show work in excel sheet QUESTION 2

1. Month	Sales $	Month	Sales $
   Jan	22,890	July	22,918
   Feb	31,289	Aug	12,638
   Mar	12,638	Sep	22,890
   Apr	22,918	Oct	12,638
   May	22,890	Nov	31,289
   June	31,289	Dec	22,918

   Sales are collected as follows:

   In the month of Sales: 30% In the next month: 32% After 2 months: 8% Remainder is considered as bad debt and is not collected.

   Calculate the cash collection for June.

   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.

1 points

QUESTION 3

1. Month	Sales $	Month	Sales $
   Jan	40,635	July	14,052
   Feb	47,476	Aug	28,652
   Mar	28,652	Sep	40,635
   Apr	14,052	Oct	28,652
   May	40,635	Nov	47,476
   June	47,476	Dec	14,052

   Sales are collected as follows:

   In the month of Sales: 27% In the next month: 28% After 2 months: 8% After 3 months: remainder is collected

   Calculate the cash collection for November.

   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.

1 points

QUESTION 4

1. ABC Corporation currently has an inventory turnover of 5.72, a payables turnover of 15.24, and a receivables turnover of 19.17. How many days are in the cash cycle?

   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.

1 points

QUESTION 5

1. As of this morning, your firm had a ledger balance of $4,021 with no outstanding deposits or checks. Today, your firm deposited 8 checks in the amount of $398 each and wrote a check in the amount of $943. 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.

1 points

QUESTION 6

1. Month	Sales $	Month	Sales $
   Jan	42,175	July	14,603
   Feb	19,251	Aug	34,663
   Mar	34,663	Sep	42,175
   Apr	14,603	Oct	34,663
   May	42,175	Nov	19,251
   June	19,251	Dec	14,603

   Sales are collected as follows:

   In the month of Sales: 25% In the next month: 34% After 2 months: 11% After 3 months: remainder is collected

   Calculate the cash collection for December.

   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.

1 points

QUESTION 7

1. ABC Corporation currently has an inventory turnover of 17.98, a payables turnover of 6.95, and a receivables turnover of 21.65. How many days are in the operating cycle?

   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.

1 points

QUESTION 10

1. Month	Sales $	Month	Sales $
   Jan	26,581	July	24,723
   Feb	12,567	Aug	26,904
   Mar	26,904	Sep	26,581
   Apr	24,723	Oct	26,904
   May	26,581	Nov	12,567
   June	12,567	Dec	24,723

   The company has estimated expenses as follows: General and administrative expenses: $5,942 Material purchases are 44 percent of sales. Material purchases are paid in the month following the purchase. Interest payment per month: $2,185 Rent expenses per quarter starting March: $9,363

   Calculate the cash outflows for June.

   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.

1 points

QUESTION 12

1. Compute the Accounts Payable (A/P) period based on the following information:

   Average A/P balance = $62,258 Annual Cost of Goods Sold = $491,015 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.

1 points

QUESTION 14

1. ABC Company has an average collection period of 28 days and factors all of its receivables immediately at a 2.3 percent discount. Assume all accounts are collected in full. What is the firm's effective cost of borrowing?

   Enter your answer in percentages rounded off to two decimal points. Do not enter % in the answer box.

1 points

QUESTION 15

1. ABC Company has a cash cycle of 10.43 days, an operating cycle of 21.48 days, and an average collection period of 6 days. The company reported cost of goods sold of $293,104. What is the company's average balance in Accounts Payable?

   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

1 points

QUESTION 16

1. ABC Company has annual sales of $406,918 and cost of goods sold of $198,600. The average accounts receivable balance is $73,618. How many days on average does it take the firm to collect its accounts receivable? 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.

1 points

QUESTION 17

1. As of this morning, your firm had a ledger balance of $4,148 with no outstanding deposits or checks. Today, your firm deposited 8 checks in the amount of $236 each and wrote 3 checks in the amount of $849. What is the amount of the disbursement 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.

1 points

QUESTION 18

1. ABC Company writes 305 checks a day for an average amount of $572 each. These checks generally clear the bank in 3 days. In addition, the firm generally receives an average of $139,453 a day in checks that are deposited immediately. Deposited funds are available in 1 days. What is the firm's net float?

   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.

1 points

QUESTION 19

1. Compute the cash cycle based on the following information:

   Average Collection Period = 68 Accounts Payable Period = 38 Average Age of Inventory = 64

1 points

QUESTION 20

1. ABC Company has annual sales of $400,000 and cost of goods sold of $259,091. The accounts payable period is 33.04 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.

1 points

QUESTION 21

1. The terms of the sale were 1/10, net 44. What is the effective annual rate of interest?

   Enter your answer in percentages rounded off to two decimal points. Do not enter % in the answer box.

1 points

Question 22

This assignment will require you to prepare the cash budget and determine the cashsurplus and shortage each month.The management estimates total sales for the period January through July based on actualsales from the immediate past quarter. The following assumptions are made:Sales: Past and ExpectedOctober $300,000 January $150,000November $350,000 February $200,000December $400,000 March $200,000April $300,000May $250,000June $200,000July $300,000Historical Forecasta. Sales are 75% on credit basis and 25% on cash basis. 60% of credit sales arecollection one month after sale, 30% in the second month, and 10% in the thirdmonth. Bad debts are insignificant.b. Purchases are 80% of sales and are paid as follows: 50% of sales are paid in the samemonth and the remaining 50% are paid in the following month.c. Wages and salaries are as follows:January $30,000February $40,000March $50,000April $50,000May $40,000June $35,000d. Rent is $2,000 per monthe. Interest on $500,000 of 16% bonds is due on the calendar quarter.f. A tax prepayment of $50,000 is due in April.g. A capital addition of $30,000 is planned in June.h. The company has a cash balance of $100,000 on January 1st, which is the minimumbalance maintained each month.1. Prepare cash budget for Jan to June.2. Determine the cash surplus and shortages for each month