Corentine Co. had $169,000 of accounts payable on September 30 and $141,000 on October 31. Total purchases on account during October were $298,000. Determine how much cash was paid on accounts payable during October. On September 30, Valerian Co. had a $111,000 balance in Accounts Receivable. During October, the company collected $111,390 from its credit customers. The October 31 balance in Accounts Receivable was $106,000. Determine the amount of sales on account that occurred in October. During October, Alameda Company had $119,500 of cash receipts and $120,150 of cash disbursements. The October 31 Cash balance was $27,100. Determine how much cash the company had at the close of business on September 30.

Answer and Explanation:

The computation is shown below:

a. For the cash paid

= Opening balance of account payable + total purchase - ending balance

= $169,000 + $298,000 - $141,000

= $326,000

b. The sale amount on account should be equivalent to the ending balance of account receivable i.e. $106,000

c. The beginning cash balance is

Closing cash balance = beginning cash balance + cash receipts - cash disbursements

$27,100 = Beginning cash balance + $119,500 - $120,150

So, the beginning cash balance is $27,750

whole quiz

1. the sum of all activities involved in getting high-quality products into the marketplace

2.operations

3. the principle of looking at the supply chain as a whole in order to improve the overall flow through the system.

4. produced; performed

5. activities producing tangible products, such as radios, newspapers, buses, and textbooks.

6. activities producing intangible and tangible products, such as entertainment, transportation, and education.

7.   customer focus

8. analyzing a competitor's products to identify desirable improvements

9. the systematic direction and control of the processes that transform resources into finished projects that create value for and provide benefits to consumers.

10. operation management.

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