On September 30, Valerian Co. had a $105,000 balance in Accounts Receivable. During October, the company collected $105,390 from its credit customers. The October 31 balance in Accounts Receivable was $94,000. Determine the amount of sales on account that occurred in October.

On September 30, Valerian Co. had a $105,000 balance in Accounts Receivable. During October, the company collected $105,390 from its credit customers. The October 31 balance in Accounts Receivable was $94,000. Determine the amount of sales on account that occurred in October.

Managerial Accounting: The Cornerstone of Business Decision-Making

7th Edition

ISBN:9781337115773

Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Chapter15: Financial Statement Analysis

Section: Chapter Questions

Problem 14BEA: Last year, Nikkola Company had net sales of 2.299.500,000 and cost of goods sold of 1,755,000,000....

See similar textbooks

Related questions

Q: Please give me answer general accounting

A: Step 1: Define Conversion CostsConversion costs are total cost exclusive of raw material costs. That…

Q: ??

A: Role of the Matching Principle in Recording ExpensesThe matching principle is a fundamental…

Q: I need answer of this question solution general accounting

A: Step 1: Define Gross profitAn income earned by the business entity that is computed by deducting the…

Q: No Ai thank u

A: Explanation of Capitalization:Capitalization is the process of recording expenses as part of an…

Q: Please solve this accounting question do fast and step by step calculation

A: Step 1: Define Cost of EquityThe cost of equity for a firm maybe determined by using various…

Q: Please provide answer this general accounting question

A: Step 1: Define NoteThe note is a financial security that is issued by companies to borrow amounts.…

Q: Select Apparel purchased 90 new shirts and recorded a total cost of $2,807 determined as follows:…

A: What Costs Are Included in Inventory?Under the perpetual inventory system, the cost of inventory…

Q: Determine the total job amount.

A: Explanation of Equipment Hours: Equipment hours represent the time duration for which specific…

Q: Please carefully read the Question and answer it.

A: DEFINITIONS:Materiality Concept: The materiality principle states that an item is considered…

Q: Provide correct answer the general accounting question

A: Step 1: Define Ratio AnalysisRatio analysis is essential in management accounting. It helps evaluate…

Q: Well explained answer structure

A: Key Definitions Related to the Question:Substance Over Form: The accounting principle stating that…

Q: I need answer of this question solution general accounting

A: Step 1: Define Corporate TaxCorporate tax is a direct tax levied by a jurisdiction which is usually…

Q: Solve this question with given option general accounting

A: Step 1: Define Absorption costingThe method of costing in which all costs and expenses related to…

Q: Right answer please

A: Explanation of Forward-Looking Information: Forward-looking information refers to any data,…

Q: Solve these accounting question not use ai

A: Step 1: Define Cash CollectionThe cash collection depends on the company's estimated cash collection…

Q: I need answer of this question solution general accounting

A: Step 1: Define Return on AssetsReturn on assets is a profitability ratio which measures the…

Q: Financial Accounting Question need answer please

A: Step 1: Define Return On EquityReturn on equity is another financial ratio that measures the…

Q: Need help with this question solution general accounting

A: Step 1: Define Absorption CostingUnder absorption costing, the fixed manufacturing overhead cost is…

Q: Please Provide Answer of this Question With Method of General Accounting

A: Step 1: Define SalesSales are the amount generated by a business by selling its products or…

Q: Hi expart Provide correct solution for these accounting question

A: Step-by-Step Solution:Part (a): Price and PIE Ratio (2% Growth Rate)Formula for Stock Price…

Q: Please need help with this accounting question not use chatgpt

A: Step 1: Define Work in progressWork in process describes the value of labor, raw materials and other…

Q: Need answer the accounting question please answer do fast

A: Step 1: Define Manufacturing Overhead RateIt refers to the rate at which the manufacturing overhead…

Q: In the context of accounting conservatism, explain how accountants should handle uncertain events…

A: Definitions Related to the Question1. Accounting Conservatism Principle:This principle states that…

Q: What was the predetermined overhead allocation rate on these general accounting question?

