1. The Athletic Sports Store has a beginning receivables balance on January 1 of $440. Sales for January through April are $210, $220, $290 and $310, respectively. The accounts receivable period is 60 days. How much did the firm collect in the month of April? Assume that a year has 360 days.

2. On an average day, Goose Down Feathers receives $1,700 in checks from customers. These checks clear the bank in an average of 3 days. The app

3. Fancy Footwear has a line of credit with your local bank for $110,000. The loan agreement calls for interest of 11 percent with a 6 percent compensating balance requirement which is based on the total amount borrowed. What is the effective interest rate if you need $94,000 for one year to cover your operating expenses?