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Darya [45]
3 years ago
8

On October 1, the accounts receivable account balance was $115,020. During October, $449,350 was collected from customers on acc

ount. Assuming the October 31 balance was $130,050 determine the fees billed to customers on account during October.
Business
1 answer:
natita [175]3 years ago
6 0

Answer:

$464,380

Explanation:

The fees billed to customer during the month of the October can be determined using the following formula:

Fees billed to customer=Closing balance of accounts receivables+amount collected from customers-opening balance of accounts receivables

In this question:

closing balance of accounts receivables=$130,050

amount collected from customers=$449,350

opening balance of accounts receivables= $115,020

Fees billed to customers=$130,050+$449,350-$115,020=$464,380

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When a qualified plan starts making payments to its recipient, which portion of the distributions is taxable?
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Of these common educational requirements for Finance careers, select those you are most interested in achieving. Check all that
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3 0
3 years ago
Read 2 more answers
Country x would have an absolute advantage over country y in the production of automobiles under what conditions?
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3 years ago
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On January 1, 2021, Maywood Hydraulics leased drilling equipment from Aqua Leasing for a four-year period ending December 31, 20
Step2247 [10]

Answer and Explanation:

The Journal entries are shown below:-

1. Right of use assets Dr, $371,049

          To Lease payable $371,049

(Being lease is recorded)

Working note:-

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($100,000 × (present value of ordinary annuity of $1, n = 4, i = 5%)

($100,000 × 3.54595)

Present value of an estimated cash payment under a residual value

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(Being related to the lease is recorded)

3. Interest expense Dr, (5% × $371,049) $18,552

Lease payable Dr, $81,448

            To annual payment of cash $100,000

(Being annual payment of lease is recorded)

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3 years ago
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