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14. A local retailer has sales of $950,000 and cost of goods sold of $617,400. At the beginning of the year, the inventory was $62,200. At the end of the year, the inventory balance was $75,000. What is the inventory turnover rate? (Assume a 365-day year)

15. TCI Air Freight has sales of $625,000, costs of goods sold of $375,000, average accounts receivable of $30,820, and average accounts payable of $21,600. How long does it take for the firm's credit customers to pay for their purchases? (Assume a 365-day year)

16. Hudson Enterprises has sales of $1,040,000, average accounts receivable of $41,400 and average accounts payable of $25,600. The cost of goods sold is equivalent to 58% of sales. How long does it take Hudson to pay its suppliers? (Assume a 365-day year)

17. Bradco Supply currently has an operating cycle of 62 days. The company is analyzing some operational changes, which are expected to decrease the accounts receivable period by 2 days and increase the inventory period by 5 days. The accounts payable turnover rate is expected to increase from 24 to 28 times per year. If all of these changes are adopted, what will the company's new operating cycle be?

18. Asendia USA has an inventory period of 43 days, an accounts payable period of 28 days, and an accounts receivable turnover rate of 36. What is the length of the cash cycle? (Assume a 365-day year)

19. As of the beginning of the quarter, ONeills Pub Supplies had a cash balance of $460. During the quarter, the company collected $520 from customers and paid suppliers $330. The company also paid an interest payment of $25 and a tax payment of $100. In addition, the company repaid $150 on its long-term debt. What is ONeills cash balance at the end of the quarter?

20. At the beginning of the year, you have an outstanding short-term loan of $3,274 which was used to cover your cash needs for the previous year. The interest expense for the year is $245. The projected net cash flow for this year is $1,023, prior to any payment of principal or interest on this loan. What is your anticipated loan balance at year end?

21. On an average day, Plastics Enterprises writes 42 checks with an average amount of $587. These checks clear the bank in an average of 2 days. What is the average amount of the disbursement float?

22. On average, your firm receives 62 checks a day from customers. These checks, on average, are worth $39.90 each and clear the bank in 1.5 days. In addition, your firm disburses 38 checks a day with an average amount of $89.50. These checks clear your bank in 2 days. What is the average amount of the collection float?

23. A firm has $16,718 in outstanding checks that have not cleared the bank. The firm also has $13,450 in deposits that have been recorded by the firm but not by the bank. The current available balance is $11,407. What is the status of the net float?

24. It takes your firm 4.5 days to prepare and mail out all the monthly statements to your customers. On average, the mail time between your firm and your customers is 2.6 days. Customer checks take an average of 1.8 days to clear the bank. You have determined that your total average collection time is 6.1 days. How long, on average, does it take your firm to process the payments from customers?

25. Nelson Tree Disposal receives an average of 400 checks a day. The average amount per check is $525. The firm is considering a lockbox system which it anticipates will reduce its average collection time by 2.5 days. The daily interest rate on Treasury bills is 0.011% (not 1.1%). What is the amount of the expected daily savings of the lockbox system?