. During February, $195,500 was paid to creditors on account, and purchases on account were $207,600. Assuming the February 28 balance of Accounts Payable was $60,500, determine the account balance on February 1. Round your answer to the nearest dollar. 2$ . On October 1, the accounts receivable account balance was $117,800. During October, $473,900 was collected from customers on account. Assuming the October 31 balance was $137,960, determine the fees billed to customers on account during October. Round your answer to the nearest dollar. $ . On April 1, the cash account balance was $50,140. During April, cash receipts totaled $265,500 and the April 30 balance was $55,610. Determine the cash payments made during April. Round your answer to the nearest dollar. 2$

. During February, $195,500 was paid to creditors on account, and purchases on account were $207,600. Assuming the February 28 balance of Accounts Payable was $60,500, determine the account balance on February 1. Round your answer to the nearest dollar. 2$ . On October 1, the accounts receivable account balance was $117,800. During October, $473,900 was collected from customers on account. Assuming the October 31 balance was $137,960, determine the fees billed to customers on account during October. Round your answer to the nearest dollar. $ . On April 1, the cash account balance was $50,140. During April, cash receipts totaled $265,500 and the April 30 balance was $55,610. Determine the cash payments made during April. Round your answer to the nearest dollar. 2$

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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The following information is available for Market, Incorporated and Supply, Incorporated at December 31: Accounts Market, Incorporated Supply, Incorporated $ 58,600 $ 79,600 Accounts receivable Allowance for doubtful accounts 3,148 Sales revenue 636,960 2,556 917,100 Required: 1. What is the accounts receivable turnover for each of the companies? 2. What is the average days to collect the receivables? 3. Assuming both companies use the percent of receivables allowance method, what is the estimated percentage of uncollectible accounts for each company
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