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kaheart [24]
3 years ago
9

Corentine Co. had $154,000 of accounts payable on September 30 and $133,500 on October 31. Total purchases on account during Oct

ober were $283,000. Determine how much cash was paid on accounts payable during October. On September 30, Valerian Co. had a $103,500 balance in Accounts Receivable. During October, the company collected $103,890 from its credit customers. The October 31 balance in Accounts Receivable was $91,000. Determine the amount of sales on account that occurred in October. During October, Alameda Company had $104,500 of cash receipts and $105,150 of cash disbursements. The October 31 Cash balance was $19,600. Determine how much cash the company had at the close of business on September 30.
Business
1 answer:
cupoosta [38]3 years ago
8 0

Answer:

Explanation:

a.                                        Accounts Payable

Payments on account   $303,500 | Beginning balance  $154,000

                                                          | Purchases on account $283,000

                                                          |

                                                          | Ending balance             $133500

b.                                     Accounts Receivable

Beginning balance   $103,500  | Cash receipts on account  $103,890

Sales on account      $91,390  |

                                                    |

Ending balance         $91,000   |

 

c.                                             Cash

Cash receipts           $104,500  |  Cash disbursements  $105,150

Beginning balance   $20,250 |

                                                   |

Ending balance         $19,600  |

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3 years ago
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In early July, Damon Rutton purchased a $70 ticket to the December 15 game of the Sarasota Shippers. Parking for the game was ex
Bingel [31]

Answer:

Sunk cost will be = $70

Explanation:

Sunk Cost refers to the cost for which the amount has been already spent, and cannot be recovered. These are generally incurred and then not regarded for decision making as irrespective of decision being viable or not this cost cannot be avoided.

In the given instance, Damon Rutton Purchased the ticket of $70

This is the only cost which has already been incurred, else other costs of parking and food will only be incurred if he visits the game of Sarasota Shippers.

When he spend some time with his wife sunk cost will be = $70

8 0
3 years ago
A common practice for government entities, particularly schools, is to issue short-term (promissory) notes to cover daily expend
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This shorter payback period is positive and beneficial to the consumer, as it allows for harmony with amortization expenses.

We can arrive at this answer because:

  • A short payback period is beneficial because of its relationship to amortization, as long-term debt allows this amortization to take place.
  • These amortization expenses allow the cost of long-term assets to be represented in the payment.
  • However, when the short-term payback period allows for amortization, causing the asset's value to be reduced by the amount that will be paid by the consumer.

In this case, we can state that in cases like the one shown in the question above, the short payback period is very beneficial and interesting to the consumer, as it can promote economic benefits.

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5 0
2 years ago
The Beach Shack Company produced 5,500 cakes that require 3 standard pounds per unit at $3. 00 standard price per pound. The com
prohojiy [21]

Answer:

Explanation:

Standard pounds per cake = 3 pounds

Standard unit price = $3

Standard pounds 5500 cakes = 16,500 pounds

Actual pounds per 5500 cakes = 16,650

Variance = (16,650 - 16,500)=150

Cost of actual materials used = actual materials * standard price

=16,650*3 =49,950

Cost of work in progress = Standard materials * standard price = 16,500*3= 49.500

Direct material quantity variance = Quantity variance * 3

150*3 = 450

Journal entry

Debit work in progress = 49,500

Debit material quantity variance = 450

Credit Material = 49,950

4 0
3 years ago
9. A bank loaned York Construction Company $35,000 on a 1-year, 6% note, but deducted the interest in advance. The journal entry
Rudiy27

Answer: The correct answer is c. increase in Discount on Notes Payable for $2,100.

Explanation: 6% of $35,000 for a year is $2,100. From the facts in the question, the Bank deducted the interest in advance, this means the net cash York Construction Company got was $35,000 - 2,100 = $32,900 but note that this does not change the principal amount obligation the Company is obliged to pay the bank, which remains $35,000. What the Company needs to do is to recognize the $35,000 as Notes Payable (Debit Cash and Credit Notes Payable) and recognize a Discount on Notes Payable of $2100 (Debit Discount on Notes Payable and Credit to Cash). Subsequently, based on the 1-year tenor, the Company would unwind the discount to finance charge / interest expense as $2,100 / 12 = $175 monthly (Debit Interest expense; Credit Discount on Notes Payable).

4 0
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