A: Step 1: Define Predetermined Overhead RateThe factory overhead is expenses other than direct labor…

Q: Gross Profit

A: Explanation of Sales Revenue:Sales revenue refers to the total income generated by a company from…

Q: I need questions answers accounting

A: Step 1: Define Cash ReceiptsIn the cash budget the first step is to compute the net cash. The net…

Q: Deemer Corporation has an activity-based costing system with three activity cost pools--Processing,…

A: Step 1: Allocate Costs to Activity Cost PoolsWe distribute the Equipment Expense and Indirect Labor…

Q: Accounting question please given answer

A: Step 1: Define Joint CostIf a company have production of multiple products some expenses of the…

Q: Ponga Company acquired a $20,000 bond originally issued by its 75%-owned subsidiary on January 2,…

A: Step 1: Calculate the cash interest paymentThe bond has a face value of $20,000 and an interest rate…

Q: Swifty Corporation expects to purchase $140,000 of materials in July.... Please provide correct…

A: Step 1: Define Cash DisbursementCash disbursements are the amount being spent whenever a company…

Q: None

A: Step 1:1. Equivalent units of production for materials and conversion for April EUP - Weighted…

Q: How much can sales increase before any new fixed assets are needed on these general accounting…

A: Step 1: Define Growth Rate in SalesA firm raises capital to invest in assets which are further…

Q: Question: MCQ Accounting When should the periodicity assumption be modified? a) Never under any…

A: Explanation of Periodicity Assumption: The periodicity assumption is a fundamental accounting…

Q: I need answer of this question solution general accounting

A: Step 1: Definition of Book Value in Asset AccountingBook value refers to the value of an asset as…

Q: Please give me answer accounting questions

A: Explanation: In the given case, Coakley Beet Processors Inc processes sugar beets and two products -…

Q: Vicky comes to you to prepare her individual income tax return. With respect to the preparation of…

A: Key Facts:Vicky purchased stock options on July 2, 2023, for $30,000.Vicky did not exercise the…

Q: Financial accounting question

A: Step 1: Define Fixed OverheadFixed manufacturing overhead is the cost that does not change with the…

Q: I want to correct answer accounting

A: Step 1: Define NotePromissory notes issued by the borrower to the lender. The notes include…

Q: What is the length of the firm's cash conversion cycle on these accounting question?

A: Step 1: Define Cash Conversion CycleThe cash operating cycle is operating cycle less creditors…

Q: I want to correct answer general accounting

A: To calculate the Return on Assets (ROA) for the year 2015, follow these steps:Formula for Return on…

Q: Want Answer

A: Volume Discounts Overview:Volume discounts are reductions in the purchase price that a buyer earns…

Q: I need right option

A: Explanation of Change in Accounting Estimate:A change in accounting estimate occurs when new…

Q: Please give me answer Accounting

A: Step 1: Define Key VariablesStep 2: Calculate Medicaid RevenueStep 3: Calculate Private Pay…

Q: Solve these general accounting issue and give correct answer

A: Step 1: Define Stockholders' EquityThe account of stockholders' equity shows what value owners can…

Q: Provide this question solution general accounting

A: Step 1: Define Pre-Determined Overhead RateIn standard costing the product costs are calculated as…

Q: Please give me answer Accounting

A: Step 1: Define Standard Labour CostLabor cost is the total amount that has been incurred on the man…

Q: Get correct answer general accounting

A: Step 1: Define Operating Cash FlowOperating cash flow is the total amount of cash flow generated by…

Q: Anu's amusement center has collectd..accounting questions

A: Step 1: Define Contribution MarginThe contribution margin is the percentage by which your company's…

Q: Franchise company has the following....accounting question

A: Step 1: Define Work-In-Process InventoryThere are three type of inventory involved in a business,…

Q: Please provide this question solution general accounting

A: Step 1:Formula of current ratio = Current assets/ current liabilities Current assets are those…

Question

On September 30, Valerian Co. had a $105,000 balance in Accounts Receivable. Please provide answer this general accounting question?

On September 30, Valerian Co. had a $105,000
balance in Accounts Receivable. During October, the
company collected $105,390 from its credit
customers. The October 31 balance in Accounts
Receivable was $94,000.
Determine the amount of sales on account that
occurred in October.

Definition Definition Money that the business will be receiving from its clients who have utilized the credit provided to buy its goods and services. The credit period typically lasts for a short term, lasting from a few days, a few months, to a year.

