Profit and Loss Statement Week Ending March 24, 2014 Income: Cash Sales $7,260 Expenses: Merchandise $3,160 Rent 750 Insurance 240 Licences etC. 90 Tax Remittance 1,860 200 Advertising Depreciation 600 $6,900 The owners have put $40,000 into the business and they worked a total of 80 hours during the week. Savings accounts urrently paving 5 2% interest and the goina wage rate is $8 per hour.

Sunlight Growers borrows $250,000 from a bank at a 4% annual interest rate. The loan is due in three months. At the end of the three months, the company pays the amount due in full. How much did the company remit to the bank? $252,500 $10,000 $1 $1,000,000

Required: INCOME STATEMENT for the month ended February 28, 2015

Al Ree bought a new delivery truck for $18,000. Al put a down payment of $4,000 and paid $270 monthly for 60 months. The total finance charge: O a. $4,000 O b. $2,200 Oc. $2,020 O d. $2,000 Show A hInformative Top....docx MacBook Air EB

Problem No. 2 Receivables Investment McEwan Industries sells on terms of 3/10, net 25. Total sales for the year are $1,465,000; 40% of the customers pay on the 10th day and take discounts, while the other 60% pay, on average, 80 days after their purchases. Assume 365 days in year for your calculations. The data has been collected in the Microsoft Excel Online file below. Open the spreadsheet and perform the required analysis to answer the questions below. a. What is the days sales outstanding? Round your answer to two decimal places. b. What is the average amount of receivables? Round your answer to the nearest cent. Do not round intermediate calculations. c. What is the percentage cost of trade credit to customers who take the discount? Round your answers to two decimal places. d. What is the percentage cost of trade credit to customers who do not take the discount and pay in 80 days? Round your answers to two decimal places. Do not round intermediate calculations. e. What would…