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- PROBLEM The following data pertain to instalment sales of Mickey's store: • Down payment, 20%. • Instaiment sales: P545,000 in Year 1; P785,000 in Year 2; and P968,000 in Year 3. • Mark-up on cost, 35%. • Collections after down payment: 40% in the year of sale, 35% in the year after sale, and 25% in the third year. Note: Round off the decimal factors to the nearest whole number. Sample - 35.74% to 36% REQUIREMENTS: 1. The realized gross profit in year 1 2. The realized gross profit in year 3 3. The unrealized gross profit for instaiment sales made during Year 2, as of the end of Year 2 4. The instalment account receivables at the end of year 3 5. The unrealized gross profit at the end of year 3Cost of Trade Credit Grunewald Industries sells on terms of 2/10, net 50. Gross sales last year were $4,526,000 and accounts receivable averaged $434,000. Half of Grunewald's customers paid on the 10th day and took discounts. What are the nominal and effective costs of trade credit to Grunewald's nondiscount customers? (Hint: Calculate daily sales based on a 365-day year, calculate the average receivables for discount customers, and then find the DSO for the nondiscount customers.) Do not round intermediate calculations. Round your answers to two decimal places. Nominal cost of trade credit: % Effective cost of trade credit: %A retailer ordered merchandise totaling $128,115.23 with terms 3.5%/10 net 40. What is the effective rate of return? Assume there are 365 days in a year.
- Cost of Trade Credit Grunewald Industries sells on terms of 2/10, net 40. Gross sales last year were $4,562,500 and accounts receivable averaged $437,500. Half of Grunewald’s customers paid on the 10th day and took discounts. What are the nominal and effective costs of trade credit to Grunewald’s nondiscount customers? (Hint: Calculate daily sales based on a 365-day year, calculate the average receivables for discount customers, and then find the DSO for the nondiscount customers.)Grunewald Industries sells on terms of 1/10, net 40. Gross sales last year were $4,453,000 and accounts receivable averaged $427,000. Half of Grunewald's customers paid on the 10th day and took discounts. What are the nominal and effective costs of trade credit to Grunewald's nondiscount customers? (Hint: Calculate daily sales based on a 365-day year, calculate the average receivables for discount customers, and then find the DSO for the nondiscount customers.) Do not round intermediate calculations. Round your answers to two decimal places.Essence of Skunk Fragrances, Limited, sells 9,300 units of its perfume collection each year at a price per unit of $415. All sales are on credit with terms of 1/10, net 40. The discount is taken by 45 percent of the customers. a. Calculate the average collection period. (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) b. What is the receivables turnover? (Use 365 days a year. Do not round intermediate calculations and round your answer to 4 decimal places, e.g., 32.1616.) c. What is the amount of the company's average receivable? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) a. Average collection period b. Receivables turnover c. Average receivables days times
- McEwan Industries sells on terms of 3/10, net 30. Total salesfor the year are $1,921,000; 40% of the customers pay on the 10th day and take discounts,while the other 60% pay, on average, 70 days after their purchases.a. What is the days sales outstanding?b. What is the average amount of receivables?c. What is the percentage cost of trade credit to customers who take the discount?d. What is the percentage cost of trade credit to customers who do not take the discountand pay in 70 days?e. What would happen to McEwan’s accounts receivable if it toughened up on its collectionpolicy with the result that all nondiscount customers paid on the 30th day?Calculate the average collection period, average payment period, inventory turnover period and cash conversion cycle for the following firm (1Year = 360 Days): Income statement data: Sales 10000, COGS 9000 Balance sheet data: Inventory 1100, Accounts receivable 400, Accounts payable 600 What effect will all the following activities have on the cash conversion cycle? the company reduces the level of inventory by 10%, the company changes the terms of sale and 60% of customers pay after 5 days while the remaining pay after 30 days (with sales on the same level) and the company has extended its own payment conditions by one week.A retailer ordered merchandise totaling $127,115.23 with terms 3.5% 10 net 40. What is the effective rate of return? (Simplify your answer completely. Assume there are 365 days in a year. Round your answer to one decimal place.)
- Please provide also the solutions. Thank you! This Year: Accounts receivable = P135,000 Inventory = P136,000 Sales on account = P698,000 Cost of goods sold = P429,000 Last year: Accounts Receivable = P119,000 Inventory = P155,000 The average collection period for this year is closest toa.65 daysb.56 daysc.80 daysd.90 daysMcEwan Industries sells on terms of 3/10, net 30. Total sales for the year are $1,921,000; 40% of the customers pay on the 10th day and take discounts, while the other 60% pay, on average, 70 days after their purchases.a. What is the days sales outstanding?b. What is the average amount of receivables?c. What is the percentage cost of trade credit to customers who take the discount?d. What would happen to McEwan’s accounts receivable if it toughened up on its collection policy with the result that all nondiscount customers paid on the 30th day?Sisyphus Inc. records total sales of $657,500 in the current period, with a cost of goods sold of $389,000 . Sisyphus expects 4% of sales to be returned. How much in net sales will Sisyphus recognize for the current period? Group of answer choices $373,400 $268,500 $631,200 $657,500 $257,760 The Sisyphus Inc’s (SSY) Company’s annual statement of cash flows reported the following (in millions): Net cash from financing activities $63,864 Net cash from investing activities -62,512 Cash at the beginning of the year 13,152 Cash at the end of the year 18,948 What did SSY report for “Net cash from operating activities” during the year? Group of answer choices $71,220 million cash inflow None of the above $4,444 million cash outflow $4,444 million cash inflow $71,220 million cash outflow