Determine the fees billed to customers on account

Assignment Help Managerial Accounting

Reference no: EM131221082

a) During February, $185,500 was paid to creditors on account, and purchases on account were $202,750. Assuming the February 28 balance of Accounts Payable was $58,430, determine the account balance on February 1.

b) On October 1, the accounts receivable account balance was $116,280. During October, $447,700 was collected from customers on account. Assuming the October 31 balance was $130,000 determine the fees billed to customers on account during October.

c) On April 1, the cash account balance was $45,900. During April, cash receipts totaled $247,700 and the April 30 balance was $56,760. Determine the cash payments made during April.

Reference no: EM131221082

Questions Cloud

Equity method journal entries with intercompany sales : Equity method journal entries with intercompany sales of inventory Assume that an investor owns 35% of an investee, and accounts for its investment using the equity method. How much equity income should the investor report for the year? What is the b..

Journalize these transactions in two-column journal : Journalize these transactions in a two-column journal. Post the entries prepared in (A) to the following T accounts: Cash, Supplies, Accounts Receivable, Accounts Payable, Fees Earned. To the left of each amount posted in the accounts, select the app..

Cost method to the equity method for the original investment : Assume that an investor has accounted for a $320,000 cost, 8% investment in the investee using the fair value method (available-for-sale designation). Now, assume that the investor has accounted for its investment using the cost method. Provide the r..

Prepare an unadjusted trial balance : Kimberly Manis, an architect, organized Manis Architects on January 1, 2016. Determine account balances of the T accounts. Accounts containing a single entry only (such as Prepaid Insurance) do not need a balance. Prepare an unadjusted trial balance ..

Determine the fees billed to customers on account : During February, $185,500 was paid to creditors on account, and purchases on account were $202,750. Assuming the February 28 balance of Accounts Payable was $58,430, determine the account balance on February 1. On October 1, the accounts receivable a..

Stated interest rate is often not effective interest rate : In many situations, a stated interest rate is often not the effective interest rate. An annual percentage rate (APR) is a stated interest rate. For example, a car loan with 12% APR financing does not have an effective annual interest rate of 12%. Wha..

Statement of no longer than one-page to the audit committee : You are the chief financial officer of General Motors Corporation (GM) at the beginning of 2009. The company’s board of directors has asked you to inform board’s audit committee about the pending audit opinion of Deloitte and Touche, LLP. Prepare an ..

Determine gross profit : During the current year merchandise is sold for $2,450,000. The cost of the merchandise sold is $1,519,000. What is the amount of the gross? Compute the gross profit percentage (gross profit divided by sales).

Pays all the costs to maintain the household : Elroy who is single has taken over the care of his mother Irene in her old age. Elroy pays the bills relating to Irene's home. He also buys all the groceries and provides the rest of her support. Irene has no gross income. Assume the original facts e..

User Account

All Pages