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Novosadov [1.4K]
3 years ago
11

Exercise 2-6 Analyzing account entries and balances LO A1 Use the information in each of the following separate cases to calcula

te the unknown amount. 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. 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.
Business
1 answer:
VARVARA [1.3K]3 years ago
5 0

Answer:

a) Corentine Co.

Cash paid to suppliers:

Beginning balance, September 30 $152,000

Purchases                                         $281,000

Ending balance, October 31            $132,500

Cash paid                                        $300,500

b) Valerian Co.

Sales to customers on account:

Ending balance, October 31              $89,000

Cash collected                                  $102,890

Beginning balance, September 30 $102,500

Sales                                                   $89,390

c) Alameda Company

Cash balance on September 30:

Cash disbursements $103,150

Balance, October 31   $18,600

Cash receipts           $102,500

Balance, Sept. 30       $19,200

Explanation:

The unknown amount for each case is the difference between the opening balance, the transactions for the month of October and closing balance.

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The average revenue has the same value at Q = 150 and Q = 151.

Further explanation:

Average fixed cost: The fixed cost per unit is termed as the average fixed cost. The fixed cost does not change with the level of output. However, the average fixed cost changes along with the level of output.

Total revenue: The total revenue refers to the amount of revenue generated during a particular period of time. The total revenue is the total of the revenues.

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Therefore, the total revenue when the quantity of output is 150 units is <u>$6,000.</u>

Calculate the average revenue when the quantity of output is 150 units:

\text{Average revenue}=\dfrac{\text{Total Revenue}}{\text{Number of units}}\\=\dfrac{\$6,000}{150\text{units}}\\=\$40

Therefore, the average revenue when the quantity of output is 150 units is <u>$40.</u>

Calculate the total revenue when the quantity of output is 151 units:

It is given that the output is sold at $40 per unit.

\text{Total revenue at 151 units}=\text{Number of units produced}\times\text{Sales price per unit}\\ =151\times\$40\\=\$6,040

Therefore, the total revenue when the quantity of output is 151 units is <u>$6,040.</u>

Calculate the average revenue when the quantity of output is 151 units:

\text{Average revenue}=\dfrac{\text{Total Revenue}}{\text{Number of units}}\\=\dfrac{\$6,040}{151\text{units}}\\=\$40

Therefore, the average revenue when the quantity of output is 151 units is <u>$40.</u>

Justification for correct and incorrect answer:

a.

Average fixed cost: The average fixed cost changes along with the change in output level. The average fixed cost is different from that of fixed cost. Hence, this choice is incorrect.

b.

Average revenue: The average revenue is $40 at Q = 150 units and Q = 151 units. The average revenue is equal at both the levels of the output. Hence, this choice is correct.

c.

Total cost: The total cost is not the same at both the levels of the output. The total cost is different for Q = 150 units, and Q = 151 units as the average total cost is also different for both output levels. The total cost increases when the output level changes. Hence, this option is incorrect.

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1. Breakeven point and contribution margin brainly.com/question/12989446

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Answer details  

Grade: Senior School

Subject: Cost Accounting

Chapter: Cost Behavior

Keywords: Scenario 14-4, the information below applies to, competitive firm, scenario 14-4 the information below applies to competitive firm, when the firm produces, which of the following magnitudes, average fixed cost, average revenue, average cost per unit, average total cost, at Q = 150 and Q = 151, represent the quantity of output, refer to scenario 14-4, when the firm produces and sells 150 units of output.

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