Prob. 7QSCh. 7 - Prob. 8QSCh. 7 - Prob. 9QSCh. 7 - Prob. 10QSCh. 7 - Prob. 11QSCh. 7 - Prob. 12QSCh. 7 - Prob. 13QSCh. 7 - Prob. 1ECh. 7 - Prob. 2ECh. 7 - Prob. 3ECh. 7 - Prob. 4ECh. 7 - Following is information from Jesper Company for...Ch. 7 - Prob. 6ECh. 7 - Prob. 7ECh. 7 - Prob. 8ECh. 7 - Prob. 9ECh. 7 - Prob. 10ECh. 7 - Prob. 11ECh. 7 - Prob. 12ECh. 7 - Prob. 13ECh. 7 - Prob. 1AACh. 7 - Prob. 2AACh. 7 - Prob. 3AACh. 7 - Prob. 1BTNCh. 7 - Prob. 3BTNCh. 7 - Prob. 5BTN
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
- Indicate how changes in the following types of accounts would be recorded (Dr for debit; Cr for credit). Table 3.18arrow_forwardAnswered: The fo x b Details | bartleby x b My Questions |b x Post Altendee -2 x FA Midterm Exan X -> File | C:/Users/Wendy/Downloads/FA%20Midterm%20Exam.pdf ME6 Which of the following entries records the payment of an account payable? a) Debit Accounts Payable, credit Cash b) Debit Cash, credit Accounts Payable c) Debit Expense, credit Cash d) Debit Cash, credit Expense ME7 The process of initially recording a business transaction is called: a) Sliding b) Posting c) Journalizing d) Transposing ME8 Which of the following entries for goods sold by cash is correct? a) Cash Dr, AR Cr b) AR Dr, Revenue Cr c) Fees Earned, debit; Cash credit d) Cash, debit; Bank Cr ME9 The verification that the sum of the debits and the sum of the credits in the ledger are equal is called: a) A journal b) A ledger c) Posting Type here to searcharrow_forwardIdentify whether each of the following transactions would be recorded with a debit (Dr) or credit (Cr) entry. Table 3.14arrow_forward
- Brief Exercise 9-12 (Algo) Record bond issue at a discount and related annual interest (LO9-5) Pretzelmania, Incorporated, issues 5%, 20-year bonds with a face amount of $68,000 for $60,200 on January 1, 2024. The market interest rate for bonds of similar risk and maturity is 6%. Interest is paid annually on December 31. Required: 1. & 2. Record the bond issue on January 1, 2024 and first interest payment on December 31, 2024. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. Do not round your intermediate calculations. Round final answers to the nearest whole dollar.) View transaction list Journal entry worksheetarrow_forwardI uploaded pictures for problem 17-4B. I am trying to figure out the 4. Accounts receivable turnover 5. Number of days' sales in receivables 6. Inventory turnoverarrow_forwardPrepare the four closing entries for the following adjusted trial balance, using the journal on the next page. Account Title Cash Accounts receivable Office supplies Trucks Accumulated depreciation-Trucks Land Accounts payable Interest payable Long-term notes payable Common stock Retained earnings Dividends Trucking revenue Depreciation expense-Trucks Salaries expense Office supplies expense Repairs expense Debit $ 8,000 17,500 3,000 172,000 85,000 20,000 23,500 61,000 8,000 12,000 Credit $ 36,000 12,000 4,000 58,000 30,000 140,000 130,000arrow_forward
- On January 1, 2024, Rick's Pawn Shop leased a truck from Corey Motors for a six-year period with an option to extend the lease for three years. • Rick's had no significant economic incentive as of the beginning of the lease to exercise the three-year extension option. Annual lease payments are $12,000 due on December 31 of each year, calculated by the lessor using a 7% discount rate. . The expected useful life of the asset is nine years, and its fair value is $90,000. . Assume that at the beginning of the third year, January 1, 2026, Rick's had made significant improvements to the truck whose cost could be recovered only if it exercises the extension option, creating an expectation that extension of the lease was "reasonably certain." The relevant interest rate at that time was 8%. Note: Use tables, Excel, or a financial calculator. (FV of $1. PV of $1. FVA of $1. PVA of $1. EVAD of $1 and PVAD of $1) Required: 1. Prepare the journal entry, if any, on January 1 and on December 31 of…arrow_forwardEA9. LO 3.4 Indicate what impact the following transactions would have on the accounting equation, Assets = Liabilities + Equity. Impact 1 Impact 2 Paid monthly note payment to bank Sold inventory on account Bought supplies, to be paid for next month Received cash from sales this month Paid for inventory purchased on account last month Table 3.5arrow_forwardWhich one of the following journal entry is Correct on 15th February 2020? a. Debit Purchase OMR 15,000 Credit Accounts payable OMR 15,000 b. Debit Accounts receivables OMR 15,000 Credit Sales returns and allowances OMR 15,000 c. Debit Sales OMR 15,000 Credit Accounts receivables OMR 15,000 d. Debit Accounts receivable OMR 15,000 Credit Sales OMR 15,000arrow_forward
- What amount should be presented as Trade Accounts Receivable in the Statement of Financial Position as of December 31, 2017? A. 699,000 B. 822,000 C. 849,000 D. 894,500arrow_forwardA Vertical Analysis for Apple for the years 2018 and 2019. Done in Microsoft Excelarrow_forwardAnalyzing Starbuckss Cash and Receivables Disclosures Obtain Starbuckss 2017 annual report either using the Investor Relations portion of its web site (do a Web search for Starbucks investor relations) or go to http//www.sec.gov and click Search for company filings under Filings and Forms (EDGAR). ' Required: 1. (a) What were the cash and cash equivalents at the end of 2017? What does the company classify as cash equivalents? (b) Why are cash and cash equivalents combined into one amount on the balance sheet? 2. What were the trade accounts receivable (net) at the end of 2017? At the end of 2016? Given Starbuckss large volume of sales, why isnt the receivables larger? 3. What amount of its accounts receivable does Starbucks believe is uncollectible? 4. What method does Starbucks use to estimate its allowance for doubtful accounts? Is this method allowable by GAAP?arrow_forward
arrow_back_ios
arrow_forward_ios
Recommended textbooks for you
Principles of Accounting Volume 1AccountingISBN:9781947172685Author:OpenStaxPublisher:OpenStax College
Intermediate Accounting: Reporting And AnalysisAccountingISBN:9781337788281Author:James M. Wahlen, Jefferson P. Jones, Donald PagachPublisher:Cengage Learning
Principles of Accounting Volume 1
Accounting
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax College
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:Cengage Learning
7.2 Ch 7: Notes Payable and Interest, Revenue recognition explained; Author: Accounting Prof - making it easy, The finance storyteller;https://www.youtube.com/watch?v=wMC3wCdPnRg;License: Standard YouTube License, CC-BY