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padilas [110]
3 years ago
13

During February, $186,500 was paid to creditors on account, and purchases on account were $201,400. Assuming the February 28 bal

ance of Accounts Payable was $59,900, determine the account balance on February 1. $fill in the blank 1 b. On October 1, the accounts receivable account balance was $115,800. During October, $449,600 was collected from customers on account. Assuming the October 31 balance was $130,770, determine the fees billed to customers on account during October. $fill in the blank 2 c. On April 1, the cash account balance was $46,220. During April, cash receipts totaled $248,600 and the April 30 balance was $56,770. Determine the cash payments made during April. $fill in the blank 3
Business
1 answer:
Reil [10]3 years ago
4 0

Answer:

1. Account balance on February 1:

= Payments made + Closing balance - Purchases

= 186,500 + 59,900 - 201,400

= $45,000

2. Fees billed to customers on account in October:

= Amount collected from customers + Closing balance - Opening balance

= 449,600 + 130,770 - 115,800

= $464,570

3. Cash payments in April:

= Opening balance + Cash receipts - Closing balance

= 46,220 + 248,600 - 56,770

= $238,050

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                Consolidated Income statement

                Particulars                                    Amount

Net Sales                                               $ 5,864. 6

Less: Expenses                                      

Cost of Products sold                         = $ 3,6594.4

           Gross Profit                               = $2,205.2

Less: Operating expenses                            

Selling general, and administrative expenses    $ 1,515.3

Other expenses                                                     $ 432.7

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Less: Non-operating expenses

Interest and other non-operating expenses   $ 104.7

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Less: Income Tax expense                            $ 17.9

 Income after Taxes                                   = $134.6

Less: Loss on sale of Discontinued Operations

(net of income taxes)                                            $9.4

          Net Income                                                   $ 125.2

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