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Please help I keep getting the same answers but it tells me im wrong? Lipto Biomedic has credit sales of ( $ 740,000 ) yearly
Please help I keep getting the same answers but it tells me im wrong?
Lipto Biomedic has credit sales of \\( \\$ 740,000 \\) yearly with credit terms of net 60 days, with an average collection period of 75 days. Lipto does not offer a discount for earty payment. (Use 365 doys in a year.) a-1. What is the average receivables balance? (Do not round intermedlate calculations, Round the final answer to nearest whole dollar.] Accounts receivable balance \\( \\$ \\) 0-2. What is the receivables turnover? (Round the final answer to 2 declmal places.) Accounts receivable turnover b. If Lipto offered a 3 percent discount for payment in 10 days and every customer took advantage of the new terms and paid on the tenth day, what would the new average receivables balance be? Use the full sales of \\( \\$ 740,000 \\) for your calculation of receivables. (Do not round intermediate calculations. Round the final onswer to neorest whole dollar.) New receivable balance e-1. If Lipto reduces its bank loans, which cost 8 percent, by thej cash generated from reduced recelvables, what will be the net gain or loss to the firm? (Do not round intermediote calculations. Round the final enswer to nearest whole dollar. Negetive answers should be indicated by a minus sign.) Netchange 5 Step by Step Solution
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