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 $

Jan46,126 July19,302

Feb44,598 Aug38,231

Mar38,231 Sep46,126

Apr19,302 Oct38,231

May46,126 Nov44,598

June44,598 Dec19,302

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? 56632.82

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.