• Your firm has an average collection period of 51 days. Current practice is to factor all receivables immediately at a 2 percent discount.What is the effective cost of borrowing in this case? Assume that default is extremely unlikely.(Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.)

• The following is the sales budget for Coore, Inc., for the first quarter of 2019:

Sales budget Jan $133,000, Feb: $150,000, March: $165,000

Credit sales are collected as follows:

65 percent in the month of the sale20 percent in the month after the sale15 percent in the second month after the saleThe accounts receivable balance at the end of the previous quarter was $93,750 ($68,250 of which was uncollected December sales).

a.Compute the sales for November.(Do not round intermediate calculations and round your answer to the nearest whole number, e.g., 32.)

b.Compute the sales for December.(Do not round intermediate calculations and round your answer to the nearest whole number, e.g., 32.)

c.Compute the cash collections from sales for each month from January through March.(Do not round intermediate calculations and round your answers to the nearest whole number, e.g., 32.)

• You have $36,300 on deposit with no outstanding checks or uncleared deposits. One day you make check for $3,800 and then deposit a check for $7,200.What are your disbursement, collection, and net floats?(A negative answer should be indicated by a minus sign. Do not round intermediate calculations and round your answers to the nearest whole number, e.g., 32.)