QUESTION
1. As of this morning, your firm had a ledger balance of $4,641 with no outstanding deposits or checks. Today, your firm deposited 6 checks in the amount of $412 each and wrote a check in the amount of $999. What is the amount of the collection float as of the end of the day?
Do not enter $ or comma in the answer box. For example, if your answer is $12.345 then enter as 12.35 in the answer box.
QUESTION
1.
Month Sales $ Month Sales $
Jan 46,126 July 19,302
Feb 44,598 Aug 38,231
Mar 38,231 Sep 46,126
Apr 19,302 Oct 38,231
May 46,126 Nov 44,598
June 44,598 Dec 19,302
2.
3. Sales are collected as follows:
4. In the month of Sales: 40%
In the next month: 27%
After 2 months: 5%
After 3 months: remainder is collected
5. Calculate the cash collection for November.
6. Enter your answer rounded off to two decimal points. Do not enter $ or comma in the answer box. For example, if your answer is $12.345 then enter as 12.35 in the answer box.
QUESTION
1. ABC Company has annual sales of $400,000 and cost of goods sold of $335,709. The accounts payable period is 50.78 days. What is the average accounts payable balance?
Enter your answer rounded off to two decimal points. For example, if your answer is 12.345 then enter as 12.35 in the answer box.
QUESTION
1. Compute the Accounts Payable (A/P) period based on the following information:
Average A/P balance = $36,501
Annual Cost of Goods Sold = $177,052
Assume 365 days
Enter your answer rounded off to two decimal points. For example, if your answer is 12.345 then enter as 12.35 in the answer box.
Answer 1 ) Collection float at the end of day = 412 * 6 = 2472 Answer 5 ) Let us calculate cash collected in November:- Sales collection in March = 40% of 128955 = 51582 Sales collection in Apr = 27% of 19302 = 5211.54 ; Sales collection in July = 5% of 110026 = 5501.3 hence cash collected in November = 128955 - 51582 + 19302-5211.54+110026-5501.3+38231+46126+38231+44598= 363174.16
Hence Cash collected in November = 363174.16 NOTE : Question numberings are wrong in the Question.
ANSWER 1) 365/purchases*Average A/c Payable = 50.78 ; C.O.G.S = Opening Stock + Purchase - Closing Stock . Here O.S = C.S is NIL . Hence Credit Purchases = Cost of Goods Sold. Hence 365/335709*Avg A/c Payable = 50.78 ; Hence Avg A/C Payable = 46705
ANSWER 1) Accounts Payable Period = 365*36501/177052 = 75.25 days.
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