a. Corentine Co. had $152,000 of accounts payable on September 30 and $132,500 on October 31. Total purchases on account during October were $281,000. Determine how much cash was paid on accounts payable during October. b. On September 30, Valerian Co. had a $102,500 balance in Accounts Receivable. During October, the company collected $102,890 from its credit customers. The October 31 balance in Accounts Receivable was $89,000. Determine the amount of sales on account that occurred in October. c. During October, Alameda Company had $102,500 of cash receipts and $103,150 of cash disburse- ments. The October 31 Cash balance was $18,600. Determine how much cash the company had at the close of business on September 30.
a. Corentine Co. had $152,000 of accounts payable on September 30 and $132,500 on October 31. Total purchases on account during October were $281,000. Determine how much cash was paid on accounts payable during October. b. On September 30, Valerian Co. had a $102,500 balance in Accounts Receivable. During October, the company collected $102,890 from its credit customers. The October 31 balance in Accounts Receivable was $89,000. Determine the amount of sales on account that occurred in October. c. During October, Alameda Company had $102,500 of cash receipts and $103,150 of cash disburse- ments. The October 31 Cash balance was $18,600. Determine how much cash the company had at the close of business on September 30.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Use the information in each of the following separate cases to calculate the unknown amount.
Transcribed Image Text:a. Corentine Co. had $152,000 of accounts payable on September 30 and $132,500 on October 31. Total
purchases on account during October were $281,000. Determine how much cash was paid on accounts
payable during October.
b. On September 30, Valerian Co. had a $102,500 balance in Accounts Receivable. During October, the
company collected $102,890 from its credit customers. The October 31 balance in Accounts
Receivable was $89,000. Determine the amount of sales on account that occurred in October.
c. During October, Alameda Company had $102,500 of cash receipts and $103,150 of cash disburse-
ments. The October 31 Cash balance was $18,600. Determine how much cash the company had at the
close of business on September 30.
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