Morton Inc's February purchases on account were $100,000. February cash payments to vendors were $80,000. the...
Morton Inc's February purchases on account were $100,000. February cash payments to vendors were $80,000. the Accounts Payable balance on February 29, 2020 was $30,000. What was the balance of Accounts Payable on January 31, 2020?
Group of answer choices
a. 150,000
b. 210,000
c. 10,000
d. 50,000
Homework Answers
| Account balance at end = beginning balance + purchases - cash payment to vendors | |||||
| 30000 = Beginning balance + $100000 - $80000 | |||||
| 30000 = Beginning balance +20000 | |||||
| Beginning balance = $10000 | |||||
| Correct Option : c .$10000 | |||||
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Morton Inc's February purchases on account were $100,000.
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c. Scoreteck’s only noncash expense was $80,000 of
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e. Notes payable of $30,000 were
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Complete the following spreadsheet in preparation of the statement
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Report operating activities under the indirect method.
(Enter all amounts as positive values.)
SCORETECK...
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Account Balances b. During February, $84,080 was paid to creditors on account, and purchases on account...
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2| Online teachin + false purchases on account were $202,750 Assuming the February 28 blance of...
2| Online teachin + false purchases on account were $202,750 Assuming the February 28 blance of Accounts Payable was $57,610, determine th an February On October 1. the account during October:S On Apri 1, the cash account balance was $45,700. During Apni cashc247,150 and the Apnl 30 balance as $36 790. Deine the cash payments made during April
QS 22-27A Merchandising: Cash payments for merchandise LO P4 Torres Co. forecasts merchandise purchases of $14,800...
QS 22-27A Merchandising: Cash payments for merchandise LO P4
Torres Co. forecasts merchandise purchases of $14,800 in
January, $17,600 in February, and $20,200 in March; 50% of
purchases are paid in the month of purchase and 50% are paid in the
following month. At December 31 of the prior year, the balance of
Accounts Payable (for December purchases) is $28,000.
Prepare a schedule of cash payments for merchandise for each of the
months of January, February, and March.
QS 22-27A...
a. Net income for the year was $110,000.
b. Dividends of $100,000 cash were declared and paid.
c. Scoreteck’s only noncash expense was $80,000 of
depreciation.
d. The company purchased plant assets for $80,000 cash.
e. Notes payable of $30,000 were
issued for $30,000 cash.
Complete the following spreadsheet in preparation of the statement
of cash flows. (The statement of cash flows is not required.)
Report operating activities under the indirect method.
(Enter all amounts as positive values.)
SCORETECK...
January $240,000 February $232,000 March $272,000 Cash receipts Cash payments For inventory purchases For S&A expenses 220,000 62,000 164,000 64,000 190,000 54,000 Fayette Medical had a cash balance of $16,000 on January 1. The company desires to maintain a cash cushion of $10,000. Funds are assumed to be borrowed, in increments of $2,000, and repaid on the last day of each month; the interest rate is 1 percent per month. Repayments may be made in any amount available. Fayette pays...
Account Balances b. During February, $84,080 was paid to creditors on account, and purchases on account were $107,620. Assuming the February 28 balance of Accounts Payable was $36,150, determine the account balance on February 1. b. On October 1, the accounts receivable account balance was $28,200. During October, $245,300 was collected from customers on account. Assuming the October 31 balance was $32,400, determine the fees billed to customers on account during October On April 1, the cash account balance was...
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QS 22-27A Merchandising: Cash payments for merchandise LO P4
Torres Co. forecasts merchandise purchases of $14,800 in
January, $17,600 in February, and $20,200 in March; 50% of
purchases are paid in the month of purchase and 50% are paid in the
following month. At December 31 of the prior year, the balance of
Accounts Payable (for December purchases) is $28,000.
Prepare a schedule of cash payments for merchandise for each of the
months of January, February, and March.
QS 22-27A...
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