What is the January balance in the control account

Assignment Help Accounting Basics
Reference no: EM133057969

Question - Ivanhoe Company has a balance in its Accounts Payable control account of $8,290 on January 1, 2022. The subsidiary ledger contains three accounts: Hale Company, balance $2,590; Janish Company, balance $1,720; and Valdez Company. During January, the following payable-related transactions occurred.

 

Purchases

Payments

Returns

Hale Company

$7,210

$5,530

$0

Janish Company

5,230

1,720

2,960

Valdez Company

6,285

6,930

0

Required -

1. What is the January 1 balance in the Valdez Company subsidiary account?

2. What is the January 31 balance in the control account?

3. Compute the balances in the subsidiary accounts at the end of the month.

4. Which January transaction would not be recorded in a special journal?

Reference no: EM133057969

Questions Cloud

Explain securitization structure : In a securitization structure, time tranching allows investors to choose between: A. extension risk and contraction risk B.senior bonds and subordinate bonds C.
How much is the actual cost paid per kilogram : Martha Compony started using a standard cost system several years ago. How much is the actual cost paid per kilogram
Identify combination of investments in relation to risk : First, identify how would you would identify combination of investments in relation to risk tolerance, risk associated with each investment, returns, and durati
Current estimated value per common share : Greshak Ltd. forecasts its long-term sustainable growth rate to be 4.0%. If the firm's required rate of return is 12.0% and Greshak recently paid a $4.00 divide
What is the January balance in the control account : Ivanhoe Company has a balance in its Accounts Payable control account of $8,290 on January 1, 2022. What is the January balance in the control account
Determining the value of the bond : Consider the following bond issued by Halliburton:coupon rate: 5.324%, with semi-annual coupon payments
Describe the international business methods : Describe the international business methods used by the General Electric (examples - exporting, importing, international joint ventures, development of foreign
What is the current value of a six-month call option : Suppose Carol's stock price is currently $20. If the standard deviation of the continuously compounded returns (s) on a stock is 60 percent per year.
Cost-benefit analysis-traffic congestion in seattle : You are a budget analyst in the state budget office in the State of Washington. Seattle, the largest city in the state, has been growing rapidly in recent years

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd