Entries by Hannah Wangui

Route Canal Shipping Company

September 9, 2019 in /by

Question 15)Route Canal Shipping Company has the following schedule for aging of accounts receivable:  Age of ReceivablesApril 30, 2013(1)(2)(3)(4)Month ofSalesAge ofAccountAmountsPercent ofAmount Due  April0–30$176,890  _______  March31–60 126,350  _______  February61–90 151,620  _______  January91–120 50,540  _______         Total receivables $505,400  100%      a.Calculate the percentage of amount due for each month.  Month of SalesPercent of Amount Due  April  %   March  %   February  %   January  %         Total receivables 100 %        b.If the firm had $1,596,000 in credit sales over the four-month period, compute the average […]

 

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Neveready Flashlights Inc.

September 9, 2019 in /by

Question 13)Neveready Flashlights Inc. needs $346,000 to take a cash discount of 2/12, net 74. A banker will loan the money for 62 days at an interest cost of $10,500. a. What is the effective rate on the bank loan? (Use a 360-day year. Do not round intermediate calculations. Input your answer as a percent […]

 

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Mr. Hugh Warner is a very cautious businessman

September 9, 2019 in /by

Question 11)Mr. Hugh Warner is a very cautious businessman. His supplier offers trade credit terms of 2/20, net 125. Mr. Warner never takes the discount offered, but he pays his suppliers in 115 days rather than the 125 days allowed so he is sure the payments are never late. What is Mr. Warner’s cost of […]

 

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interest

September 9, 2019 in /by

Question 10)If you borrow $7,200 at $750 interest for one year, what is your effective interest rate for the following payment plans? (Input your answers as a percent rounded to 2 decimal places.)      Effective Rate of Interest   a. Annual payment %     b. Semiannual payments %     c.Quarterly payments %     d. Monthly payments % […]

 

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