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Similar questions

Montalcino Company had net sales of 54,000,000. Montalcino had the following balances: Required: Note: Round answers to one decimal place. 1. Calculate the average accounts receivable. 2. Calculate the accounts receivable turnover ratio. 3. Calculate the accounts receivable turnover in days.
Whalen Company had net sales of 125,500,250,000. Whalen had the following balances: Required: Note: Round answers to two decimal places. 1. Calculate the average accounts receivable. 2. Calculate the accounts receivable turnover ratio. 3. Calculate the accounts receivable turnover in days.
Last year, Tobys Hats had net sales of 45,000,000 and cost of goods sold of 29,000,000. Tobys had the following balances: Refer to the information for Tobys on the previous page. Required: Note: Round answers to one decimal place. 1. Calculate the average accounts receivable. 2. Calculate the accounts receivable turnover ratio. 3. Calculate the accounts receivable turnover in days.
Berry Farms has an accounts receivable balance at the end of 2018 of $425,650. The net credit sales for the year are $924,123. The balance at the end of 2017 was $378,550. What is the number of days sales in receivables ratio for 2018 (round all answers to two decimal places)?
Casebolt Company wrote off the following accounts receivable as uncollectible for the first year of its operations ending December 31: a. Journalize the write-offs under the direct write-off method. b. Journalize the write-offs under the allowance method. Also, journalize the adjusting entry for uncollectible accounts. The company recorded 5,250,000 of credit sales during the year. Based on past history and industry averages, % of credit sales are expected to be uncollectible. c. How much higher (lower) would Casebolt Companys net income have been under the direct write-off method than under the allowance method?
Jars Plus recorded $861,430 in credit sales for the year and $488,000 in accounts receivable. The uncollectible percentage is 2.3% for the income statement method, and 3.6% for the balance sheet method. A. Record the year-end adjusting entry for 2018 bad debt using the income statement method. B. Record the year-end adjusting entry for 2018 bad debt using the balance sheet method. C. Assume there was a previous debit balance in Allowance for Doubtful Accounts of $10,220, record the year-end entry for bad debt using the income statement method, and then the entry using the balance sheet method. D. Assume there was a previous credit balance in Allowance for Doubtful Accounts of $5,470, record the year-end entry for bad debt using the income statement method, and then the entry using the balance sheet method.
Bristax Corporation recorded $1,385,660 in credit sales for the year, and $732,410 in accounts receivable. The uncollectible percentage is 3.1% for the income statement method and 4.5% for the balance sheet method. A. Record the year-end adjusting entry for 2018 bad debt using the income statement method. B. Record the year-end adjusting entry for 2018 bad debt using the balance sheet method. C. Assume there was a previous debit balance in Allowance for Doubtful Accounts of $20,550; record the year-end entry for bad debt using the income statement method, and then the entry using the balance sheet method. D. Assume there was a previous credit balance in Allowance for Doubtful Accounts of $17,430; record the year-end entry for bad debt using the income statement method, and then the entry using the balance sheet method.
Catherines Cookies has a beginning balance in the Accounts Receivable control total account of $8,200. $15,700 was credited to Accounts Receivable during the month. In the sales journal, the Accounts Receivable debit column shows a total of $12,000. What is the ending balance of the Accounts Receivable account in the general ledger?
Ink Records recorded $2,333,898 in credit sales for the year and $1,466,990 in accounts receivable. The uncollectible percentage is 3% for the income statement method and 5% for the balance sheet method. A. Record the year-end adjusting entry for 2018 bad debt using the income statement method. B. Record the year-end adjusting entry for 2018 bad debt using the balance sheet method. C. Assume there was a previous credit balance in Allowance for Doubtful Accounts of $20,254; record the year-end entry for bad debt using the income statement method, and then the entry using the balance sheet method.
Funnel Direct recorded $1,345,780 in credit sales for the year and $695,455 in accounts receivable. The uncollectible percentage is 4.4% for the income statement method and 4% for the balance sheet method. A. Record the year-end adjusting entry for 2018 bad debt using the income statement method. B. Record the year-end adjusting entry for 2018 bad debt using the balance sheet method. C. Assume there was a previous credit balance in Allowance for Doubtful Accounts of $13,888; record the year-end entry for bad debt using the income statement method, and then the entry using the balance sheet method.
On September 30, Valerian Co. had a $111,500 balance in Accounts Receivable. During October, the company collected $111,890 from its credit customers. The October 31 balance in Accounts Receivable was $107,000. Determine the amount of sales on account that occurred in October.
calculate the unknown amount. 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.